Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 24, 2019 | Jun. 30, 2018 | |
Document Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CONSOL Energy Inc. | ||
Entity Central Index Key | 1,710,366 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 27,437,844 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,067,502,585 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | ||||||||
Miscellaneous Other Income | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | 58,660 | 73,279 | 82,120 |
Gain on Sale of Assets | 292 | (85) | 104 | 254 | 4,188 | (513) | 5,582 | 7,955 | 565 | 17,212 | 5,228 |
Total Revenue and Other Income | 382,236 | 324,248 | 415,273 | 410,258 | 352,318 | 335,313 | 352,051 | 372,221 | 1,532,015 | 1,411,903 | 1,230,862 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 245,672 | 222,781 | 248,195 | 229,802 | 204,306 | 229,527 | 222,882 | 229,994 | 946,450 | 886,709 | 877,177 |
Depreciation, Depletion and Amortization | 45,590 | 51,242 | 54,961 | 49,471 | 47,088 | 46,653 | 25,268 | 52,993 | 201,264 | 172,002 | 178,122 |
Freight Expense | 5,798 | 2,443 | 17,444 | 17,887 | 21,845 | 21,803 | 17,762 | 12,282 | 43,572 | 73,692 | 46,468 |
Selling, General and Administrative Costs | 17,631 | 18,526 | 15,705 | 13,484 | 25,008 | 21,180 | 20,338 | 17,079 | 65,346 | 83,605 | 50,027 |
Loss on Debt Extinguishment | 773 | 0 | 1,723 | 1,426 | 3,922 | 0 | 0 | ||||
Interest Expense, net | 20,437 | 20,862 | 21,504 | 21,045 | 14,270 | 3,862 | 3,944 | 4,022 | 83,848 | 26,098 | 14,053 |
Total Costs and Expenses | 335,901 | 315,854 | 359,532 | 333,115 | 312,517 | 323,025 | 290,194 | 316,370 | 1,344,402 | 1,242,106 | 1,165,847 |
Earnings Before Income Tax | 46,335 | 8,394 | 55,741 | 77,143 | 39,801 | 12,288 | 61,857 | 55,851 | 187,613 | 169,797 | 65,015 |
Income Tax Expense (Note 6) | 301 | (690) | 3,032 | 6,185 | 64,441 | 3,770 | 9,611 | 9,406 | 8,828 | 87,228 | 14,565 |
Net Income | 46,034 | 9,084 | 52,709 | 70,958 | (24,640) | 8,518 | 52,246 | 46,445 | 178,785 | 82,569 | 50,450 |
Less: Net Income Attributable to Noncontrolling Interest | 6,362 | 3,350 | 7,547 | 8,550 | 4,373 | 790 | 4,313 | 5,464 | 25,809 | 14,940 | 8,954 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 152,976 | $ 67,629 | $ 41,496 |
Earnings per Share: | |||||||||||
Total Basic Earnings per Share (in dollars per share) | $ 1.43 | $ 0.20 | $ 1.61 | $ 2.23 | $ (1.04) | $ 0.28 | $ 1.71 | $ 1.47 | $ 5.48 | $ 2.42 | $ 1.48 |
Total Dilutive Earnings per Share (in dollars per share) | $ 1.41 | $ 0.20 | $ 1.58 | $ 2.20 | $ (1.04) | $ 0 | $ 0 | $ 0 | $ 5.38 | $ 2.40 | $ 1.48 |
Coal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 1,364,292 | $ 1,187,654 | $ 1,065,582 |
Terminal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 16,931 | 16,115 | 16,659 | 15,221 | 17,260 | 15,065 | 14,855 | 12,886 | 64,926 | 60,066 | 31,464 |
Freight Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 21,845 | $ 21,803 | $ 17,762 | $ 12,282 | $ 43,572 | $ 73,692 | $ 46,468 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 178,785 | $ 82,569 | $ 50,450 |
Other Comprehensive Income (Loss): | |||
Amortization of Prior Service Credits (net of tax: $662, $1,076, $186) | (2,246) | (1,832) | (316) |
Recognized Net Actuarial Loss (net of tax: $(5,590), $(9,039), $(8,524)) | 18,960 | 15,391 | 14,515 |
Settlement Loss (net of tax: $0, $(2,312), $(8,213)) | 0 | 7,841 | 13,983 |
OPEB Plan Amendments (net of tax: $0, $0, $10,420) | 0 | 0 | (28,164) |
Other Comprehensive Gain (Loss) before Reclassifications (net of tax: $(14,986), $(26,360), $24,232) | 49,627 | 73,519 | (31,427) |
Other Comprehensive Income (Loss) | 66,341 | 94,919 | (31,409) |
Comprehensive Income | 245,126 | 177,488 | 19,041 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | 25,803 | 14,896 | 9,216 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 219,323 | $ 162,592 | $ 9,825 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Amortization of prior service credits, tax | $ 662 | $ 1,076 | $ 186 |
Net actuarial loss (gain), tax | 5,590 | 9,039 | 8,524 |
Settlement loss, tax | 0 | 2,312 | 8,213 |
OPEB Plan amendments, tax | 0 | 0 | 10,420 |
Other comprehensive gain (loss) before reclassification, tax | $ (14,986) | $ (26,360) | $ 24,232 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and Cash Equivalents | $ 235,677 | $ 153,979 |
Accounts and Notes Receivable | ||
Trade | 87,589 | 131,545 |
Other Receivables | 41,355 | 36,552 |
Inventories (Note 8) | 48,646 | 53,420 |
Prepaid Expenses and Other Assets | 60,688 | 23,744 |
Total Current Assets | 473,955 | 399,240 |
Property, Plant and Equipment (Note 9): | ||
Property, Plant and Equipment | 4,838,171 | 4,676,353 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,731,643 | 2,554,056 |
Total Property, Plant and Equipment—Net | 2,106,528 | 2,122,297 |
Other Assets: | ||
Deferred Income Taxes (Note 6) | 77,545 | 75,065 |
Other | 102,699 | 110,497 |
Total Other Assets | 180,244 | 185,562 |
TOTAL ASSETS | 2,760,727 | 2,707,099 |
Current Liabilities: | ||
Accounts Payable | 130,930 | 109,100 |
Current Portion of Long-Term Debt (Note 12 and Note 13) | 134,812 | 22,482 |
Other Accrued Liabilities (Note 11) | 226,434 | 290,627 |
Total Current Liabilities | 492,176 | 422,209 |
Long-Term Debt: | ||
Long-Term Debt (Note 12) | 708,536 | 856,650 |
Capital Lease Obligations (Note 13) | 25,690 | 8,639 |
Total Long-Term Debt | 734,226 | 865,289 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions (Note 14) | 441,246 | 554,099 |
Pneumoconiosis Benefits (Note 15) | 165,001 | 149,868 |
Asset Retirement Obligations (Note 7) | 235,984 | 228,343 |
Workers’ Compensation (Note 15) | 59,742 | 66,648 |
Salary Retirement (Note 14) | 64,172 | 52,960 |
Other | 16,569 | 24,042 |
Total Deferred Credits and Other Liabilities | 982,714 | 1,075,960 |
TOTAL LIABILITIES | 2,209,116 | 2,363,458 |
Stockholders’ Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 27,437,844 Shares Issued and Outstanding at December 31, 2018; 27,973,281 Shares Issued and Outstanding at December 31, 2017 | 274 | 280 |
Capital in Excess of Par Value | 550,995 | 552,793 |
Retained Earnings (Deficit) | 182,148 | (43,713) |
Accumulated Other Comprehensive Loss | (323,482) | (305,100) |
Total CONSOL Energy Inc. Stockholders’ Equity | 409,935 | 204,260 |
Noncontrolling Interest | 141,676 | 139,381 |
TOTAL EQUITY | 551,611 | 343,641 |
TOTAL LIABILITIES AND EQUITY | $ 2,760,727 | $ 2,707,099 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 62,500,000 | 62,500,000 |
Common stock shares issued (in shares) | 27,437,844 | 27,973,281 |
Common stock shares outstanding (in shares) | 27,437,844 | 27,973,281 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings (Deficit) | Parent Net Investment | Accumulated Other Comprehensive (Loss) Income | Total CONSOL Energy Inc. Stockholders’ Equity | Non- Controlling Interest | Consol Coal Resources LP Units | Consol Coal Resources LP UnitsCapital in Excess of Par Value | Consol Coal Resources LP UnitsTotal CONSOL Energy Inc. Stockholders’ Equity | Consol Coal Resources LP UnitsNon- Controlling Interest |
Balance, Beginning of Period at Dec. 31, 2015 | $ 1,061,839 | $ 0 | $ 0 | $ 0 | $ 1,276,482 | $ (368,392) | $ 908,090 | $ 153,749 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (Loss) | 50,450 | 41,496 | 41,496 | 8,954 | ||||||||
Actuarially determined long term liability adjustments | (31,409) | (31,671) | (31,671) | 262 | ||||||||
Comprehensive Income (Loss) | 19,041 | 41,496 | (31,671) | 9,825 | 9,216 | |||||||
Amortization of Stock-Based Compensation Awards | 1,185 | 1,185 | ||||||||||
Distributions to Noncontrolling Interest | (21,657) | (21,657) | ||||||||||
Net Parent Distributions | (260,284) | (260,284) | (260,284) | |||||||||
Balance, End of Period at Dec. 31, 2016 | 800,124 | 0 | 0 | 0 | 1,057,694 | (400,063) | 657,631 | 142,493 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (Loss) | 82,569 | (43,713) | 111,342 | 67,629 | 14,940 | |||||||
Actuarially determined long term liability adjustments | 94,919 | 94,963 | 94,963 | (44) | ||||||||
Comprehensive Income (Loss) | 177,488 | (43,713) | 111,342 | 94,963 | 162,592 | 14,896 | ||||||
Amortization of Stock-Based Compensation Awards | 22,085 | 16,212 | 16,212 | 5,873 | ||||||||
Distributions to Noncontrolling Interest | (21,892) | (21,892) | ||||||||||
Net Parent Distributions | (207,008) | (207,008) | (207,008) | |||||||||
Spin Distribution to CNX Resources | (425,000) | (425,000) | (425,000) | |||||||||
Separation Adjustments | 537,028 | (537,028) | ||||||||||
Issuance of Common Stock | 280 | (280) | ||||||||||
Units/Shares Withheld for Taxes | (2,156) | (167) | (167) | (1,989) | ||||||||
Balance, End of Period at Dec. 31, 2017 | 343,641 | 280 | 552,793 | (43,713) | 0 | (305,100) | 204,260 | 139,381 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income (Loss) | 178,785 | 152,976 | 152,976 | 25,809 | ||||||||
Actuarially determined long term liability adjustments | 66,341 | 66,347 | 66,347 | (6) | ||||||||
Comprehensive Income (Loss) | 245,126 | 152,976 | 0 | 66,347 | 219,323 | 25,803 | ||||||
Amortization of Stock-Based Compensation Awards | 10,235 | 8,392 | 8,392 | 1,843 | ||||||||
Distributions to Noncontrolling Interest | (22,265) | (22,265) | ||||||||||
Separation Adjustments | 7,216 | 7,216 | 7,216 | |||||||||
Issuance of Common Stock | 1 | (1) | ||||||||||
Units/Shares Withheld for Taxes | (3,424) | (2,512) | (2,512) | (912) | ||||||||
Retirement of Outstanding Shares | (25,839) | (7) | (13,988) | (11,844) | (25,839) | $ (3,079) | $ (905) | $ (905) | $ (2,174) | |||
Reclassification of Stranded Tax Effect of Change in Tax Law | 84,729 | (84,729) | ||||||||||
Balance, End of Period at Dec. 31, 2018 | $ 551,611 | $ 274 | $ 550,995 | $ 182,148 | $ 0 | $ (323,482) | $ 409,935 | $ 141,676 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Actuarially determined long-term liability adjustments, tax | $ 19,914 | $ 30,323 | $ (18,101) |
Shares repurchased (in shares) | 708,245 | 0 | 0 |
Consol Coal Resources LP Units | |||
Shares repurchased (in shares) | 167,958 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash Flows from Operating Activities: | |||
Net Income | $ 178,785 | $ 82,569 | $ 50,450 |
Adjustments to Reconcile Net Income to Net Cash Provided By Continuing Operating Activities: | |||
Depreciation, Depletion and Amortization | 201,264 | 172,002 | 178,122 |
Stock/Unit-Based Compensation | 10,235 | 22,085 | 12,895 |
Gain on Sale of Assets | (565) | (17,212) | (5,228) |
Deferred Income Taxes | (16,482) | 16,610 | 91,525 |
Changes in Operating Assets: | |||
Accounts and Notes Receivable | 39,157 | (44,417) | (17,608) |
Inventories | 4,774 | (3,259) | 3,352 |
Prepaid Expenses and Other Assets | (7,307) | (2,877) | 7,503 |
Changes in Other Assets | 19,170 | 6,050 | (10,652) |
Changes in Operating Liabilities: | |||
Accounts Payable | 37,488 | 7,043 | (4,152) |
Other Operating Liabilities | (38,659) | 46,421 | 24,913 |
Changes in Other Liabilities | (23,526) | (40,765) | (10,609) |
Other | 9,191 | 3,860 | 8,596 |
Net Cash Provided by Operating Activities | 413,525 | 248,110 | 329,107 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (145,749) | (81,413) | (53,600) |
Proceeds from Sales of Assets | 2,103 | 24,582 | 7,842 |
Other Investing Activity | (10,000) | 0 | 0 |
Net Cash Used in Investing Activities | (153,646) | (56,831) | (45,758) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | (15,484) | (3,904) | 431 |
Net (Payments on) Proceeds from Revolver - MLP | 0 | (201,000) | 16,000 |
Distributions to Noncontrolling Interest | (22,265) | (21,892) | (21,657) |
Shares/Units Withheld for Taxes | (3,424) | (2,156) | 0 |
Repurchases of Common Stock | (25,839) | 0 | 0 |
Spin Distribution to CNX Resources Corporation | (18,234) | (425,000) | 0 |
Other Parent Net Distributions | 0 | (156,502) | (270,969) |
Premium Paid on Extinguishment of Debt | (2,458) | 0 | 0 |
Debt Issuance and Financing Fees | (2,166) | (32,304) | (482) |
Net Cash Provided by (Used in) Financing Activities | (148,923) | (50,611) | (276,677) |
Net Increase in Cash and Cash Equivalents and Restricted Cash | 110,956 | 140,668 | 6,672 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 264,935 | 153,979 | 13,311 |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (26,250) | 100,000 | 0 |
Term Loan B | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (4,000) | 392,147 | 0 |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (25,724) | 300,000 | 0 |
Consol Coal Resources LP Units | |||
Cash Flows from Financing Activities: | |||
Repurchases of Common Stock | $ (3,079) | $ 0 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES: Unless otherwise indicated or except where the context otherwise requires, references to “we,” “our,” “us,” “our Company,” “the Company” and “CONSOL Energy” refer to CONSOL Energy Inc. and its subsidiaries on or after November 28, 2017 and to CONSOL Mining Corporation and its subsidiaries prior to November 28, 2017, except to the extent of any discussion of the financial condition, results of operations, cash flows, and other business activities of the Company on or prior to November 28, 2017 that relate specifically to the Coal Business, in which case such references shall be to the Predecessor. A summary of the significant accounting policies of CONSOL Energy Inc. and subsidiaries is presented below. These, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc., and its wholly owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. Prior to the separation, CONSOL Energy did not operate as a separate, standalone entity. The Company's operations were included in its former parent's financial results. Accordingly, for all periods prior to the separation and distribution, the accompanying Consolidated Financial Statements were prepared from the Company's former parent's historical accounting records and were presented on a standalone basis as if the Company's operations had been conducted independently from its former parent. Such Consolidated Financial Statements include the historical operations that were considered to comprise the Company's businesses, as well as certain assets and liabilities that were historically held at the Company's former parent's corporate level but were specifically identifiable or otherwise attributable to the Company. The Company's former parent's net investment in these operations is reflected as Parent Net Investment in the accompanying Consolidated Financial Statements. All significant intercompany transactions between the Company's former parent and the Company were included within Parent Net Investment in the accompanying Consolidated Financial Statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to other postretirement benefits, coal workers' pneumoconiosis, workers' compensation, salary retirement benefits, stock-based compensation, asset retirement obligations, deferred income tax assets and liabilities, contingencies and the values of coal properties. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. CONSOL Energy reserves for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. CONSOL Energy regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Reserves for uncollectable amounts were not material in the periods presented. In addition, there were no material financing receivables with a contractual maturity greater than one year at December 31, 2018 or 2017 . Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. The Company employs this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development costs begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties periodically for impairment issues or whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated recoverable reserve tons assigned and accessible to the mine. Recoverable coal reserves are calculated on a clean coal ton equivalent, which excludes non-recoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Capitalization of Interest Interest costs associated with the development of significant properties and projects are capitalized until the project is substantially complete and ready for its intended use. A weighted average cost of borrowing rate is used. For the years ended December 31, 2018 , 2017 , and 2016 , capitalized interest totaled $6,033 , $1,444 and $1,372 , respectively. Impairment of Long-lived Assets Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. There were no indicators of impairment and therefore, no impairment losses were recorded during the years ended December 31, 2018 , 2017 , and 2016 . Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in CONSOL Energy's financial statements or tax returns. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes, excluding the effects of acquisitions during the year. Deferred taxes result from differences between the financial and tax bases of CONSOL Energy's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a deferred tax benefit will not be realized. CONSOL Energy evaluates all tax positions taken on the state and federal tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that do not meet the more likely than not to be sustained criteria, the Company determines, on a cumulative probability basis, the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. A previously recognized tax position is reversed when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the probable amount that is more likely than not is based on judgment, historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. The results of these estimates, that are not readily apparent from other sources, form the basis for recognizing an uncertain tax position liability. Actual results could differ from those estimates upon subsequent resolution of identified matters. Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the FASB Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income (Loss). Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. Asset Retirement Costs Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Generally, the capitalized asset retirement cost is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. Subsidence Subsidence occurs when there is sinking or shifting of the ground surface due to the removal of underlying coal. Areas affected may include, although are not limited to, streams, property, roads, pipelines and other land and surface structures. Total estimated subsidence claims are recognized in the period when the related coal has been extracted and are included in Operating and Other Costs on the Consolidated Statements of Income and Other Accrued Liabilities on the Consolidated Balance Sheets. On occasion, CONSOL Energy prepays the estimated damages prior to undermining the property, in return for a release of liability. Prepayments are included as assets and either recognized as Prepaid Expenses and Other Assets or in Other Assets on the Consolidated Balance Sheets if the payment is made less than or greater than one year, respectively, prior to undermining the property. Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. Effective December 31, 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The cost of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income (Loss). Stock-Based Compensation Eligible CONSOL Energy employees have historically participated in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. The compensation expense recorded by CONSOL Energy, in all periods presented, includes the expense associated with employees historically attributable to CONSOL Energy operations as well as the operations of its predecessor. Under the CCR 2015 Long-Term Incentive Plan (the LTIP), the General Partner issued long-term equity based awards intended to compensate the recipients thereof based on the performance of CCR’s common units and the recipients' continued service during the vesting period, as well as to align CCR’s long-term interests with those of the unitholders. 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 General Partner has also granted equity-based phantom units that vest over a period of a director’s continued service. 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 CCR. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. Revenue Recognition Revenues are recognized at a point in time, which is generally 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. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. See Note 3 - Revenue for additional information. Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. Contingencies From time to time, CONSOL Energy, or its subsidiaries, is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes, and other claims and actions, arising out of the normal course of business. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Inc. shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. The table below sets forth the share-based awards that have been excluded from the computation of the diluted earnings per share because their effect would be anti-dilutive: For the Years Ended December 31, 2018 2017 2016 Anti-Dilutive Restricted Stock Units 620 1,469 — Anti-Dilutive Performance Share Units 6,363 — — 6,983 1,469 — The computations for basic and dilutive earnings per share are as follows: For the Years Ended Dollars in thousands, except per share data December 31, 2018 2017 2016 Numerator: Net Income $ 178,785 $ 82,569 $ 50,450 Less: Net Income Attributable to Noncontrolling Interest 25,809 14,940 8,954 Net Income Attributable to CONSOL Energy Shareholders $ 152,976 $ 67,629 $ 41,496 Denominator: Weighted-average shares of common stock outstanding 27,928,245 27,968,188 27,967,509 Effect of dilutive shares 491,517 206,046 — Weighted-average diluted shares of common stock outstanding 28,419,762 28,174,234 27,967,509 Earnings per Share: Basic $ 5.48 $ 2.42 $ 1.48 Dilutive $ 5.38 $ 2.40 $ 1.48 In 2016, the earnings per share included on the accompanying Consolidated Statements of Income was calculated based on the 27,967,509 shares of CONSOL Energy common stock distributed in conjunction with the completion of the separation and distribution, and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. As of December 31, 2018, CONSOL Energy had 500,000 shares of preferred stock, none of which were issued or outstanding. Shares of common stock outstanding were as follows: 2018 2017 2016 Balance, Beginning of Year 27,973,281 — — Issuance Related to Separation and Distribution (1) — 27,967,509 — Retirement Related to Stock Repurchase (2) (708,245 ) — — Issuance Related to Stock-Based Compensation (3) 172,808 5,772 — Balance, End of Year 27,437,844 27,973,281 — (1) See Note 2 - Separation from The Company's Former Parent for additional information. (2) See Note 5 - Stock, Unit and Debt Repurchase for additional information. (3) See Note 17 - Stock-Based Compensation for additional information. Recent Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued a new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses in their income statements in a manner similar to current practice. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The following updates to this guidance were made in 2018: • In January 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-01 - Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This ASU, if elected, would not require an entity to reassess the accounting treatment of existing land easements not currently accounted for as a lease under Topic 840. Once an entity adopts Topic 842, it should apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement should be accounted for as a lease. • In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. Under the amendments in Update 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and non-lease components when certain conditions are met. • In December 2018, the FASB issued ASU 2018-20 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. The amendments in ASU 2018-20 address issues regarding sales taxes and similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and nonlease components. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. CONSOL Energy will adopt ASC 842 in 2019 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements (ASU 2018-11). As most of the Company's leases do not provide an implicit rate, CONSOL Energy will take a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. CONSOL Energy will elect the package of practical expedients permitted under the transition guidance within the new standard, which allows the Company (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. CONSOL Energy will also elect the practical expedient to not evaluate land easements that existed or expired before the entity’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components, that is, to account lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company will make an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. Based on the Company's lease portfolio, CONSOL Energy anticipates recognizing an initial lease liability and related right-of-use asset on its balance sheet of approximately $75,000 to $100,000 . The Company's bank covenants will not be affected by this update. 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 Company’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. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07 - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The amendments in this update seek to simplify accounting for non-employee share-based payments by clarifying and improving the areas of the overall measurement objective, measurement date, and awards with performance conditions. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company's financial statements. In February 2018, the FASB issued ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted. CONSOL Energy adopted the new guidance during the first quarter of 2018. As a result, retained earnings for the fiscal year ended December 31, 2018 increased $84,729 with a corresponding decrease to accumulated other comprehensive loss. In November 2016, the FASB issued ASU 2016-18 - Statement of Cash Flows (Topic 230) - Restricted Cash. During the three months ended March 31, 2018, the Company adopted this guidance, which addressed the presentation of several items in the statement of cash flows. Specifically, the guidance identifies nine cash flow items and the sections where they must be presented within the statement of cash flows. Other than the classification of restricted cash, the adoption of this guidance had no impact on the Company's financial statements. This guidance requires that restricted cash be aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the statement of cash flows. Previously, the change in restricted cash between the beginning-of-period and end-of-period was reflected as either an investing, financing, operating, or non-cash activity based on the underlying nature of the transaction. Accordingly, for the accompanying Consolidated Statement of Cash Flows for the year ended December 31, 2018 , the cash and cash equivalents and restricted cash at end of period line item includes $29,258 of restricted cash. T |
Separation from CNX Resources C
Separation from CNX Resources Corporation | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Separation from CNX Resources Corporation | SEPARATION FROM THE COMPANY'S FORMER PARENT: In December 2016, the Company's former parent announced its intent to separate into two independent, publicly-traded companies - an independently traded coal company and an independently traded oil and natural gas exploration and production company. In anticipation of the separation, CONSOL Energy was originally formed as CONSOL Mining Corporation in Delaware on June 21, 2017 to hold the following assets of the Company's former parent (collectively, the “Coal Business”): (i) its interest in the Pennsylvania Mining Complex, and certain related coal assets, (ii) its ownership interest in CNX Coal Resources LP, which owns a 25% undivided interest stake in PAMC, (iii) the CONSOL Marine Terminal and, (iv) undeveloped coal reserves (Greenfield Reserves) located in the Northern Appalachian, Central Appalachian and Illinois basins and certain related coal assets and liabilities. The Registration Statement on Form 10 (as amended) filed by the Company with the SEC describes the Company and the assets and liabilities that comprise the Coal Business that it now owns after completion of the separation and distribution. The separation occurred on November 28, 2017, through the pro rata distribution by the Company's former parent of all of the outstanding common stock of CONSOL Mining Corporation to its shareholders. In connection with the separation, CONSOL Mining Corporation changed its name to CONSOL Energy Inc. and the Company's former parent changed its name to CNX Resources Corporation. In addition, CNX Coal Resources LP changed its name to CONSOL Coal Resources LP and its ticker to CCR. In connection with the separation and distribution, the Company entered into a separation and distribution agreement with its former parent on November 28, 2017 that identified the assets of the Coal Business that were transferred to the Company, the liabilities the Company assumed and the contracts that were transferred to the Company. The agreement also implemented the legal and structural separation between the two companies. The Company also entered into additional ancillary agreements that govern the relationship between it and its former parent after the completion of the separation and distribution, and allocate between the Company and its former parent various assets, liabilities and obligations, including, among other things, employee benefits, environmental liabilities, intellectual property, and tax-related assets and liabilities. These additional agreements included a tax matters agreement, employee matters agreement, transition services agreement and certain agreements related to intellectual property. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE: The following table disaggregates CONSOL Energy's revenue by major source to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: For the Year Ended December 31, 2018 Coal Revenue $ 1,364,292 Terminal Revenue 64,926 Freight Revenue 43,572 Total Revenue from Contracts with Customers $ 1,472,790 ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): On January 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“New Revenue Standard”) for all contracts using the modified retrospective method. No cumulative adjustment to the opening balance of retained earnings was made as a result of initially applying the New Revenue Standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the New Revenue Standard to have a material impact to its net income on an ongoing basis. CONSOL Energy's revenue continues to be recognized when title passes to the customer. We have determined that each ton of coal represents a separate and distinct performance obligation. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are recognized at a point in time, which is generally 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. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of the Company's contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At December 31, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheet. As of and for the year ended December 31, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Terminal Revenue Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a rateable basis, and performance obligations are considered fulfilled as the services are performed. CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At December 31, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheet. As of and for the year ended December 31, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Freight Revenue Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer. Contract Balances Contract assets are recorded as trade receivables and reported separately in the Company's Consolidated Balance Sheet from other contract assets as title passes to the customer and the Company's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks from the invoice date. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables as the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good or service passes to the customer. |
Miscellaneous Other Income
Miscellaneous Other Income | 12 Months Ended |
Dec. 31, 2018 | |
Component of Operating Income [Abstract] | |
Miscellaneous Other Income | MISCELLANEOUS OTHER INCOME: For the Years Ended December 31, 2018 2017 2016 Royalty Income - Non-Operated Coal $ 24,722 $ 28,089 $ 19,739 Purchased Coal Sales 19,152 13,161 5,757 Property Easements and Option Income 5,644 2,436 11,281 Rental Income 3,804 14,114 34,789 Interest Income 2,146 2,619 1,166 Contract Buyout 350 9,912 6,288 Other 2,842 2,948 3,100 Miscellaneous Other Income $ 58,660 $ 73,279 $ 82,120 |
Stock, Unit and Debt Repurchase
Stock, Unit and Debt Repurchase | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stock, Unit and Debt Repurchase | STOCK, UNIT AND DEBT REPURCHASE: In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the TMA. The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement, indenture, or the TMA, and is subject to market conditions and other factors. During the year ended December 31, 2018 , 708,245 shares of the Company's common stock were repurchased and retired at an average price of $36.48 per share, and 167,958 of the Partnership's common units were purchased at an average price of $18.33 per unit. Additionally, the Company repurchased approximately $25,724 of its Senior Secured Second Lien Notes. No shares or notes were repurchased, and no units were purchased, under this program during the year ended December 31, 2017 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The components of income tax expense (benefit) were as follows: For The Years Ended December 31, 2018 2017 2016 Current: U.S. Federal $ 20,634 $ 65,856 $ (76,447 ) U.S. State 3,240 2,732 (1,924 ) Non-U.S. 1,436 2,030 1,411 25,310 70,618 (76,960 ) Deferred: U.S. Federal (7,509 ) 17,397 89,268 U.S. State (8,973 ) (787 ) 2,257 (16,482 ) 16,610 91,525 Total Income Tax Expense $ 8,828 $ 87,228 $ 14,565 A reconciliation of income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate of 21% to income from operations before income tax is: For the Years Ended December 31, 2018 2017 2016 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 39,399 21.0 % $ 59,429 35.0 % $ 22,755 35.0 % State income taxes, net of federal tax benefit 3,240 1.7 1,264 0.7 997 1.5 Foreign income taxes 1,436 0.8 — — — — Excess tax depletion (20,873 ) (11.1 ) (24,216 ) (14.3 ) (21,856 ) (33.6 ) Effect of domestic production activities — — (6,493 ) (3.8 ) 1,621 2.5 Effect of change in U.S. tax law 2,777 1.5 58,558 34.5 — — IRS and state tax examination settlements — — — — 13,958 21.5 Effect of valuation allowance (1,379 ) (0.7 ) 1,379 0.8 — — Research and development credit (980 ) (0.5 ) — — — — Non-controlling interest (5,420 ) (2.9 ) — — — — State rate change and prior period adjustments (8,223 ) (4.4 ) — — — — Other (1,149 ) (0.6 ) (2,693 ) (1.6 ) (2,910 ) (4.5 ) Income Tax Expense / Effective Rate $ 8,828 4.8 % $ 87,228 51.3 % $ 14,565 22.4 % Significant components of deferred tax assets and liabilities were as follows: December 31, 2018 2017 Deferred Tax Asset: Postretirement benefits other than pensions $ 108,603 $ 131,354 Asset retirement obligations 57,956 51,415 Pneumoconiosis benefits 41,632 36,160 Workers' compensation 16,016 16,778 Salary retirement 15,855 12,465 Mine subsidence 15,097 15,322 Financing 9,387 — State bonus, net of Federal 6,042 4,473 Long-term disability 2,798 3,375 Other 6,669 7,924 Total Deferred Tax Asset 280,055 279,266 Valuation Allowance — (1,379 ) Net Deferred Tax Asset 280,055 277,887 Deferred Tax Liability: Property, plant and equipment (175,558 ) (174,806 ) Equity Partnerships (16,638 ) (17,991 ) Advance mining royalties (10,314 ) (10,025 ) Total Deferred Tax Liability (202,510 ) (202,822 ) Net Deferred Tax Asset $ 77,545 $ 75,065 As required by U.S. GAAP, a valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Management must review all available evidence, both positive and negative, in determining the need for a valuation allowance. For the years ended December 31, 2018 and 2017 , positive evidence considered included pretax cumulative income over the past three years, utilization of previous period net operating losses, financial forecasts of future earnings, reversals of financial to tax temporary differences, and the implementation of and/or ability to employ various tax planning strategies. Negative evidence included the tax loss generated in the prior year and the ability to fully utilize certain tax assets as a result of enactment of Public Law 115-97, commonly known as the Tax Cuts and Jobs Act. Management assessed both the federal and deferred state tax attributes for all subsidiaries during the period. After considering all available evidence, both positive and negative, management determined that no valuation allowance is necessary at this time. On December 22, 2017, the President of the United States signed Public Law 115-97 “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” commonly referred to as the Tax Cuts and Jobs Act (“Tax Bill”). Under U.S. GAAP, the effects of new legislation are recognized upon enactment, which, for federal legislation, is the date the President signs a bill into law. Accordingly, recognition of the tax effects of the Tax Bill is required in the interim and annual periods that include December 22, 2017. The SEC also released Staff Accounting Bulletin 118 on December 22, 2017. This bulletin clarifies certain aspects of ASC 740 and provides a three-step process for applying ASC 740. First, a company must reflect in its financial statements the income tax effects of the Tax Bill on items for which the company can make a complete assessment. Next, a measurement period not to exceed one year is provided for a company to report provisional amounts of the income tax effects of the Tax Bill for items for which the company’s assessment is incomplete, but for which it can make a reasonable estimate. A company may adjust provisional amounts as it obtains additional information in subsequent reporting periods. Finally, for items for which a company cannot make a reasonable estimate, a company is not required to report provisional amounts and will continue to apply ASC 740 based on tax law existing immediately before December 22, 2017. A company is required to report provisional amounts for these items in the first reporting period in which the company is able to make a reasonable estimate of the income tax effects of the Tax Bill. The Company has evaluated the impact of the Tax Bill and has recorded the following provisional impacts in its financial statements. On December 22, 2017, the Company incurred tax expense of $58,558 because of the federal corporate income tax rate being reduced from 35% to 21% for all periods after December 31, 2017. During the current tax year, the Company has completed its review of the applicable provisions of the Tax Bill and has recognized an additional expense of $2,777 during the measurement period, primarily related to return to provision adjustments. The Company utilizes the “more likely than not” standard in recognizing a tax benefit in its financial statements. For the years ended December 31, 2018 and 2017 , the Company did not have any unrecognized tax benefits. If accrual for interest or penalties is required, it is the Company’s policy to include these as a component of income tax expense. The Company is subject to taxation in the United States, as well as various states, and Canada, as well as various provinces. Under the provisions of the tax matters agreement entered into between the Company and its former parent on November 28, 2017, certain subsidiaries of the Company are subject to examination for tax years for the period January 1, 2015 through December 31, 2018 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through December 31, 2018 for federal and certain state returns. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS: CONSOL Energy accrues for mine closing costs, perpetual water care costs, and costs associated with the plugging of degasification wells using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes capitalized asset retirement costs by increasing the carrying amount of related long-lived assets. The reconciliation of changes in the asset retirement obligations at December 31, 2018 and 2017 is as follows: As of December 31, 2018 2017 Balance at Beginning of Period $ 258,823 $ 272,538 Accretion Expense 19,468 18,922 Payments (8,976 ) (10,467 ) Revisions in Estimated Cash Flows (2,314 ) (20,529 ) Other — (1,641 ) Balance at End of Period $ 267,001 $ 258,823 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: Inventory components consist of the following: December 31, 2018 2017 Coal $ 4,642 $ 11,411 Supplies 44,004 42,009 Total Inventories $ 48,646 $ 53,420 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following: December 31, 2018 2017 Plant and Equipment $ 2,890,970 $ 2,757,062 Coal Properties and Surface Lands 858,153 857,031 Airshafts 419,100 392,266 Mine Development 342,405 344,139 Advance Mining Royalties 327,543 325,855 Total Property, Plant and Equipment 4,838,171 4,676,353 Less: Accumulated Depreciation, Depletion and Amortization 2,731,643 2,554,056 Total Property, Plant and Equipment, Net $ 2,106,528 $ 2,122,297 Coal reserves are controlled either through fee ownership or by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. As of December 31, 2018 and 2017 , property, plant and equipment includes gross assets under capital lease of $ 49,775 and $ 3,559 , respectively. Accumulated amortization for capital leases was $ 15,973 and $ 2,839 at December 31, 2018 and 2017 , respectively. Amortization expense for assets under capital leases approximated $13,148 and $424 for the years ended December 31, 2018 and 2017 , respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income. See Note 13–Leases for further discussion of capital leases. |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Abstract] | |
Accounts Receivable Securitization | ACCOUNTS RECEIVABLE SECURITIZATION: CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In August 2018, the securitization facility was amended to, among other things, extend the term of the securitization facility for three years ending August 30, 2021. Pursuant to the securitization facility, CONSOL Thermal Holdings LLC sells current and future trade receivables to CONSOL Pennsylvania Coal Company LLC. CONSOL Marine Terminals LLC and CONSOL Pennsylvania Coal Company LLC sell and/or contribute current and future trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100 million . Loans under the securitization facility accrue interest at a reserve-adjusted LIBOR market index rate equal to the one-month Eurodollar rate. Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and will pay other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum. At December 31, 2018 , the Company's eligible accounts receivable yielded $37,869 of borrowing capacity. At December 31, 2018 , the facility had no outstanding borrowings and $52,536 of letters of credit outstanding, leaving no unused capacity. CONSOL Energy posted $14,667 of cash collateral to secure the difference in the outstanding letters of credit and the eligible accounts receivable. Restricted cash of $14,667 is included in Prepaid Expenses and Other Assets in the Consolidated Balance Sheets. At December 31, 2017 , the Company's eligible accounts receivable yielded $60,582 of borrowing capacity. At December 31, 2017 , the facility had no outstanding borrowings and $60,582 of letters of credit outstanding, leaving no unused capacity. Costs associated with the receivables facility totaled $2,593 and $171 for the years ended December 31, 2018 and 2017 , respectively. These costs have been recorded as financing fees which are included in Operating and Other Costs in the Consolidated Statements of Income. The Company has not derecognized any receivables due to its continued involvement in the collections efforts. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: December 31, 2018 2017 Subsidence Liability $ 83,532 $ 88,027 Accrued Payroll and Benefits 12,978 14,689 Litigation 8,235 8,197 Accrued Interest 6,850 10,039 Short-Term Incentive Compensation 6,024 4,729 Accrued Other Taxes 5,050 7,510 Deferred Revenue 151 6,807 Equipment Lease Rental — 9,865 Longwall Equipment Buyout — 22,631 Other 15,437 23,900 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 32,345 37,464 Asset Retirement Obligations 31,017 30,480 Workers' Compensation 12,628 13,317 Pneumoconiosis Benefits 12,187 12,972 Total Other Accrued Liabilities $ 226,434 $ 290,627 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: December 31, 2018 2017 Debt: Term Loan B due in November 2022 (Principal of $396,000 and $400,000 less Unamortized Discount of $6,253 and $7,853, respectively, 8.53% and 7.47% Weighted Average Interest Rate, respectively) $ 389,747 $ 392,147 11.00% Senior Secured Second Lien Notes due 2025 274,276 300,000 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (6.78% and 5.92% Weighted Average Interest Rate, respectively) 73,750 100,000 Advance Royalty Commitments (8.57% and 9.42% Weighted Average Interest Rate, respectively) 2,261 2,085 Less: Unamortized Debt Issuance Costs 16,409 21,129 826,490 875,968 Less: Amounts Due in One Year* 117,954 19,318 Long-Term Debt $ 708,536 $ 856,650 *Excludes current portion of Capital Lease Obligations of $16,858 and $3,164 at December 31, 2018 and 2017 , respectively. Annual undiscounted maturities on long-term debt during the next five years and thereafter are as follows: Year ended December 31, Amount 2019 $ 117,954 2020 29,356 2021 49,327 2022 274,424 2023 170 Thereafter 377,921 Total Long-Term Debt Maturities $ 849,152 In November 2017, CONSOL Energy entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The Revolving Credit and TLA Facilities mature on November 28, 2021. The TLB Facility matures on November 28, 2022. Obligations under the Senior Secured Credit Facilities are guaranteed by (i) all owners of the 75% undivided economic interest in the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly owned restricted subsidiaries of the Company (excluding the Partnership and its wholly-owned subsidiaries). The Revolving Credit Facility and TLA Facility also include financial covenants, including (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. CONSOL Energy must maintain a maximum first lien gross leverage ratio covenant of no more than 2.25 to 1.00, measured quarterly, stepping down to 2.00 to 1.00 in March 2019 and 1.75 to 1.00 in March 2020. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA, excluding the Partnership. The maximum first lien gross leverage ratio was 1.29 to 1.00 at December 31, 2018 . CONSOL Energy must maintain a maximum total net leverage ratio covenant of no more than 3.25 to 1.00, measured quarterly, stepping down to 3.00 to 1.00 in March 2019 and 2.75 to 1.00 in March 2020. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA, excluding the Partnership. The maximum total net leverage ratio was 1.66 to 1.00 at December 31, 2018 . Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations, non-cash charges related to legacy employee liabilities and gains and losses on debt extinguishment, and includes cash distributions received from the Partnership and subtracts cash payments related to legacy employee liabilities. The facilities also include a minimum fixed charge coverage covenant of no less than 1.00 to 1.00, measured quarterly, stepping up to 1.05 to 1.00 in March 2020 and 1.10 to 1.00 in March 2021. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, includes cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The minimum fixed charge coverage ratio was 2.11 to 1.00 at December 31 2018. The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten business days after the date it files its Form 10-K with the Securities and Exchange Commission if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. As of December 31, 2018, the required repayment of approximately $110 million has been classified as Current Portion of Long-Term Debt in the Consolidated Balance Sheets. At December 31, 2018 , the Revolving Credit Facility had no borrowings outstanding and $54,065 of letters of credit outstanding, leaving $245,935 of unused capacity. At December 31, 2017 , the Revolving Credit Facility had no borrowings outstanding and $27,426 of letters of credit outstanding, leaving $272,574 of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity. In November 2017, CONSOL Energy issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes are secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged and on a first-priority basis as collateral securing the Company’s obligations under the Senior Secured Credit Facilities (described above), subject to certain exceptions under the Indenture. During the year ended December 31, 2018 , CONSOL Energy made total payments of $26 million on its outstanding TLA Facility, including accelerated payments of $11 million. The Company also repurchased $26 million of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the year ended December 31, 2018 . As part of these transactions, $3,922 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the year ended December 31, 2018 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | LEASES: CONSOL Energy uses various leased facilities and equipment in its operations. Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2018 are as follows: Capital Operating Leases Leases Year Ended December 31, 2019 $ 18,590 $ 23,803 2020 20,150 22,260 2021 6,471 21,473 2022 59 11,680 2023 38 4,843 Thereafter — 16,952 Total minimum lease payments $ 45,308 $ 101,011 Less amount representing interest (3.76% – 6.00%) 2,760 Present value of minimum lease payments 42,548 Less amount due in one year 16,858 Total Long-Term Capital Lease Obligation $ 25,690 Rental expense under operating leases was $48,052 , $77,879 , and $87,903 for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , certain of the above capital leases for mining equipment are subleased to a third-party. The following represents the minimum payments including interest for those capital subleases: 2019 2020 2021 2022 2033 Thereafter Total $ 3,699 $ 3,699 $ 2,157 $ — $ — $ — $ 9,555 CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. The owned equipment included in gross property, plant and equipment and accumulated depreciation at December 31, 2018 was $ 10,097 and $ 10,097 , respectively. The owned equipment included in gross property, plant and equipment and accumulated depreciation at December 31, 2017 was $16,672 and $13,337 , respectively. At December 31, 2018 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2019 2020 2021 2022 2023 Thereafter Total $ 1,701 $ 627 $ — $ — $ — $ — $ 2,328 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Defined Contribution Plan [Abstract] | |
Pension and Other Postretirement Benefit Plans | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension CONSOL Energy has non-contributory defined benefit retirement plans. The benefits for these plans are based primarily on years of service and employees' pay. CONSOL Energy's qualified pension plan (the “Pension Plan”) allows for lump-sum distributions of benefits earned up until December 31, 2005, at the employees' election. Pursuant to a separation and distribution agreement entered into by and between the Company and its former parent dated November 28, 2017, and related ancillary agreements, the sponsorship of the qualified pension plan was transferred to the Company. According to the Defined Benefit Plans Topic of the FASB Accounting Standards Codification, if the lump sum distributions made during a plan year, which for CONSOL Energy is January 1 to December 31, exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments did not exceed this threshold during the year ended December 31, 2018 . However, lump sum payments did exceed this threshold during the years ended December 31, 2017 and 2016 . Accordingly, CONSOL Energy recognized settlement expense of $10,153 and $22,196 for the years ended December 31, 2017 and 2016 respectively, in Operating and Other Costs in the Consolidated Statements of Income. Other Postretirement Benefit Plans Certain subsidiaries of CONSOL Energy provide medical and prescription drug benefits to retired employees covered by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act). Represented hourly employees are eligible to participate based upon the terms of the National Bituminous Coal Wage Agreement of 2011. The Company implemented cost containment changes related to pharmacy benefits on January 1, 2017 and increased member responsibility when using out-of-network providers and facilities effective March 27, 2017. These plan design changes resulted in a $28,164 reduction in the OPEB liability during the year ended December 31, 2016. The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2018 and 2017 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Service cost 1,150 2,948 — — Interest cost 23,505 25,265 18,706 23,945 Actuarial (gain) loss (60,351 ) 35,281 (101,259 ) (101,379 ) Plan settlements — (29,142 ) — — Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Benefit obligation at end of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Change in plan assets: Fair value of plan assets at beginning of period $ 679,245 $ 632,434 $ — $ — Actual return on plan assets (48,470 ) 110,311 — — Company contributions 1,724 1,181 35,419 31,088 Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Plan settlements — (29,142 ) — — Fair value of plan assets at end of period $ 578,347 $ 679,245 $ — $ — Funded status: Current liabilities $ (1,623 ) $ (1,785 ) $ (32,345 ) $ (37,464 ) Noncurrent liabilities (64,172 ) (52,960 ) (441,246 ) (554,099 ) Net obligation recognized $ (65,795 ) $ (54,745 ) $ (473,591 ) $ (591,563 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 263,229 $ 243,456 $ 184,438 $ 301,901 Prior service credit (367 ) (869 ) (23,354 ) (25,759 ) Net amount recognized (before tax effect) $ 262,862 $ 242,587 $ 161,084 $ 276,142 The components of net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost (credit): Service cost $ 1,150 $ 2,948 $ 1,533 $ — $ — $ — Interest cost 23,505 25,265 25,048 18,706 23,945 24,241 Expected return on plan assets (40,370 ) (42,383 ) (46,674 ) — — — Amortization of prior service credits (502 ) (502 ) (502 ) (2,405 ) (2,405 ) — Recognized net actuarial loss 8,715 8,896 9,163 16,205 23,112 19,168 Settlement loss — 10,153 22,196 — — — Net periodic benefit (credit) cost $ (7,502 ) $ 4,377 $ 10,764 $ 32,506 $ 44,652 $ 43,409 Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2019 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (366 ) $ (2,405 ) Actuarial loss recognition $ 5,958 $ 9,262 CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Pension Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the projected benefit obligation (PBO) or the market-related value of plan assets are amortized over the expected remaining future lifetime of all plan participants for the Pension Plan. CONSOL Energy also utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the OPEB Plan. Cumulative gains and losses that are in excess of 10% of the greater of either the accumulated postretirement benefit obligation (APBO) or the market-related value of plan assets are amortized over the average future remaining lifetime of the current inactive population for the OPEB plan. The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2018 2017 Projected benefit obligation $ 644,142 $ 733,990 Accumulated benefit obligation $ 644,069 $ 733,949 Fair value of plan assets $ 578,347 $ 679,245 Assumptions: The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Discount rate 4.34 % 3.65 % 4.34 % 3.65 % Rate of compensation increase 3.73 % 3.73 % — — The discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Discount rate 3.69 % 4.27 % 4.52 % 3.65 % 4.22 % 4.50 % Expected long-term return on plan assets 6.90 % 6.90 % 7.25 % — — — Rate of compensation increase 3.73 % 3.90 % 3.80 % — — — The long-term rate of return is the sum of the portion of total assets in each asset class held multiplied by the expected return for that class, adjusted for expected expenses to be paid from the assets. The expected return for each class is determined using the plan asset allocation at the measurement date and a distribution of compound average returns over a twenty year time horizon. The model uses asset class returns, variances and correlation assumptions to produce the expected return for each portfolio. The return assumptions used forward-looking gross returns influenced by the current Treasury yield curve. These returns recognize current bond yields, corporate bond spreads and equity risk premiums based on current market conditions. The assumed health care cost trend rates are as follows: At December 31, 2018 2017 Health care cost trend rate for next year 5.83 % 6.06 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2038 2038 Assumed health care cost trend rates have a significant effect on the amounts reported for the medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1 Percentage 1 Percentage Point Increase Point Decrease Effect on total of service and interest cost components $ 2,618 $ (2,199 ) Effect on accumulated postretirement benefit obligation $ 52,312 $ (44,591 ) Plan Assets: The Company’s overall investment strategy is to meet current and future benefit payment needs through diversification across asset classes, fund strategies and fund managers to achieve an optimal balance between risk and return and between income and growth of assets through capital appreciation. Consistent with the objectives of the pension trust (the “Trust”) and in consideration of the Trust’s current funded status and the current level of market interest rates, the Retirement Board, as appointed by the CONSOL Energy Board of Directors (the “Retirement Board”) has approved an asset allocation strategy that will change over time in response to future improvements in the Trust’s funded status and/or changes in market interest rates. Such changes in asset allocation strategy are intended to allocate additional assets to the fixed income asset class should the Trust’s funded status improve. In this framework, the current target allocation for plan assets is 26% U.S. equity securities, 16.5% non-U.S. equity securities, 7.5% global equity securities and 50% fixed income. Both the equity and fixed income portfolios are comprised of both active and passive investment strategies. The Trust is primarily invested in Mercer Common Collective Trusts. Equity securities consist of investments in large and mid/small cap companies; non-U.S. equities are derived from both developed and emerging markets. Fixed income securities consist primarily of U.S. long duration fixed income corporate and U.S. Treasury instruments. The average quality of the fixed income portfolio must be rated at least “investment grade” by nationally recognized rating agencies. Within the fixed income asset class, investments are invested primarily across various strategies such that the overall profile strongly correlates with the interest rate sensitivity of the Trust’s liabilities in order to reduce the volatility resulting from the risk of changes in interest rates and the impact of such changes on the Trust’s overall financial status. Derivatives, interest rate swaps, options and futures are permitted investments for the purpose of reducing risk and to extend the duration of the overall fixed income portfolio; however, they may not be used for speculative purposes. All or a portion of the assets may be invested in mutual funds or other commingled vehicles so long as the pooled investment funds have an adequate asset base relative to their asset class; are invested in a diversified manner; and have management and/or oversight by an Investment Advisor registered with the SEC. The Retirement Board reviews the investment program on an ongoing basis including asset performance, current trends and developments in capital markets, changes in Trust liabilities and ongoing appropriateness of the overall investment policy. The fair values of plan assets at December 31, 2018 and 2017 by asset category are as follows: Fair Value Measurements at December 31, 2018 Fair Value Measurements at December 31, 2017 Quoted Quoted Prices in Prices in Active Active Markets for Significant Significant Markets for Significant Significant Identical Observable Unobservable Identical Observable Unobservable Assets Inputs Inputs Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Asset Category Cash/Accrued Income $ 101 $ 101 $ — $ — $ 5,202 $ 5,202 $ — $ — US Equities (a) — — — — 12 12 — — Mercer Common Collective Trusts (b) 578,246 — — — 674,031 — — — Total $ 578,347 $ 101 $ — $ — $ 679,245 $ 5,214 $ — $ — __________ (a) This category includes investments in US common stocks and corporate debt. (b) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. There are no investments in CONSOL Energy stock held by these plans at December 31, 2018 or 2017 . There are no assets in the other postretirement benefit plans at December 31, 2018 or 2017 . Cash Flows: If necessary, CONSOL Energy intends to contribute to the pension trust using prudent funding methods. However, the Company does not expect to contribute to the pension plan trust in 2019. Pension benefit payments are primarily funded from the Trust. CONSOL Energy expects to pay benefits of $1,623 from the non-qualified pension plan in 2019. CONSOL Energy does not expect to contribute to the other postemployment plan in 2019 and intends to pay benefit claims as they are due. The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2019 $ 43,588 $ 32,345 2020 $ 41,867 $ 32,366 2021 $ 41,421 $ 32,152 2022 $ 41,630 $ 31,660 2023 $ 41,374 $ 31,112 Year 2024-2028 $ 199,992 $ 150,344 |
Coal Workers' Pneumoconiosis an
Coal Workers' Pneumoconiosis and Workers' Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Coal Workers' Pneumoconiosis and Workers' Compensation | COAL WORKERS’ PNEUMOCONIOSIS AND WORKERS’ COMPENSATION: Under the Federal Coal Mine Health and Safety Act of 1969, as amended, CONSOL Energy is responsible for medical and disability benefits to employees and their dependents resulting from occurrences of coal workers' pneumoconiosis disease. CONSOL Energy is also responsible under various state statutes for pneumoconiosis benefits. CONSOL Energy primarily provides for these claims through a self-insurance program. The calculation of the actuarial present value of the estimated pneumoconiosis obligation is based on an annual actuarial study by independent actuaries and uses assumptions regarding disability incidence, medical costs, indemnity levels, mortality, death benefits, dependents and interest rates which are derived from actual company experience and outside sources. Actuarial gains or losses can result from differences in incident rates and severity of claims filed as compared to original assumptions. Recent legislative changes have not been favorable for CWP. Based upon the law change that contained a 15-year presumption and permitted that chronic obstructive pulmonary disease (COPD) is a symptom of coal workers’ pneumoconiosis, there has been a surge in entitled claims for CONSOL, both from new applicants and previously denied applicants over the past years. This surge approximated the industry-wide historical entitlement emergence pattern. As a result, the Company has adjusted its expectations regarding future claim emergence, resulting in a $25,700 and $41,700 increase in the CWP liability for the years ended December 31, 2018 and 2017 , respectively. Former miners and their family members asserting claims for pneumoconiosis benefits have generally been more successful asserting such claims in recent years as a result of the presumption within the PPACA that a coal miner with fifteen or more years of underground coal mining experience (or the equivalent) who develops a respiratory condition and meets the requirements for total disability under the Federal Act is presumed to be disabled due to coal dust exposure, thereby shifting the burden of proof from the employee to the employer/insurer to establish that this disability is not due to coal dust. CONSOL Energy must also compensate individuals who sustain employment-related physical injuries or some types of occupational diseases and, on some occasions, for costs of their rehabilitation. Workers' compensation laws will also compensate survivors of workers who suffer employment-related deaths. Workers' compensation laws are administered by state agencies, and each state has its own set of rules and regulations regarding compensation that is owed to an employee that is injured in the course of employment. CONSOL Energy primarily provides for these claims through a self-insurance program. CONSOL Energy recognizes an actuarial present value of the estimated workers' compensation obligation calculated by independent actuaries. The calculation is based on claims filed and an estimate of claims incurred but not yet reported as well as various assumptions, including discount rate, future healthcare trend rate, benefit duration and recurrence of injuries. Actuarial gains or losses associated with workers' compensation have resulted from discount rate changes and differences in claims experience and incident rates as compared to prior assumptions. The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2018 and 2017 is as follows: CWP Workers' Compensation at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 State administrative fees and insurance bond premiums — — 2,671 3,198 Service cost 6,650 5,122 6,230 5,734 Interest cost 5,245 4,050 2,283 2,321 Actuarial loss (gain) 14,832 47,939 (5,134 ) 3,553 Benefits paid (12,379 ) (13,107 ) (13,592 ) (14,377 ) Benefit obligation at end of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 Funded status: Current assets $ — $ — $ 1,384 $ 1,437 Current liabilities (12,187 ) (12,972 ) (12,628 ) (13,317 ) Noncurrent liabilities (165,001 ) (149,868 ) (59,742 ) (66,648 ) Net obligation recognized $ (177,188 ) $ (162,840 ) $ (70,986 ) $ (78,528 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss (gain) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) Net amount recognized (before tax effect) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Service cost $ 6,650 $ 5,122 $ 4,327 $ 6,230 $ 5,734 $ 7,466 Interest cost 5,245 4,050 4,283 2,283 2,321 2,499 Recognized net actuarial gain (853 ) (7,631 ) (4,948 ) (79 ) (598 ) (395 ) State administrative fees and insurance bond premiums — — — 2,671 3,198 3,199 Curtailment gain — — (1,307 ) — — — Net periodic cost $ 11,042 $ 1,541 $ 2,355 $ 11,105 $ 10,655 $ 12,769 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2019 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 1,016 $ (774 ) CONSOL Energy utilizes a corridor approach to amortize actuarial gains and losses that have been accumulated under the Workers’ Compensation and CWP plans. Cumulative gains and losses that are in excess of 10% of the greater of either the estimated liability or the market-related value of plan assets are amortized over the expected average remaining future service of the current active membership of the Workers’ Compensation and CWP plans. Assumptions: The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Benefit obligations 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % Net periodic cost 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % Discount rates are determined using a Company-specific yield curve model (above-mean) developed with the assistance of an external actuary. The Company-specific yield curve models (above-mean) use a subset of the expanded bond universe to determine the Company-specific discount rate. Bonds used in the yield curve are rated AA by Moody's or Standard & Poor's as of the measurement date. The yield curve models parallel the plans' projected cash flows, and the underlying cash flows of the bonds included in the models exceed the cash flows needed to satisfy the Company's plans. Cash Flows: CONSOL Energy does not intend to make contributions to the CWP or Workers' Compensation plans in 2019, but it intends to pay benefit claims as they become due. The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2019 $ 12,187 $ 13,987 $ 11,244 $ 2,743 2020 $ 10,319 $ 14,007 $ 11,196 $ 2,811 2021 $ 9,753 $ 13,800 $ 10,918 $ 2,882 2022 $ 9,528 $ 13,874 $ 10,920 $ 2,954 2023 $ 9,633 $ 13,766 $ 10,738 $ 3,028 Year 2024-2028 $ 52,265 $ 70,429 $ 54,117 $ 16,312 |
Other Employee Benefit Plans
Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Other Employee Benefit Plans | OTHER EMPLOYEE BENEFIT PLANS: UMWA Benefit Trusts The Coal Act created two multi-employer benefit plans: (1) the United Mine Workers of America Combined Benefit Fund (the “Combined Fund”) into which the former UMWA Benefit Trusts were merged, and (2) the United Mine Workers of America 1992 Benefit Plan (the “1992 Benefit Plan”). CONSOL Energy accounts for required contributions to these multi-employer trusts as expense when incurred. The Combined Fund provides medical and death benefits for all beneficiaries of the former UMWA Benefit Trusts who were actually receiving benefits as of July 20, 1992. The 1992 Benefit Plan provides medical and death benefits to orphan UMWA-represented members eligible for retirement on February 1, 1993, and for those who retired between July 20, 1992 and September 30, 1994. The Coal Act provides for the assignment of beneficiaries to former employers and the allocation of unassigned beneficiaries (referred to as orphans) to companies using a formula set forth in the Coal Act. The Coal Act requires that responsibility for funding the benefits to be paid to beneficiaries be assigned to their former signatory employers or related companies. This cost is recognized when contributions are assessed. CONSOL Energy's total contributions under the Coal Act were $6,829 , $7,647 and $8,455 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Based on available information at December 31, 2018 , CONSOL Energy's obligation for the Combined Fund and 1992 Benefit Plans is estimated to be approximately $70,859 . Pursuant to the provisions of the Tax Relief and Healthcare Act of 2006 (the “2006 Act”) and the 1992 Benefit Plan, CONSOL Energy is required to provide security in an amount based on the annual cost of providing health care benefits for all individuals receiving benefits from the 1992 Benefit Plan who are attributable to CONSOL Energy, plus all individuals receiving benefits from an individual employer plan maintained by CONSOL Energy who are entitled to receive such benefits. In accordance with the terms of the 2006 Act and the 1992 Benefit Plan, CONSOL Energy must secure its obligations by posting letters of credit, which were $19,860 , $20,983 and $19,170 at December 31, 2018 , 2017 and 2016 , respectively. The 2018 , 2017 and 2016 security amounts were based on the annual cost of providing health care benefits and included a reduction in the number of eligible employees. Investment Plan CONSOL Energy has an investment plan available to most non-represented employees. Eligible employees of CONSOL Pennsylvania Coal Company began participation in the CONSOL Pennsylvania Coal Company Investment Plan (the “CPCC 401(k) Plan”) on September 1, 2017, which was the inception date of the CPCC 401(k) Plan. Remaining eligible employees of CONSOL Energy began participation in the CPCC 401(k) Plan on November 1, 2017. Prior to participating in the CPCC 401(k) Plan, eligible employees participated in the Company's former parent's 401(k) plan. The CPCC 401(k) plan and the Company's former parent's 401(k) plan include company matching of 6% of eligible compensation contributed by eligible employees of CONSOL Energy. The Company may also make discretionary contributions to the CPCC 401(k) Plan ranging from 1% to 6% of eligible compensation for eligible employees (as defined by the CPCC 401(k) Plan). Discretionary contributions of $10,445 were accrued for at December 31, 2018 , and were paid into employees' accounts in the first quarter of 2019. There were no such discretionary contributions made by the Company for the year ended December 31, 2017 . Discretionary contributions made by the Company were $9,499 for the year ended December 31, 2016 . Total payments and costs were $20,655 , $9,888 and $17,687 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Long-Term Disability CONSOL Energy has a Long-Term Disability Plan available to all eligible full-time salaried employees. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2018 2017 2016 Benefit cost $ 2,088 $ 2,058 $ 1,936 Discount rate assumption used to determine net periodic benefit costs 3.22 % 3.43 % 3.71 % Liabilities incurred under the Long-Term Disability Plan are included in Other Accrued Liabilities and Deferred Credits and Other Liabilities–Other in the Consolidated Balance Sheets and amounted to a combined total of $12,022 and $15,315 at December 31, 2018 and 2017 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION: CONSOL Energy adopted the CONSOL Energy Inc. Omnibus Performance Incentive Plan (the “Performance Incentive Plan”) on November 22, 2017. The Performance Incentive Plan provides for grants of stock-based awards to employees, including any officer or employee-director of the Company, who is not a member of the Compensation Committee. These awards are intended to compensate the recipients thereof based on the performance of the Company's stock and the recipients' continued services during the vesting period, as well as align the recipients' long-term interests with those of the Company's shareholders. CONSOL Energy is responsible for the cost of awards granted under the Performance Incentive Plan, and all determinations with respect to awards to be made under the Performance Incentive Plan will be made by the board of directors or a committee as delegated by the board of directors. The Performance Incentive Plan limits the number of units that may be delivered pursuant to vested awards to 2,600,000 shares, subject to proportionate adjustment in the event of stock splits, stock dividends, recapitalizations, and other similar transactions or events. Shares subject to awards that are canceled, forfeited, withheld to satisfy exercise prices or tax withholding obligations or otherwise terminate without delivery will be available for delivery pursuant to other awards. Due to the separation of the Company and its former parent as described in Note 2 - Separation from The Company's Former Parent, the terms of the agreement between the Company and its former parent provide for the automatic adjustment and conversion of awards originally granted under the Company's former parent's equity incentive plan into awards of the Performance Incentive Plan, effective as of November 28, 2017. By calculating a conversion ratio based on the share price immediately prior to the separation for both CONSOL Energy and its former parent, the intrinsic value of the outstanding awards immediately following the separation remains the same as the intrinsic value immediately prior to the separation. At the date of conversion, employees of CONSOL Energy who were grades 14 or lower vested immediately in any non-vested restricted stock units, whereas employees above grade 14 converted their shares at the separation date. All performance share units of the Company's former parent owned by CONSOL Energy employees converted on the date of the separation. For every unvested share of the Company's former parent to be converted, a CONSOL Energy employee received 0.7189 shares of an unvested award in the Performance Incentive Plan. The fair value of each award was adjusted to preserve the intrinsic value of the award. Any unvested option award of the Company's former parent owned by a CONSOL Energy employee remained an option award of the stock of the Company's former parent and CONSOL Energy recognized stock-based compensation expense for the remaining unamortized period of the award. For the year ended December 31, 2017, $1,436 relates to the immediate expense of the unamortized portion of options granted by the Company's former parent for CONSOL Energy employees.While the board of directors may amend certain provisions of these awards, subject to limitations imposed by applicable law or the Performance Incentive Plan, these converted awards shall be governed by the provisions of the original award agreement applicable to the award. For only those shares expected to vest, CONSOL Energy recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award as specified in the award agreement, which is generally the vesting term. The vesting of all awards will accelerate in the event of death and disability and may accelerate upon a change in control of CONSOL Energy. The total stock-based compensation expense recognized during the years ended December 31, 2018 , 2017 and 2016 was $ 8,392 , $ 16,212 and $ 10,986 , respectively, and was included in Selling, General and Administrative Costs on the Consolidated Statements of Income. This includes expense specifically related to the Performance Incentive Plan and also expense charged by the Company's former parent prior to the separation. The related deferred tax benefit relating to converted shares and new grants totaled $ 1,911 , $ 1,439 and $ 607 for the years ended December 31, 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , CONSOL Energy has $ 13,927 of unrecognized compensation cost related to all nonvested stock-based compensation awards, which is expected to be recognized over a weighted-average period of 2.07 years. When restricted stock and performance share unit awards become vested, the issuances are made from CONSOL Energy's common stock shares. In March 2016, the FASB issued an ASU on stock compensation that was intended to simplify and improve the accounting and statement of cash flow presentation for income taxes at settlement, forfeitures, and net settlements for withholding tax. The guidance was effective for public entities for fiscal years beginning after December 31, 2016. In accordance with this Update, $384 of additional income tax expense was recognized in the Consolidated Statements of Income for the year ended December 31, 2017. Also in accordance with this Update, the value of shares withheld for employee tax withholding purposes of $2,156 for the year ended December 31, 2017 was reclassified between Net Cash Provided by Operating Activities and Net Cash Used in Financing Activities on the Consolidated Statements of Cash Flows. As permitted by this Update, the Company has elected to account for forfeitures of stock-based compensation as they occur. The cumulative effect of the policy election to recognize forfeitures as they occur was nominal. Restricted Stock Units CONSOL Energy grants certain employees and non-employee directors restricted stock units, which entitle the holder to shares of common stock as the award vests. Compensation expense is recognized on a straight-line basis over the requisite service period of the award. The total fair value of restricted stock units vested during the year ended December 31, 2018 and 2017 was $3,734 and $534 , respectively. The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2017 285,791 $29.07 Granted 292,347 $35.28 Vested (133,559 ) $27.96 Forfeited (20,083 ) $31.03 Nonvested at December 31, 2018 424,496 $33.60 Performance Share Units CONSOL Energy grants certain employees performance share unit awards, which entitle the holder to shares of common stock subject to the achievement of certain market and performance goals. Compensation expense is recognized over the service period of awards and adjusted for the probability of achievement of performance-based goals. The total fair value of performance share units vested during the year ended December 31, 2018 was $4,910 . No performance share units vested during the year ended December 31, 2017 . The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2017 264,510 $35.50 Granted 129,755 $35.48 Vested (131,021 ) $37.47 Forfeited — $— Nonvested at December 31, 2018 263,244 $34.51 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION: The following are non-cash transactions that impact the investing and financing activities of CONSOL Energy. CONSOL Energy obtains capital lease arrangements for company-used vehicles. CONSOL Energy entered into non-cash capital lease arrangements of $1,301 and $ 55 for the years ended December 31, 2018 and 2016 , respectively. CONSOL Energy did not enter into any non-cash capital lease arrangements during the year ended December 31, 2017 . During the year ended December 31, 2018, CONSOL Energy terminated the operating leases on its longwall shields, and refinanced these as capital leases in the amount of $45,979 . As of December 31, 2018 , 2017 and 2016 , CONSOL Energy purchased goods and services related to capital projects in the amount of $ 2,311 , $ 27,358 and $2,355 , respectively, which are included in accounts payable and other accrued liabilities on the Consolidated Balance Sheets. As part of the separation and distribution, certain assets and liabilities were contributed to the Company. As a result, the liabilities assumed by, and the assets contributed to, the Company in the year ended December 31, 2017 were $17,613 and $32,893 , respectively. The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2018 2017 2016 Cash Paid For: Interest (net of amounts capitalized) $ 92,926 $ 18,151 $ 14,053 Income taxes * $ 12,834 $ — $ — * The Company's operations were historically included in the income tax filings of its former parent. All tax payments prior to the separation and distribution were made by the Company's former parent. The Company made no income tax payments from the date of the separation and distribution through December 31, 2017. |
Concentration of Credit Risk an
Concentration of Credit Risk and Major Customers | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk and Major Customers | CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS: CONSOL Energy primarily markets its thermal coal principally to electric utilities in the eastern United States. Substantially all revenues were generated from sales based in the United States for the years ended December 31, 2018 , 2017 and 2016 . Less than 1% of the Company's revenues were generated from sales based in Canada for the years ended December 31, 2018 , 2017 and 2016 . The Company has contractual relationships with certain coal exporters who distribute coal to international markets. For the years ended December 31, 2018 , 2017 and 2016 , approximately 29% , 31% and 16% , respectively, of the Company's coal revenues were derived from these exporters, in which the Company's coal was intended to be shipped to Europe, Asia, South America, and Africa. Concentration of credit risk is summarized below: December 31, 2018 2017 Thermal coal utilities $ 61,218 $ 69,550 Coal exporters and distributors 22,972 56,146 Steel and coke producers 661 — Other 2,738 5,849 Total Accounts Receivable Trade $ 87,589 $ 131,545 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS: CONSOL Energy determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including LIBOR-based discount rates), while unobservable inputs reflect the Company's own assumptions of what market participants would use. The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below. Level One - Quoted prices for identical instruments in active markets. Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including LIBOR-based discount rates. Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity. The significant unobservable inputs used in the fair value measurement of the Company's third party guarantees are the credit risk of the third party and the third party surety bond markets. A significant increase or decrease in these values, in isolation, would have a directionally similar effect resulting in higher or lower fair value measurement of the Company's Level 3 guarantees. In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy. The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Fair Value Measurements at Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Lease Guarantees $ — $ — $ (734 ) $ — $ — $ (1,040 ) 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: December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 842,899 $ 881,711 $ 897,097 $ 931,768 Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that are not actively traded 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 | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The Company and its former parent entered into a separation and distribution agreement on November 28, 2017 that implemented the legal and structural separation of the Company from its former parent. The separation and distribution agreement also identified the assets of the Coal Business that were transferred to the Company and the liabilities and contracts related to the Coal Business that were assumed by the Company as part of the separation and distribution, and provides post-closing indemnification obligations and procedures between the Company and its former parent relating to the liabilities of the Coal Business that the Company assumed. The Company (as the owner of the Coal Business following the separation and distribution) is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company's estimated accruals as of December 31, 2018 related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Company as of December 31, 2018 . It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company's financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of December 31, 2018 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case. Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as the Company's former parent) in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs' claims. Pursuant to Plaintiffs' amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. The Company believes it has a meritorious defense and intends to vigorously defend this suit. Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any subsidiary of the Company's former parent that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company, LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. The Company believes it has a meritorious defense and intends to vigorously defend this suit. Other Matters: Various Company subsidiaries are defendants in certain other legal proceedings arising out of the conduct of the Coal Business prior to the separation and distribution, and the Company is also a defendant in other legal proceedings following the separation and distribution. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity. As part of the separation and distribution, the Company assumed various financial obligations relating to the Coal Business or agreed to reimburse its former parent for certain financial guarantees relating to the Coal Business that its former parent retained following the separation and distribution. Employee-related financial guarantees have primarily been provided to support the United Mine Workers’ of America’s 1992 Benefit Plan and federal black lung and various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Coal and other financial guarantees have primarily been provided to support various sales contracts. 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. The following is a summary, as of December 31, 2018 , of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments, or under the separation and distribution agreement to the extent retained by the Company's former parent on behalf of the Coal Business. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these financial guarantees and letters of credit are recorded as liabilities in the financial statements. The Company's management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company's financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-Related $ 73,383 $ 59,241 $ 14,142 $ — $ — Environmental 398 — 398 — — Other 32,820 7,620 25,200 — — Total Letters of Credit 106,601 66,861 39,740 — — Surety Bonds: Employee-Related 104,033 102,733 1,300 — — Environmental 465,837 431,695 34,142 — — Other 4,921 4,766 155 — — Total Surety Bonds 574,791 539,194 35,597 — — Guarantees: Other 24,086 8,550 13,401 1,554 581 Total Guarantees 24,086 8,550 13,401 1,554 581 Total Commitments $ 705,478 $ 614,605 $ 88,738 $ 1,554 $ 581 Included in the above table are commitments and guarantees entered into in conjunction with the sale of Consolidation Coal Company and certain of its subsidiaries, which contain all five of its longwall coal mines in West Virginia and its river operations, to a third party. As part of the separation and distribution, the Company's former parent agreed to indemnify the Company and the Company agreed to indemnify its former parent in each case with respect to guarantees of certain equipment lease obligations that were assumed by the third party. In the event that the third party would default on the obligations defined in the agreements, the Company would be required to perform under the guarantees. If the Company would be required to perform, the stock purchase agreement provides various recourse actions. As of December 31, 2018 , the Company has not been required to perform under these guarantees. The equipment lease obligations are collateralized by the underlying assets. The current maximum estimated exposure under these guarantees as of December 31, 2018 and 2017 is believed to be approximately $28,000 and $35,000 , respectively. At December 31, 2018 and 2017 , the fair value of these guarantees was $734 and $1,040 , respectively, and is included in Other Accrued Liabilities on the Consolidated Balance Sheets. The fair value of certain of the guarantees was determined using the Company’s risk-adjusted interest rate. Significant increases or decreases in the risk-adjusted interest rates may result in a significantly higher or lower fair value measurement. No other amounts related to financial guarantees and letters of credit are recorded as liabilities in the financial statements. Significant judgment is required in determining the fair value of these guarantees. The guarantees of the leases are classified within Level 3 of the fair value hierarchy. The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the consolidated financial statements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: CONSOL Energy Inc. consists of one reportable segment: Pennsylvania Mining Complex. The principal activities of PAMC are mining, preparation and marketing of thermal coal, sold primarily to power generators. It also includes selling, general and administrative activities, as well as various other activities assigned to PAMC. CONSOL Energy Inc.’s Other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to PAMC. The diversified business activities include coal terminal operations, closed and idle mine activities, selling, general and administrative activities, as well as various other non-operated activities, none of which are individually significant to the Company. Industry segment results for the year ended December 31, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,364,292 $ — $ — $ 1,364,292 (A) Terminal Revenue — 64,926 — 64,926 Freight Revenue 43,572 — — 43,572 Total Revenue and Freight $ 1,407,864 $ 64,926 $ — $ 1,472,790 Earnings (Loss) Before Income Tax $ 291,418 $ (103,805 ) $ — $ 187,613 Segment Assets $ 1,894,209 $ 866,518 $ — $ 2,760,727 Depreciation, Depletion and Amortization $ 178,969 $ 22,295 $ — $ 201,264 Capital Expenditures $ 124,570 $ 21,179 $ — $ 145,749 Industry segment results for the year ended December 31, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,187,654 $ — $ — $ 1,187,654 (A) Terminal Revenue — 60,066 — 60,066 Freight Revenue 73,692 — — 73,692 Total Revenue and Freight $ 1,261,346 $ 60,066 $ — $ 1,321,412 Earnings (Loss) Before Income Tax $ 189,162 $ (19,365 ) $ — $ 169,797 Segment Assets $ 1,971,268 $ 735,831 $ — $ 2,707,099 Depreciation, Depletion and Amortization $ 166,628 $ 5,374 $ — $ 172,002 Capital Expenditures $ 77,981 $ 3,432 $ — $ 81,413 Industry segment results for the year ended December 31, 2016 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,065,582 $ — $ — $ 1,065,582 (A) Terminal Revenue — 31,464 — 31,464 Freight Revenue 46,468 — — 46,468 Total Revenue and Freight $ 1,112,050 $ 31,464 $ — $ 1,143,514 Earnings (Loss) Before Income Tax $ 130,708 $ (65,693 ) $ — $ 65,015 Segment Assets $ 1,982,206 $ 705,228 $ — $ 2,687,434 Depreciation, Depletion and Amortization $ 168,195 $ 9,927 $ — $ 178,122 Capital Expenditures $ 50,809 $ 2,791 $ — $ 53,600 (A) For the years ended December 31, 2018 , 2017 and 2016 , the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales: For the Years Ended December 31, 2018 2017 2016 Customer A $ 283,703 * * Customer B $ 274,755 $ 145,248 * Customer C $ 214,152 $ 222,354 $ 160,818 Customer D * * $ 116,849 * Revenues from these customers during the periods presented were less than 10% of the Company's total sales. Reconciliation of Segment Information to Consolidated Amounts: Revenue and Other Income: For the Years Ended December 31, 2018 2017 2016 Total Segment Revenue and Freight from External Customers $ 1,472,790 $ 1,321,412 $ 1,143,514 Other Income not Allocated to Segments (Note 4) 58,660 73,279 82,120 Gain on Sale of Assets 565 17,212 5,228 Total Consolidated Revenue and Other Income $ 1,532,015 $ 1,411,903 $ 1,230,862 Total Assets: December 31, 2018 2017 Segment assets for total reportable business segments $ 1,894,209 $ 1,971,268 Segment assets for all other business segments 554,315 508,334 Items excluded from segment assets: Cash and other investments 234,658 152,432 Deferred tax assets 77,545 75,065 Total Consolidated Assets $ 2,760,727 $ 2,707,099 Enterprise-Wide Disclosures: For the years ended December 31, 2018, 2017 and 2016, CONSOL Energy revenue was predominantly attributable to the United States of America. Less than one percent was attributable to Canada for the year ended December 31, 2016. CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2018 2017 United States $ 2,095,504 $ 2,111,273 Canada 11,024 11,024 Total Property, Plant and Equipment, net $ 2,106,528 $ 2,122,297 |
Guarantor Subsidiaries Financia
Guarantor Subsidiaries Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Guarantor Subsidiaries Financial Information | GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION: The payment obligations under the $400,000 , Term Loan B due in November 2022 , the $300,000 , 11.000% per annum senior notes due November 2025 , and the $100,000 , Term Loan A due in November 2021 issued by CONSOL Energy are jointly and severally, and also fully and unconditionally, guaranteed by certain subsidiaries of CONSOL Energy. In accordance with positions established by the SEC, the following financial information sets forth separate financial information with respect to the parent, guarantor subsidiaries, CCR, a non-guarantor subsidiary, and the remaining non-guarantor subsidiaries. The principal elimination entries include investments in subsidiaries and certain intercompany balances and transactions. CONSOL Energy, the parent, and a guarantor subsidiary manage several assets and liabilities of all other wholly owned subsidiaries. These include, for example, deferred tax assets, cash and other post-employment liabilities. These assets and liabilities are reflected as parent company or guarantor company amounts for purposes of this presentation. Income Statement for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 1,023,219 $ 341,073 $ — $ — $ 1,364,292 Terminal Revenue — 64,926 — — — 64,926 Freight Revenue — 32,679 10,893 — — 43,572 Miscellaneous Other Income 247,711 27,013 5,243 — (221,307 ) 58,660 Gain (Loss) on Sale of Assets — 599 (34 ) — — 565 Total Revenue and Other Income 247,711 1,148,436 357,175 — (221,307 ) 1,532,015 Costs and Expenses: Operating and Other Costs — 729,593 214,376 2,481 — 946,450 Depreciation, Depletion and Amortization — 156,522 44,742 — — 201,264 Freight Expense — 32,679 10,893 — — 43,572 Selling, General and Administrative Costs — 51,415 13,931 — — 65,346 Loss on Debt Extinguishment 3,922 — — — — 3,922 Interest Expense, net 81,985 2,905 6,667 — (7,709 ) 83,848 Total Costs And Expenses 85,907 973,114 290,609 2,481 (7,709 ) 1,344,402 Earnings (Loss) Before Income Tax 161,804 175,322 66,566 (2,481 ) (213,598 ) 187,613 Income Tax Expense 8,828 — — — — 8,828 Net Income (Loss) 152,976 175,322 66,566 (2,481 ) (213,598 ) 178,785 Less: Net Income Attributable to Noncontrolling Interest — — — — 25,809 25,809 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 152,976 $ 175,322 $ 66,566 $ (2,481 ) $ (239,407 ) $ 152,976 Balance Sheet at December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 234,536 $ 138 $ 1,003 $ — $ — $ 235,677 Accounts and Notes Receivable: Trade — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses 25,440 15,451 5,096 14,701 — 60,688 Total Current Assets 284,328 69,104 18,233 102,290 — 473,955 Property, Plant and Equipment: Property, Plant and Equipment — 3,891,873 946,298 — — 4,838,171 Less-Accumulated Depreciation, Depletion and Amortization — 2,204,896 526,747 — — 2,731,643 Total Property, Plant and Equipment-Net — 1,686,977 419,551 — — 2,106,528 Other Assets: Deferred Income Taxes 77,545 — — — — 77,545 Affiliated Credit Facility 141,129 — — — (141,129 ) — Investment in Affiliates 605,981 — — — (605,981 ) — Other 40,760 47,031 14,908 — — 102,699 Total Other Assets 865,415 47,031 14,908 — (747,110 ) 180,244 Total Assets $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Liabilities and Equity: Current Liabilities: Accounts Payable $ (721 ) $ 102,995 $ 24,834 $ — $ 3,822 $ 130,930 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 3,831 87,593 (125,353 ) — Current Portion of Long-Term Debt 8,157 11,139 3,503 — 112,013 134,812 Other Accrued Liabilities 92,534 105,806 31,916 — (3,822 ) 226,434 Total Current Liabilities 97,679 256,160 64,084 87,593 (13,340 ) 492,176 Long-Term Debt 577,957 151,202 146,196 — (141,129 ) 734,226 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 441,246 — — — 441,246 Pneumoconiosis Benefits — 160,741 4,260 — — 165,001 Asset Retirement Obligations — 226,209 9,775 — — 235,984 Workers’ Compensation — 56,623 3,119 — — 59,742 Salary Retirement 64,172 — — — — 64,172 Other — 16,051 518 — — 16,569 Total Deferred Credits and Other Liabilities 64,172 900,870 17,672 — — 982,714 Total CONSOL Energy Inc. Stockholders’ Equity 409,935 494,880 224,740 14,697 (734,317 ) 409,935 Noncontrolling Interest — — — — 141,676 141,676 Total Liabilities and Equity $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Condensed Statement of Cash Flows for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by Operating Activities $ 231,522 $ 56,624 $ 125,379 $ — $ — $ 413,525 Cash Flows from Investing Activities: Capital Expenditures $ — $ (114,606 ) $ (31,143 ) $ — $ — $ (145,749 ) (Investments in), net of Distributions from, Subsidiaries (2,908 ) 38,032 — — (35,124 ) — Proceeds From Sales of Assets — 1,933 170 — — 2,103 Other Investing Activity (10,000 ) — — — — (10,000 ) Net Cash Used in Investing Activities $ (12,908 ) $ (74,641 ) $ (30,973 ) $ — $ (35,124 ) $ (153,646 ) Cash Flows from Financing Activities: Payments on Capitalized Leases/Miscellaneous Borrowings (2,905 ) (9,527 ) (3,052 ) — — (15,484 ) Affiliated Credit Facility 33,583 — (33,583 ) — — Payments on Term Loan A (26,250 ) — — — (26,250 ) Payments on Term Loan B (4,000 ) — — — (4,000 ) Payments on Second Lien Notes (25,724 ) — — — (25,724 ) Distributions to Noncontrolling Interest — — (57,389 ) — 35,124 (22,265 ) Shares/Units Withheld for Taxes — (2,512 ) (912 ) — — (3,424 ) Repurchases of Common Stock (25,839 ) — — — — (25,839 ) Purchases of CCR Units (3,079 ) — — — — (3,079 ) Spin Distribution to CNX Resources (18,234 ) — — — (18,234 ) Premium Paid on the Extinguishment of Debt (2,458 ) — — — — (2,458 ) Debt Issuance and Financing Fees (2,166 ) — — — — (2,166 ) Net Cash (Used in) Provided by Financing Activities $ (77,072 ) $ (12,039 ) $ (94,936 ) $ — $ 35,124 $ (148,923 ) Condensed Statement of Comprehensive Income for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 152,976 $ 175,322 $ 66,566 $ (2,481 ) $ (213,598 ) $ 178,785 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) 66,341 — (1,477 ) — 1,477 66,341 Other Comprehensive Income (Loss) 66,341 — (1,477 ) — 1,477 66,341 Comprehensive Income (Loss) 219,317 175,322 65,089 (2,481 ) (212,121 ) 245,126 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 25,803 25,803 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 219,317 $ 175,322 $ 65,089 $ (2,481 ) $ (237,924 ) $ 219,323 Income Statement for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 890,741 $ 296,913 $ — $ — $ 1,187,654 Terminal Revenue — 60,066 — — — 60,066 Freight Revenue — 55,269 18,423 — — 73,692 Miscellaneous Other Income 238,818 67,230 6,049 — (238,818 ) 73,279 Gain on Sale of Assets — 15,813 1,399 — — 17,212 Total Revenue and Other Income 238,818 1,089,119 322,784 — (238,818 ) 1,411,903 Costs and Expenses: Operating and Other Costs — 691,451 194,986 272 — 886,709 Depreciation, Depletion and Amortization — 130,565 41,437 — — 172,002 Freight Expense — 55,269 18,423 — — 73,692 Selling, General and Administrative Costs — 67,908 15,697 — — 83,605 Loss on Debt Extinguishment — — 2,468 — (2,468 ) — Interest Expense, net 10,064 355,059 9,309 1,723 (350,057 ) 26,098 Total Costs And Expenses 10,064 1,300,252 282,320 1,995 (352,525 ) 1,242,106 Earnings (Loss) Before Income Tax 228,754 (211,133 ) 40,464 (1,995 ) 113,707 169,797 Income Tax Expense (Benefit) 161,125 (73,897 ) — — — 87,228 Net Income (Loss) 67,629 (137,236 ) 40,464 (1,995 ) 113,707 82,569 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,940 14,940 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 Balance Sheet at December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 152,235 $ 105 $ 1,533 $ 106 $ — $ 153,979 Accounts and Notes Receivable: Trade — — — 131,545 — 131,545 Other Receivables 17,702 16,880 1,970 — — 36,552 Inventories — 41,117 12,303 — — 53,420 Prepaid Expenses 5,745 13,568 4,428 3 — 23,744 Total Current Assets 175,682 71,670 20,234 131,654 — 399,240 Property, Plant and Equipment: Property, Plant and Equipment — 3,765,885 910,468 — — 4,676,353 Less-Accumulated Depreciation, Depletion and Amortization — 2,070,646 483,410 — — 2,554,056 Total Property, Plant and Equipment-Net — 1,695,239 427,058 — — 2,122,297 Other Assets: Deferred Income Taxes 75,065 — — — — 75,065 Affiliated Credit Facility 165,110 — — — (165,110 ) — Investment in Affiliates 645,157 — — — (645,157 ) — Other 44,177 50,846 15,474 — — 110,497 Total Other Assets 929,509 50,846 15,474 — (810,267 ) 185,562 Total Assets $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Liabilities and Equity: Current Liabilities: Accounts Payable $ 20,014 $ 66,271 $ 22,789 $ 8 $ 18 $ 109,100 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,221 — 129,139 (163,069 ) — Current Portion of Long-Term Debt — 22,405 77 — — 22,482 Other Accrued Liabilities 101,994 149,425 44,102 (20 ) (4,874 ) 290,627 Total Current Liabilities 119,717 274,322 66,968 129,127 (167,925 ) 422,209 Long-Term Debt 728,254 135,390 165,183 1,572 (165,110 ) 865,289 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 554,099 — — — 554,099 Pneumoconiosis Benefits — 146,035 3,833 — — 149,868 Asset Retirement Obligations — 218,728 9,615 — — 228,343 Workers’ Compensation — 63,244 3,404 — — 66,648 Salary Retirement 52,960 — — — — 52,960 Other — 23,435 607 — — 24,042 Total Deferred Credits and Other Liabilities 52,960 1,005,541 17,459 — — 1,075,960 Total CONSOL Energy Inc. Stockholders’ Equity 204,260 402,502 213,156 955 (616,613 ) 204,260 Noncontrolling Interest — — — — 139,381 139,381 Total Liabilities and Equity $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Condensed Statement of Cash Flows for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ (17,032 ) $ 192,423 $ 72,644 $ 75 $ — $ 248,110 Cash Flows from Investing Activities: Capital Expenditures $ — $ (61,917 ) $ (19,496 ) $ — $ — $ (81,413 ) Proceeds From Sales of Assets — 23,082 1,500 — — 24,582 Net Cash Used in Investing Activities $ — $ (38,835 ) $ (17,996 ) $ — $ — $ (56,831 ) Cash Flows from Financing Activities: Payments on Capitalized Leases/Miscellaneous Borrowings (3,503 ) (305 ) (96 ) — — (3,904 ) Affiliated Credit Facility — — 196,583 — (196,583 ) — Proceeds from Term Loan A 100,000 — — — — 100,000 Proceeds from Term Loan B 392,147 — — — — 392,147 Proceeds from Second Lien Notes 300,000 — — — — 300,000 Net Payments on Revolver - MLP — — (201,000 ) — — (201,000 ) Distributions to Noncontrolling Interest — — (56,400 ) — 34,508 (21,892 ) Units/Shares Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Spin Distribution to CNX Resources (425,000 ) — — — — (425,000 ) Intercompany (Distributions) Contributions (5,573 ) (156,502 ) — — 162,075 — Other Parent Net Distributions (156,502 ) — — — — (156,502 ) Debt Issuance and Financing Fees (32,304 ) — — — — (32,304 ) Net Cash Provided by (Used in) Financing Activities $ 169,265 $ (156,978 ) $ (62,898 ) $ — $ — $ (50,611 ) Condensed Statement of Comprehensive Income for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) 94,919 — 1,366 — (1,366 ) 94,919 Other Comprehensive Income (Loss) 94,919 — 1,366 — (1,366 ) 94,919 Comprehensive Income (Loss) 162,548 (137,236 ) 41,830 (1,995 ) 112,341 177,488 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,896 14,896 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 162,548 $ (137,236 ) $ 41,830 $ (1,995 ) $ 97,445 $ 162,592 Income Statement for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 799,187 $ 266,395 $ — $ — $ 1,065,582 Terminal Revenue — 31,464 — — — 31,464 Freight Revenue — 34,865 11,603 — — 46,468 Miscellaneous Other Income 50,425 78,992 3,128 — (50,425 ) 82,120 Gain (Loss) on Sale of Assets — 5,237 (9 ) — — 5,228 Total Revenue and Other Income 50,425 949,745 281,117 — (50,425 ) 1,230,862 Costs and Expenses: Operating and Other Costs — 694,073 183,001 103 — 877,177 Depreciation, Depletion and Amortization — 136,128 41,994 — — 178,122 Freight Expense — 34,865 11,603 — — 46,468 Selling, General and Administrative Costs — 40,078 9,949 — — 50,027 Interest Expense, net 190 5,144 8,719 — — 14,053 Total Costs And Expenses 190 910,288 255,266 103 — 1,165,847 Earnings (Loss) Before Income Tax 50,235 39,457 25,851 (103 ) (50,425 ) 65,015 Income Tax Expense 8,739 5,826 — — 14,565 Less: Net Income Attributable to Noncontrolling Interest — — — — 8,954 8,954 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (59,379 ) $ 41,496 Condensed Statement of Cash Flows for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Net Cash Provided by Operating Activities $ 253 $ 255,756 $ 73,098 $ — $ — $ 329,107 Cash Flows from Investing Activities: Capital Expenditures $ — $ (40,896 ) $ (12,704 ) $ — $ — $ (53,600 ) Proceeds From Sales of Assets — 7,819 23 — — 7,842 Net Cash Used in Investing Activities $ — $ (33,077 ) $ (12,681 ) $ — $ — $ (45,758 ) Cash Flows from Financing Activities: Proceeds from (Payments on) Capitalized Leases/Miscellaneous Borrowings 231 279 (79 ) — — 431 Net Proceeds from Revolver - MLP — — 16,000 — — 16,000 Distributions to Noncontrolling Interest — (21,657 ) (42,634 ) — 42,634 (21,657 ) Intercompany Contributions (Distributions) 270,969 (270,969 ) — — — — Other Parent Net Distributions (270,969 ) — — — — (270,969 ) Debt Issuance and Financing Fees (482 ) — — — — (482 ) Net Cash (Used in) Provided by Financing Activities $ (251 ) $ (292,347 ) $ (26,713 ) $ — $ 42,634 $ (276,677 ) Condensed Statement of Comprehensive Income for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (50,425 ) $ 50,450 Other Comprehensive Income (Loss): Net Actuarial (Gain) Loss (31,409 ) — 818 — (818 ) (31,409 ) Other Comprehensive (Loss) Income (31,409 ) — 818 — (818 ) (31,409 ) Comprehensive Income (Loss) 10,087 33,631 26,669 (103 ) (51,243 ) 19,041 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 9,216 9,216 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 10,087 $ 33,631 $ 26,669 $ (103 ) $ (60,459 ) $ 9,825 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Transactions with the Company's Former Parent (2017) Separation On November 28, 2017, in connection with the separation and distribution, the Company and/or certain of its subsidiaries entered into several agreements with its former parent and/or the Partnership and/or certain of its subsidiaries that govern the relationship of the various parties following the separation, including the following: • Separation and Distribution Agreement (“SDA”); • Transition Services Agreement (“TSA”); • Tax Matters Agreement (“TMA”); • Employee Matters Agreement (“EMA”); • Intellectual Property Matters Agreement (“IPMA”); • CNX Resources Corporation to CONSOL Energy Inc. Trademark License Agreement (“TLA 1”); • CONSOL Energy Inc. to CNX Resources Corporation Trademark License Agreement (“TLA 2”); • First Amendment to the First Amended and Restated Omnibus Agreement (“Omnibus Amendment”); • First Amendment to Contract Agency Agreement by and among CONSOL Energy Sales Company, CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) and the other parties thereto (“Contract Agency Amendment”); • First Amendment to Water Supply and Services Agreement by and between CNX Water Assets LLC and CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) (“Water Supply Amendment”); • Second Amendment to Pennsylvania Mine Complex Operating Agreement by and among CONSOL Pennsylvania Coal Company LLC, Conrhein Coal Company, CONSOL Thermal Holdings LLC (formerly known as CNX Thermal Holdings LLC) and CONSOL Coal Resources LP (formerly known as CNX Coal Resources LP) (the “Operating Agreement Amendment”); • Affiliated Company Credit Agreement, dated November 28, 2017, by and among CONSOL Coal Resources LP, certain of its affiliates party thereto, CONSOL Energy Inc. and PNC Bank, National Association (the “Affiliated Company Credit Agreement”); and • Second Amendment and Restatement of Master Cooperation and Safety Agreement, dated October 20, 2017, by and between CONSOL Energy Inc., CNX Gas Company LLC and certain other parties thereto (the “MCSA”). Summaries of the material terms of the SDA, TSA, TMA, EMA, Omnibus Amendment, Contract Agency Amendment, Water Supply Amendment and MCSA may be found under the section entitled “Certain Relationships and Related Party Transactions” in that certain Information Statement of the Company, dated November 3, 2017, and the summaries of the material terms of the IPMA, TLA1, TLA2, the Operating Agreement Amendment and the Affiliated Company Credit Agreement may be found under Item 1.01 Entry into a Material Definitive Agreement to Form 8-K filed December 4, 2017. Refer to Note 2 - Separation from the Company's Former Parent for further information on the separation. Also refer to Note 17 - Stock-Based Compensation for information regarding the conversion of share-based awards from the Company's former parent to the Company as of the date of the separation and distribution. Cash Management and Treasury For periods prior to the separation and distribution, the Company participated in its former parent's centralized treasury and cash management processes. Transactions occurring in periods prior to the separation and distribution were considered to be effectively settled for cash at the time the transactions were recorded. These transactions and net cash transfers to and from the Company's former parent's centralized cash management system are reflected as a component of the Company's former parent's net investment on the Consolidated Balance Sheets and as a financing activity within the accompanying Consolidated Statements of Cash Flows. In the Consolidated Statements of Stockholders' Equity, the Company's former parent's net investment on the Consolidated Balance Sheets represents the cumulative net investment by the Company's former parent in the Company, including net income through the completion of the separation and distribution and net cash transfers to and from the Company's former parent. All significant transactions between the Company and its former parent have been included in the consolidated financial statements. Transition Services Agreements The Company also entered into the TSA and certain other agreements in connection with the SDA with its former parent to cover certain continued corporate services provided by the Company and its former parent to each other following the completion of the separation and distribution. In connection with the separation and distribution, the Company began to set up its own corporate functions, and pursuant to the TSA, its former parent provided various corporate support services, including certain accounting, human resources, information technology, office and building, risk, security, tax and treasury, building security and tax services, as well as certain regulatory compliance services required during the period in which the Company remained a majority-owned subsidiary of its former parent. Additional services may be identified from time to time and also be provided under the TSA. For the years ended December 31, 2018 and 2017 , the charges associated with these services were $2,632 and $216 , respectively. Receivables and Payables to the Company's Former Parent At December 31, 2018 and 2017 , the Company had a payable to its former parent of $235 and $12,540 , respectively, recorded in other current liabilities on the Consolidated Balance Sheets. The Company also had a receivable from its former parent of $11,788 and $15,415 , of which $5,500 and $4,500 was recorded in current assets and $6,288 and $10,915 was included in other assets on the Consolidated Balance Sheets at December 31, 2018 and 2017 , respectively. These items relate to the reimbursement of the one-time transaction costs as well as other reimbursements per the terms of the SDA. The one-time transaction costs related to the separation and distribution were approximately $40,545 for the year ended December 31, 2017 . During the year ended December 31, 2018 , the Company paid its former parent $18,234 related to the final settlement of shared, spin-related fees. Per the SDA, these costs are split equally by the two companies. These costs consist of consulting and professional fees associated with preparing for and executing the separation and distribution, as well as various other items. Corporate Allocations Prior to the completion of the separation and distribution, the Company utilized centralized functions of its former parent to support its operations, and in return, its former parent allocated certain of its expenses to the Company. Such expenses represent costs related, but not limited, to treasury, legal, accounting, insurance, information technology, payroll administration, human resources, incentive plans and other services. These costs, together with an allocation of the Company's former parent's overhead costs, are included within the Selling, General and Administrative Costs caption on the Consolidated Statements of Income. Where it was possible to specifically attribute such expenses to activities of the Company, amounts have been charged or credited directly to the Company without allocation or apportionment. Allocation of all other such expenses was based on a reasonable reflection of the utilization of service provided or benefits received by the Company during the periods presented on a consistent basis, such as a percentage of total revenue and a percentage of total projected capital expenditures. The Company's management supports the methods used in allocating expenses and believes these methods to be reasonable estimates. CONSOL Coal Resources LP In 2015, CCR entered into a $400,000 senior secured revolving credit facility with certain lenders and PNC Bank, National Association (“PNC”), as administrative agent (the “Original CCR Credit Facility”). Obligations under the revolving credit facility were guaranteed by CCR's subsidiaries (the “Guarantor Subsidiaries”) and were secured by substantially all of CCR's and CCR's subsidiaries' assets pursuant to a security agreement and various mortgages. CCR made an initial draw of $200,000 , and after origination fees of $3,000 , the net proceeds were $197,000 , which CCR distributed to the Company's former parent. In September 2016, CCR and its wholly owned subsidiary, CONSOL Thermal, entered into a Contribution Agreement with the Company's former parent, CONSOL Pennsylvania Coal Company LLC and Conrhein Coal Company under which CONSOL Thermal acquired an additional 5% undivided interest in and to the Pennsylvania Mining Complex, in exchange for (i) cash consideration in the amount of $21,500 and (ii) CCR's issuance of 3,956,496 Class A Preferred Units representing limited partnership interests in CCR at an issue price of $17.01 per Class A Preferred Unit (the “Class A Preferred Unit Issue Price”), or an aggregate $67,300 in equity consideration (the “PAMC acquisition”). The Class A Preferred Unit Issue Price was calculated as the volume-weighted average trading price of CCR's common units (the “Common Units”) over the trailing 15-day trading period ending on September 29, 2016 (or $14.79 per unit), plus a 15% premium. In October 2017, the Company's former parent elected to have the 3,956,496 Class A Preferred Units, representing its limited partnership interest in CCR, converted into an equal number of Common Units under the terms of the Second Amended and Restated Agreement of Limited Partnership of CCR. In connection with the PAMC acquisition, in September 2016, CCR's general partner and CCR entered into the First Amended and Restated Omnibus Agreement (the “Amended Omnibus Agreement”) with the Company's former parent and certain of its subsidiaries. Under the Amended Omnibus Agreement, the Company's former parent indemnified CCR for certain liabilities. The Amended Omnibus Agreement also amended CCR's obligations to the Company's former parent with respect to the payment of an annual administrative support fee and reimbursement for the provisions of certain management and operating services provided, in each case to reflect structural changes in how those services are provided to CCR by the Company's former parent. The Company assumed this agreement as part of the separation and distribution. On November 28, 2017, the Company entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the Partnership Credit Parties) under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million , the net proceeds of which were used to repay outstanding amounts under the Original CCR Credit Facility and to provide working capital for the Partnership following the separation and for other general corporate purposes. The Original CCR Credit Facility was then terminated. The Affiliated Company Credit Agreement matures on February 27, 2023. Interest accrues at a rate ranging from 3.75% to 4.75% , subject to the Partnership's net leverage ratio. For the years ended December 31, 2018 and 2017 , $7,709 and $746 of interest expense is included in the Consolidated Statements of Income, respectively. The collateral obligations under the Affiliated Company Credit Agreement generally mirror the Original CCR Credit Facility, as does the list of entities that will act as guarantors thereunder. The Affiliated Company Credit Agreement is subject to financial covenants relating to a maximum first lien gross leverage ratio and a maximum total net leverage ratio, which will be calculated on a consolidated basis for the Partnership and its restricted subsidiaries at the end of each fiscal quarter. The Partnership was in compliance with each of these financial covenants at December 31, 2018 and 2017 . The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions). CCR is a party to a number of other agreements with CONSOL Energy, or its subsidiaries, that are described in detail in the section titled “Agreements with Affiliates” in Item 13 of CCR's Form 10-K filed on February 8, 2019. Charges for services from the Company to CCR include the following: For the Years Ended December 31, 2018 2017 2016 Operating and Other Costs $ 2,918 $ 3,503 $ 4,251 Selling, General and Administrative Costs 8,300 3,109 3,826 Total Services from CONSOL Energy $ 11,218 $ 6,612 $ 8,077 Operating and Other Costs include service costs for pension and insurance expenses. Selling, General and Administrative Costs include charges for incentive compensation, an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by the Company's former parent prior to the separation and by CONSOL Energy following the separation. As of November 28, 2017, certain administrative services historically incurred by the Partnership are now incurred by CONSOL Energy and the Partnership's portion is reimbursed to CONSOL Energy. At December 31, 2018 and 2017 , CCR had a net payable to the Company in the amount of $3,831 and $3,071 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement. In July 2018, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock and debt repurchase program (See Note 5 - Stock, Unit and Debt Repurchase). The program expansion allows the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP's outstanding common units in the open market. During the year ended December 31, 2018 , 167,958 of the Partnership's common units were repurchased at an average price of $18.33 per unit. |
Supplemental Coal Data (unaudit
Supplemental Coal Data (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Mineral Industries Disclosures [Abstract] | |
Supplemental Coal Data (unaudited) | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2018 2017 2016 2015 2014 Consolidated recoverable coal reserves at beginning of period 2,298 2,361 3,047 3,238 3,032 Purchased reserves — — — 24 — Reserves sold in place — (16 ) (601 ) (43 ) (233 ) Production (28 ) (26 ) (26 ) (29 ) (32 ) Revisions and other changes (9 ) (21 ) (59 ) (143 ) 471 Consolidated recoverable coal reserves at end of period* (1) 2,261 2,298 2,361 3,047 3,238 ______________ * Recoverable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. (1) 143.3 million tons of the Northern Appalachia product are controlled by CCC, a former subsidiary of the Company's former parent that was sold in December 2013. As of this filing, these tons are still controlled by CCC but are shown in CONSOL Energy's reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy. CONSOL Energy's coal reserves are located in several major coal-producing regions in North America. Our estimate of recoverable coal reserves has been determined by CONSOL Energy. At December 31, 2018 , 188 million tons were assigned to mines either in production or temporarily idled. The recoverable coal reserves at December 31, 2018 include 2,174 million tons of thermal coal reserves, of which approximately 2 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million British thermal unit (Btu), 9 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu, and 89 percent has a sulfur content equivalent to greater than 2.5 pounds sulfur dioxide per million Btu. The reserves also include 87 million tons of metallurgical coal in consolidated reserves, of which approximately 24 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million Btu and 76 percent has a sulfur content equivalent to between 1.2 and 2.5 pounds sulfur dioxide per million Btu. |
Supplemental Quarterly Informat
Supplemental Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (unaudited) | Supplemental Quarterly Information (unaudited): (Dollars in thousands, except per share data) Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Revenue and Other Income: Coal Revenue $ 351,009 $ 370,697 $ 294,797 $ 347,789 Terminal Revenue 15,221 16,659 16,115 16,931 Freight Revenue 17,887 17,444 2,443 5,798 Miscellaneous Other Income 25,887 10,369 10,978 11,426 Gain (Loss) on Sale of Assets 254 104 (85 ) 292 Total Revenue and Other Income 410,258 415,273 324,248 382,236 Costs and Expenses: Operating and Other Costs 229,802 248,195 222,781 245,672 Depreciation, Depletion and Amortization 49,471 54,961 51,242 45,590 Freight Expense 17,887 17,444 2,443 5,798 Selling, General and Administrative Costs 13,484 15,705 18,526 17,631 Loss on Debt Extinguishment 1,426 1,723 — 773 Interest Expense, net 21,045 21,504 20,862 20,437 Total Costs and Expenses 333,115 359,532 315,854 335,901 Earnings Before Income Tax 77,143 55,741 8,394 46,335 Income Tax Expense (Benefit) 6,185 3,032 (690 ) 301 Net Income 70,958 52,709 9,084 46,034 Less: Net Income Attributable to Noncontrolling Interest 8,550 7,547 3,350 6,362 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 62,408 $ 45,162 $ 5,734 $ 39,672 Earnings Per Share: Basic $ 2.23 $ 1.61 $ 0.20 $ 1.43 Dilutive $ 2.20 $ 1.58 $ 0.20 $ 1.41 Three Months Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenue and Other Income: Coal Revenue $ 316,448 $ 303,707 $ 279,245 $ 288,254 Terminal Revenue 12,886 14,855 15,065 17,260 Freight Revenue 12,282 17,762 21,803 21,845 Miscellaneous Other Income 22,650 10,145 19,713 20,771 Gain (Loss) on Sale of Assets 7,955 5,582 (513 ) 4,188 Total Revenue and Other Income 372,221 352,051 335,313 352,318 Costs and Expenses: Operating and Other Costs 229,994 222,882 229,527 204,306 Depreciation, Depletion and Amortization 52,993 25,268 46,653 47,088 Freight Expense 12,282 17,762 21,803 21,845 Selling, General and Administrative Costs 17,079 20,338 21,180 25,008 Interest Expense, net 4,022 3,944 3,862 14,270 Total Costs and Expenses 316,370 290,194 323,025 312,517 Earnings Before Income Tax 55,851 61,857 12,288 39,801 Income Tax Expense 9,406 9,611 3,770 64,441 Net Income (Loss) 46,445 52,246 8,518 (24,640 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 4,313 790 4,373 Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 40,981 $ 47,933 $ 7,728 $ (29,013 ) Earnings (Loss) Per Share: (a) Basic $ 1.47 $ 1.71 $ 0.28 $ (1.04 ) Dilutive $ — $ — $ — $ (1.04 ) (a) Earnings (loss) per share shown above was calculated based on the 27,967,509 shares of CONSOL Energy common stock distributed in conjunction with the completion of the separation and distribution, and is considered pro forma in nature. Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc., and its wholly owned and majority-owned and/or controlled subsidiaries. The portion of these entities that is not owned by the Company is presented as non-controlling interest. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as various disclosures. Actual results could differ from those estimates. The most significant estimates included in the preparation of the consolidated financial statements are related to other postretirement benefits, coal workers' pneumoconiosis, workers' compensation, salary retirement benefits, stock-based compensation, asset retirement obligations, deferred income tax assets and liabilities, contingencies and the values of coal properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term securities with original maturities of three months or less. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. CONSOL Energy reserves for specific accounts receivable when it is probable that all or a part of an outstanding balance will not be collected, such as customer bankruptcies. Collectability is determined based on terms of sale, credit status of customers and various other circumstances. CONSOL Energy regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Reserves for uncollectable amounts were not material in the periods presented. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization, and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost upon acquisition. Expenditures which extend the useful lives of existing plant and equipment are capitalized. Interest costs applicable to major asset additions are capitalized during the construction period. Costs of additional mine facilities required to maintain production after a mine reaches the production stage, generally referred to as “receding face costs,” are expensed as incurred; however, the costs of additional airshafts and new portals are capitalized. Planned major maintenance costs which do not extend the useful lives of existing plant and equipment are expensed as incurred. Coal exploration costs are expensed as incurred. Coal exploration costs include those incurred to ascertain existence, location, extent or quality of ore or minerals before beginning the development stage of the mine. Costs of developing new underground mines and certain underground expansion projects are capitalized. Underground development costs, which are costs incurred to make the mineral physically accessible, include costs to prepare property for shafts, driving main entries for ventilation, haulage, personnel, construction of airshafts, roof protection and other facilities. Airshafts and capitalized mine development associated with a coal reserve are amortized on a units-of production basis as the coal is produced so that each ton of coal is assigned a portion of the unamortized costs. The Company employs this method to match costs with the related revenues realized in a particular period. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when information becomes available that indicates a reserve change is needed, or at a minimum once a year. Any material effect from changes in estimates is disclosed in the period the change occurs. Amortization of development costs begins when the development phase is complete and the production phase begins. At an underground mine, the end of the development phase and the beginning of the production phase takes place when construction of the mine for economic extraction is substantially complete. Coal extracted during the development phase is incidental to the mine’s production capacity and is not considered to shift the mine into the production phase. Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. The Company also makes advance payments (advanced mining royalties) to lessors under certain lease agreements that are recoupable against future production, and it makes payments that are generally based upon a specified rate per ton or a percentage of gross realization from the sale of the coal. The Company evaluates its properties periodically for impairment issues or whenever events or circumstances indicate that the carrying amount may not be recoverable. Costs to obtain coal lands are capitalized based on the cost at acquisition and are amortized using the units-of-production method over all estimated recoverable reserve tons assigned and accessible to the mine. Recoverable coal reserves are calculated on a clean coal ton equivalent, which excludes non-recoverable coal reserves and anticipated central preparation plant processing refuse. Rates are updated when revisions to coal reserve estimates are made. Coal reserve estimates are reviewed when events and circumstances indicate a reserve change is needed, or at a minimum once a year. Amortization of coal interests begins when the coal reserve is produced. At an underground mine, a ton is considered produced once it reaches the surface area of the mine. Any material effect from changes in estimates is disclosed in the period the change occurs. Advance mining royalties are advance payments made to lessors under terms of mineral lease agreements that are recoupable against future production using the units-of-production method. Depletion of leased coal interests is computed using the units-of-production method over recoverable coal reserves. Advance mining royalties and leased coal interests are evaluated periodically, or at a minimum once a year, for impairment issues or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any revisions are accounted for prospectively as changes in accounting estimates. When properties are retired or otherwise disposed, the related cost and accumulated depreciation are removed from the respective accounts and any profit or loss on disposition is recognized in Gain on Sale of Assets in the Consolidated Statements of Income. Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease |
Capitalization of Interest | Capitalization of Interest Interest costs associated with the development of significant properties and projects are capitalized until the project is substantially complete and ready for its intended use. A weighted average cost of borrowing rate is used. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Impairment of long-lived assets is recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying value. The carrying value of the assets is then reduced to its estimated fair value which is usually measured based on an estimate of future discounted cash flows. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in CONSOL Energy's financial statements or tax returns. The provision for income taxes represents income taxes paid or payable for the current year and the change in deferred taxes, excluding the effects of acquisitions during the year. Deferred taxes result from differences between the financial and tax bases of CONSOL Energy's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a deferred tax benefit will not be realized. CONSOL Energy evaluates all tax positions taken on the state and federal tax filings to determine if the position is more likely than not to be sustained upon examination. For positions that do not meet the more likely than not to be sustained criteria, the Company determines, on a cumulative probability basis, the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. A previously recognized tax position is reversed when it is subsequently determined that a tax position no longer meets the more likely than not threshold to be sustained. The evaluation of the sustainability of a tax position and the probable amount that is more likely than not is based on judgment, historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. The results of these estimates, that are not readily apparent from other sources, form the basis for recognizing an uncertain tax position liability. Actual results could differ from those estimates upon subsequent resolution of identified matters. |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions Postretirement benefit obligations established by the Coal Industry Retiree Health Benefit Act of 1992 (the Coal Act) are treated as a multi-employer plan which requires expense to be recorded for the associated obligations as payments are made. Postretirement benefits other than pensions, except for those established pursuant to the Coal Act, are accounted for in accordance with the Retirement Benefits Compensation and Non-retirement Postemployment Benefits Compensation Topics of the FASB Accounting Standards Codification, which requires employers to accrue the cost of such retirement benefits for the employees' active service periods. Such liabilities are determined on an actuarial basis and CONSOL Energy administers these liabilities through a combination of self-insured and fully insured agreements. Differences between actual and expected results or changes in the value of obligations are recognized through Other Comprehensive Income (Loss). |
Pneumoconiosis Benefits and Workers' Compensation | Pneumoconiosis Benefits and Workers' Compensation CONSOL Energy is required by federal and state statutes to provide benefits to certain current and former totally disabled employees or their dependents for awards related to coal workers' pneumoconiosis. CONSOL Energy is also required by various state statutes to provide workers' compensation benefits for employees who sustain employment-related physical injuries or some types of occupational disease. Workers' compensation benefits include compensation for disability, medical costs, and on some occasions, the cost of rehabilitation. CONSOL Energy is primarily self-insured for these benefits. Provisions for estimated benefits are determined on an actuarial basis. |
Asset Retirement Costs | Asset Retirement Costs Mine closing costs and costs associated with dismantling and removing de-gasification facilities are accrued using the accounting treatment prescribed by the Asset Retirement and Environmental Obligations Topic of the FASB Accounting Standards Codification. This topic requires the fair value of an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. Generally, the capitalized asset retirement cost is depreciated on a units-of-production basis. Accretion of the asset retirement obligation is recognized over time and generally will escalate over the life of the producing asset, typically as production declines. Accretion is included in Depreciation, Depletion and Amortization on the Consolidated Statements of Income. Asset retirement obligations primarily relate to the closure of mines, which includes treatment of water and the reclamation of land upon exhaustion of coal reserves. Accrued mine closing costs, perpetual care costs, reclamation and costs associated with dismantling and removing de-gasification facilities are regularly reviewed by management and are revised for changes in future estimated costs and regulatory requirements. |
Retirement Plans | Retirement Plans CONSOL Energy has non-contributory defined benefit retirement plans. Effective December 31, 2015, CONSOL's qualified defined benefit retirement plan was frozen. The benefits for these plans are based primarily on years of service and employees' pay. These plans are accounted for using the guidance outlined in the Compensation - Retirement Benefits Topic of the FASB Accounting Standards Codification. The cost of these retiree benefits are recognized over the employees' service periods. CONSOL Energy uses actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of expense. Differences between actual and expected results or changes in the value of obligations and plan assets are recognized through Other Comprehensive Income (Loss). |
Stock-Based Compensation | Stock-Based Compensation Eligible CONSOL Energy employees have historically participated in equity-based compensation plans. CONSOL Energy recognizes compensation expense for all stock-based compensation awards based on the grant date fair value estimated in accordance with the provisions of the Stock Compensation Topic of the FASB Accounting Standards Codification. CONSOL Energy recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award's vesting term. The compensation expense recorded by CONSOL Energy, in all periods presented, includes the expense associated with employees historically attributable to CONSOL Energy operations as well as the operations of its predecessor. Under the CCR 2015 Long-Term Incentive Plan (the LTIP), the General Partner issued long-term equity based awards intended to compensate the recipients thereof based on the performance of CCR’s common units and the recipients' continued service during the vesting period, as well as to align CCR’s long-term interests with those of the unitholders. 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 General Partner has also granted equity-based phantom units that vest over a period of a director’s continued service. 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 CCR. Compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting term. |
Revenue Recognition | Revenue Recognition Revenues are recognized at a point in time, which is generally 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. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. See Note 3 - Revenue for additional information. ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): On January 1, 2018, the Company adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“New Revenue Standard”) for all contracts using the modified retrospective method. No cumulative adjustment to the opening balance of retained earnings was made as a result of initially applying the New Revenue Standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the New Revenue Standard to have a material impact to its net income on an ongoing basis. CONSOL Energy's revenue continues to be recognized when title passes to the customer. We have determined that each ton of coal represents a separate and distinct performance obligation. The Company's coal supply contracts and other sales and operating revenue contracts vary in length from short-term to long-term contracts and do not typically have significant financing components. The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services, per ton price fluctuations based on certain coal sales price indices and anticipated payments in lieu of shipments. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative standalone selling prices determined at contract inception. Coal Revenue Revenues are recognized at a point in time, which is generally 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. The Company's coal contract revenue per ton is fixed and determinable and adjusted for nominal quality adjustments. Some coal contracts also contain positive electric power price-related adjustments in addition to a fixed base price per ton. None of the Company’s coal contracts allow for retroactive adjustments to pricing after title to the coal has passed. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged. Also, some of the Company's contracts contain favorable electric power price related adjustments, which represent market-driven price adjustments, wherein there is no additional value being exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At December 31, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheet. As of and for the year ended December 31, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Terminal Revenue Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are generally earned on a rateable basis, and performance obligations are considered fulfilled as the services are performed. CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At December 31, 2018 , the Company does not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheet. As of and for the year ended December 31, 2018 , the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance. Freight Revenue Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its central preparation plant. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title of the coal passes to the customer. |
Freight Revenue and Expense | Freight Revenue and Expense Shipping and handling costs invoiced to coal customers and paid to third-party carriers are recorded as Freight Revenue and Freight Expense, respectively. |
Contingencies | Contingencies From time to time, CONSOL Energy, or its subsidiaries, is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations (including environmental remediation), employment and contract disputes, and other claims and actions, arising out of the normal course of business. Liabilities are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Estimates are developed through consultation with legal counsel involved in the defense of these matters and are based upon the nature of the lawsuit, progress of the case in court, view of legal counsel, prior experience in similar matters and management's intended response. Environmental liabilities are not discounted or reduced by possible recoveries from third-parties. Legal fees associated with defending these various lawsuits and claims are expensed when incurred. |
Earnings per Share | Earnings per Share Basic earnings per share are computed by dividing net income attributable to CONSOL Energy Inc. shareholders by the weighted average shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average shares outstanding are increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities were used to acquire shares of common stock at the average market price during the reporting period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued a new lease accounting standard which requires lessees to put most leases on their balance sheets but recognize the expenses in their income statements in a manner similar to current practice. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Expenses related to leases determined to be operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile in which interest and amortization are presented separately in the income statement. The following updates to this guidance were made in 2018: • In January 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-01 - Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This ASU, if elected, would not require an entity to reassess the accounting treatment of existing land easements not currently accounted for as a lease under Topic 840. Once an entity adopts Topic 842, it should apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement should be accounted for as a lease. • In July 2018, the FASB issued ASU 2018-11 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. Under the amendments in Update 2018-11, entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and lessors may elect not to separate lease and non-lease components when certain conditions are met. • In December 2018, the FASB issued ASU 2018-20 - Leases (Topic 842) to assist stakeholders with implementation questions and issues as organizations prepare to adopt the new leasing standard. The amendments in ASU 2018-20 address issues regarding sales taxes and similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and nonlease components. These changes will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. CONSOL Energy will adopt ASC 842 in 2019 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements (ASU 2018-11). As most of the Company's leases do not provide an implicit rate, CONSOL Energy will take a portfolio approach of applying its incremental borrowing rate based on the information available at the adoption date to calculate the present value of lease payments over the lease term. CONSOL Energy will elect the package of practical expedients permitted under the transition guidance within the new standard, which allows the Company (1) to not reassess whether any expired or existing contracts are or contain leases, (2) to not reassess the lease classification for any expired or existing leases, and (3) to not reassess initial direct costs for any existing leases. CONSOL Energy will also elect the practical expedient to not evaluate land easements that existed or expired before the entity’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components, that is, to account lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company will make an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet. CONSOL Energy will recognize those lease payments in the Consolidated Statements of Income over the lease term. Based on the Company's lease portfolio, CONSOL Energy anticipates recognizing an initial lease liability and related right-of-use asset on its balance sheet of approximately $75,000 to $100,000 . The Company's bank covenants will not be affected by this update. 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 Company’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. Management is currently evaluating the impact this guidance may have on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07 - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. The amendments in this update seek to simplify accounting for non-employee share-based payments by clarifying and improving the areas of the overall measurement objective, measurement date, and awards with performance conditions. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company's financial statements. In February 2018, the FASB issued ASU 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted. CONSOL Energy adopted the new guidance during the first quarter of 2018. As a result, retained earnings for the fiscal year ended December 31, 2018 increased $84,729 with a corresponding decrease to accumulated other comprehensive loss. In November 2016, the FASB issued ASU 2016-18 - Statement of Cash Flows (Topic 230) - Restricted Cash. During the three months ended March 31, 2018, the Company adopted this guidance, which addressed the presentation of several items in the statement of cash flows. Specifically, the guidance identifies nine cash flow items and the sections where they must be presented within the statement of cash flows. Other than the classification of restricted cash, the adoption of this guidance had no impact on the Company's financial statements. This guidance requires that restricted cash be aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the statement of cash flows. Previously, the change in restricted cash between the beginning-of-period and end-of-period was reflected as either an investing, financing, operating, or non-cash activity based on the underlying nature of the transaction. Accordingly, for the accompanying Consolidated Statement of Cash Flows for the year ended December 31, 2018 , the cash and cash equivalents and restricted cash at end of period line item includes $29,258 of restricted cash. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the accompanying Consolidated Balance Sheets that sums to the cash and cash equivalents and restricted cash at the end of the period presented on the accompanying Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Cash and cash equivalents $ 235,677 $ 153,979 Restricted cash* 29,258 — $ 264,935 $ 153,979 *These amounts are reported in Prepaid Expenses and Other Assets on the accompanying Consolidated Balance Sheets. In June 2016, the FASB issued ASU 2016-13 - Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The amendments in this Update will be applied using a modified-retrospective approach and, for public entities, are effective for fiscal years beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted for fiscal years beginning after December 15, 2018 and interim periods within those annual periods. Management does not expect this update to have a material impact on the Company's financial statements. |
Subsequent Events | Subsequent Events The Company has evaluated all subsequent events through the date the financial statements were issued. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Property, plant and equipment consists of the following: December 31, 2018 2017 Plant and Equipment $ 2,890,970 $ 2,757,062 Coal Properties and Surface Lands 858,153 857,031 Airshafts 419,100 392,266 Mine Development 342,405 344,139 Advance Mining Royalties 327,543 325,855 Total Property, Plant and Equipment 4,838,171 4,676,353 Less: Accumulated Depreciation, Depletion and Amortization 2,731,643 2,554,056 Total Property, Plant and Equipment, Net $ 2,106,528 $ 2,122,297 |
Schedule of Antidilutive Securities | The table below sets forth the share-based awards that have been excluded from the computation of the diluted earnings per share because their effect would be anti-dilutive: For the Years Ended December 31, 2018 2017 2016 Anti-Dilutive Restricted Stock Units 620 1,469 — Anti-Dilutive Performance Share Units 6,363 — — 6,983 1,469 — |
Schedule of Basic and Dilutive Earnings Per Share | The computations for basic and dilutive earnings per share are as follows: For the Years Ended Dollars in thousands, except per share data December 31, 2018 2017 2016 Numerator: Net Income $ 178,785 $ 82,569 $ 50,450 Less: Net Income Attributable to Noncontrolling Interest 25,809 14,940 8,954 Net Income Attributable to CONSOL Energy Shareholders $ 152,976 $ 67,629 $ 41,496 Denominator: Weighted-average shares of common stock outstanding 27,928,245 27,968,188 27,967,509 Effect of dilutive shares 491,517 206,046 — Weighted-average diluted shares of common stock outstanding 28,419,762 28,174,234 27,967,509 Earnings per Share: Basic $ 5.48 $ 2.42 $ 1.48 Dilutive $ 5.38 $ 2.40 $ 1.48 |
Schedule of Common Stock Outstanding | Shares of common stock outstanding were as follows: 2018 2017 2016 Balance, Beginning of Year 27,973,281 — — Issuance Related to Separation and Distribution (1) — 27,967,509 — Retirement Related to Stock Repurchase (2) (708,245 ) — — Issuance Related to Stock-Based Compensation (3) 172,808 5,772 — Balance, End of Year 27,437,844 27,973,281 — (1) See Note 2 - Separation from The Company's Former Parent for additional information. (2) See Note 5 - Stock, Unit and Debt Repurchase for additional information. (3) See Note 17 - Stock-Based Compensation for additional information. |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the accompanying Consolidated Balance Sheets that sums to the cash and cash equivalents and restricted cash at the end of the period presented on the accompanying Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Cash and cash equivalents $ 235,677 $ 153,979 Restricted cash* 29,258 — $ 264,935 $ 153,979 *These amounts are reported in Prepaid Expenses and Other Assets on the accompanying Consolidated Balance Sheets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | The following table disaggregates CONSOL Energy's revenue by major source to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: For the Year Ended December 31, 2018 Coal Revenue $ 1,364,292 Terminal Revenue 64,926 Freight Revenue 43,572 Total Revenue from Contracts with Customers $ 1,472,790 |
Miscellaneous Other Income (Tab
Miscellaneous Other Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Component of Operating Income [Abstract] | |
Schedule of Miscellaneous Other Income | For the Years Ended December 31, 2018 2017 2016 Royalty Income - Non-Operated Coal $ 24,722 $ 28,089 $ 19,739 Purchased Coal Sales 19,152 13,161 5,757 Property Easements and Option Income 5,644 2,436 11,281 Rental Income 3,804 14,114 34,789 Interest Income 2,146 2,619 1,166 Contract Buyout 350 9,912 6,288 Other 2,842 2,948 3,100 Miscellaneous Other Income $ 58,660 $ 73,279 $ 82,120 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows: For The Years Ended December 31, 2018 2017 2016 Current: U.S. Federal $ 20,634 $ 65,856 $ (76,447 ) U.S. State 3,240 2,732 (1,924 ) Non-U.S. 1,436 2,030 1,411 25,310 70,618 (76,960 ) Deferred: U.S. Federal (7,509 ) 17,397 89,268 U.S. State (8,973 ) (787 ) 2,257 (16,482 ) 16,610 91,525 Total Income Tax Expense $ 8,828 $ 87,228 $ 14,565 |
Schedule of Reconciliation of Income Tax Expense (Benefit) | A reconciliation of income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate of 21% to income from operations before income tax is: For the Years Ended December 31, 2018 2017 2016 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 39,399 21.0 % $ 59,429 35.0 % $ 22,755 35.0 % State income taxes, net of federal tax benefit 3,240 1.7 1,264 0.7 997 1.5 Foreign income taxes 1,436 0.8 — — — — Excess tax depletion (20,873 ) (11.1 ) (24,216 ) (14.3 ) (21,856 ) (33.6 ) Effect of domestic production activities — — (6,493 ) (3.8 ) 1,621 2.5 Effect of change in U.S. tax law 2,777 1.5 58,558 34.5 — — IRS and state tax examination settlements — — — — 13,958 21.5 Effect of valuation allowance (1,379 ) (0.7 ) 1,379 0.8 — — Research and development credit (980 ) (0.5 ) — — — — Non-controlling interest (5,420 ) (2.9 ) — — — — State rate change and prior period adjustments (8,223 ) (4.4 ) — — — — Other (1,149 ) (0.6 ) (2,693 ) (1.6 ) (2,910 ) (4.5 ) Income Tax Expense / Effective Rate $ 8,828 4.8 % $ 87,228 51.3 % $ 14,565 22.4 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: December 31, 2018 2017 Deferred Tax Asset: Postretirement benefits other than pensions $ 108,603 $ 131,354 Asset retirement obligations 57,956 51,415 Pneumoconiosis benefits 41,632 36,160 Workers' compensation 16,016 16,778 Salary retirement 15,855 12,465 Mine subsidence 15,097 15,322 Financing 9,387 — State bonus, net of Federal 6,042 4,473 Long-term disability 2,798 3,375 Other 6,669 7,924 Total Deferred Tax Asset 280,055 279,266 Valuation Allowance — (1,379 ) Net Deferred Tax Asset 280,055 277,887 Deferred Tax Liability: Property, plant and equipment (175,558 ) (174,806 ) Equity Partnerships (16,638 ) (17,991 ) Advance mining royalties (10,314 ) (10,025 ) Total Deferred Tax Liability (202,510 ) (202,822 ) Net Deferred Tax Asset $ 77,545 $ 75,065 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Reconciliation of Changes in the Asset Retirement Obligations | The reconciliation of changes in the asset retirement obligations at December 31, 2018 and 2017 is as follows: As of December 31, 2018 2017 Balance at Beginning of Period $ 258,823 $ 272,538 Accretion Expense 19,468 18,922 Payments (8,976 ) (10,467 ) Revisions in Estimated Cash Flows (2,314 ) (20,529 ) Other — (1,641 ) Balance at End of Period $ 267,001 $ 258,823 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Components | Inventory components consist of the following: December 31, 2018 2017 Coal $ 4,642 $ 11,411 Supplies 44,004 42,009 Total Inventories $ 48,646 $ 53,420 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation of plant and equipment is calculated using the straight-line method over the estimated useful lives or lease terms, generally as follows: Years Buildings and improvements 10 to 45 Machinery and equipment 3 to 25 Leasehold improvements Life of Lease Property, plant and equipment consists of the following: December 31, 2018 2017 Plant and Equipment $ 2,890,970 $ 2,757,062 Coal Properties and Surface Lands 858,153 857,031 Airshafts 419,100 392,266 Mine Development 342,405 344,139 Advance Mining Royalties 327,543 325,855 Total Property, Plant and Equipment 4,838,171 4,676,353 Less: Accumulated Depreciation, Depletion and Amortization 2,731,643 2,554,056 Total Property, Plant and Equipment, Net $ 2,106,528 $ 2,122,297 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | December 31, 2018 2017 Subsidence Liability $ 83,532 $ 88,027 Accrued Payroll and Benefits 12,978 14,689 Litigation 8,235 8,197 Accrued Interest 6,850 10,039 Short-Term Incentive Compensation 6,024 4,729 Accrued Other Taxes 5,050 7,510 Deferred Revenue 151 6,807 Equipment Lease Rental — 9,865 Longwall Equipment Buyout — 22,631 Other 15,437 23,900 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 32,345 37,464 Asset Retirement Obligations 31,017 30,480 Workers' Compensation 12,628 13,317 Pneumoconiosis Benefits 12,187 12,972 Total Other Accrued Liabilities $ 226,434 $ 290,627 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | December 31, 2018 2017 Debt: Term Loan B due in November 2022 (Principal of $396,000 and $400,000 less Unamortized Discount of $6,253 and $7,853, respectively, 8.53% and 7.47% Weighted Average Interest Rate, respectively) $ 389,747 $ 392,147 11.00% Senior Secured Second Lien Notes due 2025 274,276 300,000 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in November 2021 (6.78% and 5.92% Weighted Average Interest Rate, respectively) 73,750 100,000 Advance Royalty Commitments (8.57% and 9.42% Weighted Average Interest Rate, respectively) 2,261 2,085 Less: Unamortized Debt Issuance Costs 16,409 21,129 826,490 875,968 Less: Amounts Due in One Year* 117,954 19,318 Long-Term Debt $ 708,536 $ 856,650 *Excludes current portion of Capital Lease Obligations of $16,858 and $3,164 at December 31, 2018 and 2017 , respectively. |
Schedule of Undiscounted Maturities of Long-Term Debt | Annual undiscounted maturities on long-term debt during the next five years and thereafter are as follows: Year ended December 31, Amount 2019 $ 117,954 2020 29,356 2021 49,327 2022 274,424 2023 170 Thereafter 377,921 Total Long-Term Debt Maturities $ 849,152 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2018 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2019 2020 2021 2022 2023 Thereafter Total $ 1,701 $ 627 $ — $ — $ — $ — $ 2,328 Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2018 are as follows: Capital Operating Leases Leases Year Ended December 31, 2019 $ 18,590 $ 23,803 2020 20,150 22,260 2021 6,471 21,473 2022 59 11,680 2023 38 4,843 Thereafter — 16,952 Total minimum lease payments $ 45,308 $ 101,011 Less amount representing interest (3.76% – 6.00%) 2,760 Present value of minimum lease payments 42,548 Less amount due in one year 16,858 Total Long-Term Capital Lease Obligation $ 25,690 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments under capital and operating leases, together with the present value of the net minimum capital lease payments, at December 31, 2018 are as follows: Capital Operating Leases Leases Year Ended December 31, 2019 $ 18,590 $ 23,803 2020 20,150 22,260 2021 6,471 21,473 2022 59 11,680 2023 38 4,843 Thereafter — 16,952 Total minimum lease payments $ 45,308 $ 101,011 Less amount representing interest (3.76% – 6.00%) 2,760 Present value of minimum lease payments 42,548 Less amount due in one year 16,858 Total Long-Term Capital Lease Obligation $ 25,690 |
Schedule of Future Minimum Sublease Rentals for Capital Leases | The following represents the minimum payments including interest for those capital subleases: 2019 2020 2021 2022 2033 Thereafter Total $ 3,699 $ 3,699 $ 2,157 $ — $ — $ — $ 9,555 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Contribution Plan [Abstract] | |
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2018 and 2017 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Service cost 1,150 2,948 — — Interest cost 23,505 25,265 18,706 23,945 Actuarial (gain) loss (60,351 ) 35,281 (101,259 ) (101,379 ) Plan settlements — (29,142 ) — — Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Benefit obligation at end of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Change in plan assets: Fair value of plan assets at beginning of period $ 679,245 $ 632,434 $ — $ — Actual return on plan assets (48,470 ) 110,311 — — Company contributions 1,724 1,181 35,419 31,088 Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Plan settlements — (29,142 ) — — Fair value of plan assets at end of period $ 578,347 $ 679,245 $ — $ — Funded status: Current liabilities $ (1,623 ) $ (1,785 ) $ (32,345 ) $ (37,464 ) Noncurrent liabilities (64,172 ) (52,960 ) (441,246 ) (554,099 ) Net obligation recognized $ (65,795 ) $ (54,745 ) $ (473,591 ) $ (591,563 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 263,229 $ 243,456 $ 184,438 $ 301,901 Prior service credit (367 ) (869 ) (23,354 ) (25,759 ) Net amount recognized (before tax effect) $ 262,862 $ 242,587 $ 161,084 $ 276,142 The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2018 and 2017 is as follows: CWP Workers' Compensation at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 State administrative fees and insurance bond premiums — — 2,671 3,198 Service cost 6,650 5,122 6,230 5,734 Interest cost 5,245 4,050 2,283 2,321 Actuarial loss (gain) 14,832 47,939 (5,134 ) 3,553 Benefits paid (12,379 ) (13,107 ) (13,592 ) (14,377 ) Benefit obligation at end of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 Funded status: Current assets $ — $ — $ 1,384 $ 1,437 Current liabilities (12,187 ) (12,972 ) (12,628 ) (13,317 ) Noncurrent liabilities (165,001 ) (149,868 ) (59,742 ) (66,648 ) Net obligation recognized $ (177,188 ) $ (162,840 ) $ (70,986 ) $ (78,528 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss (gain) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) Net amount recognized (before tax effect) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost (credit): Service cost $ 1,150 $ 2,948 $ 1,533 $ — $ — $ — Interest cost 23,505 25,265 25,048 18,706 23,945 24,241 Expected return on plan assets (40,370 ) (42,383 ) (46,674 ) — — — Amortization of prior service credits (502 ) (502 ) (502 ) (2,405 ) (2,405 ) — Recognized net actuarial loss 8,715 8,896 9,163 16,205 23,112 19,168 Settlement loss — 10,153 22,196 — — — Net periodic benefit (credit) cost $ (7,502 ) $ 4,377 $ 10,764 $ 32,506 $ 44,652 $ 43,409 The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Service cost $ 6,650 $ 5,122 $ 4,327 $ 6,230 $ 5,734 $ 7,466 Interest cost 5,245 4,050 4,283 2,283 2,321 2,499 Recognized net actuarial gain (853 ) (7,631 ) (4,948 ) (79 ) (598 ) (395 ) State administrative fees and insurance bond premiums — — — 2,671 3,198 3,199 Curtailment gain — — (1,307 ) — — — Net periodic cost $ 11,042 $ 1,541 $ 2,355 $ 11,105 $ 10,655 $ 12,769 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year | Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2019 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (366 ) $ (2,405 ) Actuarial loss recognition $ 5,958 $ 9,262 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2019 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 1,016 $ (774 ) |
Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides information related to pension plans with an accumulated benefit obligation in excess of plan assets: As of December 31, 2018 2017 Projected benefit obligation $ 644,142 $ 733,990 Accumulated benefit obligation $ 644,069 $ 733,949 Fair value of plan assets $ 578,347 $ 679,245 |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Discount rate 3.69 % 4.27 % 4.52 % 3.65 % 4.22 % 4.50 % Expected long-term return on plan assets 6.90 % 6.90 % 7.25 % — — — Rate of compensation increase 3.73 % 3.90 % 3.80 % — — — The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Discount rate 4.34 % 3.65 % 4.34 % 3.65 % Rate of compensation increase 3.73 % 3.73 % — — The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Benefit obligations 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % Net periodic cost 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % |
Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: At December 31, 2018 2017 Health care cost trend rate for next year 5.83 % 6.06 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches ultimate trend rate 2038 2038 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts reported for the medical plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1 Percentage 1 Percentage Point Increase Point Decrease Effect on total of service and interest cost components $ 2,618 $ (2,199 ) Effect on accumulated postretirement benefit obligation $ 52,312 $ (44,591 ) |
Schedule of Fair Value of Plan Assets | The fair values of plan assets at December 31, 2018 and 2017 by asset category are as follows: Fair Value Measurements at December 31, 2018 Fair Value Measurements at December 31, 2017 Quoted Quoted Prices in Prices in Active Active Markets for Significant Significant Markets for Significant Significant Identical Observable Unobservable Identical Observable Unobservable Assets Inputs Inputs Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Asset Category Cash/Accrued Income $ 101 $ 101 $ — $ — $ 5,202 $ 5,202 $ — $ — US Equities (a) — — — — 12 12 — — Mercer Common Collective Trusts (b) 578,246 — — — 674,031 — — — Total $ 578,347 $ 101 $ — $ — $ 679,245 $ 5,214 $ — $ — __________ (a) This category includes investments in US common stocks and corporate debt. (b) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the total. |
Schedule of Expected Benefit Payments | The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2019 $ 43,588 $ 32,345 2020 $ 41,867 $ 32,366 2021 $ 41,421 $ 32,152 2022 $ 41,630 $ 31,660 2023 $ 41,374 $ 31,112 Year 2024-2028 $ 199,992 $ 150,344 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2019 $ 12,187 $ 13,987 $ 11,244 $ 2,743 2020 $ 10,319 $ 14,007 $ 11,196 $ 2,811 2021 $ 9,753 $ 13,800 $ 10,918 $ 2,882 2022 $ 9,528 $ 13,874 $ 10,920 $ 2,954 2023 $ 9,633 $ 13,766 $ 10,738 $ 3,028 Year 2024-2028 $ 52,265 $ 70,429 $ 54,117 $ 16,312 |
Coal Workers' Pneumoconiosis _2
Coal Workers' Pneumoconiosis and Workers' Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status | The reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2018 and 2017 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 733,990 $ 735,177 $ 591,563 $ 700,085 Service cost 1,150 2,948 — — Interest cost 23,505 25,265 18,706 23,945 Actuarial (gain) loss (60,351 ) 35,281 (101,259 ) (101,379 ) Plan settlements — (29,142 ) — — Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Benefit obligation at end of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Change in plan assets: Fair value of plan assets at beginning of period $ 679,245 $ 632,434 $ — $ — Actual return on plan assets (48,470 ) 110,311 — — Company contributions 1,724 1,181 35,419 31,088 Benefits and other payments (54,152 ) (35,539 ) (35,419 ) (31,088 ) Plan settlements — (29,142 ) — — Fair value of plan assets at end of period $ 578,347 $ 679,245 $ — $ — Funded status: Current liabilities $ (1,623 ) $ (1,785 ) $ (32,345 ) $ (37,464 ) Noncurrent liabilities (64,172 ) (52,960 ) (441,246 ) (554,099 ) Net obligation recognized $ (65,795 ) $ (54,745 ) $ (473,591 ) $ (591,563 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 263,229 $ 243,456 $ 184,438 $ 301,901 Prior service credit (367 ) (869 ) (23,354 ) (25,759 ) Net amount recognized (before tax effect) $ 262,862 $ 242,587 $ 161,084 $ 276,142 The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2018 and 2017 is as follows: CWP Workers' Compensation at December 31, at December 31, 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of period $ 162,840 $ 118,836 $ 78,528 $ 78,099 State administrative fees and insurance bond premiums — — 2,671 3,198 Service cost 6,650 5,122 6,230 5,734 Interest cost 5,245 4,050 2,283 2,321 Actuarial loss (gain) 14,832 47,939 (5,134 ) 3,553 Benefits paid (12,379 ) (13,107 ) (13,592 ) (14,377 ) Benefit obligation at end of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 Funded status: Current assets $ — $ — $ 1,384 $ 1,437 Current liabilities (12,187 ) (12,972 ) (12,628 ) (13,317 ) Noncurrent liabilities (165,001 ) (149,868 ) (59,742 ) (66,648 ) Net obligation recognized $ (177,188 ) $ (162,840 ) $ (70,986 ) $ (78,528 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss (gain) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) Net amount recognized (before tax effect) $ 8,542 $ (7,144 ) $ (13,561 ) $ (8,505 ) |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost (credit): Service cost $ 1,150 $ 2,948 $ 1,533 $ — $ — $ — Interest cost 23,505 25,265 25,048 18,706 23,945 24,241 Expected return on plan assets (40,370 ) (42,383 ) (46,674 ) — — — Amortization of prior service credits (502 ) (502 ) (502 ) (2,405 ) (2,405 ) — Recognized net actuarial loss 8,715 8,896 9,163 16,205 23,112 19,168 Settlement loss — 10,153 22,196 — — — Net periodic benefit (credit) cost $ (7,502 ) $ 4,377 $ 10,764 $ 32,506 $ 44,652 $ 43,409 The components of the net periodic cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Service cost $ 6,650 $ 5,122 $ 4,327 $ 6,230 $ 5,734 $ 7,466 Interest cost 5,245 4,050 4,283 2,283 2,321 2,499 Recognized net actuarial gain (853 ) (7,631 ) (4,948 ) (79 ) (598 ) (395 ) State administrative fees and insurance bond premiums — — — 2,671 3,198 3,199 Curtailment gain — — (1,307 ) — — — Net periodic cost $ 11,042 $ 1,541 $ 2,355 $ 11,105 $ 10,655 $ 12,769 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year | Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2019 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ (366 ) $ (2,405 ) Actuarial loss recognition $ 5,958 $ 9,262 The following are amounts included in accumulated other comprehensive income that are expected to be recognized in 2019 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 1,016 $ (774 ) |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Discount rate 3.69 % 4.27 % 4.52 % 3.65 % 4.22 % 4.50 % Expected long-term return on plan assets 6.90 % 6.90 % 7.25 % — — — Rate of compensation increase 3.73 % 3.90 % 3.80 % — — — The weighted-average assumptions used to determine benefit obligations are as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2018 2017 2018 2017 Discount rate 4.34 % 3.65 % 4.34 % 3.65 % Rate of compensation increase 3.73 % 3.73 % — — The weighted-average discount rates used to determine benefit obligations and net periodic cost are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2018 2017 2016 2018 2017 2016 Benefit obligations 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % Net periodic cost 3.75 % 4.40 % 4.60 % 3.57 % 4.05 % 4.26 % |
Schedule of Expected Benefit Payments | The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2019 $ 43,588 $ 32,345 2020 $ 41,867 $ 32,366 2021 $ 41,421 $ 32,152 2022 $ 41,630 $ 31,660 2023 $ 41,374 $ 31,112 Year 2024-2028 $ 199,992 $ 150,344 The following benefit payments, which reflect expected future claims as appropriate, are expected to be paid: Workers' Compensation CWP Total Actuarial Other Benefits Benefits Benefits Benefits 2019 $ 12,187 $ 13,987 $ 11,244 $ 2,743 2020 $ 10,319 $ 14,007 $ 11,196 $ 2,811 2021 $ 9,753 $ 13,800 $ 10,918 $ 2,882 2022 $ 9,528 $ 13,874 $ 10,920 $ 2,954 2023 $ 9,633 $ 13,766 $ 10,738 $ 3,028 Year 2024-2028 $ 52,265 $ 70,429 $ 54,117 $ 16,312 |
Other Employee Benefit Plans (T
Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Long-Term Disability Plan | CONSOL Energy has a Long-Term Disability Plan available to all eligible full-time salaried employees. The benefits for this plan are based on a percentage of monthly earnings, offset by all other income benefits available to the disabled. For the Years Ended December 31, 2018 2017 2016 Benefit cost $ 2,088 $ 2,058 $ 1,936 Discount rate assumption used to determine net periodic benefit costs 3.22 % 3.43 % 3.71 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Nonvested Restricted Stock Units and Fair Value | The following table represents the nonvested restricted stock units and their corresponding fair value (based upon the closing share price) at the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2017 285,791 $29.07 Granted 292,347 $35.28 Vested (133,559 ) $27.96 Forfeited (20,083 ) $31.03 Nonvested at December 31, 2018 424,496 $33.60 |
Schedule of Nonvested Performance Share Units and Fair Value | The following table represents the nonvested performance share units and their corresponding fair value (based upon the closing share price and/or Monte Carlo simulation) on the date of grant: Number of Weighted Average Shares Grant Date Fair Value Nonvested at December 31, 2017 264,510 $35.50 Granted 129,755 $35.48 Vested (131,021 ) $37.47 Forfeited — $— Nonvested at December 31, 2018 263,244 $34.51 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table shows cash paid for interest and income taxes for the periods indicated. For the Years Ended December 31, 2018 2017 2016 Cash Paid For: Interest (net of amounts capitalized) $ 92,926 $ 18,151 $ 14,053 Income taxes * $ 12,834 $ — $ — * The Company's operations were historically included in the income tax filings of its former parent. All tax payments prior to the separation and distribution were made by the Company's former parent. The Company made no income tax payments from the date of the separation and distribution through December 31, 2017. |
Concentration of Credit Risk _2
Concentration of Credit Risk and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit Risk | Concentration of credit risk is summarized below: December 31, 2018 2017 Thermal coal utilities $ 61,218 $ 69,550 Coal exporters and distributors 22,972 56,146 Steel and coke producers 661 — Other 2,738 5,849 Total Accounts Receivable Trade $ 87,589 $ 131,545 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value | The financial instruments measured at fair value on a recurring basis are summarized below: Fair Value Measurements at Fair Value Measurements at Description Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Lease Guarantees $ — $ — $ (734 ) $ — $ — $ (1,040 ) |
Schedule of Carrying Amount 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: December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 842,899 $ 881,711 $ 897,097 $ 931,768 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitment Expiration | The Company's management believes that these guarantees will expire without being funded, and therefore, the commitments will not have a material adverse effect on the Company's financial condition. Amount of Commitment Expiration Per Period Total Amounts Committed Less Than 1 Year 1-3 Years 3-5 Years Beyond 5 Years Letters of Credit: Employee-Related $ 73,383 $ 59,241 $ 14,142 $ — $ — Environmental 398 — 398 — — Other 32,820 7,620 25,200 — — Total Letters of Credit 106,601 66,861 39,740 — — Surety Bonds: Employee-Related 104,033 102,733 1,300 — — Environmental 465,837 431,695 34,142 — — Other 4,921 4,766 155 — — Total Surety Bonds 574,791 539,194 35,597 — — Guarantees: Other 24,086 8,550 13,401 1,554 581 Total Guarantees 24,086 8,550 13,401 1,554 581 Total Commitments $ 705,478 $ 614,605 $ 88,738 $ 1,554 $ 581 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Industry Segment Results | Industry segment results for the year ended December 31, 2018 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,364,292 $ — $ — $ 1,364,292 (A) Terminal Revenue — 64,926 — 64,926 Freight Revenue 43,572 — — 43,572 Total Revenue and Freight $ 1,407,864 $ 64,926 $ — $ 1,472,790 Earnings (Loss) Before Income Tax $ 291,418 $ (103,805 ) $ — $ 187,613 Segment Assets $ 1,894,209 $ 866,518 $ — $ 2,760,727 Depreciation, Depletion and Amortization $ 178,969 $ 22,295 $ — $ 201,264 Capital Expenditures $ 124,570 $ 21,179 $ — $ 145,749 Industry segment results for the year ended December 31, 2017 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,187,654 $ — $ — $ 1,187,654 (A) Terminal Revenue — 60,066 — 60,066 Freight Revenue 73,692 — — 73,692 Total Revenue and Freight $ 1,261,346 $ 60,066 $ — $ 1,321,412 Earnings (Loss) Before Income Tax $ 189,162 $ (19,365 ) $ — $ 169,797 Segment Assets $ 1,971,268 $ 735,831 $ — $ 2,707,099 Depreciation, Depletion and Amortization $ 166,628 $ 5,374 $ — $ 172,002 Capital Expenditures $ 77,981 $ 3,432 $ — $ 81,413 Industry segment results for the year ended December 31, 2016 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,065,582 $ — $ — $ 1,065,582 (A) Terminal Revenue — 31,464 — 31,464 Freight Revenue 46,468 — — 46,468 Total Revenue and Freight $ 1,112,050 $ 31,464 $ — $ 1,143,514 Earnings (Loss) Before Income Tax $ 130,708 $ (65,693 ) $ — $ 65,015 Segment Assets $ 1,982,206 $ 705,228 $ — $ 2,687,434 Depreciation, Depletion and Amortization $ 168,195 $ 9,927 $ — $ 178,122 Capital Expenditures $ 50,809 $ 2,791 $ — $ 53,600 (A) For the years ended December 31, 2018 , 2017 and 2016 , the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales: For the Years Ended December 31, 2018 2017 2016 Customer A $ 283,703 * * Customer B $ 274,755 $ 145,248 * Customer C $ 214,152 $ 222,354 $ 160,818 Customer D * * $ 116,849 * Revenues from these customers during the periods presented were less than 10% of the Company's total sales. |
Schedule of Segment Revenues from Major Customers | For the years ended December 31, 2018 , 2017 and 2016 , the PAMC segment had revenues from the following customers, each comprising over 10% of the Company's total sales: For the Years Ended December 31, 2018 2017 2016 Customer A $ 283,703 * * Customer B $ 274,755 $ 145,248 * Customer C $ 214,152 $ 222,354 $ 160,818 Customer D * * $ 116,849 * Revenues from these customers during the periods presented were less than 10% of the Company's total sales. |
Schedule of Revenue and Other Income | Revenue and Other Income: For the Years Ended December 31, 2018 2017 2016 Total Segment Revenue and Freight from External Customers $ 1,472,790 $ 1,321,412 $ 1,143,514 Other Income not Allocated to Segments (Note 4) 58,660 73,279 82,120 Gain on Sale of Assets 565 17,212 5,228 Total Consolidated Revenue and Other Income $ 1,532,015 $ 1,411,903 $ 1,230,862 |
Schedule of Reconciliation of Total Assets | Total Assets: December 31, 2018 2017 Segment assets for total reportable business segments $ 1,894,209 $ 1,971,268 Segment assets for all other business segments 554,315 508,334 Items excluded from segment assets: Cash and other investments 234,658 152,432 Deferred tax assets 77,545 75,065 Total Consolidated Assets $ 2,760,727 $ 2,707,099 |
Schedule of Property, Plant and Equipment by Geographical Location | CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2018 2017 United States $ 2,095,504 $ 2,111,273 Canada 11,024 11,024 Total Property, Plant and Equipment, net $ 2,106,528 $ 2,122,297 |
Guarantor Subsidiaries Financ_2
Guarantor Subsidiaries Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Income Statement | Income Statement for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 890,741 $ 296,913 $ — $ — $ 1,187,654 Terminal Revenue — 60,066 — — — 60,066 Freight Revenue — 55,269 18,423 — — 73,692 Miscellaneous Other Income 238,818 67,230 6,049 — (238,818 ) 73,279 Gain on Sale of Assets — 15,813 1,399 — — 17,212 Total Revenue and Other Income 238,818 1,089,119 322,784 — (238,818 ) 1,411,903 Costs and Expenses: Operating and Other Costs — 691,451 194,986 272 — 886,709 Depreciation, Depletion and Amortization — 130,565 41,437 — — 172,002 Freight Expense — 55,269 18,423 — — 73,692 Selling, General and Administrative Costs — 67,908 15,697 — — 83,605 Loss on Debt Extinguishment — — 2,468 — (2,468 ) — Interest Expense, net 10,064 355,059 9,309 1,723 (350,057 ) 26,098 Total Costs And Expenses 10,064 1,300,252 282,320 1,995 (352,525 ) 1,242,106 Earnings (Loss) Before Income Tax 228,754 (211,133 ) 40,464 (1,995 ) 113,707 169,797 Income Tax Expense (Benefit) 161,125 (73,897 ) — — — 87,228 Net Income (Loss) 67,629 (137,236 ) 40,464 (1,995 ) 113,707 82,569 Less: Net Income Attributable to Noncontrolling Interest — — — — 14,940 14,940 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 Income Statement for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 1,023,219 $ 341,073 $ — $ — $ 1,364,292 Terminal Revenue — 64,926 — — — 64,926 Freight Revenue — 32,679 10,893 — — 43,572 Miscellaneous Other Income 247,711 27,013 5,243 — (221,307 ) 58,660 Gain (Loss) on Sale of Assets — 599 (34 ) — — 565 Total Revenue and Other Income 247,711 1,148,436 357,175 — (221,307 ) 1,532,015 Costs and Expenses: Operating and Other Costs — 729,593 214,376 2,481 — 946,450 Depreciation, Depletion and Amortization — 156,522 44,742 — — 201,264 Freight Expense — 32,679 10,893 — — 43,572 Selling, General and Administrative Costs — 51,415 13,931 — — 65,346 Loss on Debt Extinguishment 3,922 — — — — 3,922 Interest Expense, net 81,985 2,905 6,667 — (7,709 ) 83,848 Total Costs And Expenses 85,907 973,114 290,609 2,481 (7,709 ) 1,344,402 Earnings (Loss) Before Income Tax 161,804 175,322 66,566 (2,481 ) (213,598 ) 187,613 Income Tax Expense 8,828 — — — — 8,828 Net Income (Loss) 152,976 175,322 66,566 (2,481 ) (213,598 ) 178,785 Less: Net Income Attributable to Noncontrolling Interest — — — — 25,809 25,809 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 152,976 $ 175,322 $ 66,566 $ (2,481 ) $ (239,407 ) $ 152,976 Income Statement for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Revenues and Other Income: Coal Revenue $ — $ 799,187 $ 266,395 $ — $ — $ 1,065,582 Terminal Revenue — 31,464 — — — 31,464 Freight Revenue — 34,865 11,603 — — 46,468 Miscellaneous Other Income 50,425 78,992 3,128 — (50,425 ) 82,120 Gain (Loss) on Sale of Assets — 5,237 (9 ) — — 5,228 Total Revenue and Other Income 50,425 949,745 281,117 — (50,425 ) 1,230,862 Costs and Expenses: Operating and Other Costs — 694,073 183,001 103 — 877,177 Depreciation, Depletion and Amortization — 136,128 41,994 — — 178,122 Freight Expense — 34,865 11,603 — — 46,468 Selling, General and Administrative Costs — 40,078 9,949 — — 50,027 Interest Expense, net 190 5,144 8,719 — — 14,053 Total Costs And Expenses 190 910,288 255,266 103 — 1,165,847 Earnings (Loss) Before Income Tax 50,235 39,457 25,851 (103 ) (50,425 ) 65,015 Income Tax Expense 8,739 5,826 — — 14,565 Less: Net Income Attributable to Noncontrolling Interest — — — — 8,954 8,954 Net Income (Loss) Attributable to CONSOL Energy Shareholders $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (59,379 ) $ 41,496 |
Balance Sheet | Balance Sheet at December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 234,536 $ 138 $ 1,003 $ — $ — $ 235,677 Accounts and Notes Receivable: Trade — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses 25,440 15,451 5,096 14,701 — 60,688 Total Current Assets 284,328 69,104 18,233 102,290 — 473,955 Property, Plant and Equipment: Property, Plant and Equipment — 3,891,873 946,298 — — 4,838,171 Less-Accumulated Depreciation, Depletion and Amortization — 2,204,896 526,747 — — 2,731,643 Total Property, Plant and Equipment-Net — 1,686,977 419,551 — — 2,106,528 Other Assets: Deferred Income Taxes 77,545 — — — — 77,545 Affiliated Credit Facility 141,129 — — — (141,129 ) — Investment in Affiliates 605,981 — — — (605,981 ) — Other 40,760 47,031 14,908 — — 102,699 Total Other Assets 865,415 47,031 14,908 — (747,110 ) 180,244 Total Assets $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Liabilities and Equity: Current Liabilities: Accounts Payable $ (721 ) $ 102,995 $ 24,834 $ — $ 3,822 $ 130,930 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,220 3,831 87,593 (125,353 ) — Current Portion of Long-Term Debt 8,157 11,139 3,503 — 112,013 134,812 Other Accrued Liabilities 92,534 105,806 31,916 — (3,822 ) 226,434 Total Current Liabilities 97,679 256,160 64,084 87,593 (13,340 ) 492,176 Long-Term Debt 577,957 151,202 146,196 — (141,129 ) 734,226 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 441,246 — — — 441,246 Pneumoconiosis Benefits — 160,741 4,260 — — 165,001 Asset Retirement Obligations — 226,209 9,775 — — 235,984 Workers’ Compensation — 56,623 3,119 — — 59,742 Salary Retirement 64,172 — — — — 64,172 Other — 16,051 518 — — 16,569 Total Deferred Credits and Other Liabilities 64,172 900,870 17,672 — — 982,714 Total CONSOL Energy Inc. Stockholders’ Equity 409,935 494,880 224,740 14,697 (734,317 ) 409,935 Noncontrolling Interest — — — — 141,676 141,676 Total Liabilities and Equity $ 1,149,743 $ 1,803,112 $ 452,692 $ 102,290 $ (747,110 ) $ 2,760,727 Balance Sheet at December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 152,235 $ 105 $ 1,533 $ 106 $ — $ 153,979 Accounts and Notes Receivable: Trade — — — 131,545 — 131,545 Other Receivables 17,702 16,880 1,970 — — 36,552 Inventories — 41,117 12,303 — — 53,420 Prepaid Expenses 5,745 13,568 4,428 3 — 23,744 Total Current Assets 175,682 71,670 20,234 131,654 — 399,240 Property, Plant and Equipment: Property, Plant and Equipment — 3,765,885 910,468 — — 4,676,353 Less-Accumulated Depreciation, Depletion and Amortization — 2,070,646 483,410 — — 2,554,056 Total Property, Plant and Equipment-Net — 1,695,239 427,058 — — 2,122,297 Other Assets: Deferred Income Taxes 75,065 — — — — 75,065 Affiliated Credit Facility 165,110 — — — (165,110 ) — Investment in Affiliates 645,157 — — — (645,157 ) — Other 44,177 50,846 15,474 — — 110,497 Total Other Assets 929,509 50,846 15,474 — (810,267 ) 185,562 Total Assets $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 Liabilities and Equity: Current Liabilities: Accounts Payable $ 20,014 $ 66,271 $ 22,789 $ 8 $ 18 $ 109,100 Accounts Payable (Recoverable)-Related Parties (2,291 ) 36,221 — 129,139 (163,069 ) — Current Portion of Long-Term Debt — 22,405 77 — — 22,482 Other Accrued Liabilities 101,994 149,425 44,102 (20 ) (4,874 ) 290,627 Total Current Liabilities 119,717 274,322 66,968 129,127 (167,925 ) 422,209 Long-Term Debt 728,254 135,390 165,183 1,572 (165,110 ) 865,289 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 554,099 — — — 554,099 Pneumoconiosis Benefits — 146,035 3,833 — — 149,868 Asset Retirement Obligations — 218,728 9,615 — — 228,343 Workers’ Compensation — 63,244 3,404 — — 66,648 Salary Retirement 52,960 — — — — 52,960 Other — 23,435 607 — — 24,042 Total Deferred Credits and Other Liabilities 52,960 1,005,541 17,459 — — 1,075,960 Total CONSOL Energy Inc. Stockholders’ Equity 204,260 402,502 213,156 955 (616,613 ) 204,260 Noncontrolling Interest — — — — 139,381 139,381 Total Liabilities and Equity $ 1,105,191 $ 1,817,755 $ 462,766 $ 131,654 $ (810,267 ) $ 2,707,099 |
Condensed Statement of Cash Flows | Condensed Statement of Cash Flows for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Net Cash Provided by Operating Activities $ 253 $ 255,756 $ 73,098 $ — $ — $ 329,107 Cash Flows from Investing Activities: Capital Expenditures $ — $ (40,896 ) $ (12,704 ) $ — $ — $ (53,600 ) Proceeds From Sales of Assets — 7,819 23 — — 7,842 Net Cash Used in Investing Activities $ — $ (33,077 ) $ (12,681 ) $ — $ — $ (45,758 ) Cash Flows from Financing Activities: Proceeds from (Payments on) Capitalized Leases/Miscellaneous Borrowings 231 279 (79 ) — — 431 Net Proceeds from Revolver - MLP — — 16,000 — — 16,000 Distributions to Noncontrolling Interest — (21,657 ) (42,634 ) — 42,634 (21,657 ) Intercompany Contributions (Distributions) 270,969 (270,969 ) — — — — Other Parent Net Distributions (270,969 ) — — — — (270,969 ) Debt Issuance and Financing Fees (482 ) — — — — (482 ) Net Cash (Used in) Provided by Financing Activities $ (251 ) $ (292,347 ) $ (26,713 ) $ — $ 42,634 $ (276,677 ) Condensed Statement of Cash Flows for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by Operating Activities $ 231,522 $ 56,624 $ 125,379 $ — $ — $ 413,525 Cash Flows from Investing Activities: Capital Expenditures $ — $ (114,606 ) $ (31,143 ) $ — $ — $ (145,749 ) (Investments in), net of Distributions from, Subsidiaries (2,908 ) 38,032 — — (35,124 ) — Proceeds From Sales of Assets — 1,933 170 — — 2,103 Other Investing Activity (10,000 ) — — — — (10,000 ) Net Cash Used in Investing Activities $ (12,908 ) $ (74,641 ) $ (30,973 ) $ — $ (35,124 ) $ (153,646 ) Cash Flows from Financing Activities: Payments on Capitalized Leases/Miscellaneous Borrowings (2,905 ) (9,527 ) (3,052 ) — — (15,484 ) Affiliated Credit Facility 33,583 — (33,583 ) — — Payments on Term Loan A (26,250 ) — — — (26,250 ) Payments on Term Loan B (4,000 ) — — — (4,000 ) Payments on Second Lien Notes (25,724 ) — — — (25,724 ) Distributions to Noncontrolling Interest — — (57,389 ) — 35,124 (22,265 ) Shares/Units Withheld for Taxes — (2,512 ) (912 ) — — (3,424 ) Repurchases of Common Stock (25,839 ) — — — — (25,839 ) Purchases of CCR Units (3,079 ) — — — — (3,079 ) Spin Distribution to CNX Resources (18,234 ) — — — (18,234 ) Premium Paid on the Extinguishment of Debt (2,458 ) — — — — (2,458 ) Debt Issuance and Financing Fees (2,166 ) — — — — (2,166 ) Net Cash (Used in) Provided by Financing Activities $ (77,072 ) $ (12,039 ) $ (94,936 ) $ — $ 35,124 $ (148,923 ) Condensed Statement of Cash Flows for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash (Used in) Provided by Operating Activities $ (17,032 ) $ 192,423 $ 72,644 $ 75 $ — $ 248,110 Cash Flows from Investing Activities: Capital Expenditures $ — $ (61,917 ) $ (19,496 ) $ — $ — $ (81,413 ) Proceeds From Sales of Assets — 23,082 1,500 — — 24,582 Net Cash Used in Investing Activities $ — $ (38,835 ) $ (17,996 ) $ — $ — $ (56,831 ) Cash Flows from Financing Activities: Payments on Capitalized Leases/Miscellaneous Borrowings (3,503 ) (305 ) (96 ) — — (3,904 ) Affiliated Credit Facility — — 196,583 — (196,583 ) — Proceeds from Term Loan A 100,000 — — — — 100,000 Proceeds from Term Loan B 392,147 — — — — 392,147 Proceeds from Second Lien Notes 300,000 — — — — 300,000 Net Payments on Revolver - MLP — — (201,000 ) — — (201,000 ) Distributions to Noncontrolling Interest — — (56,400 ) — 34,508 (21,892 ) Units/Shares Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Spin Distribution to CNX Resources (425,000 ) — — — — (425,000 ) Intercompany (Distributions) Contributions (5,573 ) (156,502 ) — — 162,075 — Other Parent Net Distributions (156,502 ) — — — — (156,502 ) Debt Issuance and Financing Fees (32,304 ) — — — — (32,304 ) Net Cash Provided by (Used in) Financing Activities $ 169,265 $ (156,978 ) $ (62,898 ) $ — $ — $ (50,611 ) |
Statement of Comprehensive Income | Statement of Comprehensive Income for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) 94,919 — 1,366 — (1,366 ) 94,919 Other Comprehensive Income (Loss) 94,919 — 1,366 — (1,366 ) 94,919 Comprehensive Income (Loss) 162,548 (137,236 ) 41,830 (1,995 ) 112,341 177,488 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 14,896 14,896 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 162,548 $ (137,236 ) $ 41,830 $ (1,995 ) $ 97,445 $ 162,592 Statement of Comprehensive Income for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 152,976 $ 175,322 $ 66,566 $ (2,481 ) $ (213,598 ) $ 178,785 Other Comprehensive Income (Loss): Net Actuarial Loss (Gain) 66,341 — (1,477 ) — 1,477 66,341 Other Comprehensive Income (Loss) 66,341 — (1,477 ) — 1,477 66,341 Comprehensive Income (Loss) 219,317 175,322 65,089 (2,481 ) (212,121 ) 245,126 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 25,803 25,803 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 219,317 $ 175,322 $ 65,089 $ (2,481 ) $ (237,924 ) $ 219,323 Statement of Comprehensive Income for the Year Ended December 31, 2016 : Parent Issuer Guarantor CCR Non-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 41,496 $ 33,631 $ 25,851 $ (103 ) $ (50,425 ) $ 50,450 Other Comprehensive Income (Loss): Net Actuarial (Gain) Loss (31,409 ) — 818 — (818 ) (31,409 ) Other Comprehensive (Loss) Income (31,409 ) — 818 — (818 ) (31,409 ) Comprehensive Income (Loss) 10,087 33,631 26,669 (103 ) (51,243 ) 19,041 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 9,216 9,216 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 10,087 $ 33,631 $ 26,669 $ (103 ) $ (60,459 ) $ 9,825 |
Related Party Transactions Rela
Related Party Transactions Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Charges for services from the Company to CCR include the following: For the Years Ended December 31, 2018 2017 2016 Operating and Other Costs $ 2,918 $ 3,503 $ 4,251 Selling, General and Administrative Costs 8,300 3,109 3,826 Total Services from CONSOL Energy $ 11,218 $ 6,612 $ 8,077 |
Supplemental Coal Data (unaud_2
Supplemental Coal Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of Proven and Probable Reserves Rollforward | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2018 2017 2016 2015 2014 Consolidated recoverable coal reserves at beginning of period 2,298 2,361 3,047 3,238 3,032 Purchased reserves — — — 24 — Reserves sold in place — (16 ) (601 ) (43 ) (233 ) Production (28 ) (26 ) (26 ) (29 ) (32 ) Revisions and other changes (9 ) (21 ) (59 ) (143 ) 471 Consolidated recoverable coal reserves at end of period* (1) 2,261 2,298 2,361 3,047 3,238 ______________ * Recoverable coal reserves are the equivalent of “demonstrated reserves” under the coal resource classification system of the U.S. Geological Survey. Generally, these reserves would be commercially mineable at year-end prices and cost levels, using current technology and mining practices. (1) 143.3 million tons of the Northern Appalachia product are controlled by CCC, a former subsidiary of the Company's former parent that was sold in December 2013. As of this filing, these tons are still controlled by CCC but are shown in CONSOL Energy's reserves due to a binding agreement that these tons will be released to CONSOL Energy upon the assignment of the underlying lease to CONSOL Energy. |
Supplemental Quarterly Inform_2
Supplemental Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (unaudited) | Supplemental Quarterly Information (unaudited): (Dollars in thousands, except per share data) Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Revenue and Other Income: Coal Revenue $ 351,009 $ 370,697 $ 294,797 $ 347,789 Terminal Revenue 15,221 16,659 16,115 16,931 Freight Revenue 17,887 17,444 2,443 5,798 Miscellaneous Other Income 25,887 10,369 10,978 11,426 Gain (Loss) on Sale of Assets 254 104 (85 ) 292 Total Revenue and Other Income 410,258 415,273 324,248 382,236 Costs and Expenses: Operating and Other Costs 229,802 248,195 222,781 245,672 Depreciation, Depletion and Amortization 49,471 54,961 51,242 45,590 Freight Expense 17,887 17,444 2,443 5,798 Selling, General and Administrative Costs 13,484 15,705 18,526 17,631 Loss on Debt Extinguishment 1,426 1,723 — 773 Interest Expense, net 21,045 21,504 20,862 20,437 Total Costs and Expenses 333,115 359,532 315,854 335,901 Earnings Before Income Tax 77,143 55,741 8,394 46,335 Income Tax Expense (Benefit) 6,185 3,032 (690 ) 301 Net Income 70,958 52,709 9,084 46,034 Less: Net Income Attributable to Noncontrolling Interest 8,550 7,547 3,350 6,362 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 62,408 $ 45,162 $ 5,734 $ 39,672 Earnings Per Share: Basic $ 2.23 $ 1.61 $ 0.20 $ 1.43 Dilutive $ 2.20 $ 1.58 $ 0.20 $ 1.41 Three Months Ended March 31, June 30, September 30, December 31, 2017 2017 2017 2017 Revenue and Other Income: Coal Revenue $ 316,448 $ 303,707 $ 279,245 $ 288,254 Terminal Revenue 12,886 14,855 15,065 17,260 Freight Revenue 12,282 17,762 21,803 21,845 Miscellaneous Other Income 22,650 10,145 19,713 20,771 Gain (Loss) on Sale of Assets 7,955 5,582 (513 ) 4,188 Total Revenue and Other Income 372,221 352,051 335,313 352,318 Costs and Expenses: Operating and Other Costs 229,994 222,882 229,527 204,306 Depreciation, Depletion and Amortization 52,993 25,268 46,653 47,088 Freight Expense 12,282 17,762 21,803 21,845 Selling, General and Administrative Costs 17,079 20,338 21,180 25,008 Interest Expense, net 4,022 3,944 3,862 14,270 Total Costs and Expenses 316,370 290,194 323,025 312,517 Earnings Before Income Tax 55,851 61,857 12,288 39,801 Income Tax Expense 9,406 9,611 3,770 64,441 Net Income (Loss) 46,445 52,246 8,518 (24,640 ) Less: Net Income Attributable to Noncontrolling Interest 5,464 4,313 790 4,373 Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 40,981 $ 47,933 $ 7,728 $ (29,013 ) Earnings (Loss) Per Share: (a) Basic $ 1.47 $ 1.71 $ 0.28 $ (1.04 ) Dilutive $ — $ — $ — $ (1.04 ) |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 45 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Antidilutive Securities) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 6,983 | 1,469 | 0 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 620 | 1,469 | 0 |
Performance Share Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 6,363 | 0 | 0 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Basic and Dilutive Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net Income | $ 46,034 | $ 9,084 | $ 52,709 | $ 70,958 | $ (24,640) | $ 8,518 | $ 52,246 | $ 46,445 | $ 178,785 | $ 82,569 | $ 50,450 |
Less: Net Income Attributable to Noncontrolling Interest | 6,362 | 3,350 | 7,547 | 8,550 | 4,373 | 790 | 4,313 | 5,464 | 25,809 | 14,940 | 8,954 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 152,976 | $ 67,629 | $ 41,496 |
Denominator: | |||||||||||
Weighted-average shares of common stock outstanding (in shares) | 27,928,245 | 27,968,188 | 27,967,509 | ||||||||
Effect of dilutive shares (in shares) | 491,517 | 206,046 | 0 | ||||||||
Weighted-average diluted shares of common stock outstanding (in shares) | 28,419,762 | 28,174,234 | 27,967,509 | ||||||||
Earnings per Share: | |||||||||||
Basic (in dollars per share) | $ 5.48 | $ 2.42 | $ 1.48 | ||||||||
Dilutive (in dollars per share) | $ 5.38 | $ 2.40 | $ 1.48 |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule of Common Stock Outstanding) (Details) - shares | Nov. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, Beginning of Year (in shares) | 27,973,281 | 0 | 0 | |
Issuance Related to Separation and Distribution (in shares) | 27,967,509 | 0 | 27,967,509 | 0 |
Shares repurchased (in shares) | (708,245) | 0 | 0 | |
Issuance Related to Stock-Based Compensation (in shares) | 172,808 | 5,772 | 0 | |
Balance, End of Year (in shares) | 27,437,844 | 27,973,281 | 0 |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule of Restricted Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 235,677 | $ 153,979 | ||
Restricted Cash | 29,258 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 264,935 | $ 153,979 | $ 13,311 | $ 6,639 |
Significant Accounting Polici_9
Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 24, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 |
Property, Plant and Equipment [Line Items] | |||||
Capitalized interest | $ 6,033,000 | $ 1,444,000 | $ 1,372,000 | ||
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 | ||
Number of units authorized (in shares) | 2,600,000 | ||||
Common stock distributed (in shares) | 27,928,245 | 27,968,188 | 27,967,509 | ||
Preferred stock (in shares) | 500,000 | ||||
Preferred stock issued (in shares) | 0 | ||||
Preferred stock outstanding (in shares) | 0 | ||||
Restricted cash | $ 29,258,000 | $ 0 | |||
Common Units | Stock Compensation Plan | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units authorized (in shares) | 2,300,000 | ||||
Accounting Standards Update 2018-02 | Retained Earnings | |||||
Property, Plant and Equipment [Line Items] | |||||
Cumulative effect of adjustments | $ 84,729,000 | ||||
Subsequent Event | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash distributions declared per unit (in dollars per share) | $ 0.5125 | ||||
Scenario, Forecast | Accounting Standards Update 2018-11 | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Initial lease liability | $ 75,000,000 | ||||
Right of use asset | 75,000,000 | ||||
Scenario, Forecast | Accounting Standards Update 2018-11 | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Initial lease liability | 100,000,000 | ||||
Right of use asset | $ 100,000,000 |
Separation from CNX Resources_2
Separation from CNX Resources Corporation (Narrative) (Details) - business | Nov. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Number of independent businesses | 2 | |||
ParentCo | ||||
Business Acquisition [Line Items] | ||||
Number of independent businesses | 2 | 2 | ||
CNX Coal Resources LP | Pennsylvania Mining Operations | ||||
Business Acquisition [Line Items] | ||||
Undivided interest stake (as a percent) | 25.00% |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | ||||||||
Coal Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | 1,364,292 | 1,187,654 | 1,065,582 |
Terminal Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | 16,931 | 16,115 | 16,659 | 15,221 | 17,260 | 15,065 | 14,855 | 12,886 | 64,926 | 60,066 | 31,464 |
Freight Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 21,845 | $ 21,803 | $ 17,762 | $ 12,282 | $ 43,572 | $ 73,692 | $ 46,468 |
Miscellaneous Other Income (Sch
Miscellaneous Other Income (Schedule of Miscellaneous Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Component of Operating Income [Abstract] | |||||||||||
Royalty Income - Non-Operated Coal | $ 24,722 | $ 28,089 | $ 19,739 | ||||||||
Purchased Coal Sales | 19,152 | 13,161 | 5,757 | ||||||||
Property Easements and Option Income | 5,644 | 2,436 | 11,281 | ||||||||
Rental Income | 3,804 | 14,114 | 34,789 | ||||||||
Interest Income | 2,146 | 2,619 | 1,166 | ||||||||
Contract Buyout | 350 | 9,912 | 6,288 | ||||||||
Other | 2,842 | 2,948 | 3,100 | ||||||||
Miscellaneous Other Income | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | $ 58,660 | $ 73,279 | $ 82,120 |
Stock, Unit and Debt Repurcha_2
Stock, Unit and Debt Repurchase Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2018 | Nov. 30, 2017 | |
Class of Stock [Line Items] | |||||
Aggregate authorized amount | $ 50,000,000 | ||||
Stock and debt repurchase authorized amount | $ 100,000,000 | ||||
Shares repurchased (in shares) | 708,245 | 0 | 0 | ||
Average share price (in dollars per share) | $ 36.48 | ||||
Senior Secured Second Lien Notes due 2025 | Senior Notes | |||||
Class of Stock [Line Items] | |||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | |
Repayments of debt | $ 25,724,000 | $ 0 | |||
Consol Coal Resources LP Units | |||||
Class of Stock [Line Items] | |||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | ||||
Shares repurchased (in shares) | 167,958 | 0 | |||
Average share price (in dollars per share) | $ 18.33 |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||||||||||
U.S. Federal | $ 20,634 | $ 65,856 | $ (76,447) | ||||||||
U.S. State | 3,240 | 2,732 | (1,924) | ||||||||
Non-U.S. | 1,436 | 2,030 | 1,411 | ||||||||
Current income tax expense (benefit) | 25,310 | 70,618 | (76,960) | ||||||||
Deferred: | |||||||||||
U.S. Federal | (7,509) | 17,397 | 89,268 | ||||||||
U.S. State | (8,973) | (787) | 2,257 | ||||||||
Deferred income tax expense (benefit) | (16,482) | 16,610 | 91,525 | ||||||||
Income Tax Expense / Effective Rate | $ 301 | $ (690) | $ 3,032 | $ 6,185 | $ 64,441 | $ 3,770 | $ 9,611 | $ 9,406 | $ 8,828 | $ 87,228 | $ 14,565 |
Income Taxes Schedule of Reconc
Income Taxes Schedule of Reconciliation of Income Tax Expense (Benefit) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Amount | |||||||||||
Statutory U.S. federal income tax rate | $ 39,399 | $ 59,429 | $ 22,755 | ||||||||
State income taxes, net of federal tax benefit | 3,240 | 1,264 | 997 | ||||||||
Foreign income taxes | 1,436 | 0 | 0 | ||||||||
Excess tax depletion | (20,873) | (24,216) | (21,856) | ||||||||
Effect of domestic production activities | 0 | (6,493) | 1,621 | ||||||||
Effect of change in U.S. tax law | 2,777 | 58,558 | 0 | ||||||||
IRS and state tax examination settlements | 0 | 0 | 13,958 | ||||||||
Effect of valuation allowance | (1,379) | 1,379 | 0 | ||||||||
Research and development credit | (980) | 0 | 0 | ||||||||
Non-controlling interest | (5,420) | 0 | 0 | ||||||||
State rate change and prior period adjustments | (8,223) | 0 | 0 | ||||||||
Other | (1,149) | (2,693) | (2,910) | ||||||||
Income Tax Expense / Effective Rate | $ 301 | $ (690) | $ 3,032 | $ 6,185 | $ 64,441 | $ 3,770 | $ 9,611 | $ 9,406 | $ 8,828 | $ 87,228 | $ 14,565 |
Percent | |||||||||||
Statutory U.S. federal income tax rate (as a percent) | 21.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of federal tax benefit (as a percent) | 1.70% | 0.70% | 1.50% | ||||||||
Foreign income taxes (as a percent) | 0.80% | 0.00% | 0.00% | ||||||||
Excess tax depletion (as a percent) | (11.10%) | (14.30%) | (33.60%) | ||||||||
Effect of domestic production activities (as a percent) | (0.00%) | (3.80%) | 2.50% | ||||||||
Effect of change in U.S. tax law (as a percent) | 1.50% | 34.50% | 0.00% | ||||||||
IRS and state tax examination settlements (as a percent) | 0.00% | 0.00% | 21.50% | ||||||||
Effect of valuation allowance (as a percent) | (0.70%) | 0.80% | 0.00% | ||||||||
Research and development credit (as a percent) | (0.50%) | (0.00%) | (0.00%) | ||||||||
Non-controlling interest (as a percent) | (2.90%) | (0.00%) | (0.00%) | ||||||||
State rate change and prior period adjustments (as a percent) | (0.044) | 0 | 0 | ||||||||
Other (as a percent) | (0.60%) | (1.60%) | (4.50%) | ||||||||
Income Tax Expense / Effective Rate (as a percent) | 4.80% | 51.30% | 22.40% |
Income Taxes Schedule of Signif
Income Taxes Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Asset: | ||
Postretirement benefits other than pensions | $ 108,603,000 | $ 131,354,000 |
Asset retirement obligations | 57,956,000 | 51,415,000 |
Pneumoconiosis benefits | 41,632,000 | 36,160,000 |
Workers' compensation | 16,016,000 | 16,778,000 |
Salary retirement | 15,855,000 | 12,465,000 |
Mine subsidence | 15,097,000 | 15,322,000 |
Financing | 9,387,000 | 0 |
State bonus, net of Federal | 6,042,000 | 4,473,000 |
Long-term disability | 2,798,000 | 3,375,000 |
Other | 6,669,000 | 7,924,000 |
Total Deferred Tax Asset | 280,055,000 | 279,266,000 |
Valuation Allowance | 0 | (1,379,000) |
Net Deferred Tax Asset | 280,055,000 | 277,887,000 |
Deferred Tax Liability: | ||
Property, plant and equipment | (175,558,000) | (174,806,000) |
Equity Partnerships | (16,638,000) | (17,991,000) |
Advance mining royalties | (10,314,000) | (10,025,000) |
Total Deferred Tax Liability | (202,510,000) | (202,822,000) |
Net Deferred Tax Asset | $ 77,545,000 | $ 75,065,000 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||||
Valuation allowance | $ 0 | $ 1,379,000 | ||
Effect of change in U.S. tax law | $ 58,558,000 | |||
Effect of change in U.S. tax law | $ 2,777,000 | $ 58,558,000 | $ 0 |
Asset Retirement Obligations (S
Asset Retirement Obligations (Schedule of Reconciliation of Changes in the Asset Retirement Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at Beginning of Period | $ 258,823 | $ 272,538 |
Accretion Expense | 19,468 | 18,922 |
Payments | (8,976) | (10,467) |
Revisions in Estimated Cash Flows | (2,314) | (20,529) |
Other | 0 | (1,641) |
Balance at End of Period | $ 267,001 | $ 258,823 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Coal | $ 4,642 | $ 11,411 |
Supplies | 44,004 | 42,009 |
Total Inventories | $ 48,646 | $ 53,420 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 4,838,171 | $ 4,676,353 |
Less: Accumulated Depreciation, Depletion and Amortization | 2,731,643 | 2,554,056 |
Total Property, Plant and Equipment—Net | 2,106,528 | 2,122,297 |
Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 2,890,970 | 2,757,062 |
Coal Properties and Surface Lands | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 858,153 | 857,031 |
Airshafts | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 419,100 | 392,266 |
Mine Development | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | 342,405 | 344,139 |
Advance Mining Royalties | ||
Property, Plant and Equipment [Line Items] | ||
Total Property, Plant and Equipment | $ 327,543 | $ 325,855 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Assets under capital lease | $ 49,775 | $ 3,559 |
Accumulated amortization capital leases | 15,973 | 2,839 |
Amortization expense under capital leases | $ 13,148 | $ 424 |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization (Details) - Line of Credit - Accounts Receivable Securitization Facility - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 | |
Unused commitment fee (as a percent) | 0.60% | |
Accounts receivable eligible for securitization | $ 37,869,000 | $ 60,582,000 |
Outstanding borrowings | 0 | 0 |
Letters of credit outstanding | 52,536,000 | 60,582,000 |
Borrowings and issuance of letters of credit remaining capacity | 0 | |
Cash collateral for letters of credit outstanding | 14,667,000 | |
Costs associated with receivables facility | $ 2,593,000 | $ 171,000 |
Minimum | ||
Short-term Debt [Line Items] | ||
Security facility program fee (as a percent) | 2.00% | |
Maximum | ||
Short-term Debt [Line Items] | ||
Security facility program fee (as a percent) | 2.50% |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Subsidence Liability | $ 83,532 | $ 88,027 |
Accrued Payroll and Benefits | 12,978 | 14,689 |
Litigation | 8,235 | 8,197 |
Accrued Interest | 6,850 | 10,039 |
Short-Term Incentive Compensation | 6,024 | 4,729 |
Accrued Other Taxes | 5,050 | 7,510 |
Deferred Revenue | 151 | 6,807 |
Equipment Lease Rental | 0 | 9,865 |
Longwall Equipment Buyout | 0 | 22,631 |
Other | 15,437 | 23,900 |
Current Portion of Long-Term Liabilities: | ||
Postretirement Benefits Other than Pensions | 32,345 | 37,464 |
Asset Retirement Obligations | 31,017 | 30,480 |
Workers' Compensation | 12,628 | 13,317 |
Pneumoconiosis Benefits | 12,187 | 12,972 |
Total Other Accrued Liabilities | $ 226,434 | $ 290,627 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) | Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 826,490,000 | $ 875,968,000 | ||
Long term debt, carrying amount | 849,152,000 | |||
Less: unamortized debt issuance costs | 16,409,000 | 21,129,000 | ||
Less amounts due in one year | 117,954,000 | 19,318,000 | ||
Long-Term Debt | 708,536,000 | 856,650,000 | ||
Current portion of capital lease obligations | 16,858,000 | 3,164,000 | ||
Loans Payable | Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 389,747,000 | 392,147,000 | ||
Less: unamortized debt issuance costs | 6,253,000 | 7,853,000 | ||
Principal | $ 396,000,000 | $ 400,000,000 | ||
Weighted average interest rate | 8.53% | 7.47% | ||
Loans Payable | MEDCO Revenue Bonds in Series due September 2025 at 5.75% | ||||
Debt Instrument [Line Items] | ||||
Long term debt, carrying amount | $ 102,865,000 | $ 102,865,000 | ||
Stated interest rate | 5.75% | |||
Loans Payable | Term Loan A | ||||
Debt Instrument [Line Items] | ||||
Long term debt, carrying amount | $ 73,750,000 | 100,000,000 | ||
Principal | $ 100,000,000 | |||
Weighted average interest rate | 6.78% | 5.92% | ||
Loans Payable | Advance royalty commitments | ||||
Debt Instrument [Line Items] | ||||
Long term debt, carrying amount | $ 2,261,000 | $ 2,085,000 | ||
Weighted average interest rate | 8.57% | 9.42% | ||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long term debt, carrying amount | $ 274,276,000 | $ 300,000,000 | ||
Principal | $ 300,000,000 | $ 300,000,000 | ||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% |
Debt (Schedule of Undiscounted
Debt (Schedule of Undiscounted Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 117,954 |
2,020 | 29,356 |
2,021 | 49,327 |
2,022 | 274,424 |
2,023 | 170 |
Thereafter | 377,921 |
Total Long-Term Debt Maturities | $ 849,152 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jul. 31, 2018 | Nov. 30, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Undivided interest (as a percent) | 75.00% | |||||||||||
Current Portion of Long-Term Debt | $ 134,812,000 | $ 134,812,000 | $ 22,482,000 | |||||||||
Loss on Debt Extinguishment | 773,000 | $ 0 | $ 1,723,000 | $ 1,426,000 | 3,922,000 | 0 | $ 0 | |||||
Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current Portion of Long-Term Debt | 110,000,000 | 110,000,000 | ||||||||||
Loans Payable | Term Loan A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||||||
Principal | 100,000,000 | |||||||||||
Repayment on line of credit | 26,000,000 | |||||||||||
Accelerated repayment | 11,000,000 | |||||||||||
Loans Payable | Term Loan B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 400,000,000 | |||||||||||
Principal | $ 396,000,000 | $ 396,000,000 | 400,000,000 | |||||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal | $ 300,000,000 | $ 300,000,000 | ||||||||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | |||||||
Debt repurchased | $ 26,000,000 | $ 26,000,000 | ||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||
First lien gross leverage ratio, maximum | 2.25 | 2.25 | ||||||||||
First lien gross leverage ratio, actual | 1.29 | 1.29 | ||||||||||
Total net leverage ratio, maximum | 3.25 | 3.25 | ||||||||||
Total net leverage ratio, actual | 1.66 | 1.66 | ||||||||||
Fixed charge coverage ratio, minimum | 1 | 1 | ||||||||||
Fixed charge coverage ratio | 2.11 | 2.11 | ||||||||||
Outstanding borrowings | $ 0 | $ 0 | $ 0 | |||||||||
Letters of credit outstanding | 54,065,000 | 54,065,000 | 27,426,000 | |||||||||
Borrowings and issuance of letters of credit remaining capacity | $ 245,935,000 | $ 245,935,000 | $ 272,574,000 | |||||||||
Revolving Credit Facility | Line of Credit | Scenario, Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
First lien gross leverage ratio, maximum | 1.75 | 2 | ||||||||||
Total net leverage ratio, maximum | 2.75 | 3 | ||||||||||
Fixed charge coverage ratio, minimum | 1.10 | 1.05 |
Leases (Schedule of Future Mini
Leases (Schedule of Future Minimum Payments Under Capital and Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leases | ||
2,019 | $ 18,590 | |
2,020 | 20,150 | |
2,021 | 6,471 | |
2,022 | 59 | |
2,023 | 38 | |
Thereafter | 0 | |
Total minimum lease payments | 45,308 | |
Operating Leases | ||
2,019 | 23,803 | |
2,020 | 22,260 | |
2,021 | 21,473 | |
2,022 | 11,680 | |
2,023 | 4,843 | |
Thereafter | 16,952 | |
Total minimum lease payments | 101,011 | |
Less amount representing interest (3.76% – 6.00%) | 2,760 | |
Present value of minimum lease payments | 42,548 | |
Less amount due in one year | 16,858 | $ 3,164 |
Total Long-Term Capital Lease Obligation | $ 25,690 | $ 8,639 |
Minimum | ||
Operating Leases | ||
Interest rate | 3.76% | |
Maximum | ||
Operating Leases | ||
Interest rate | 6.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Rent expense, operating lease | $ 48,052 | $ 77,879 | $ 87,903 |
Property, Plant and Equipment | 4,838,171 | 4,676,353 | |
Accumulated depreciation | 2,731,643 | 2,554,056 | |
Mining Equipment | |||
Operating Leased Assets [Line Items] | |||
Property, Plant and Equipment | 10,097 | 16,672 | |
Accumulated depreciation | $ 10,097 | $ 13,337 |
Leases (Schedule of Future Mi_2
Leases (Schedule of Future Minimum Sublease Rentals for Capital Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,018 | $ 3,699 |
2,019 | 3,699 |
2,020 | 2,157 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total | $ 9,555 |
Leases (Schedule of Future Mi_3
Leases (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 23,803 |
2,020 | 22,260 |
2,021 | 21,473 |
2,022 | 11,680 |
2,023 | 4,843 |
Thereafter | 16,952 |
Total minimum lease payments | 101,011 |
Mining Equipment | |
Operating Leased Assets [Line Items] | |
2,019 | 1,701 |
2,020 | 627 |
2,021 | 0 |
2,022 | 0 |
2,023 | 0 |
Thereafter | 0 |
Total minimum lease payments | $ 2,328 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | $ 679,245,000 | ||
Fair value of plan assets at end of period | 578,347,000 | $ 679,245,000 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 733,990,000 | 735,177,000 | |
Service cost | 1,150,000 | 2,948,000 | $ 1,533,000 |
Interest cost | 23,505,000 | 25,265,000 | 25,048,000 |
Actuarial (gain) loss | (60,351,000) | 35,281,000 | |
Plan settlements | 0 | (29,142,000) | |
Benefits and other payments | (54,152,000) | (35,539,000) | |
Benefit obligation at end of period | 644,142,000 | 733,990,000 | 735,177,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 679,245,000 | 632,434,000 | |
Actual return on plan assets | (48,470,000) | 110,311,000 | |
Company contributions | 1,724,000 | 1,181,000 | |
Benefits and other payments | (54,152,000) | (35,539,000) | |
Plan settlements | 0 | (29,142,000) | |
Fair value of plan assets at end of period | 578,347,000 | 679,245,000 | 632,434,000 |
Funded status: | |||
Current liabilities | (1,623,000) | (1,785,000) | |
Noncurrent liabilities | (64,172,000) | (52,960,000) | |
Net obligation recognized | (65,795,000) | (54,745,000) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 263,229,000 | 243,456,000 | |
Prior service credit | (367,000) | (869,000) | |
Net amount recognized (before tax effect) | 262,862,000 | 242,587,000 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 591,563,000 | 700,085,000 | |
Service cost | 0 | 0 | 0 |
Interest cost | 18,706,000 | 23,945,000 | 24,241,000 |
Actuarial (gain) loss | (101,259,000) | (101,379,000) | |
Plan settlements | 0 | 0 | |
Benefits and other payments | (35,419,000) | (31,088,000) | |
Benefit obligation at end of period | 473,591,000 | 591,563,000 | 700,085,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 35,419,000 | 31,088,000 | |
Benefits and other payments | (35,419,000) | (31,088,000) | |
Plan settlements | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status: | |||
Current liabilities | (32,345,000) | (37,464,000) | |
Noncurrent liabilities | (441,246,000) | (554,099,000) | |
Net obligation recognized | (473,591,000) | (591,563,000) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 184,438,000 | 301,901,000 | |
Prior service credit | (23,354,000) | (25,759,000) | |
Net amount recognized (before tax effect) | $ 161,084,000 | $ 276,142,000 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans (Schedule of Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,150 | $ 2,948 | $ 1,533 |
Interest cost | 23,505 | 25,265 | 25,048 |
Expected return on plan assets | (40,370) | (42,383) | (46,674) |
Amortization of prior service credits | (502) | (502) | (502) |
Recognized net actuarial loss | 8,715 | 8,896 | 9,163 |
Settlement loss | 0 | 10,153 | 22,196 |
Net periodic benefit (credit) cost | (7,502) | 4,377 | 10,764 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 18,706 | 23,945 | 24,241 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credits | (2,405) | (2,405) | 0 |
Recognized net actuarial loss | 16,205 | 23,112 | 19,168 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 32,506 | $ 44,652 | $ 43,409 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans (Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | $ (366) |
Actuarial loss recognition | 5,958 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | (2,405) |
Actuarial loss recognition | $ 9,262 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans (Schedule of Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 644,142 | $ 733,990 |
Accumulated benefit obligation | 644,069 | 733,949 |
Fair value of plan assets | $ 578,347 | $ 679,245 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 4.34% | 3.65% | |
Rate of compensation increase (as a percent) | 3.73% | 3.73% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 3.69% | 4.27% | 4.52% |
Expected long-term return on plan assets (as a percent) | 6.90% | 6.90% | 7.25% |
Expected long-term return on plan assets (as a percent) | 3.73% | 3.90% | 3.80% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 4.34% | 3.65% | |
Rate of compensation increase (as a percent) | 0.00% | 0.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 3.65% | 4.22% | 4.50% |
Expected long-term return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Expected long-term return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans (Schedule of Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate for next year (as a percent) | 5.83% | 6.06% |
Rate to which the cost trend is assumed to decline (ultimate trend rate) (as a percent) | 4.50% | 4.50% |
Year that the rate reaches ultimate trend rate | 2,038 | 2,038 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans (Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components one percentage point increase | $ 2,618 |
Effect on total of service and interest cost components one percentage point decrease | (2,199) |
Effect on accumulated postretirement benefit obligation one percentage point increase | 52,312 |
Effect on accumulated postretirement benefit obligation one percentage point decrease | $ (44,591) |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 578,347 | $ 679,245 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 101 | 5,214 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash/Accrued Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 101 | 5,202 |
Cash/Accrued Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 101 | 5,202 |
Cash/Accrued Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash/Accrued Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
US Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 12 |
US Equities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 12 |
US Equities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
US Equities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 578,246 | 674,031 |
Private Equity Funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Private Equity Funds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 43,588 |
2,020 | 41,867 |
2,021 | 41,421 |
2,022 | 41,630 |
2,023 | 41,374 |
Year 2024-2028 | 199,992 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 32,345 |
2,020 | 32,366 |
2,021 | 32,152 |
2,022 | 31,660 |
2,023 | 31,112 |
Year 2024-2028 | $ 150,344 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Time horizon | 20 years | ||
Investment in company stock | $ 0 | $ 0 | |
Plan assets | $ 578,347,000 | 679,245,000 | |
United States Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 26.00% | ||
Non U.S. Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 16.50% | ||
Global Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 7.50% | ||
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation (as a percent) | 50.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement expense | $ 0 | 10,153,000 | $ 22,196,000 |
Plan assets | 578,347,000 | 679,245,000 | 632,434,000 |
Expected benefit payments in 2018 | 43,588,000 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected benefit payments in 2018 | 1,623,000 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement expense | 0 | 0 | 0 |
Plan amendments | 28,164,000 | ||
Plan assets | 0 | $ 0 | $ 0 |
Expected benefit payments in 2018 | $ 32,345,000 |
Coal Workers' Pneumoconiosis _3
Coal Workers' Pneumoconiosis and Workers' Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CWP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase in plan liability | $ 25,700 | $ 41,700 |
Coal Workers' Pneumoconiosis _4
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CWP | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $ 162,840 | $ 118,836 | |
State administrative fees and insurance bond premiums | 0 | 0 | $ 0 |
Service cost | 6,650 | 5,122 | 4,327 |
Interest cost | 5,245 | 4,050 | 4,283 |
Actuarial loss (gain) | 14,832 | 47,939 | |
Benefits paid | (12,379) | (13,107) | |
Benefit obligation at end of period | 177,188 | 162,840 | 118,836 |
Current assets | 0 | 0 | |
Current liabilities | (12,187) | (12,972) | |
Noncurrent liabilities | (165,001) | (149,868) | |
Net obligation recognized | (177,188) | (162,840) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | 8,542 | (7,144) | |
Net amount recognized (before tax effect) | 8,542 | (7,144) | |
Workers' Compensation | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 78,528 | 78,099 | |
State administrative fees and insurance bond premiums | 2,671 | 3,198 | 3,199 |
Service cost | 6,230 | 5,734 | 7,466 |
Interest cost | 2,283 | 2,321 | 2,499 |
Actuarial loss (gain) | (5,134) | 3,553 | |
Benefits paid | (13,592) | (14,377) | |
Benefit obligation at end of period | 70,986 | 78,528 | $ 78,099 |
Current assets | 1,384 | 1,437 | |
Current liabilities | (12,628) | (13,317) | |
Noncurrent liabilities | (59,742) | (66,648) | |
Net obligation recognized | (70,986) | (78,528) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss (gain) | (13,561) | (8,505) | |
Net amount recognized (before tax effect) | $ (13,561) | $ (8,505) |
Coal Workers' Pneumoconiosis _5
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 6,650 | $ 5,122 | $ 4,327 |
Interest cost | 5,245 | 4,050 | 4,283 |
Recognized net actuarial loss | (853) | (7,631) | (4,948) |
State administrative fees and insurance bond premiums | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | (1,307) |
Net periodic benefit (credit) cost | 11,042 | 1,541 | 2,355 |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 6,230 | 5,734 | 7,466 |
Interest cost | 2,283 | 2,321 | 2,499 |
Recognized net actuarial loss | (79) | (598) | (395) |
State administrative fees and insurance bond premiums | 2,671 | 3,198 | 3,199 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 11,105 | $ 10,655 | $ 12,769 |
Coal Workers' Pneumoconiosis _6
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Amounts Included in Accumulated Other Comprehensive Loss to be Recognized over Next Fiscal Year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss (gain) recognition | $ 1,016 |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss (gain) recognition | $ (774) |
Coal Workers' Pneumoconiosis _7
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 4.42% | 3.75% | 4.40% |
Discount rate (as a percent) | 3.75% | 4.40% | 4.60% |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 4.26% | 3.57% | 4.05% |
Discount rate (as a percent) | 3.57% | 4.05% | 4.26% |
Coal Workers' Pneumoconiosis _8
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 12,187 |
2,020 | 10,319 |
2,021 | 9,753 |
2,022 | 9,528 |
2,023 | 9,633 |
Year 2024-2028 | 52,265 |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 13,987 |
2,020 | 14,007 |
2,021 | 13,800 |
2,022 | 13,874 |
2,023 | 13,766 |
Year 2024-2028 | 70,429 |
Actuarial Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 11,244 |
2,020 | 11,196 |
2,021 | 10,918 |
2,022 | 10,920 |
2,023 | 10,738 |
Year 2024-2028 | 54,117 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 2,743 |
2,020 | 2,811 |
2,021 | 2,882 |
2,022 | 2,954 |
2,023 | 3,028 |
Year 2024-2028 | $ 16,312 |
Other Employee Benefit Plans (N
Other Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Matching contribution (as a percent) | 6.00% | ||
Discretionary contribution to plan | $ 10,445,000 | $ 0 | $ 9,499,000 |
Payments and costs of plan | $ 20,655,000 | 9,888,000 | 17,687,000 |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discretionary matching contribution (as a percent) | 1.00% | ||
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discretionary matching contribution (as a percent) | 6.00% | ||
Retiree Health Benefit Act of 1992 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions to multi-employer plan | $ 6,829,000 | 7,647,000 | 8,455,000 |
Combined fund obligation | 70,859,000 | ||
Multiemployer Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Letters of credit outstanding | 19,860,000 | 20,983,000 | $ 19,170,000 |
Long-Term Disability | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Combined total obligation | $ 12,022,000 | $ 15,315,000 |
Other Employee Benefit Plans (S
Other Employee Benefit Plans (Schedule of Long-Term Disability Plan) (Details) - Long-Term Disability - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit cost | $ 2,088 | $ 2,058 | $ 1,936 |
Discount rate (as a percent) | 3.22% | 3.43% | 3.71% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of units deliverable (in shares) | shares | 2,600,000 | ||
Share conversion ratio | 0.7189 | ||
Immediate expense stock-based compensation | $ 1,436,000 | ||
Stock-based compensation expense | $ 8,392,000 | 16,212,000 | $ 10,986,000 |
Tax benefit related to converted shares | 1,911,000 | 1,439,000 | 607,000 |
Unrecognized compensation cost | $ 13,927,000 | ||
Weighted average recognition period (in years) | 2 years 27 days | ||
Additional income tax expense | 384,000 | ||
Shares/Units Withheld for Taxes | $ 3,424,000 | 2,156,000 | $ 0 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of units vested | 3,734,000 | 534,000 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of units vested | $ 4,910,000 | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Nonvested Restricted Stock Units and Performance Shares at Fair Value) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Restricted Stock Units | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 285,791 |
Granted (in shares) | shares | 292,347 |
Vested (in shares) | shares | (133,559) |
Forfeited (in shares) | shares | (20,083) |
Nonvested end of period (in shares) | shares | 424,496 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 29.07 |
Granted (in dollars per share) | $ / shares | 35.28 |
Vested (in dollars per share) | $ / shares | 27.96 |
Forfeited (in dollars per share) | $ / shares | 31.03 |
Nonvested end of period (in dollars per share) | $ / shares | $ 33.60 |
Performance Shares | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 264,510 |
Granted (in shares) | shares | 129,755 |
Vested (in shares) | shares | (131,021) |
Forfeited (in shares) | shares | 0 |
Nonvested end of period (in shares) | shares | 263,244 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 35.50 |
Granted (in dollars per share) | $ / shares | 35.48 |
Vested (in dollars per share) | $ / shares | 37.47 |
Forfeited (in dollars per share) | $ / shares | 0 |
Nonvested end of period (in dollars per share) | $ / shares | $ 34.51 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 92,926 | $ 18,151 | $ 14,053 |
Income taxes | $ 12,834 | $ 0 | $ 0 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Significant Noncash Transactions [Line Items] | |||
Capital Lease | $ 45,979 | ||
Liabilities assumed | $ 17,613 | ||
Assets contributed | 32,893 | ||
Capital Lease Obligations | |||
Other Significant Noncash Transactions [Line Items] | |||
Non-cash capital lease arrangements | 1,301 | 0 | $ 55 |
Notes Received from Property Sales | |||
Other Significant Noncash Transactions [Line Items] | |||
Purchased goods and services | $ 2,311 | $ 27,358 | $ 2,355 |
Concentration of Credit Risk _3
Concentration of Credit Risk and Major Customers (Narrative) (Details) - Sales revenue, net - Geographic concentration risk | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Canada | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 1.00% | 1.00% | 1.00% |
Asia, Europe, South America and Africa | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 29.00% | 31.00% | 16.00% |
Concentration of Credit Risk _4
Concentration of Credit Risk and Major Customers (Schedule of Concentration of Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | $ 87,589 | $ 131,545 |
Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 87,589 | 131,545 |
Thermal coal utilities | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 61,218 | 69,550 |
Coal exporters and distributors | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 22,972 | 56,146 |
Steel and coke producers | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | 661 | 0 |
Other | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Accounts Receivable Trade | $ 2,738 | $ 5,849 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Schedule of Financial Instruments Measured at Fair Value) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | $ 0 | $ 0 |
Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | 0 | 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | $ (734) | $ (1,040) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Schedule of Carrying Amount and Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | $ 849,152 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt, carrying amount | 842,899 | $ 897,097 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 881,711 | $ 931,768 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) $ in Thousands | Aug. 23, 2017plaintiff | Apr. 24, 2017plaintiff | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||||
Guarantee maximum exposure | $ 705,478 | |||
Equipment lease obligations assumed by third party | ||||
Loss Contingencies [Line Items] | ||||
Guarantee maximum exposure | 28,000 | $ 35,000 | ||
Guarantees at fair value | $ 734 | $ 1,040 | ||
Fitzwater Litigation | Pending litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 3 | |||
Casey Litigation | Pending litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 2 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Schedule of Commitment Expiration) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 705,478 |
Less Than 1 Year | 614,605 |
1-3 Years | 88,738 |
3-5 Years | 1,554 |
Beyond 5 Years | 581 |
Letters of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 106,601 |
Less Than 1 Year | 66,861 |
1-3 Years | 39,740 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 73,383 |
Less Than 1 Year | 59,241 |
1-3 Years | 14,142 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 398 |
Less Than 1 Year | 0 |
1-3 Years | 398 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 32,820 |
Less Than 1 Year | 7,620 |
1-3 Years | 25,200 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 574,791 |
Less Than 1 Year | 539,194 |
1-3 Years | 35,597 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 104,033 |
Less Than 1 Year | 102,733 |
1-3 Years | 1,300 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 465,837 |
Less Than 1 Year | 431,695 |
1-3 Years | 34,142 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 4,921 |
Less Than 1 Year | 4,766 |
1-3 Years | 155 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 24,086 |
Less Than 1 Year | 8,550 |
1-3 Years | 13,401 |
3-5 Years | 1,554 |
Beyond 5 Years | 581 |
Guarantees | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 24,086 |
Less Than 1 Year | 8,550 |
1-3 Years | 13,401 |
3-5 Years | 1,554 |
Beyond 5 Years | $ 581 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting [Abstract] | |
Principal business divisions | 1 |
Segment Information (Schedule o
Segment Information (Schedule of Industry Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | ||||||||
Earnings (Loss) Before Income Tax | $ 46,335 | $ 8,394 | $ 55,741 | $ 77,143 | $ 39,801 | $ 12,288 | $ 61,857 | $ 55,851 | 187,613 | 169,797 | 65,015 |
Segment Assets | 2,760,727 | 2,707,099 | 2,760,727 | 2,707,099 | 2,687,434 | ||||||
Depreciation, Depletion and Amortization | 45,590 | 51,242 | 54,961 | 49,471 | 47,088 | 46,653 | 25,268 | 52,993 | 201,264 | 172,002 | 178,122 |
Capital Expenditures | 145,749 | 81,413 | 53,600 | ||||||||
PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 1,407,864 | 1,261,346 | 1,112,050 | ||||||||
Earnings (Loss) Before Income Tax | 291,418 | 189,162 | 130,708 | ||||||||
Segment Assets | 1,894,209 | 1,971,268 | 1,894,209 | 1,971,268 | 1,982,206 | ||||||
Depreciation, Depletion and Amortization | 178,969 | 166,628 | 168,195 | ||||||||
Capital Expenditures | 124,570 | 77,981 | 50,809 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 64,926 | 60,066 | 31,464 | ||||||||
Earnings (Loss) Before Income Tax | (103,805) | (19,365) | (65,693) | ||||||||
Segment Assets | 866,518 | 735,831 | 866,518 | 735,831 | 705,228 | ||||||
Depreciation, Depletion and Amortization | 22,295 | 5,374 | 9,927 | ||||||||
Capital Expenditures | 21,179 | 3,432 | 2,791 | ||||||||
Coal Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 347,789 | 294,797 | 370,697 | 351,009 | 288,254 | 279,245 | 303,707 | 316,448 | 1,364,292 | 1,187,654 | 1,065,582 |
Coal Revenue | PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 1,364,292 | 1,187,654 | 1,065,582 | ||||||||
Coal Revenue | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 16,931 | 16,115 | 16,659 | 15,221 | 17,260 | 15,065 | 14,855 | 12,886 | 64,926 | 60,066 | 31,464 |
Terminal Revenue | PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 64,926 | 60,066 | 31,464 | ||||||||
Freight Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 21,845 | $ 21,803 | $ 17,762 | $ 12,282 | 43,572 | 73,692 | 46,468 |
Freight Revenue | PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 43,572 | 73,692 | 46,468 | ||||||||
Freight Revenue | Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | $ 0 | $ 0 | $ 0 |
Segment Information (Schedule_2
Segment Information (Schedule of Segment Revenues from Major Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 |
PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 1,407,864 | 1,261,346 | 1,112,050 |
Sales revenue, goods, net | Customer concentration risk | Customer A | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 283,703 | ||
Sales revenue, goods, net | Customer concentration risk | Customer B | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 274,755 | 145,248 | |
Sales revenue, goods, net | Customer concentration risk | Customer C | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | $ 214,152 | $ 222,354 | 160,818 |
Sales revenue, goods, net | Customer concentration risk | Customer D | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | $ 116,849 |
Segment Information (Schedule_3
Segment Information (Schedule of Revenue and Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting [Abstract] | |||||||||||
Total Segment Revenue and Freight from External Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | ||||||||
Other Income not Allocated to Segments (Note 4) | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | 58,660 | 73,279 | 82,120 |
Gain on Sale of Assets | 292 | (85) | 104 | 254 | 4,188 | (513) | 5,582 | 7,955 | 565 | 17,212 | 5,228 |
Total Revenue and Other Income | $ 382,236 | $ 324,248 | $ 415,273 | $ 410,258 | $ 352,318 | $ 335,313 | $ 352,051 | $ 372,221 | $ 1,532,015 | $ 1,411,903 | $ 1,230,862 |
Segment Information (Schedule_4
Segment Information (Schedule of Reconciliation of Total Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | |||
Segment Assets | $ 2,760,727 | $ 2,707,099 | $ 2,687,434 |
Items excluded from segment assets: | |||
Deferred tax assets | 280,055 | 277,887 | |
Operating Segments | Segment assets for total reportable business segments | |||
ASSETS | |||
Segment Assets | 1,894,209 | 1,971,268 | |
Operating Segments | Segment assets for all other business segments | |||
ASSETS | |||
Segment Assets | 554,315 | 508,334 | |
Corporate Reconciling Items And Eliminations | |||
Items excluded from segment assets: | |||
Cash and other investments | 234,658 | 152,432 | |
Deferred tax assets | $ 77,545 | $ 75,065 |
Segment Information (Schedule_5
Segment Information (Schedule of Property, Plant and Equipment by Geographical Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total Property, Plant and Equipment, net | $ 2,106,528 | $ 2,122,297 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total Property, Plant and Equipment, net | 2,095,504 | 2,111,273 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Total Property, Plant and Equipment, net | $ 11,024 | $ 11,024 |
Guarantor Subsidiaries Financ_3
Guarantor Subsidiaries Financial Information (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||
Unamortized bond discount | $ 16,409,000 | $ 21,129,000 | ||
Loans Payable | Term Loan B | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt instrument face value | 396,000,000 | 400,000,000 | ||
Unamortized bond discount | $ 6,253,000 | 7,853,000 | ||
Loans Payable | Term Loan A | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt instrument face value | 100,000,000 | |||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Debt instrument face value | $ 300,000,000 | $ 300,000,000 | ||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% |
(Guarantor Subsidiaries Income
(Guarantor Subsidiaries Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | ||||||||
Miscellaneous Other Income | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | 58,660 | 73,279 | 82,120 |
Gain (Loss) on Sale of Assets | 292 | (85) | 104 | 254 | 4,188 | (513) | 5,582 | 7,955 | 565 | 17,212 | 5,228 |
Total Revenue and Other Income | 382,236 | 324,248 | 415,273 | 410,258 | 352,318 | 335,313 | 352,051 | 372,221 | 1,532,015 | 1,411,903 | 1,230,862 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 245,672 | 222,781 | 248,195 | 229,802 | 204,306 | 229,527 | 222,882 | 229,994 | 946,450 | 886,709 | 877,177 |
Depreciation, Depletion and Amortization | 45,590 | 51,242 | 54,961 | 49,471 | 47,088 | 46,653 | 25,268 | 52,993 | 201,264 | 172,002 | 178,122 |
Freight Expense | 5,798 | 2,443 | 17,444 | 17,887 | 21,845 | 21,803 | 17,762 | 12,282 | 43,572 | 73,692 | 46,468 |
Selling, General and Administrative Costs | 17,631 | 18,526 | 15,705 | 13,484 | 25,008 | 21,180 | 20,338 | 17,079 | 65,346 | 83,605 | 50,027 |
Loss on Debt Extinguishment | 773 | 0 | 1,723 | 1,426 | 3,922 | 0 | 0 | ||||
Interest Expense, net | 20,437 | 20,862 | 21,504 | 21,045 | 14,270 | 3,862 | 3,944 | 4,022 | 83,848 | 26,098 | 14,053 |
Total Costs and Expenses | 335,901 | 315,854 | 359,532 | 333,115 | 312,517 | 323,025 | 290,194 | 316,370 | 1,344,402 | 1,242,106 | 1,165,847 |
Earnings Before Income Tax | 46,335 | 8,394 | 55,741 | 77,143 | 39,801 | 12,288 | 61,857 | 55,851 | 187,613 | 169,797 | 65,015 |
Income Tax Expense (Benefit) | 301 | (690) | 3,032 | 6,185 | 64,441 | 3,770 | 9,611 | 9,406 | 8,828 | 87,228 | 14,565 |
Net Income | 46,034 | 9,084 | 52,709 | 70,958 | (24,640) | 8,518 | 52,246 | 46,445 | 178,785 | 82,569 | 50,450 |
Less: Net Income Attributable to Noncontrolling Interest | 6,362 | 3,350 | 7,547 | 8,550 | 4,373 | 790 | 4,313 | 5,464 | 25,809 | 14,940 | 8,954 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 39,672 | 5,734 | 45,162 | 62,408 | (29,013) | 7,728 | 47,933 | 40,981 | 152,976 | 67,629 | 41,496 |
Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | (221,307) | (238,818) | (50,425) | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | (221,307) | (238,818) | (50,425) | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | 0 | (2,468) | |||||||||
Interest Expense, net | (7,709) | (350,057) | 0 | ||||||||
Total Costs and Expenses | (7,709) | (352,525) | 0 | ||||||||
Earnings Before Income Tax | (213,598) | 113,707 | (50,425) | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Net Income | (213,598) | 113,707 | (50,425) | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 25,809 | 14,940 | 8,954 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | (239,407) | 98,767 | (59,379) | ||||||||
Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 247,711 | 238,818 | 50,425 | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | 247,711 | 238,818 | 50,425 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | 3,922 | 0 | |||||||||
Interest Expense, net | 81,985 | 10,064 | 190 | ||||||||
Total Costs and Expenses | 85,907 | 10,064 | 190 | ||||||||
Earnings Before Income Tax | 161,804 | 228,754 | 50,235 | ||||||||
Income Tax Expense (Benefit) | 8,828 | 161,125 | 8,739 | ||||||||
Net Income | 152,976 | 67,629 | 41,496 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 152,976 | 67,629 | 41,496 | ||||||||
Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 27,013 | 67,230 | 78,992 | ||||||||
Gain (Loss) on Sale of Assets | 599 | 15,813 | 5,237 | ||||||||
Total Revenue and Other Income | 1,148,436 | 1,089,119 | 949,745 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 729,593 | 691,451 | 694,073 | ||||||||
Depreciation, Depletion and Amortization | 156,522 | 130,565 | 136,128 | ||||||||
Freight Expense | 32,679 | 55,269 | 34,865 | ||||||||
Selling, General and Administrative Costs | 51,415 | 67,908 | 40,078 | ||||||||
Loss on Debt Extinguishment | 0 | 0 | |||||||||
Interest Expense, net | 2,905 | 355,059 | 5,144 | ||||||||
Total Costs and Expenses | 973,114 | 1,300,252 | 910,288 | ||||||||
Earnings Before Income Tax | 175,322 | (211,133) | 39,457 | ||||||||
Income Tax Expense (Benefit) | 0 | (73,897) | 5,826 | ||||||||
Net Income | 175,322 | (137,236) | 33,631 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 175,322 | (137,236) | 33,631 | ||||||||
Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 0 | 0 | 0 | ||||||||
Gain (Loss) on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | 0 | 0 | 0 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 2,481 | 272 | 103 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Freight Expense | 0 | 0 | 0 | ||||||||
Selling, General and Administrative Costs | 0 | 0 | 0 | ||||||||
Loss on Debt Extinguishment | 0 | 0 | |||||||||
Interest Expense, net | 0 | 1,723 | 0 | ||||||||
Total Costs and Expenses | 2,481 | 1,995 | 103 | ||||||||
Earnings Before Income Tax | (2,481) | (1,995) | (103) | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Net Income | (2,481) | (1,995) | (103) | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | (2,481) | (1,995) | (103) | ||||||||
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 5,243 | 6,049 | 3,128 | ||||||||
Gain (Loss) on Sale of Assets | (34) | 1,399 | (9) | ||||||||
Total Revenue and Other Income | 357,175 | 322,784 | 281,117 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 214,376 | 194,986 | 183,001 | ||||||||
Depreciation, Depletion and Amortization | 44,742 | 41,437 | 41,994 | ||||||||
Freight Expense | 10,893 | 18,423 | 11,603 | ||||||||
Selling, General and Administrative Costs | 13,931 | 15,697 | 9,949 | ||||||||
Loss on Debt Extinguishment | 0 | 2,468 | |||||||||
Interest Expense, net | 6,667 | 9,309 | 8,719 | ||||||||
Total Costs and Expenses | 290,609 | 282,320 | 255,266 | ||||||||
Earnings Before Income Tax | 66,566 | 40,464 | 25,851 | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | |||||||||
Net Income | 66,566 | 40,464 | 25,851 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 66,566 | 40,464 | 25,851 | ||||||||
Coal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 347,789 | 294,797 | 370,697 | 351,009 | 288,254 | 279,245 | 303,707 | 316,448 | 1,364,292 | 1,187,654 | 1,065,582 |
Coal Revenue | Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Coal Revenue | Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Coal Revenue | Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 1,023,219 | 890,741 | 799,187 | ||||||||
Coal Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Coal Revenue | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 341,073 | 296,913 | 266,395 | ||||||||
Terminal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 16,931 | 16,115 | 16,659 | 15,221 | 17,260 | 15,065 | 14,855 | 12,886 | 64,926 | 60,066 | 31,464 |
Terminal Revenue | Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 64,926 | 60,066 | 31,464 | ||||||||
Terminal Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Freight Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 21,845 | $ 21,803 | $ 17,762 | $ 12,282 | 43,572 | 73,692 | 46,468 |
Freight Revenue | Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Freight Revenue | Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Freight Revenue | Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 32,679 | 55,269 | 34,865 | ||||||||
Freight Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Freight Revenue | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 10,893 | $ 18,423 | $ 11,603 |
(Guarantor Subsidiaries Balance
(Guarantor Subsidiaries Balance Sheet) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | |||
Cash and Cash Equivalents | $ 235,677 | $ 153,979 | |
Accounts and Notes Receivable: | |||
Trade | 87,589 | 131,545 | |
Other Receivables | 41,355 | 36,552 | |
Inventories | 48,646 | 53,420 | |
Prepaid Expenses and Other Assets | 60,688 | 23,744 | |
Total Current Assets | 473,955 | 399,240 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 4,838,171 | 4,676,353 | |
Less: Accumulated Depreciation, Depletion and Amortization | 2,731,643 | 2,554,056 | |
Total Property, Plant and Equipment—Net | 2,106,528 | 2,122,297 | |
Other Assets: | |||
Deferred Income Taxes | 77,545 | 75,065 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 102,699 | 110,497 | |
Total Other Assets | 180,244 | 185,562 | |
TOTAL ASSETS | 2,760,727 | 2,707,099 | $ 2,687,434 |
Current Liabilities: | |||
Accounts Payable | 130,930 | 109,100 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 0 | |
Current Portion of Long-Term Debt | 134,812 | 22,482 | |
Other Accrued Liabilities | 226,434 | 290,627 | |
Total Current Liabilities | 492,176 | 422,209 | |
Total Long-Term Debt | 734,226 | 865,289 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 441,246 | 554,099 | |
Pneumoconiosis Benefits | 165,001 | 149,868 | |
Asset Retirement Obligations | 235,984 | 228,343 | |
Workers’ Compensation | 59,742 | 66,648 | |
Salary Retirement | 64,172 | 52,960 | |
Other | 16,569 | 24,042 | |
Total Deferred Credits and Other Liabilities | 982,714 | 1,075,960 | |
Total CONSOL Energy Inc. Stockholders' Equity | 409,935 | 204,260 | |
Noncontrolling Interest | 141,676 | 139,381 | |
TOTAL LIABILITIES AND EQUITY | 2,760,727 | 2,707,099 | |
Elimination | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 0 | |
Accounts and Notes Receivable: | |||
Trade | 0 | 0 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 0 | 0 | |
Total Current Assets | 0 | 0 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 0 | 0 | |
Less: Accumulated Depreciation, Depletion and Amortization | 0 | 0 | |
Total Property, Plant and Equipment—Net | 0 | 0 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | (141,129) | (165,110) | |
Investment in Affiliates | (605,981) | (645,157) | |
Other | 0 | 0 | |
Total Other Assets | (747,110) | (810,267) | |
TOTAL ASSETS | (747,110) | (810,267) | |
Current Liabilities: | |||
Accounts Payable | 3,822 | 18 | |
Accounts Payable (Recoverable)-Related Parties | (125,353) | (163,069) | |
Current Portion of Long-Term Debt | 112,013 | 0 | |
Other Accrued Liabilities | (3,822) | (4,874) | |
Total Current Liabilities | (13,340) | (167,925) | |
Total Long-Term Debt | (141,129) | (165,110) | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 0 | 0 | |
Asset Retirement Obligations | 0 | 0 | |
Workers’ Compensation | 0 | 0 | |
Salary Retirement | 0 | 0 | |
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders' Equity | (734,317) | (616,613) | |
Noncontrolling Interest | 141,676 | 139,381 | |
TOTAL LIABILITIES AND EQUITY | (747,110) | (810,267) | |
Parent Issuer | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 234,536 | 152,235 | |
Accounts and Notes Receivable: | |||
Trade | 0 | 0 | |
Other Receivables | 24,352 | 17,702 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 25,440 | 5,745 | |
Total Current Assets | 284,328 | 175,682 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 0 | 0 | |
Less: Accumulated Depreciation, Depletion and Amortization | 0 | 0 | |
Total Property, Plant and Equipment—Net | 0 | 0 | |
Other Assets: | |||
Deferred Income Taxes | 77,545 | 75,065 | |
Affiliated Credit Facility | 141,129 | 165,110 | |
Investment in Affiliates | 605,981 | 645,157 | |
Other | 40,760 | 44,177 | |
Total Other Assets | 865,415 | 929,509 | |
TOTAL ASSETS | 1,149,743 | 1,105,191 | |
Current Liabilities: | |||
Accounts Payable | (721) | 20,014 | |
Accounts Payable (Recoverable)-Related Parties | (2,291) | (2,291) | |
Current Portion of Long-Term Debt | 8,157 | 0 | |
Other Accrued Liabilities | 92,534 | 101,994 | |
Total Current Liabilities | 97,679 | 119,717 | |
Total Long-Term Debt | 577,957 | 728,254 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 0 | 0 | |
Asset Retirement Obligations | 0 | 0 | |
Workers’ Compensation | 0 | 0 | |
Salary Retirement | 64,172 | 52,960 | |
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 64,172 | 52,960 | |
Total CONSOL Energy Inc. Stockholders' Equity | 409,935 | 204,260 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,149,743 | 1,105,191 | |
Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 138 | 105 | |
Accounts and Notes Receivable: | |||
Trade | 0 | 0 | |
Other Receivables | 15,935 | 16,880 | |
Inventories | 37,580 | 41,117 | |
Prepaid Expenses and Other Assets | 15,451 | 13,568 | |
Total Current Assets | 69,104 | 71,670 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 3,891,873 | 3,765,885 | |
Less: Accumulated Depreciation, Depletion and Amortization | 2,204,896 | 2,070,646 | |
Total Property, Plant and Equipment—Net | 1,686,977 | 1,695,239 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 47,031 | 50,846 | |
Total Other Assets | 47,031 | 50,846 | |
TOTAL ASSETS | 1,803,112 | 1,817,755 | |
Current Liabilities: | |||
Accounts Payable | 102,995 | 66,271 | |
Accounts Payable (Recoverable)-Related Parties | 36,220 | 36,221 | |
Current Portion of Long-Term Debt | 11,139 | 22,405 | |
Other Accrued Liabilities | 105,806 | 149,425 | |
Total Current Liabilities | 256,160 | 274,322 | |
Total Long-Term Debt | 151,202 | 135,390 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 441,246 | 554,099 | |
Pneumoconiosis Benefits | 160,741 | 146,035 | |
Asset Retirement Obligations | 226,209 | 218,728 | |
Workers’ Compensation | 56,623 | 63,244 | |
Salary Retirement | 0 | 0 | |
Other | 16,051 | 23,435 | |
Total Deferred Credits and Other Liabilities | 900,870 | 1,005,541 | |
Total CONSOL Energy Inc. Stockholders' Equity | 494,880 | 402,502 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,803,112 | 1,817,755 | |
Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 106 | |
Accounts and Notes Receivable: | |||
Trade | 87,589 | 131,545 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 14,701 | 3 | |
Total Current Assets | 102,290 | 131,654 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 0 | 0 | |
Less: Accumulated Depreciation, Depletion and Amortization | 0 | 0 | |
Total Property, Plant and Equipment—Net | 0 | 0 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 0 | 0 | |
Total Other Assets | 0 | 0 | |
TOTAL ASSETS | 102,290 | 131,654 | |
Current Liabilities: | |||
Accounts Payable | 0 | 8 | |
Accounts Payable (Recoverable)-Related Parties | 87,593 | 129,139 | |
Current Portion of Long-Term Debt | 0 | 0 | |
Other Accrued Liabilities | 0 | (20) | |
Total Current Liabilities | 87,593 | 129,127 | |
Total Long-Term Debt | 0 | 1,572 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 0 | 0 | |
Asset Retirement Obligations | 0 | 0 | |
Workers’ Compensation | 0 | 0 | |
Salary Retirement | 0 | 0 | |
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders' Equity | 14,697 | 955 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 102,290 | 131,654 | |
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 1,003 | 1,533 | |
Accounts and Notes Receivable: | |||
Trade | 0 | 0 | |
Other Receivables | 1,068 | 1,970 | |
Inventories | 11,066 | 12,303 | |
Prepaid Expenses and Other Assets | 5,096 | 4,428 | |
Total Current Assets | 18,233 | 20,234 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 946,298 | 910,468 | |
Less: Accumulated Depreciation, Depletion and Amortization | 526,747 | 483,410 | |
Total Property, Plant and Equipment—Net | 419,551 | 427,058 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 14,908 | 15,474 | |
Total Other Assets | 14,908 | 15,474 | |
TOTAL ASSETS | 452,692 | 462,766 | |
Current Liabilities: | |||
Accounts Payable | 24,834 | 22,789 | |
Accounts Payable (Recoverable)-Related Parties | 3,831 | 0 | |
Current Portion of Long-Term Debt | 3,503 | 77 | |
Other Accrued Liabilities | 31,916 | 44,102 | |
Total Current Liabilities | 64,084 | 66,968 | |
Total Long-Term Debt | 146,196 | 165,183 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 4,260 | 3,833 | |
Asset Retirement Obligations | 9,775 | 9,615 | |
Workers’ Compensation | 3,119 | 3,404 | |
Salary Retirement | 0 | 0 | |
Other | 518 | 607 | |
Total Deferred Credits and Other Liabilities | 17,672 | 17,459 | |
Total CONSOL Energy Inc. Stockholders' Equity | 224,740 | 213,156 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | $ 452,692 | $ 462,766 |
(Guarantor Subsidiaries, Conden
(Guarantor Subsidiaries, Condensed Statement of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | $ 413,525 | $ 248,110 | $ 329,107 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (145,749) | (81,413) | (53,600) |
(Investments in), net of Distributions from, Subsidiaries | 0 | ||
Proceeds from Sales of Assets | 2,103 | 24,582 | 7,842 |
Other Investing Activity | (10,000) | 0 | 0 |
Net Cash Used in Investing Activities | (153,646) | (56,831) | (45,758) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | (15,484) | (3,904) | 431 |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | (201,000) | 16,000 |
Distributions to Noncontrolling Interest | (22,265) | (21,892) | (21,657) |
Shares/Units Withheld for Taxes | (3,424) | (2,156) | 0 |
Repurchases of Common Stock | (25,839) | 0 | 0 |
Purchases of CCR Units | (3,079) | 0 | 0 |
Change in Parent Net Investment | 0 | (156,502) | (270,969) |
Spin Distribution to CNX Resources Corporation | (18,234) | (425,000) | 0 |
Premium Paid on Extinguishment of Debt | (2,458) | 0 | 0 |
Debt Issuance and Financing Fees | (2,166) | (32,304) | (482) |
Net Cash Provided by (Used in) Financing Activities | (148,923) | (50,611) | (276,677) |
Elimination | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | 0 | 0 | 0 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | (35,124) | ||
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | 0 | ||
Net Cash Used in Investing Activities | (35,124) | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | 0 | 0 | 0 |
Affiliated Credit Facility | (196,583) | ||
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | |
Distributions to Noncontrolling Interest | 35,124 | 34,508 | 42,634 |
Shares/Units Withheld for Taxes | 0 | 0 | |
Repurchases of Common Stock | 0 | ||
Purchases of CCR Units | 0 | 162,075 | 0 |
Change in Parent Net Investment | 0 | 0 | |
Spin Distribution to CNX Resources Corporation | 0 | ||
Premium Paid on Extinguishment of Debt | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 35,124 | 0 | 42,634 |
Parent Issuer | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | 231,522 | (17,032) | 253 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | (2,908) | ||
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | (10,000) | ||
Net Cash Used in Investing Activities | (12,908) | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | (2,905) | (3,503) | 231 |
Affiliated Credit Facility | 33,583 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | |
Distributions to Noncontrolling Interest | 0 | 0 | 0 |
Shares/Units Withheld for Taxes | 0 | 0 | |
Repurchases of Common Stock | (25,839) | ||
Purchases of CCR Units | (3,079) | (5,573) | 270,969 |
Change in Parent Net Investment | (156,502) | (270,969) | |
Spin Distribution to CNX Resources Corporation | (18,234) | (425,000) | |
Premium Paid on Extinguishment of Debt | (2,458) | ||
Debt Issuance and Financing Fees | (2,166) | (32,304) | (482) |
Net Cash Provided by (Used in) Financing Activities | (77,072) | 169,265 | (251) |
Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | 56,624 | 192,423 | 255,756 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (114,606) | (61,917) | (40,896) |
(Investments in), net of Distributions from, Subsidiaries | 38,032 | ||
Proceeds from Sales of Assets | 1,933 | 23,082 | 7,819 |
Other Investing Activity | 0 | ||
Net Cash Used in Investing Activities | (74,641) | (38,835) | (33,077) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | (9,527) | (305) | 279 |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | |
Distributions to Noncontrolling Interest | 0 | 0 | (21,657) |
Shares/Units Withheld for Taxes | (2,512) | (171) | |
Repurchases of Common Stock | 0 | ||
Purchases of CCR Units | 0 | (156,502) | (270,969) |
Change in Parent Net Investment | 0 | 0 | |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Premium Paid on Extinguishment of Debt | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | (12,039) | (156,978) | (292,347) |
Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | 0 | 75 | 0 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | 0 | ||
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | 0 | ||
Net Cash Used in Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | 0 | 0 | 0 |
Affiliated Credit Facility | 0 | 0 | |
Net (Payments on) Proceeds from Revolver - MLP | 0 | 0 | |
Distributions to Noncontrolling Interest | 0 | 0 | 0 |
Shares/Units Withheld for Taxes | 0 | 0 | |
Repurchases of Common Stock | 0 | ||
Purchases of CCR Units | 0 | 0 | 0 |
Change in Parent Net Investment | 0 | 0 | |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Premium Paid on Extinguishment of Debt | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 |
CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by Operating Activities | 125,379 | 72,644 | 73,098 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (31,143) | (19,496) | (12,704) |
(Investments in), net of Distributions from, Subsidiaries | 0 | ||
Proceeds from Sales of Assets | 170 | 1,500 | 23 |
Other Investing Activity | 0 | ||
Net Cash Used in Investing Activities | (30,973) | (17,996) | (12,681) |
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Capitalized Leases/Miscellaneous Borrowings | (3,052) | (96) | (79) |
Affiliated Credit Facility | (33,583) | 196,583 | |
Net (Payments on) Proceeds from Revolver - MLP | (201,000) | 16,000 | |
Distributions to Noncontrolling Interest | (57,389) | (56,400) | (42,634) |
Shares/Units Withheld for Taxes | (912) | (1,985) | |
Repurchases of Common Stock | 0 | ||
Purchases of CCR Units | 0 | 0 | 0 |
Change in Parent Net Investment | 0 | 0 | |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Premium Paid on Extinguishment of Debt | 0 | ||
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | (94,936) | (62,898) | (26,713) |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (26,250) | 100,000 | 0 |
Term Loan A | Elimination | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | ||
Term Loan A | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (26,250) | 100,000 | |
Term Loan A | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Term Loan A | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Term Loan A | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Term Loan B | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (4,000) | 392,147 | 0 |
Term Loan B | Elimination | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | ||
Term Loan B | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (4,000) | 392,147 | |
Term Loan B | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Term Loan B | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Term Loan B | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (25,724) | 300,000 | $ 0 |
Senior Secured Second Lien Notes due 2025 | Elimination | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | ||
Senior Secured Second Lien Notes due 2025 | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | (25,724) | 300,000 | |
Senior Secured Second Lien Notes due 2025 | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | CONSOL Coal Resources LP | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
(Payments on) Proceeds from Debt | $ 0 | $ 0 |
Guarantor Subsidiaries Financ_4
Guarantor Subsidiaries Financial Information (Guarantor Subsidiaries Comprehensive Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | $ 46,034 | $ 9,084 | $ 52,709 | $ 70,958 | $ (24,640) | $ 8,518 | $ 52,246 | $ 46,445 | $ 178,785 | $ 82,569 | $ 50,450 |
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | 66,341 | 94,919 | (31,409) | ||||||||
Other Comprehensive Income (Loss) | 66,341 | 94,919 | (31,409) | ||||||||
Comprehensive Income | 245,126 | 177,488 | 19,041 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 25,803 | 14,896 | 9,216 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 219,323 | 162,592 | 9,825 | ||||||||
Reportable Legal Entities | Parent Issuer | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 152,976 | 67,629 | 41,496 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | 66,341 | 94,919 | (31,409) | ||||||||
Other Comprehensive Income (Loss) | 66,341 | 94,919 | (31,409) | ||||||||
Comprehensive Income | 219,317 | 162,548 | 10,087 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 219,317 | 162,548 | 10,087 | ||||||||
Reportable Legal Entities | Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 175,322 | (137,236) | 33,631 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||||||||
Comprehensive Income | 175,322 | (137,236) | 33,631 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 175,322 | (137,236) | 33,631 | ||||||||
Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | (2,481) | (1,995) | (103) | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||||||||
Comprehensive Income | (2,481) | (1,995) | (103) | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (2,481) | (1,995) | (103) | ||||||||
Elimination | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | (213,598) | 113,707 | (50,425) | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | 1,477 | (1,366) | (818) | ||||||||
Other Comprehensive Income (Loss) | 1,477 | (1,366) | (818) | ||||||||
Comprehensive Income | (212,121) | 112,341 | (51,243) | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 25,803 | 14,896 | 9,216 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (237,924) | 97,445 | (60,459) | ||||||||
CONSOL Coal Resources LP | Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 66,566 | 40,464 | 25,851 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial Loss (Gain) | (1,477) | 1,366 | 818 | ||||||||
Other Comprehensive Income (Loss) | (1,477) | 1,366 | 818 | ||||||||
Comprehensive Income | 65,089 | 41,830 | 26,669 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interests | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 65,089 | $ 41,830 | $ 26,669 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017shares | Sep. 30, 2016USD ($)$ / sharesshares | Jul. 31, 2015USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)businessshares | Dec. 31, 2016shares | Jul. 31, 2018USD ($) | Nov. 30, 2017 | Nov. 28, 2017USD ($) | |
Related Party Transaction [Line Items] | |||||||||
Accounts payable, related parties | $ 3,831,000 | $ 3,071,000 | |||||||
Separation and distribution costs | $ 40,545,000 | ||||||||
Payment of separation and distribution costs | $ 18,234,000 | ||||||||
Number of independent businesses | business | 2 | ||||||||
Undivided interest (as a percent) | 75.00% | ||||||||
Shares repurchased (in shares) | shares | 708,245 | 0 | 0 | ||||||
Average share price (in dollars per share) | $ / shares | $ 36.48 | ||||||||
CONSOL Thermal Holdings LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Undivided interest (as a percent) | 5.00% | ||||||||
Cash consideration | $ 21,500,000 | ||||||||
Equity consideration | $ 67,300,000 | ||||||||
Weighted average trading price (in dollars per share) | $ / shares | $ 14.79 | ||||||||
Price premium (as a percent) | 15.00% | ||||||||
Preferred Class A | CONSOL Thermal Holdings LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred units issued (in shares) | shares | 3,956,496 | 3,956,496 | |||||||
Issue price (in dollars per share) | $ / shares | $ 17.01 | ||||||||
Consol Coal Resources LP Units | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | ||||||||
Shares repurchased (in shares) | shares | 167,958 | 0 | |||||||
Average share price (in dollars per share) | $ / shares | $ 18.33 | ||||||||
Transition Services Agreements | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related Party Costs | $ 2,632,000 | $ 216,000 | |||||||
Senior Secured Revolving Credit Facility | Line of Credit | |||||||||
Related Party Transaction [Line Items] | |||||||||
Maximum borrowing capacity | $ 400,000,000 | ||||||||
Initial draw on line of credit | 200,000,000 | ||||||||
Origination fees | 3,000,000 | ||||||||
Net proceeds line of credit | $ 197,000,000 | ||||||||
Former Parent | |||||||||
Related Party Transaction [Line Items] | |||||||||
Accounts payable, related parties | 235,000 | 12,540,000 | |||||||
Accounts receivable, related parties | 11,788,000 | 15,415,000 | |||||||
Other receivables - related party | 5,500,000 | 4,500,000 | |||||||
Accounts receivable, related parties, noncurrent | 6,288,000 | 10,915,000 | |||||||
Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Maximum borrowing capacity | $ 275,000,000 | ||||||||
Line of credit amount drawn | $ 201,000,000 | ||||||||
Interest expense | $ 7,709,000 | $ 746,000 | |||||||
Minimum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated interest rate | 3.75% | ||||||||
Maximum | Affiliated Entity | Affiliated Company Credit Agreement | CONSOL Coal Resources LP | |||||||||
Related Party Transaction [Line Items] | |||||||||
Stated interest rate | 4.75% |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Disclosures) (Details) - Majority Shareholder - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 11,218 | $ 6,612 | $ 8,077 |
Operating and Other Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | 2,918 | 3,503 | 4,251 |
Selling, General and Administrative Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 8,300 | $ 3,109 | $ 3,826 |
Supplemental Coal Data (unaud_3
Supplemental Coal Data (unaudited) (Narrative) (Details) T in Millions | Dec. 31, 2018T |
Assigned coal reserves | |
Reserve Quantities [Line Items] | |
Coal reserves | 188 |
Steam | |
Reserve Quantities [Line Items] | |
Proved undeveloped reserve (mass) | 2,174 |
Metallurgical coal | |
Reserve Quantities [Line Items] | |
Proved undeveloped reserve (mass) | 87 |
Supplemental Coal Data (unaud_4
Supplemental Coal Data (unaudited) (Schedule of Proven and Probable Reserves) (Details) - Coal segment - T T in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proved Developed and Undeveloped Reserve (Mass) Rollforward [Roll Forward] | |||||
Consolidated recoverable coal reserves at beginning of period | 2,298 | 2,361 | 3,047 | 3,238 | 3,032 |
Purchased reserves | 0 | 0 | 0 | 24 | 0 |
Reserves sold in place | 0 | (16) | (601) | (43) | (233) |
Production | (28) | (26) | (26) | (29) | (32) |
Revisions and other changes | (9) | (21) | (59) | (143) | 471 |
Consolidated recoverable coal reserves at end of period | 2,261 | 2,298 | 2,361 | 3,047 | 3,238 |
Consolidation Coal Company | |||||
Proved Developed and Undeveloped Reserve (Mass) Rollforward [Roll Forward] | |||||
Consolidated recoverable coal reserves at end of period | 143.3 |
Supplemental Quarterly Inform_3
Supplemental Quarterly Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 28, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue and Other Income: | ||||||||||||
Revenue from Contract with Customers | $ 1,472,790 | $ 1,321,412 | $ 1,143,514 | |||||||||
Miscellaneous Other Income | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 20,771 | $ 19,713 | $ 10,145 | $ 22,650 | 58,660 | 73,279 | 82,120 | |
Gain (Loss) on Sale of Assets | 292 | (85) | 104 | 254 | 4,188 | (513) | 5,582 | 7,955 | 565 | 17,212 | 5,228 | |
Total Revenue and Other Income | 382,236 | 324,248 | 415,273 | 410,258 | 352,318 | 335,313 | 352,051 | 372,221 | 1,532,015 | 1,411,903 | 1,230,862 | |
Costs and Expenses: | ||||||||||||
Operating and Other Costs | 245,672 | 222,781 | 248,195 | 229,802 | 204,306 | 229,527 | 222,882 | 229,994 | 946,450 | 886,709 | 877,177 | |
Depreciation, Depletion and Amortization | 45,590 | 51,242 | 54,961 | 49,471 | 47,088 | 46,653 | 25,268 | 52,993 | 201,264 | 172,002 | 178,122 | |
Freight Expense | 5,798 | 2,443 | 17,444 | 17,887 | 21,845 | 21,803 | 17,762 | 12,282 | 43,572 | 73,692 | 46,468 | |
Selling, General and Administrative Costs | 17,631 | 18,526 | 15,705 | 13,484 | 25,008 | 21,180 | 20,338 | 17,079 | 65,346 | 83,605 | 50,027 | |
Loss on Debt Extinguishment | 773 | 0 | 1,723 | 1,426 | 3,922 | 0 | 0 | |||||
Interest Expense, net | 20,437 | 20,862 | 21,504 | 21,045 | 14,270 | 3,862 | 3,944 | 4,022 | 83,848 | 26,098 | 14,053 | |
Total Costs and Expenses | 335,901 | 315,854 | 359,532 | 333,115 | 312,517 | 323,025 | 290,194 | 316,370 | 1,344,402 | 1,242,106 | 1,165,847 | |
Earnings Before Income Tax | 46,335 | 8,394 | 55,741 | 77,143 | 39,801 | 12,288 | 61,857 | 55,851 | 187,613 | 169,797 | 65,015 | |
Income Tax Expense (Benefit) | 301 | (690) | 3,032 | 6,185 | 64,441 | 3,770 | 9,611 | 9,406 | 8,828 | 87,228 | 14,565 | |
Net Income | 46,034 | 9,084 | 52,709 | 70,958 | (24,640) | 8,518 | 52,246 | 46,445 | 178,785 | 82,569 | 50,450 | |
Less: Net Income Attributable to Noncontrolling Interest | 6,362 | 3,350 | 7,547 | 8,550 | 4,373 | 790 | 4,313 | 5,464 | 25,809 | 14,940 | 8,954 | |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ (29,013) | $ 7,728 | $ 47,933 | $ 40,981 | $ 152,976 | $ 67,629 | $ 41,496 | |
Earnings per Share: | ||||||||||||
Basic (in dollars per share) | $ 1.43 | $ 0.20 | $ 1.61 | $ 2.23 | $ (1.04) | $ 0.28 | $ 1.71 | $ 1.47 | $ 5.48 | $ 2.42 | $ 1.48 | |
Diluted (in dollars per share) | $ 1.41 | $ 0.20 | $ 1.58 | $ 2.20 | $ (1.04) | $ 0 | $ 0 | $ 0 | $ 5.38 | $ 2.40 | $ 1.48 | |
Common stock distributed (in shares) | 27,967,509 | 0 | 27,967,509 | 0 | ||||||||
Coal Revenue | ||||||||||||
Revenue and Other Income: | ||||||||||||
Revenue from Contract with Customers | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | $ 288,254 | $ 279,245 | $ 303,707 | $ 316,448 | $ 1,364,292 | $ 1,187,654 | $ 1,065,582 | |
Terminal Revenue | ||||||||||||
Revenue and Other Income: | ||||||||||||
Revenue from Contract with Customers | 16,931 | 16,115 | 16,659 | 15,221 | 17,260 | 15,065 | 14,855 | 12,886 | 64,926 | 60,066 | 31,464 | |
Freight Revenue | ||||||||||||
Revenue and Other Income: | ||||||||||||
Revenue from Contract with Customers | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 21,845 | $ 21,803 | $ 17,762 | $ 12,282 | $ 43,572 | $ 73,692 | $ 46,468 |