Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 24, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End | --12-31 | ||
Entity File Number | 001-38147 | ||
Amendment Flag | false | ||
Entity Registrant Name | CONSOL Energy Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-1954058 | ||
Entity Address, Address Line One | 1000 CONSOL Energy Drive | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Canonsburg | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 15317-6506 | ||
City Area Code | 724 | ||
Local Phone Number | 416-8300 | ||
Title of 12(b) Security | Common Stock ($0.01 par value) | ||
Trading Symbol | CEIX | ||
Security Exchange Name | NYSE | ||
Entity Central Index Key | 0001710366 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 717,967,071 | ||
Entity Common Stock, Shares Outstanding | 25,932,618 | ||
Documents Incorporated by Reference | Portions of CONSOL Energy Inc.'s Proxy Statement for the Annual Meeting of Shareholders to be held on May 8, 2020 are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Miscellaneous Other Income | $ 16,675 | $ 11,188 | $ 12,194 | $ 13,292 | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | 53,349 | 58,660 | 73,279 |
Gain on Sale of Assets | 9 | 714 | 933 | 339 | 292 | (85) | 104 | 254 | 1,995 | 565 | 17,212 |
Total Revenue and Other Income | 342,635 | 333,346 | 384,309 | 370,613 | 382,236 | 324,248 | 415,273 | 410,258 | 1,430,903 | 1,532,015 | 1,411,903 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 229,603 | 234,849 | 253,448 | 230,112 | 245,672 | 222,781 | 248,195 | 229,802 | 948,012 | 946,450 | 886,709 |
Depreciation, Depletion and Amortization | 55,852 | 54,370 | 46,151 | 50,724 | 45,590 | 51,242 | 54,961 | 49,471 | 207,097 | 201,264 | 172,002 |
Freight Expense | 5,552 | 3,599 | 3,854 | 6,662 | 5,798 | 2,443 | 17,444 | 17,887 | 19,667 | 43,572 | 73,692 |
Selling, General and Administrative Costs | 14,210 | 14,690 | 16,288 | 21,923 | 17,631 | 18,526 | 15,705 | 13,484 | 67,111 | 65,346 | 83,605 |
Loss on Debt Extinguishment | (989) | 801 | 1,500 | 23,143 | 773 | 0 | 1,723 | 1,426 | 24,455 | 3,922 | 0 |
Interest Expense, net | 16,224 | 15,598 | 16,046 | 18,596 | 20,437 | 20,862 | 21,504 | 21,045 | 66,464 | 83,848 | 26,098 |
Total Costs and Expenses | 320,452 | 323,907 | 337,287 | 351,160 | 335,901 | 315,854 | 359,532 | 333,115 | 1,332,806 | 1,344,402 | 1,242,106 |
Earnings Before Income Tax | 22,183 | 9,439 | 47,022 | 19,453 | 46,335 | 8,394 | 55,741 | 77,143 | 98,097 | 187,613 | 169,797 |
Income Tax Expense (Note 6) | 4,782 | 2,415 | (1,808) | (850) | 301 | (690) | 3,032 | 6,185 | 4,539 | 8,828 | 87,228 |
Net Income | 17,401 | 7,024 | 48,830 | 20,303 | 46,034 | 9,084 | 52,709 | 70,958 | 93,558 | 178,785 | 82,569 |
Less: Net Income Attributable to Noncontrolling Interest | 3,455 | 2,684 | 5,550 | 5,868 | 6,362 | 3,350 | 7,547 | 8,550 | 17,557 | 25,809 | 14,940 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 13,946 | $ 4,340 | $ 43,280 | $ 14,435 | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ 76,001 | $ 152,976 | $ 67,629 |
Earnings per Share: | |||||||||||
Total Basic Earnings per Share (in dollars per share) | $ 0.54 | $ 0.16 | $ 1.57 | $ 0.52 | $ 1.43 | $ 0.20 | $ 1.61 | $ 2.23 | $ 2.82 | $ 5.48 | $ 2.42 |
Total Dilutive Earnings per Share (in dollars per share) | $ 0.54 | $ 0.16 | $ 1.56 | $ 0.52 | $ 1.41 | $ 0.20 | $ 1.58 | $ 2.20 | $ 2.81 | $ 5.38 | $ 2.40 |
Coal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 303,865 | $ 301,542 | $ 350,620 | $ 332,502 | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | $ 1,288,529 | $ 1,364,292 | $ 1,187,654 |
Terminal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 16,534 | 16,303 | 16,708 | 17,818 | 16,931 | 16,115 | 16,659 | 15,221 | 67,363 | 64,926 | 60,066 |
Freight Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 5,552 | $ 3,599 | $ 3,854 | $ 6,662 | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 19,667 | $ 43,572 | $ 73,692 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 93,558 | $ 178,785 | $ 82,569 |
Actuarially Determined Long-Term Liability Adjustments: | |||
Amortization of Prior Service Credits (net of tax: $697, $662, $1,076) | (2,075) | (2,246) | (1,832) |
Recognized Net Actuarial Loss (net of tax: $(3,958), $(5,590), $(9,039)) | 11,773 | 18,960 | 15,391 |
Settlement Loss (net of tax: $0, $0, $(2,312)) | 0 | 0 | 7,841 |
Other Comprehensive (Loss) Gain before Reclassifications (net of tax: $11,690, $(14,986), $(26,360)) | (34,830) | 49,627 | 73,519 |
Unrecognized Loss on Derivatives: | |||
Unrealized Loss on Cash Flow Hedges (net of tax: $37, $0, $0) | (117) | 0 | 0 |
Other Comprehensive (Loss) Income | (25,249) | 66,341 | 94,919 |
Comprehensive Income | 68,309 | 245,126 | 177,488 |
Less: Comprehensive Income Attributable to Noncontrolling Interest | 17,551 | 25,803 | 14,896 |
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 50,758 | $ 219,323 | $ 162,592 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Amortization of Prior Service Credits, Tax | $ 697 | $ 662 | $ 1,076 |
Net Actuarial Loss, Tax | (3,958) | (5,590) | (9,039) |
Settlement Loss, Tax | 0 | 0 | (2,312) |
Other Comprehensive (Loss) Gain before Reclassification, Tax | 11,690 | (14,986) | (26,360) |
Unrealized Loss on Cash Flow Hedges, Tax | $ (37) | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 80,293 | $ 235,677 |
Restricted Cash | 0 | 29,258 |
Accounts and Notes Receivable | ||
Trade Receivables, net of Allowance | 131,688 | 87,589 |
Other Receivables | 40,984 | 41,355 |
Inventories (Note 8) | 54,131 | 48,646 |
Prepaid Expenses and Other Assets | 30,933 | 31,430 |
Total Current Assets | 338,029 | 473,955 |
Property, Plant and Equipment (Note 9): | ||
Property, Plant and Equipment | 5,008,180 | 4,838,171 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,916,015 | 2,731,643 |
Total Property, Plant and Equipment—Net | 2,092,165 | 2,106,528 |
Other Assets: | ||
Deferred Income Taxes (Note 6) | 103,505 | 77,545 |
Right of Use Asset - Operating Leases (Note 13) | 72,632 | |
Other | 87,471 | 102,699 |
Total Other Assets | 263,608 | 180,244 |
TOTAL ASSETS | 2,693,802 | 2,760,727 |
Current Liabilities: | ||
Accounts Payable | 106,223 | 130,930 |
Current Portion of Long-Term Debt (Note 12 and Note 13) | 50,272 | 134,812 |
Other Accrued Liabilities (Note 11) | 235,769 | 226,434 |
Total Current Liabilities | 392,264 | 492,176 |
Long-Term Debt: | ||
Long-Term Debt (Note 12) | 653,802 | 708,536 |
Finance Lease Obligations (Note 13) | 9,036 | |
Finance Lease Obligations (Note 13) | 25,690 | |
Total Long-Term Debt | 662,838 | 734,226 |
Deferred Credits and Other Liabilities: | ||
Postretirement Benefits Other Than Pensions (Note 14) | 432,496 | 441,246 |
Pneumoconiosis Benefits (Note 15) | 202,142 | 165,001 |
Asset Retirement Obligations (Note 7) | 250,211 | 235,984 |
Workers’ Compensation (Note 15) | 61,194 | 59,742 |
Salary Retirement (Note 14) | 49,930 | 64,172 |
Operating Lease Liability (Note 13) | 55,413 | |
Other | 14,919 | 16,569 |
Total Deferred Credits and Other Liabilities | 1,066,305 | 982,714 |
TOTAL LIABILITIES | 2,121,407 | 2,209,116 |
Stockholders’ Equity: | ||
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 25,932,618 Shares Issued and Outstanding at December 31, 2019; 27,437,844 Shares Issued and Outstanding at December 31, 2018 | 259 | 274 |
Capital in Excess of Par Value | 523,762 | 550,995 |
Retained Earnings | 259,903 | 182,148 |
Accumulated Other Comprehensive Loss | (348,725) | (323,482) |
Total CONSOL Energy Inc. Stockholders’ Equity | 435,199 | 409,935 |
Noncontrolling Interest | 137,196 | 141,676 |
TOTAL EQUITY | 572,395 | 551,611 |
TOTAL LIABILITIES AND EQUITY | $ 2,693,802 | $ 2,760,727 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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) | 25,932,618 | 27,437,844 |
Common stock shares outstanding (in shares) | 25,932,618 | 27,437,844 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained (Deficit) Earnings | Parent Net Investment | Accumulated Other Comprehensive (Loss) Income | Total CONSOL Energy Inc. Stockholders’ Equity | Non- Controlling Interest |
Balance, Beginning 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 (Loss) Income | 82,569 | (43,713) | 111,342 | 67,629 | 14,940 | |||
Actuarially Determined Long-Term Liability Adjustments | 94,919 | 94,963 | 94,963 | (44) | ||||
Interest Rate Hedge | 0 | |||||||
Comprehensive Income (Loss) | 177,488 | (43,713) | 111,342 | 94,963 | 162,592 | 14,896 | ||
Net Parent Distributions | (207,008) | (207,008) | (207,008) | |||||
Spin Distribution to CNX Resources | (425,000) | (425,000) | (425,000) | |||||
Separation Adjustments | 0 | 537,028 | (537,028) | |||||
Issuance of Common Stock | 0 | 280 | (280) | |||||
Amortization of Stock-Based Compensation Awards | 22,085 | 16,212 | 16,212 | 5,873 | ||||
Shares/Units Withheld for Taxes | (2,156) | (167) | (167) | (1,989) | ||||
Distributions to Noncontrolling Interest | (21,892) | (21,892) | ||||||
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 (Loss) Income | 178,785 | 152,976 | 152,976 | 25,809 | ||||
Actuarially Determined Long-Term Liability Adjustments | 66,341 | 66,347 | 66,347 | (6) | ||||
Interest Rate Hedge | 0 | |||||||
Comprehensive Income (Loss) | 245,126 | 152,976 | 66,347 | 219,323 | 25,803 | |||
Separation Adjustments | 7,216 | 7,216 | 7,216 | |||||
Issuance of Common Stock | 0 | 1 | (1) | |||||
Amortization of Stock-Based Compensation Awards | 10,235 | 8,392 | 8,392 | 1,843 | ||||
Repurchases of Common Stock | (25,839) | (7) | (13,988) | (11,844) | (25,839) | |||
Shares/Units Withheld for Taxes | (3,424) | (2,512) | (2,512) | (912) | ||||
Purchase of CCR Units | (3,079) | (905) | (905) | (2,174) | ||||
Reclassification of Stranded Tax Effect of Change in Tax Law | 84,729 | (84,729) | ||||||
Distributions to Noncontrolling Interest | (22,265) | (22,265) | ||||||
Balance, End of Period at Dec. 31, 2018 | 551,611 | 274 | 550,995 | 182,148 | 0 | (323,482) | 409,935 | 141,676 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (Loss) Income | 93,558 | 76,001 | 76,001 | 17,557 | ||||
Actuarially Determined Long-Term Liability Adjustments | (25,132) | (25,126) | (25,126) | (6) | ||||
Interest Rate Hedge | (117) | (117) | (117) | |||||
Comprehensive Income (Loss) | 68,309 | 76,001 | (25,243) | 50,758 | 17,551 | |||
Issuance of Common Stock | 0 | 2 | (2) | |||||
Amortization of Stock-Based Compensation Awards | 12,760 | 11,351 | 11,351 | 1,409 | ||||
Repurchases of Common Stock | (32,733) | (17) | (34,470) | 1,754 | (32,733) | |||
Shares/Units Withheld for Taxes | (4,963) | (4,083) | (4,083) | (880) | ||||
Purchase of CCR Units | (369) | (29) | (29) | (340) | ||||
Distributions to Noncontrolling Interest | (22,220) | (22,220) | ||||||
Balance, End of Period at Dec. 31, 2019 | $ 572,395 | $ 259 | $ 523,762 | $ 259,903 | $ 0 | $ (348,725) | $ 435,199 | $ 137,196 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Actuarial Loss, Tax | $ (8,429) | $ 19,914 | $ 30,323 |
Unrealized Loss on Cash Flow Hedges, Tax | $ (37) | $ 0 | $ 0 |
Retirement of Common Stock (in shares) | 1,717,497 | 708,245 | 0 |
Shares repurchased | 26,297 | 167,958 | |
CCR Units | |||
Shares repurchased | 26,297 | 167,958 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 93,558 | $ 178,785 | $ 82,569 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Depreciation, Depletion and Amortization | 207,097 | 201,264 | 172,002 |
Stock/Unit-Based Compensation | 12,760 | 10,235 | 22,085 |
Gain on Sale of Assets | (1,995) | (565) | (17,212) |
Amortization of Debt Issuance Costs | 6,416 | 8,858 | 977 |
Loss on Debt Extinguishment | 24,455 | 3,922 | 0 |
Deferred Income Taxes | (17,419) | (16,482) | 16,610 |
Changes in Operating Assets: | |||
Trade and Other Receivables | (38,960) | 39,157 | (44,417) |
Inventories | (5,485) | 4,774 | (3,259) |
Prepaid Expenses and Other Assets | 497 | (7,307) | (2,877) |
Changes in Other Assets | 17,302 | 15,583 | 5,729 |
Changes in Operating Liabilities: | |||
Accounts Payable | (21,714) | 37,488 | 7,043 |
Other Operating Liabilities | (7,884) | (38,659) | 46,421 |
Changes in Other Liabilities | (24,062) | (23,526) | (40,765) |
Other | 0 | (2) | 3,204 |
Net Cash Provided by Operating Activities | 244,566 | 413,525 | 248,110 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (169,739) | (145,749) | (81,413) |
Proceeds from Sales of Assets | 2,201 | 2,103 | 24,582 |
Other Investing Activity | (5,003) | (10,000) | 0 |
Net Cash Used in Investing Activities | (172,541) | (153,646) | (56,831) |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | (18,549) | ||
Payments on Finance Lease Obligations | (15,484) | (3,904) | |
Net Payments on Revolver - MLP | 0 | 0 | (201,000) |
Distributions to Noncontrolling Interest | (22,220) | (22,265) | (21,892) |
Shares/Units Withheld for Taxes | (4,963) | (3,424) | (2,156) |
Repurchases of Common Stock | (32,733) | (25,839) | 0 |
Spin Distribution to CNX Resources Corporation | 0 | (18,234) | (425,000) |
Other Parent Net Distributions | 0 | 0 | (156,502) |
Premium Paid on Extinguishment of Debt | (6,773) | (2,458) | 0 |
Debt Issuance and Financing Fees | (12,492) | (2,166) | (32,304) |
Net Cash Provided by (Used in) Financing Activities | (256,667) | (148,923) | (50,611) |
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (184,642) | 110,956 | 140,668 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 264,935 | 153,979 | 13,311 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 80,293 | 264,935 | 153,979 |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 26,250 | 0 | 100,000 |
Payments on debt | (11,250) | (26,250) | 0 |
Term Loan B | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | 392,147 |
Payments on debt | (124,437) | (4,000) | 0 |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | 300,000 |
Payments on debt | (52,648) | (25,724) | 0 |
Other Asset-Backed Financing Arrangements | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 3,757 | 0 | 0 |
Payments on debt | (240) | 0 | 0 |
CCR Units | |||
Cash Flows from Financing Activities: | |||
Repurchases of Common Stock | $ (369) | $ (3,079) | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 its 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. Restricted Cash Restricted cash represents cash collateral supporting the Company's surety bond portfolio and letters of credit issued under the Company's accounts receivable securitization program. Trade Receivables and Allowance for Doubtful Accounts Trade receivables are recorded at the invoiced amount and do not bear interest. Trade credit is extended based upon evaluations of each customer's ability to perform its obligations, which is assessed regularly. An allowance for doubtful accounts is determined based upon an aging of customer accounts and a review for collectibility of specific accounts. Amounts are written off against the allowance in the period in which the receivable is deemed uncollectible. The allowance for doubtful accounts was $2,100 as of December 31, 2019 . No allowance for doubtful accounts was recorded as of December 31, 2018 . In addition, there were no material financing receivables with a contractual maturity greater than one year at December 31, 2019 or 2018 . 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 for impairment issues 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 estimated 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 for impairment issues 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, 2019 , 2018 , and 2017 , capitalized interest totaled $6,686 , $6,033 and $1,444 , 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, 2019 , 2018 , and 2017 . Income Taxes The Company files a consolidated federal income tax return and utilizes the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable, net of amounts refunded or estimated to be refunded, for the current year and the change in deferred taxes, exclusive of amounts recorded in Other Comprehensive (Loss) Income. Any refinements to prior years’ taxes made due to subsequent information are reflected as adjustments in the current period. Deferred income tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In accounting for uncertainty in income taxes of a tax position taken or expected to be taken in a tax return, the Company utilizes a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position in order to record any financial statement benefit. If it is more likely than not that a tax position will be sustained, then the Company must measure the tax position to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. 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 (Loss) Income. 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 Obligations 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. For active locations, the present value of the estimated asset retirement obligation is capitalized as part of the carrying amount of the long-lived asset. For locations that have been fully depleted or closed, the present value of the change is recorded directly to the consolidated statements of income. Generally, the capitalized asset retirement obligation 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. 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 (Loss) Income. 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 generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. 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. Derivative Instruments The Company generally utilizes derivative instruments to manage exposures to interest rate risk on long-term debt. The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. These interest rate swaps have been designated as cash flow hedges of future variable interest payments and are accounted for as an asset or a liability in the accompanying Consolidated Balance Sheets at their fair value (see Note 20 - Fair Value of Financial Instruments for additional information). In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to the underlying item being hedged. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a cash flow hedge is recognized immediately in earnings. 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, 2019 2018 2017 Anti-Dilutive Restricted Stock Units 175,752 620 1,469 Anti-Dilutive Performance Share Units 20,202 6,363 — 195,954 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, 2019 2018 2017 Numerator: Net Income $ 93,558 $ 178,785 $ 82,569 Less: Net Income Attributable to Noncontrolling Interest 17,557 25,809 14,940 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 76,001 $ 152,976 $ 67,629 Denominator: Weighted-average shares of common stock outstanding 26,938,339 27,928,245 27,968,188 Effect of dilutive shares 132,769 491,517 206,046 Weighted-average diluted shares of common stock outstanding 27,071,108 28,419,762 28,174,234 Earnings per Share: Basic $ 2.82 $ 5.48 $ 2.42 Dilutive $ 2.81 $ 5.38 $ 2.40 Prior to November 28, 2017, CONSOL Energy did not have any issued or outstanding common stock. As of December 31, 2019 , CONSOL Energy has 500,000 shares of preferred stock, none of which were issued or outstanding. Shares of common stock outstanding were as follows: 2019 2018 2017 Balance, Beginning of Year 27,437,844 27,973,281 — Issuance Related to Separation and Distribution (1) — — 27,967,509 Retirement Related to Stock Repurchase (2) (1,717,497 ) (708,245 ) — Issuance Related to Stock-Based Compensation (3) 212,271 172,808 5,772 Balance, End of Year 25,932,618 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 Repurchases for additional information. (3) See Note 17 - Stock-Based Compensation for additional information. Recent Accounting Pronouncements In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) to clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. These changes will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) to reduce the complexity of accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in Update 2019-12 will remove the following exceptions: (1) the exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in Update 2019-12 will also simplify the accounting for income taxes in the areas of franchise tax, step up in the tax basis of goodwill associated with a business combination, allocation of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, and presentation of the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The update adds minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. These changes will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management 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 does not expect this update to have a material impact on the Company's financial statements. 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 collectability of the reported amount. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates 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 fiscal years. CONSOL Energy's exposure to credit losses is concentrated on trade and other receivables arising from contractual agreements. Additional disclosures will be required to describe the nature and amount of the Company's credit losses, including the significant assumptions and judgments required to value the losses, and the accounting policy elections taken. The Company is implementing proce |
Separation from the Company's F
Separation from the Company's Former Parent | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Separation from the Company's Former Parent | 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 independent, publicly-traded coal company and an independent, publicly-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 the 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 (the “SDA”) 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 (“TMA”), employee matters agreement, transition services agreement (“TSA”) and certain agreements related to intellectual property. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE: The following table disaggregates CONSOL Energy's revenue from contracts with customers to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: For the Year Ended For the Year Ended December 31, 2019 December 31, 2018 Coal Revenue $ 1,288,529 $ 1,364,292 Terminal Revenue 67,363 64,926 Freight Revenue 19,667 43,572 Total Revenue from Contracts with Customers $ 1,375,559 $ 1,472,790 CONSOL Energy's coal revenue is recognized when title passes to the customer and the price is fixed and determinable. The Company has 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 stand-alone selling prices determined at contract inception. Coal Revenue Revenues are generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. 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 no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At December 31, 2019 and 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the years ended December 31, 2019 and 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. The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At December 31, 2019 and 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the years ended December 31, 2019 and 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 separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Payments for coal shipments are typically due within two to four weeks from the invoice date. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables since the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the good or service passes to the customer. |
Miscellaneous Other Income
Miscellaneous Other Income | 12 Months Ended |
Dec. 31, 2019 | |
Component of Operating Income [Abstract] | |
Miscellaneous Other Income | MISCELLANEOUS OTHER INCOME: For the Years Ended December 31, 2019 2018 2017 Royalty Income - Non-Operated Coal $ 22,208 $ 24,722 $ 28,089 Purchased Coal Sales 12,385 19,152 13,161 Contract Buyout 9,959 350 9,912 Interest Income 2,937 2,146 2,619 Rental Income 2,517 3,804 14,114 Property Easements and Option Income 1,631 5,644 2,436 Other 1,712 2,842 2,948 Miscellaneous Other Income $ 53,349 $ 58,660 $ 73,279 |
Stock, Unit and Debt Repurchase
Stock, Unit and Debt Repurchases | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stock, Unit and Debt Repurchases | STOCK, UNIT AND DEBT REPURCHASES: In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the TMA. The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million , bringing the aggregate limit of the program to $175 million . The May 2019 expansion also increased the aggregate limit of the amount of CCR's common units that can be purchased under the program to $50 million , which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CCR's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million , bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $200 million . 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 years ended December 31, 2019 and 2018 , 1,717,497 and 708,245 shares of the Company's common stock were repurchased and retired at an average price of $19.06 and $36.48 per share, respectively. During the years ended December 31, 2019 and 2018 , 26,297 and 167,958 of the Partnership's common units were purchased at an average price of $14.05 and $18.33 per unit, respectively. Additionally, the Company repurchased approximately $52,648 and $25,724 of its 11.00% Senior Secured Second Lien Notes due 2025 during the years ended December 31, 2019 and 2018 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The components of income tax expense (benefit) were as follows: For The Years Ended December 31, 2019 2018 2017 Current: U.S. Federal $ 15,905 $ 20,634 $ 65,856 U.S. State 4,717 3,240 2,732 Non-U.S. 1,336 1,436 2,030 21,958 25,310 70,618 Deferred: U.S. Federal (9,386 ) (7,509 ) 17,397 U.S. State (8,033 ) (8,973 ) (787 ) (17,419 ) (16,482 ) 16,610 Total Income Tax Expense $ 4,539 $ 8,828 $ 87,228 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, 2019 2018 2017 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 20,600 21.0 % $ 39,399 21.0 % $ 59,429 35.0 % State income taxes, net of federal tax benefit 3,125 3.2 3,240 1.7 1,264 0.7 Foreign income taxes 1,336 1.4 1,436 0.8 — — Excess tax depletion (13,141 ) (13.4 ) (20,873 ) (11.1 ) (24,216 ) (14.3 ) Effect of domestic production activities — — — — (6,493 ) (3.8 ) Effect of change in U.S. tax law — — 2,777 1.5 58,558 34.5 Excess compensation 1,849 1.9 974 0.5 — — Effect of valuation allowance 1,400 1.4 (1,379 ) (0.7 ) 1,379 0.8 Tax credits (2,536 ) (2.6 ) (980 ) (0.5 ) — — Non-controlling interest (3,687 ) (3.8 ) (5,420 ) (2.9 ) — — State rate change and prior period adjustments (5,745 ) (5.9 ) (8,223 ) (4.4 ) — — Other 1,338 1.4 (2,123 ) (1.1 ) (2,693 ) (1.6 ) Income Tax Expense / Effective Rate $ 4,539 4.6 % $ 8,828 4.8 % $ 87,228 51.3 % Significant components of deferred tax assets and liabilities were as follows: December 31, 2019 2018 Deferred Tax Asset: Postretirement benefits other than pensions $ 110,504 $ 108,603 Asset retirement obligations 60,260 57,956 Pneumoconiosis benefits 52,521 41,632 Mine subsidence 17,110 15,097 Financing 16,806 9,387 Workers' compensation 16,750 16,016 Salary retirement 14,761 15,855 Operating lease liabilities 14,757 — State bonus, net of Federal 7,042 6,042 Long-term disability 3,031 2,798 Foreign tax credits 1,400 — Other 6,297 6,669 Total Deferred Tax Asset 321,239 280,055 Valuation Allowance (1,400 ) — Net Deferred Tax Asset 319,839 280,055 Deferred Tax Liability: Property, plant and equipment (173,849 ) (175,558 ) Equity Partnerships (17,028 ) (16,638 ) Right of use assets (14,757 ) — Advance mining royalties (10,700 ) (10,314 ) Total Deferred Tax Liability (216,334 ) (202,510 ) Net Deferred Tax Asset $ 103,505 $ 77,545 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, 2019 and 2018 , 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 year ended December 31, 2017 and the ability to fully utilize certain tax assets as a result of the 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 has determined that a valuation allowance in the amount of $1,400 is appropriate to fully value the amount of the foreign tax credit carryforwards that were generated in the current year. It is anticipated that these foreign tax credit carryforwards will expire before being utilized. 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 were required in the interim and annual periods that included December 22, 2017. The SEC also released Staff Accounting Bulletin 118 on December 22, 2017. This bulletin clarified certain aspects of Accounting Standards Codification (“ASC”) 740 and provided a three-step process for applying ASC 740. The Company has evaluated the impact of the Tax Bill and has recorded the following impacts in its financial statements. On December 22, 2017, the Company recorded tax expense of $58,558 , and reduced the net deferred tax asset on its balance sheet by the same amount, primarily because the federal corporate income tax rate was reduced from 35% to 21% for all periods after December 31, 2017. During the year ended December 31, 2018, the Company completed its review of the applicable provisions of the Tax Bill and recognized an additional expense of $2,777 , 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, 2019 and 2018 , 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 TMA, certain subsidiaries of the Company are subject to examination for tax years for the period January 1, 2016 through December 31, 2019 for certain state and foreign returns. Further, the Company is subject to examination for the period November 28, 2017 through December 31, 2019 for federal and certain state returns. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
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 obligations by increasing the carrying amount of related long-lived assets. The reconciliation of changes in the asset retirement obligations at December 31, 2019 and 2018 is as follows: As of December 31, 2019 2018 Balance at Beginning of Period $ 267,001 $ 258,823 Accretion Expense 20,116 19,468 Payments (13,030 ) (8,976 ) Revisions in Estimated Cash Flows (2,135 ) (2,314 ) Balance at End of Period $ 271,952 $ 267,001 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES: Inventory components consist of the following: December 31, 2019 2018 Coal $ 2,484 $ 4,642 Supplies 51,647 44,004 Total Inventories $ 54,131 $ 48,646 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment consists of the following: December 31, 2019 2018 Plant and Equipment $ 3,028,514 $ 2,890,970 Coal Properties and Surface Lands 872,909 858,153 Airshafts 437,003 419,100 Mine Development 342,706 342,405 Advance Mining Royalties 327,048 327,543 Total Property, Plant and Equipment 5,008,180 4,838,171 Less: Accumulated Depreciation, Depletion and Amortization 2,916,015 2,731,643 Total Property, Plant and Equipment, Net $ 2,092,165 $ 2,106,528 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, 2019 and 2018 , property, plant and equipment includes gross assets under finance leases of $ 52,729 and $ 49,775 , respectively. Accumulated amortization for finance leases was $ 31,373 and $ 15,973 at December 31, 2019 and 2018 , respectively. Amortization expense for assets under finance leases approximated $15,691 , $13,148 and $424 for the years ended December 31, 2019 , 2018 and 2017 |
Accounts Receivable Securitizat
Accounts Receivable Securitization | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , the Company's eligible accounts receivable yielded $41,282 of borrowing capacity. At December 31, 2019 , the facility had no outstanding borrowings and $41,211 of letters of credit outstanding, leaving available borrowing capacity of $71 . 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. Cash collateral of $14,667 is included in Restricted Cash in the Consolidated Balance Sheets. Costs associated with the receivables facility totaled $1,441 , $2,593 and $171 for the years ended December 31, 2019 , 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, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | OTHER ACCRUED LIABILITIES: December 31, 2019 2018 Subsidence Liability $ 90,645 $ 83,532 Accrued Payroll and Benefits 21,102 12,978 Accrued Interest 6,281 6,850 Accrued Other Taxes 4,753 5,050 Short-Term Incentive Compensation 3,997 6,024 Litigation 2,565 8,235 Other 9,719 15,588 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 31,833 32,345 Asset Retirement Obligations 21,741 31,017 Operating Lease Liability 19,479 — Pneumoconiosis Benefits 12,331 12,187 Workers' Compensation 11,323 12,628 Total Other Accrued Liabilities $ 235,769 $ 226,434 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT: December 31, 2019 2018 Debt: Term Loan B due in September 2024 (Principal of $272,938 and $396,000 less Unamortized Discount of $1,187 and $6,253, respectively, 6.30% and 8.53% Weighted Average Interest Rate, respectively) $ 271,751 $ 389,747 11.00% Senior Secured Second Lien Notes due November 2025 221,628 274,276 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in March 2023 (5.55% and 6.78% Weighted Average Interest Rate, respectively) 88,750 73,750 Other Asset-Backed Financing Arrangements 9,289 — Advance Royalty Commitments (10.78% and 8.57% Weighted Average Interest Rate, respectively) 1,895 2,261 Less: Unamortized Debt Issuance Costs 10,323 16,409 685,855 826,490 Less: Amounts Due in One Year* 32,053 117,954 Long-Term Debt $ 653,802 $ 708,536 *Excludes current portion of Finance Lease Obligations of $18,219 and $16,858 at December 31, 2019 and 2018 , respectively. Annual undiscounted maturities on long-term debt during the next five years and thereafter are as follows: Year ended December 31, Amount 2020 $ 32,053 2021 28,826 2022 36,258 2023 12,456 2024 262,683 Thereafter 325,089 Total Long-Term Debt Maturities $ 697,365 In November 2017, CONSOL Energy entered into a revolving credit facility with commitments up to $300 million (the “Revolving Credit Facility”), a Term Loan A Facility of up to $100 million (the “TLA Facility”) and a Term Loan B Facility of up to $400 million (the “TLB Facility”, and together with the Revolving Credit Facility and the TLA Facility, the “Senior Secured Credit Facilities”). On March 28, 2019, the Company amended the Senior Secured Credit Facilities (the “amendment”) to increase the borrowing commitment of the Revolving Credit Facility to $400 million and reallocate the principal amounts outstanding under the TLA Facility and TLB Facility. As a result, the principal amount outstanding under the TLA Facility was $100 million and the principal amount outstanding under the TLB Facility was $275 million . Borrowings under the Company's Senior Secured Credit Facilities bear interest at a floating rate which can be, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility and TLA Facility depends on the total net leverage ratio, whereas the applicable margin for the TLB Facility is fixed. The amendment reduced the applicable margin by 50 basis points on both the Revolving Credit Facility and the TLA Facility, and by 150 basis points on the TLB Facility. The amendment also extended the maturity dates of the Senior Secured Credit Facilities. The maturity date of the Revolving Credit and TLA Facilities was extended from November 28, 2021 to March 28, 2023. The TLB Facility's maturity date was extended from November 28, 2022 to September 28, 2024. 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 2.00 to 1.00, measured quarterly, stepping down to 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 1.19 to 1.00 at December 31, 2019 . CONSOL Energy must maintain a maximum total net leverage ratio covenant of no more than 3.00 to 1.00, measured quarterly, stepping down to 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 1.93 to 1.00 at December 31, 2019 . 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 1.10 to 1.00, measured quarterly. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges, excluding the Partnership. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, dividends paid, and Maintenance Capital Expenditures. The minimum fixed charge coverage ratio was 1.36 to 1.00 at December 31, 2019 . The Company was in compliance with all of its debt covenants as of December 31, 2019 . The TLB Facility also includes a financial covenant that requires the Company to repay a certain amount of its borrowings under the TLB Facility within ten business days after the date it files its Form 10-K with the Securities and Exchange Commission if the Company has excess cash flow (as defined in the credit agreement for the Senior Secured Credit Facilities) during the year covered by the applicable Form 10-K. During the year ended December 31, 2019 , CONSOL Energy made the required repayment of approximately $110 million based on the amount of the Company's excess cash flow as of December 31, 2018 . For fiscal year 2018, such repayment was equal to 75% of the Company’s excess cash flow less any voluntary prepayments of its borrowings under the TLB Facility made by the Company during 2018. For all subsequent fiscal years, the required repayment is equal to a certain percentage of the Company’s excess cash flow for such year, ranging from 0% to 75% depending on the Company’s total net leverage ratio, less the amount of certain voluntary prepayments made by the Company, if any, under the TLB Facility during such fiscal year. The amendment reduced the maximum amount of the mandatory annual excess cash flow sweep under the TLB Facility by 25% . Based on the Company's excess cash flow calculation, no repayment is required with respect to the year ended December 31, 2019 . As such, as of December 31, 2019 , no amount related to the prepayment of the TLB Facility in connection with the excess cash flow requirement has been classified as Current Portion of Long-Term Debt in the Consolidated Balance Sheets. At December 31, 2019 , the Revolving Credit Facility had no borrowings outstanding and $69,588 of letters of credit outstanding, leaving $330,412 of unused capacity. 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. 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, 2019 , the Company made a required repayment of approximately $110 million on the TLB Facility (discussed above) and amended the Senior Secured Credit Facilities. The Company also repurchased $52,648 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025 during the year ended December 31, 2019 . As part of these transactions, $24,455 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the year ended December 31, 2019 . During the year ended December 31, 2018 , the Company made accelerated payments of $11,250 on its outstanding TLA Facility and repurchased $25,724 of its outstanding 11.00% Senior Secured Second Lien Notes due in 2025. 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 . During the year ended December 31, 2019 , the Company entered into two asset-backed financing arrangements related to certain equipment. The equipment, which has an approximate value of $9,289 , fully collateralizes the loans. A total of $5,772 matures in December 2020 at a weighted average interest rate of 5.96% , and $3,517 matures in September 2024 at an interest rate of 3.61% . During the year ended December 31, 2019 , the Company entered into interest rate swaps, which effectively converted $150,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2020 and 2021, and $50,000 of the TLB Facility's floating interest rate to a fixed interest rate for the twelve months ending December 31, 2022. The interest rate swaps qualify for cash flow hedge accounting treatment and as such, the change in the fair value of the interest rate swaps is recorded on the Company's Consolidated Balance Sheets as an asset or liability. The effective portion of the gains or losses is reported as a component of accumulated other comprehensive loss and the ineffective portion is reported in earnings. At December 31, 2019 , the interest rate swap contracts were reflected in the Consolidated Balance Sheets at their fair value of $154 , which is recorded in Other Accrued Liabilities and Other Liabilities. The fair value of the interest rate swaps reflected an unrealized loss of $117 (net of $(37) tax) at December 31, 2019 . The unrealized loss is included on the Consolidated Statements of Stockholders' Equity as part of accumulated other comprehensive loss, as well as on the Consolidated Statements of Comprehensive Income as unrealized loss on cash flow hedges. No gains or losses were recognized in interest expense in the Consolidated Statements of Income, as no interest rate swaps have reached their effective date. During 2020, notional amounts of $150,000 will become effective. In the next 12 months , the Company expects a gain of approximately $64 to be reclassified into earnings. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES: On January 1, 2019, the Company adopted ASC Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Company elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Company's leases do not provide an implicit rate, CONSOL Energy has taken 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 has elected the package of practical expedients permitted under the transition guidance within the 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 has also elected the practical expedient to not evaluate land easements that existed or expired before the Company’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company made 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. For the year ended December 31, 2019 , these short-term lease expenses were not material to the Company's financial statements. Based on the Company's lease portfolio, the standard had a material impact on the Company’s Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Company's bank covenants were not affected by this update. The Company recorded operating lease ROU assets and operating lease liabilities of approximately $92 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the year ended December 31, 2019 , the components of operating lease expense were as follows: Fixed operating lease expense $ 25,875 Variable operating lease expense 11,445 Total operating lease expense $ 37,320 Supplemental cash flow information related to the Company's operating leases for the year ended December 31, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 25,675 ROU assets obtained in exchange for operating lease obligations — The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 72,632 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 19,479 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 55,413 Total Operating Lease Liabilities $ 74,892 Weighted average remaining lease term (in years) 5.02 Weighted average discount rate 6.79 % CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. At December 31, 2019 , the amount of owned equipment included in gross property, plant and equipment was $6,966 and the associated amount of accumulated depreciation was $6,966 . At December 31, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2020 2021 2022 2023 2024 Thereafter Total $ 627 $ — $ — $ — $ — $ — $ 627 The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment-net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheet. For the year ended December 31, 2019 , the components of finance lease expense were as follows: Amortization of right of use assets $ 15,691 Interest expense 1,878 Total finance lease expense $ 17,569 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2019 : Weighted average remaining lease term (in years) 1.69 Weighted average discount rate 5.20 % At December 31, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: 2020 2021 2022 2023 2024 Thereafter Total $ 3,699 $ 2,157 $ — $ — $ — $ — $ 5,856 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2019 : Finance Operating Leases Leases 2020 $ 19,120 $ 24,065 2021 7,196 23,132 2022 783 13,341 2023 803 6,504 2024 575 6,115 Thereafter — 15,958 Total minimum lease payments 28,477 89,115 Less amount representing interest 1,222 14,223 Present value of minimum lease payments $ 27,255 $ 74,892 As of December 31, 2019 , the Company had no additional significant operating or finance leases that had not yet commenced. |
Leases | LEASES: On January 1, 2019, the Company adopted ASC Topic 842 using the transition option, “Comparatives Under 840 Option,” established by ASU 2018-11, Leases (Topic 842), Targeted Improvements. As allowed under this guidance, the Company elected not to recast the comparative periods presented when transitioning to ASC 842. As most of the Company's leases do not provide an implicit rate, CONSOL Energy has taken 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 has elected the package of practical expedients permitted under the transition guidance within the 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 has also elected the practical expedient to not evaluate land easements that existed or expired before the Company’s adoption of Topic 842 and the practical expedient to not separate lease and non-lease components; that is, to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Further, the Company made 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. For the year ended December 31, 2019 , these short-term lease expenses were not material to the Company's financial statements. Based on the Company's lease portfolio, the standard had a material impact on the Company’s Consolidated Balance Sheet but did not have a significant impact on the Company’s consolidated net earnings and cash flows. The most significant impact was the recognition of Right of Use (“ROU”) assets and lease liabilities for operating leases, while the accounting for finance leases remained substantially unchanged. The Company's bank covenants were not affected by this update. The Company recorded operating lease ROU assets and operating lease liabilities of approximately $92 million as of January 1, 2019, primarily related to mining equipment, based on the present value of the future lease payments on the date of adoption. The Company determines if an arrangement is an operating or finance lease at inception of the applicable lease. For leases where the Company is the lessee, ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments, lease incentives received, and costs which will be incurred in exiting a lease. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the interest method of recognition. The Company has operating leases for mining and other equipment used in operations and office space. Many leases include one or more options to renew, some of which include options to extend, the leases, and some leases include options to terminate or buy out the leases within a set period of time. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for inflation and/or changes in other indexes. Many of the Company's operating lease payments for mining equipment contain a variable component which is calculated based upon production metrics such as feet of advance or raw tonnage mined. While most of the Company's leases contain clauses regarding the general condition of the equipment upon lease termination, they do not contain residual value guarantees. For the year ended December 31, 2019 , the components of operating lease expense were as follows: Fixed operating lease expense $ 25,875 Variable operating lease expense 11,445 Total operating lease expense $ 37,320 Supplemental cash flow information related to the Company's operating leases for the year ended December 31, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 25,675 ROU assets obtained in exchange for operating lease obligations — The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 72,632 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 19,479 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 55,413 Total Operating Lease Liabilities $ 74,892 Weighted average remaining lease term (in years) 5.02 Weighted average discount rate 6.79 % CONSOL Energy leases certain owned mining equipment to a third-party under operating leases. At December 31, 2019 , the amount of owned equipment included in gross property, plant and equipment was $6,966 and the associated amount of accumulated depreciation was $6,966 . At December 31, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2020 2021 2022 2023 2024 Thereafter Total $ 627 $ — $ — $ — $ — $ — $ 627 The Company also enters into finance leases for mining equipment and automobiles. Assets arising from finance leases are included in property, plant and equipment-net and the liabilities are included in current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheet. For the year ended December 31, 2019 , the components of finance lease expense were as follows: Amortization of right of use assets $ 15,691 Interest expense 1,878 Total finance lease expense $ 17,569 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2019 : Weighted average remaining lease term (in years) 1.69 Weighted average discount rate 5.20 % At December 31, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: 2020 2021 2022 2023 2024 Thereafter Total $ 3,699 $ 2,157 $ — $ — $ — $ — $ 5,856 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2019 : Finance Operating Leases Leases 2020 $ 19,120 $ 24,065 2021 7,196 23,132 2022 783 13,341 2023 803 6,504 2024 575 6,115 Thereafter — 15,958 Total minimum lease payments 28,477 89,115 Less amount representing interest 1,222 14,223 Present value of minimum lease payments $ 27,255 $ 74,892 As of December 31, 2019 , the Company had no additional significant operating or finance leases that had not yet commenced. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 the SDA 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 years ended December 31, 2019 and 2018 . However, lump sum payments did exceed this threshold during the year ended December 31, 2017 . Accordingly, CONSOL Energy recognized settlement expense of $10,153 for the year ended December 31, 2017 in Operating and Other Costs in the Consolidated Statements of Income. Other Postretirement Benefit Plan 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 reconciliation of changes in the benefit obligation, plan assets and funded status of these plans at December 31, 2019 and 2018 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Service cost 3,950 1,150 — — Interest cost 25,101 23,505 18,320 18,706 Actuarial loss (gain) 95,078 (60,351 ) 4,761 (101,259 ) Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Benefit obligation at end of period $ 720,098 $ 644,142 $ 464,329 $ 473,591 Change in plan assets: Fair value of plan assets at beginning of period $ 578,347 $ 679,245 $ — $ — Actual return on plan assets 136,976 (48,470 ) — — Company contributions 1,331 1,724 32,343 35,419 Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Fair value of plan assets at end of period $ 668,481 $ 578,347 $ — $ — Funded status: Current liabilities $ (1,687 ) $ (1,623 ) $ (31,833 ) $ (32,345 ) Noncurrent liabilities (49,930 ) (64,172 ) (432,496 ) (441,246 ) Net obligation recognized $ (51,617 ) $ (65,795 ) $ (464,329 ) $ (473,591 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 255,830 $ 263,229 $ 179,937 $ 184,438 Prior service credit — (367 ) (20,949 ) (23,354 ) Net amount recognized (before tax effect) $ 255,830 $ 262,862 $ 158,988 $ 161,084 The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2019 2018 2017 2019 2018 2017 Components of net periodic benefit (credit) cost: Service cost $ 3,950 $ 1,150 $ 2,948 $ — $ — $ — Interest cost 25,101 23,505 25,265 18,320 18,706 23,945 Expected return on plan assets (40,457 ) (40,370 ) (42,383 ) — — — Amortization of prior service credits (367 ) (502 ) (502 ) (2,405 ) (2,405 ) (2,405 ) Recognized net actuarial loss 5,958 8,715 8,896 9,262 16,205 23,112 Settlement loss — — 10,153 — — — Net periodic benefit (credit) cost $ (5,815 ) $ (7,502 ) $ 4,377 $ 25,177 $ 32,506 $ 44,652 Amounts included in accumulated other comprehensive loss which are expected to be recognized in 2020 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ — $ (2,405 ) Actuarial loss recognition $ 6,922 $ 9,278 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, 2019 2018 Projected benefit obligation $ 720,098 $ 644,142 Accumulated benefit obligation $ 719,985 $ 644,069 Fair value of plan assets $ 668,481 $ 578,347 Assumptions: The weighted-average assumptions used to determine benefit obligations are as follows: Pension Obligations Other Postretirement Obligations at December 31, at December 31, 2019 2018 2019 2018 Discount rate 3.28 % 4.34 % 3.27 % 4.34 % Rate of compensation increase 3.68 % 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, 2019 2018 2017 2019 2018 2017 Discount rate 4.37 % 3.69 % 4.27 % 4.34 % 3.65 % 4.22 % Expected long-term return on plan assets 6.90 % 6.90 % 6.90 % — — — Rate of compensation increase 3.73 % 3.73 % 3.90 % — — — 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, 2019 2018 Health care cost trend rate for next year 5.65 % 5.83 % 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 $ 2,023 $ (1,725 ) Effect on accumulated postretirement benefit obligation $ 48,891 $ (41,917 ) 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 23.5% U.S. equity securities, 15% non-U.S. equity securities, 6.5% global equity securities and 55% 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, 2019 and 2018 by asset category are as follows: Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 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 $ 97 $ 97 $ — $ — $ 101 $ 101 $ — $ — Mercer Common Collective Trusts (a) 668,384 — — — 578,246 — — — Total $ 668,481 $ 97 $ — $ — $ 578,347 $ 101 $ — $ — __________ (a) 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, 2019 or 2018 . There are no assets in the other postretirement benefit plan at December 31, 2019 or 2018 . 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 2020 . Pension benefit payments are primarily funded from the Trust. CONSOL Energy expects to pay benefits of $1,687 from the non-qualified pension plan in 2020 . CONSOL Energy does not expect to contribute to the other postretirement benefit plan in 2020 and intends to pay benefit claims as they become due. The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2020 $ 44,619 $ 31,833 2021 $ 43,297 $ 29,935 2022 $ 43,438 $ 29,302 2023 $ 42,905 $ 28,664 2024 $ 42,837 $ 27,881 Year 2025-2029 $ 200,271 $ 134,541 |
Coal Workers' Pneumoconiosis an
Coal Workers' Pneumoconiosis and Workers' Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Coal Workers' Pneumoconiosis and Workers' Compensation | COAL WORKERS’ PNEUMOCONIOSIS AND WORKERS’ COMPENSATION: Coal Workers' Pneumoconiosis 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 (CWP) 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 discount rate changes, 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. 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. Workers' Compensation 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 programs 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 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, 2019 and 2018 is as follows: CWP Workers' Compensation at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 State administrative fees and insurance bond premiums — — 2,157 2,671 Service cost 3,791 6,650 5,685 6,230 Interest cost 7,001 5,245 2,585 2,283 Actuarial loss (gain) 39,827 14,832 1,536 (5,134 ) Benefits paid (13,334 ) (12,379 ) (11,469 ) (13,592 ) Benefit obligation at end of period $ 214,473 $ 177,188 $ 71,480 $ 70,986 Funded status: Current assets $ — $ — $ 1,037 $ 1,384 Current liabilities (12,331 ) (12,187 ) (11,323 ) (12,628 ) Noncurrent liabilities (202,142 ) (165,001 ) (61,194 ) (59,742 ) Net obligation recognized $ (214,473 ) $ (177,188 ) $ (71,480 ) $ (70,986 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) Net amount recognized (before tax effect) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) The components of net periodic benefit cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Service cost $ 3,791 $ 6,650 $ 5,122 $ 5,685 $ 6,230 $ 5,734 Interest cost 7,001 5,245 4,050 2,585 2,283 2,321 Recognized net actuarial loss (gain) 1,016 (853 ) (7,631 ) (774 ) (79 ) (598 ) State administrative fees and insurance bond premiums — — — 2,157 2,671 3,198 Net periodic benefit cost $ 11,808 $ 11,042 $ 1,541 $ 9,653 $ 11,105 $ 10,655 The following are amounts included in accumulated other comprehensive loss that are expected to be recognized in 2020 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 5,604 $ (487 ) 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 benefit costs are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Benefit obligations 3.41 % 4.42 % 3.75 % 3.25 % 4.26 % 3.57 % Net periodic benefit costs 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % 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 2020 , 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 2020 $ 12,331 $ 12,235 $ 10,286 $ 1,949 2021 $ 12,013 $ 12,427 $ 10,430 $ 1,997 2022 $ 11,893 $ 12,680 $ 10,633 $ 2,047 2023 $ 11,545 $ 12,741 $ 10,643 $ 2,098 2024 $ 11,351 $ 12,808 $ 10,657 $ 2,151 Year 2025-2029 $ 57,446 $ 66,260 $ 54,672 $ 11,588 |
Other Employee Benefit Plans
Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 $6,042 , $6,829 and $7,647 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Based on available information at December 31, 2019 , CONSOL Energy's gross obligation for the Combined Fund and 1992 Benefit Plan is estimated to be approximately $62,295 . 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 $18,669 , $19,860 and $20,983 at December 31, 2019 , 2018 and 2017 , respectively. The 2019 , 2018 and 2017 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, the CPCC 401(k) Plan's inception date. 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. Effective December 31, 2019, the CPCC 401(k) Plan was amended to change its sponsor from CONSOL Pennsylvania Coal Company to CONSOL Energy Inc., and the plan's name was changed from the CONSOL Pennsylvania Coal Company Investment Plan to the CONSOL Energy Inc. Investment Plan (the “CEIX 401(k) Plan”). The CEIX 401(k) Plan and the Company's former parent's 401(k) plan both include company matching of 6% of eligible compensation contributed by eligible CONSOL Energy employees. The Company may also make discretionary contributions to the CEIX 401(k) Plan ranging from 1% to 6% of eligible compensation for eligible employees (as defined by the CEIX 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 accrued for or made by the Company in the years ended December 31, 2019 and 2017 . Total payments and costs were $10,737 , $20,655 and $9,888 for the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 2018 2017 Net periodic benefit costs $ 1,483 $ 2,088 $ 2,058 Discount rate assumption used to determine net periodic benefit costs 3.97 % 3.22 % 3.43 % 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 $12,749 and $12,022 at December 31, 2019 and 2018 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [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. Some awards may accelerate based on retirement age. The total stock-based compensation expense recognized during the years ended December 31, 2019 , 2018 and 2017 was $ 11,351 , $ 8,392 and $ 16,212 , 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 $ 2,856 , $ 1,911 and $ 1,439 for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , CONSOL Energy has $ 8,800 of unrecognized compensation cost related to all nonvested stock-based compensation awards, which is expected to be recognized over a weighted-average period of 1.56 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 years ended December 31, 2019 and 2018 was $4,407 and $3,734 , 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, 2018 424,496 $33.60 Granted 262,507 $33.96 Vested (154,147 ) $32.59 Forfeited (79,520 ) $31.05 Nonvested at December 31, 2019 453,336 $34.60 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 years ended December 31, 2019 and 2018 was and $6,323 and $4,910 , respectively. 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, 2018 263,244 $34.51 Granted 266,556 $34.49 Vested (179,934 ) $34.66 Forfeited (156,601 ) $35.49 Nonvested at December 31, 2019 193,265 $33.55 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
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 entered into non-cash finance lease arrangements of $4,424 and $ 1,301 for the years ended December 31, 2019 and 2018 , respectively. Additionally, during the year ended December 31, 2018 , the Company terminated two operating leases on its longwall shields, and refinanced these as finance leases in the amount of $45,979 . CONSOL Energy did not enter into any non-cash finance lease arrangements during the year ended December 31, 2017 . As of December 31, 2019 , 2018 and 2017 , CONSOL Energy purchased goods and services related to capital projects in the amount of $ 3,785 , $ 2,311 and $27,358 , respectively, which are included in accounts payable, current portion of long-term debt 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, 2019 2018 2017 Cash Paid For: Interest (net of amounts capitalized) $ 73,574 $ 92,926 $ 18,151 Income taxes * $ 40,139 $ 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, 2019 | |
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, 2019 , 2018 and 2017 . Less than 2% of the Company's revenues were generated from sales based in Canada for the year ended December 31, 2019 . During the years ended December 31, 2019 and 2018 , three customers each comprised over 10% of the Company's total coal sales revenue, aggregating approximately 70% and 57% , respectively, of the Company's sales. During the year ended December 31, 2017 , two customers each comprised over 10% of the Company's total coal sales revenue, aggregating approximately 31% of the Company's sales. Additionally, two of the Company's customers had outstanding balances each in excess of 10% of the total trade receivable balance as of December 31, 2019 and 2018 . The Company has contractual relationships with certain coal exporters who distribute coal to international markets. For the years ended December 31, 2019 , 2018 and 2017 , approximately 35% , 29% and 31% , 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, 2019 2018 Thermal coal utilities $ 58,557 $ 61,218 Coal exporters and distributors 73,416 22,972 Steel and coke producers — 661 Other 1,815 2,738 Total Trade Receivables 133,788 87,589 Less: Allowance for doubtful accounts 2,100 — Total Trade Receivables, net of Allowance $ 131,688 $ 87,589 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 a 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 $ — $ — $ (482 ) $ — $ — $ (734 ) Derivatives (1) $ — $ (154 ) $ — $ — $ — $ — (1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected: Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows. The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 696,178 $ 642,018 $ 842,899 $ 881,711 Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES: The SDA implemented the legal and structural separation of the Company from its former parent and 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. The SDA also provides post-closing indemnification obligations and procedures between the Company and its former parent relating to the liabilities of the Coal Business that the Company assumed. The Company is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company's estimated accruals relating 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, 2019 . 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, 2019 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case. Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as the Company's former parent) in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs' claims. Pursuant to Plaintiffs' amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. On October 15, 2019, Plaintiffs' supplemental motion for class certification was denied on all counts and a scheduling order for the remaining individual claims was set on October 16, 2019. The Company believes it has a meritorious defense and intends to vigorously defend this suit. Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori in West Virginia Federal Court alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any subsidiary of the Company's former parent that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company, LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. On October 15, 2019, Plaintiffs' supplemental motion for class certification was denied on all counts and a scheduling order for the remaining individual claims was set on October 16, 2019. 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 and agreed to reimburse its former parent for certain financial guarantees relating to the Coal Business that its former parent retained following the separation and distribution. Employee-related financial guarantees have primarily been provided to support the United Mine Workers’ of America’s 1992 Benefit Plan and federal black lung and various state workers’ compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other guarantees have been extended to support sales contracts, insurance policies, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. The following is a summary, as of December 31, 2019 , 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 SDA 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 $ 64,558 $ 50,416 $ 14,142 $ — $ — Environmental 398 — 398 — — Other 45,843 11,143 34,700 — — Total Letters of Credit 110,799 61,559 49,240 — — Surety Bonds: Employee-Related 87,424 86,124 1,300 — — Environmental 526,838 492,696 34,142 — — Other 3,989 3,830 159 — — Total Surety Bonds 618,251 582,650 35,601 — — Guarantees: Other 15,535 6,862 7,893 398 382 Total Guarantees 15,535 6,862 7,893 398 382 Total Commitments $ 744,585 $ 651,071 $ 92,734 $ 398 $ 382 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, 2019 , 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, 2019 and 2018 is believed to be approximately $20,000 and $28,000 , respectively. At December 31, 2019 and 2018 , the fair value of these guarantees was $482 and $734 , 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION: CONSOL Energy Inc. consists of one reportable segment: the Pennsylvania Mining Complex, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant. The principal activities of the PAMC are mining, preparation and marketing of thermal coal, sold primarily to power generators. It also includes selling, general and administrative activities, as well as various other activities assigned to the PAMC. CONSOL Energy’s Other division includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC division. The diversified business activities include the CONSOL Marine Terminal, development of the Itmann Mine, the Greenfield Reserves, closed and idle mine activities, selling, general and administrative activities, interest expense and income taxes, as well as various other non-operated activities, none of which are individually significant to the Company. Industry segment results for the year ended December 31, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,288,529 $ — $ — $ 1,288,529 (A) Terminal Revenue — 67,363 — 67,363 Freight Revenue 19,667 — — 19,667 Total Revenue and Freight $ 1,308,196 $ 67,363 $ — $ 1,375,559 Earnings (Loss) Before Income Tax $ 197,112 $ (99,015 ) $ — $ 98,097 Segment Assets $ 1,981,721 $ 712,081 $ — $ 2,693,802 Depreciation, Depletion and Amortization $ 185,616 $ 21,481 $ — $ 207,097 Capital Expenditures $ 148,709 $ 21,030 $ — $ 169,739 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 (A) For the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 2018 2017 Customer A $ 242,703 $ 283,703 * Customer B $ 446,403 $ 274,755 $ 145,248 Customer C $ 215,099 $ 214,152 $ 222,354 * Revenues from this customer during the year ended December 31, 2017 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, 2019 2018 2017 Total Segment Revenue and Freight from External Customers $ 1,375,559 $ 1,472,790 $ 1,321,412 Other Income not Allocated to Segments (Note 4) 53,349 58,660 73,279 Gain on Sale of Assets 1,995 565 17,212 Total Consolidated Revenue and Other Income $ 1,430,903 $ 1,532,015 $ 1,411,903 Total Assets: December 31, 2019 2018 Segment Assets for Total Reportable Business Segments $ 1,981,721 $ 1,894,209 Segment Assets for All Other Business Segments 515,334 554,315 Items Excluded from Segment Assets: Cash and Other Investments 93,242 234,658 Deferred Tax Assets 103,505 77,545 Total Consolidated Assets $ 2,693,802 $ 2,760,727 Enterprise-Wide Disclosures: For the years ended December 31, 2019, 2018 and 2017, CONSOL Energy revenue was predominantly attributable to customers located in the United States of America. Less than 2% of the Company's revenues were generated from sales based in Canada for the year ended December 31, 2019 . CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2019 2018 United States $ 2,081,141 $ 2,095,504 Canada 11,024 11,024 Total Property, Plant and Equipment, net $ 2,092,165 $ 2,106,528 |
Guarantor Subsidiaries Financia
Guarantor Subsidiaries Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Guarantor Subsidiaries Financial Information | GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION: The payment obligations under the $275,000 , Term Loan B due in September 2024 , the $300,000 , 11.000% per annum senior notes due November 2025 , and the $100,000 , Term Loan A due in March 2023 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, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 966,397 $ 322,132 $ — $ — $ 1,288,529 Terminal Revenue — 67,363 — — — 67,363 Freight Revenue — 14,750 4,917 — — 19,667 Miscellaneous Other Income 160,441 (11,418 ) 5,928 38,401 (140,003 ) 53,349 Gain (Loss) on Sale of Assets 2,188 (144 ) (49 ) — — 1,995 Total Revenue and Other Income 162,629 1,036,948 332,928 38,401 (140,003 ) 1,430,903 Costs and Expenses: Operating and Other Costs — 729,232 217,175 1,605 — 948,012 Depreciation, Depletion and Amortization — 161,290 45,807 — — 207,097 Freight Expense — 14,750 4,917 — — 19,667 Selling, General and Administrative Costs — 54,237 12,874 — — 67,111 Loss on Debt Extinguishment 24,455 — — — — 24,455 Interest Expense, net 57,634 2,226 6,604 — — 66,464 Total Costs and Expenses 82,089 961,735 287,377 1,605 — 1,332,806 Earnings (Loss) Before Income Tax 80,540 75,213 45,551 36,796 (140,003 ) 98,097 Income Tax Expense 4,539 — — — — 4,539 Net Income (Loss) 76,001 75,213 45,551 36,796 (140,003 ) 93,558 Less: Net Income Attributable to Noncontrolling Interest — — — — 17,557 17,557 Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 76,001 $ 75,213 $ 45,551 $ 36,796 $ (157,560 ) $ 76,001 Balance Sheet at December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 79,569 $ 148 $ 543 $ 33 $ — $ 80,293 Accounts and Notes Receivable: Trade Receivables, net of Allowance — — — 131,688 — 131,688 Other Receivables 28,147 11,265 1,572 — — 40,984 Inventories — 41,478 12,653 — — 54,131 Prepaid Expenses and Other Assets 8,657 16,524 5,746 6 — 30,933 Total Current Assets 116,373 69,415 20,514 131,727 — 338,029 Property, Plant and Equipment: Property, Plant and Equipment — 4,023,282 984,898 — — 5,008,180 Less-Accumulated Depreciation, Depletion and Amortization — 2,344,777 571,238 — — 2,916,015 Total Property, Plant and Equipment-Net — 1,678,505 413,660 — — 2,092,165 Other Assets: Deferred Income Taxes 103,505 — — — — 103,505 Right of Use Asset - Operating Leases — 56,937 15,695 — — 72,632 Affiliated Credit Facility 148,156 — — — (148,156 ) — Investment in Affiliates 822,102 — — — (822,102 ) — Other 30,973 43,042 13,456 — — 87,471 Total Other Assets 1,104,736 99,979 29,151 — (970,258 ) 263,608 Total Assets $ 1,221,109 $ 1,847,899 $ 463,325 $ 131,727 $ (970,258 ) $ 2,693,802 Liabilities and Equity: Current Liabilities: Accounts Payable $ 71,153 $ 7,987 $ 22,805 $ 4,278 $ — $ 106,223 Accounts Payable (Recoverable)-Related Parties — — 1,419 — (1,419 ) — Current Portion of Long-Term Debt 28,225 16,795 5,252 — — 50,272 Other Accrued Liabilities 82,452 116,403 39,455 — (2,541 ) 235,769 Total Current Liabilities 181,830 141,185 68,931 4,278 (3,960 ) 392,264 Long-Term Debt 554,150 107,043 149,801 — (148,156 ) 662,838 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 432,496 — — — 432,496 Pneumoconiosis Benefits — 196,114 6,028 — — 202,142 Asset Retirement Obligations — 239,410 10,801 — — 250,211 Workers’ Compensation — 57,583 3,611 — — 61,194 Salary Retirement 49,930 — — — — 49,930 Operating Lease Liability — 43,906 11,507 — — 55,413 Other — 14,134 785 — — 14,919 Total Deferred Credits and Other Liabilities 49,930 983,643 32,732 — — 1,066,305 Total CONSOL Energy Inc. Stockholders’ Equity 435,199 616,028 211,861 127,449 (955,338 ) 435,199 Noncontrolling Interest — — — — 137,196 137,196 Total Liabilities and Equity $ 1,221,109 $ 1,847,899 $ 463,325 $ 131,727 $ (970,258 ) $ 2,693,802 Condensed Statement of Cash Flows for the Year Ended December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used In) Operating Activities $ 253,112 $ (89,671 ) $ 81,125 $ — $ — $ 244,566 Cash Flows from Investing Activities: Capital Expenditures — (132,562 ) (37,177 ) — — (169,739 ) (Investments in), net of Distributions from, Subsidiaries (206,658 ) 242,056 — — (35,398 ) — Proceeds from Sales of Assets — 2,195 6 — — 2,201 Other Investing Activity (5,003 ) — — — — (5,003 ) Net Cash (Used in) Provided by Investing Activities (211,661 ) 111,689 (37,171 ) — (35,398 ) (172,541 ) Cash Flows from Financing Activities: Payments on Finance Lease Obligations — (14,708 ) (3,841 ) — — (18,549 ) Affiliated Credit Facility (17,925 ) — 17,925 — — — Proceeds from Term Loan A 26,250 — — — — 26,250 Payments on Term Loan A (11,250 ) — — — — (11,250 ) Payments on Term Loan B (124,437 ) — — — — (124,437 ) Payments on Second Lien Notes (52,648 ) — — — — (52,648 ) Proceeds from Asset-Backed Financing 3,757 — — — — 3,757 Payments on Asset-Backed Financing (240 ) — — — — (240 ) Distributions to Noncontrolling Interest — — (57,618 ) — 35,398 (22,220 ) Shares/Units Withheld for Taxes — (4,083 ) (880 ) — — (4,963 ) Repurchases of Common Stock (32,733 ) — — — — (32,733 ) Purchases of CCR Units (369 ) — — — — (369 ) Premium Paid on Extinguishment of Debt (6,773 ) — — — — (6,773 ) Debt Issuance and Financing Fees (12,492 ) — — — — (12,492 ) Net Cash (Used in) Provided by Financing Activities $ (228,860 ) $ (18,791 ) $ (44,414 ) $ — $ 35,398 $ (256,667 ) Condensed Statement of Comprehensive Income for the Year Ended December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 76,001 $ 75,213 $ 45,551 $ 36,796 $ (140,003 ) $ 93,558 Other Comprehensive Income (Loss): Net Actuarial (Loss) Gain (25,132 ) — (1,341 ) — 1,341 (25,132 ) Unrecognized Loss on Derivatives (117 ) — — — — (117 ) Other Comprehensive (Loss) Income (25,249 ) — (1,341 ) — 1,341 (25,249 ) Comprehensive Income (Loss) 50,752 75,213 44,210 36,796 (138,662 ) 68,309 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 17,551 17,551 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 50,752 $ 75,213 $ 44,210 $ 36,796 $ (156,213 ) $ 50,758 Income Statement for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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 Inc. 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 Restricted Cash 14,557 — — 14,701 — 29,258 Accounts and Notes Receivable: Trade Receivables, net of Allowance — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses and Other Assets 10,883 15,451 5,096 — — 31,430 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 (Recoverable) Payable-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 Finance Lease Obligations (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 Corporation (18,234 ) — — — — (18,234 ) Premium Paid on 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 Gain (Loss) 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-Guarantors Non-Guarantor Elimination Consolidated Revenue 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 Inc. Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 Condensed Statement of Cash Flows for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantors 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 Finance Lease Obligations (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 ) Shares/Units Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Spin Distribution to CNX Resources Corporation (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-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Transactions with the Company's Former Parent (2017) Transition Services Agreements The Company 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, the Company's former parent provided various corporate support services, including certain accounting, human resources, information technology, office and building, risk, security, tax and treasury, building security and tax services, as well as certain regulatory compliance services required during the period in which the Company remained a majority-owned subsidiary of its former parent. The charges associated with these services were not material during the years ended December 31, 2019 , 2018 and 2017 , and are consistent with expenses that the Company's former parent has historically allocated or incurred with respect to such services. The TSA expired in February 2019. Former Parent Receivables and Payables The Company had a receivable from its former parent of $6,791 and $11,788 at December 31, 2019 and 2018 , respectively. At December 31, 2019 , $6,791 was recorded in Other Receivables on the Consolidated Balance Sheets. At December 31, 2018 , $5,500 was recorded in Other Receivables and $6,288 was included in Other Assets on the Consolidated Balance Sheets. These items relate to reimbursements per the terms of the SDA. 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 were split equally by the two companies. These costs consisted of consulting and professional fees associated with preparing for and executing the separation and distribution, as well as various other items. CONSOL Coal Resources LP CONSOL Energy, certain of its subsidiaries and the Partnership are party to an Omnibus Agreement, dated September 30, 2016, as amended on November 28, 2017 (the “Omnibus Agreement”). Under the Omnibus Agreement, CONSOL Energy provides the Partnership with certain services in exchange for payments by the Partnership for those services. On November 28, 2017, the Company entered into an Affiliated Company Credit Agreement with the Partnership and certain of its subsidiaries (the Partnership Credit Parties) as amended on March 28, 2019 (as amended, the “Affiliated Company Credit Agreement”) under which the Company provides as lender a revolving credit facility in an aggregate principal amount of up to $275 million to the Partnership Credit Parties. In connection with the completion of the separation, the Partnership drew an initial $201 million , the net proceeds of which were used to repay outstanding amounts under CCR's $400 million senior secured revolving credit facility with certain lenders and PNC Bank, National Association, as administrative agent (the “Original CCR Credit Facility”), 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 December 28, 2024. 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, 2019 , 2018 and 2017 , $7,892 , $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, 2019 and 2018 . The Affiliated Company Credit Agreement also contains a number of customary affirmative covenants and negative covenants, including limitations on the ability of the Partnership to incur additional indebtedness, grant liens, and make investments, acquisitions, dispositions, restricted payments, and prepayments of junior indebtedness (subject to certain limited exceptions). CCR is a party to a number of other agreements with CONSOL Energy, or its subsidiaries, that are described in detail in the section titled “Agreements with Affiliates” in Item 13 of CCR's Form 10-K filed on February 14, 2020. In August 2019, upon payment of the cash distribution with respect to the quarter ended June 30, 2019, the financial requirements for the conversion of all CCR subordinated units were satisfied. As a result, all 11,611,067 of the CCR subordinated units owned entirely by CONSOL Energy Inc. were converted into CCR common units on a one -for-one basis. The conversion did not impact the amount of the cash distribution paid or the total number of CCR's outstanding units representing limited partner interests. Charges for services from the Company to CCR include the following: For the Years Ended December 31, 2019 2018 2017 Operating and Other Costs $ 3,219 $ 2,918 $ 3,503 Selling, General and Administrative Costs 8,309 8,300 3,109 Total Services from CONSOL Energy $ 11,528 $ 11,218 $ 6,612 Operating and Other Costs include pension service costs and insurance expenses. Selling, General and Administrative Costs include charges for incentive compensation, an annual administrative support fee and reimbursement for the provision of certain management and operating services provided by the Company'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, 2019 and 2018 , CCR had a net payable to the Company in the amount of $1,419 and $3,831 , respectively. This payable includes reimbursements for business expenses, executive fees, stock-based compensation and other items under the Omnibus Agreement. In May 2019, CONSOL Energy Inc.'s Board of Directors approved an expansion of the stock, unit and debt repurchase program (See Note 5 - Stock, Unit and Debt Repurchases). The program expansion allows the Company to use up to $50 million of the program to purchase CCR's outstanding common units in the open market. During the years ended December 31, 2019 and 2018 , 26,297 and 167,958 of the Partnership's common units were purchased under this program at an average price of $14.05 and $18.33 per unit, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the date the financial statements were issued. On January 24, 2020, the Board of Directors of CCR's general partner declared a cash distribution of $0.5125 |
Supplemental Coal Data (unaudit
Supplemental Coal Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Supplemental Coal Data (unaudited) | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2019 2018 2017 2016 2015 Consolidated recoverable coal reserves at beginning of period 2,261 2,298 2,361 3,047 3,238 Purchased reserves — — — — 24 Reserves sold in place — — (16 ) (601 ) (43 ) Production (27 ) (28 ) (26 ) (26 ) (29 ) Revisions and other changes (8 ) (9 ) (21 ) (59 ) (143 ) Consolidated recoverable coal reserves at end of period* (1) 2,226 2,261 2,298 2,361 3,047 ______________ * 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, 2019 , 191 million tons were assigned to mines either in production or temporarily idled. The recoverable coal reserves at December 31, 2019 include 2,145 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 81 million tons of metallurgical coal in consolidated reserves, of which approximately 26 percent has a sulfur content equivalent to less than 1.2 pounds sulfur dioxide per million Btu and 74 |
Supplemental Quarterly Informat
Supplemental Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2019 2019 2019 Revenue and Other Income: Coal Revenue $ 332,502 $ 350,620 $ 301,542 $ 303,865 Terminal Revenue 17,818 16,708 16,303 16,534 Freight Revenue 6,662 3,854 3,599 5,552 Miscellaneous Other Income 13,292 12,194 11,188 16,675 Gain on Sale of Assets 339 933 714 9 Total Revenue and Other Income 370,613 384,309 333,346 342,635 Costs and Expenses: Operating and Other Costs 230,112 253,448 234,849 229,603 Depreciation, Depletion and Amortization 50,724 46,151 54,370 55,852 Freight Expense 6,662 3,854 3,599 5,552 Selling, General and Administrative Costs 21,923 16,288 14,690 14,210 Loss (Gain) on Debt Extinguishment 23,143 1,500 801 (989 ) Interest Expense, net 18,596 16,046 15,598 16,224 Total Costs and Expenses 351,160 337,287 323,907 320,452 Earnings Before Income Tax 19,453 47,022 9,439 22,183 Income Tax (Benefit) Expense (850 ) (1,808 ) 2,415 4,782 Net Income 20,303 48,830 7,024 17,401 Less: Net Income Attributable to Noncontrolling Interest 5,868 5,550 2,684 3,455 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 14,435 $ 43,280 $ 4,340 $ 13,946 Earnings Per Share: Basic $ 0.52 $ 1.57 $ 0.16 $ 0.54 Dilutive $ 0.52 $ 1.56 $ 0.16 $ 0.54 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 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Restricted Cash | Restricted Cash Restricted cash represents cash collateral supporting the Company's surety bond portfolio and letters of credit issued under the Company's accounts receivable securitization program. |
Trade Receivables and Allowance for Doubtful Accounts | Trade Receivables and Allowance for Doubtful Accounts |
Inventories | Inventories |
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 for impairment issues 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 estimated 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 for impairment issues 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 |
Impairment of Long-lived Assets | Impairment of Long-lived Assets |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return and utilizes the asset and liability method to account for income taxes. The provision for income taxes represents amounts paid or estimated to be payable, net of amounts refunded or estimated to be refunded, for the current year and the change in deferred taxes, exclusive of amounts recorded in Other Comprehensive (Loss) Income. Any refinements to prior years’ taxes made due to subsequent information are reflected as adjustments in the current period. Deferred income tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities and are recognized using enacted tax rates for the effect of such temporary differences. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. In accounting for uncertainty in income taxes of a tax position taken or expected to be taken in a tax return, the Company utilizes a recognition threshold and measurement attribute for the financial statement recognition and measurement. The recognition threshold requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position in order to record any financial statement benefit. If it is more likely than not that a tax position will be sustained, then the Company must measure the tax position to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
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 (Loss) Income. |
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 Obligations | Asset Retirement Obligations 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. For active locations, the present value of the estimated asset retirement obligation is capitalized as part of the carrying amount of the long-lived asset. For locations that have been fully depleted or closed, the present value of the change is recorded directly to the consolidated statements of income. Generally, the capitalized asset retirement obligation 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. 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 (Loss) Income. |
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 generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. 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. CONSOL Energy's coal revenue is recognized when title passes to the customer and the price is fixed and determinable. The Company has 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 stand-alone selling prices determined at contract inception. Coal Revenue Revenues are generally recognized when title passes to the customers and the price is fixed and determinable. Generally, title passes when coal is loaded at the central preparation facility and, on occasion, at terminal locations or other customer destinations. 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 no additional value is exchanged. Management believes that the invoice price is the most appropriate rate at which to recognize revenue. While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are immaterial to the Company's net income. At December 31, 2019 and 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the years ended December 31, 2019 and 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. The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At December 31, 2019 and 2018 , the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the years ended December 31, 2019 and 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. |
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. |
Derivative Instruments | Derivative Instruments The Company generally utilizes derivative instruments to manage exposures to interest rate risk on long-term debt. The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. These interest rate swaps have been designated as cash flow hedges of future variable interest payments and are accounted for as an asset or a liability in the accompanying Consolidated Balance Sheets at their fair value (see Note 20 - Fair Value of Financial Instruments for additional information). In a cash flow hedge, the Company hedges the risk of changes in future cash flows related to the underlying item being hedged. Changes in the fair value of the derivative instrument used as a hedge instrument in a cash flow hedge are recorded in other comprehensive income or loss. Amounts in other comprehensive income or loss are reclassified to earnings when the hedged transaction affects earnings and are classified in a manner consistent with the transaction being hedged. The Company evaluates the effectiveness of its hedging relationships both at the hedge's inception and on an ongoing basis. Any ineffective portion of the change in fair value of a derivative instrument used as a hedge instrument in a cash flow hedge is recognized immediately in earnings. |
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 January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) to clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. These changes will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) to reduce the complexity of accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. The amendments in Update 2019-12 will remove the following exceptions: (1) the exception to the incremental approach for intra-period tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in Update 2019-12 will also simplify the accounting for income taxes in the areas of franchise tax, step up in the tax basis of goodwill associated with a business combination, allocation of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements, and presentation of the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The update adds minor codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. These changes will be effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Management does not expect this update to have a material impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The amendments in Update 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements of capitalizing implementation costs incurred to develop or obtain internal-use software. These changes will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management does not expect this update to have a material impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of the information required by GAAP. The amendments modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. These changes will be effective for fiscal years ending after December 15, 2020, including interim periods within those fiscal years. Management 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 does not expect this update to have a material impact on the Company's financial statements. 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 collectability of the reported amount. In May 2019, the FASB updated Topic 326 by issuing ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments-Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments-Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments in these Updates 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 fiscal years. CONSOL Energy's exposure to credit losses is concentrated on trade and other receivables arising from contractual agreements. Additional disclosures will be required to describe the nature and amount of the Company's credit losses, including the significant assumptions and judgments required to value the losses, and the accounting policy elections taken. The Company is implementing processes and controls to review the credit losses for appropriate accounting treatment in the context of the standards and to generate disclosures required under the standards, which the Company expects to disclose in its Quarterly Report on Form 10-Q for the first quarter of 2020. As of the filing date of this Form 10-K, based on the Company's historical collection efforts, current industry trends in the markets the Company serves and the financial health of the Company's counterparties, the expected credit losses recognized upon adoption of this guidance are not expected to have a material impact on the Company's financial statements. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period, including the reclassification of restricted cash, previously included in Prepaid Expenses and Other Assets on the Consolidated Balance Sheets, as well as the reclassification of amortization of debt issuance costs and loss on debt extinguishment within the Operating Activities section of the Consolidated Statements of Cash Flows. These reclassifications had no effect on previously reported total assets, net income, stockholders' equity or cash flow from operating activities. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Plant and Equipment $ 3,028,514 $ 2,890,970 Coal Properties and Surface Lands 872,909 858,153 Airshafts 437,003 419,100 Mine Development 342,706 342,405 Advance Mining Royalties 327,048 327,543 Total Property, Plant and Equipment 5,008,180 4,838,171 Less: Accumulated Depreciation, Depletion and Amortization 2,916,015 2,731,643 Total Property, Plant and Equipment, Net $ 2,092,165 $ 2,106,528 |
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, 2019 2018 2017 Anti-Dilutive Restricted Stock Units 175,752 620 1,469 Anti-Dilutive Performance Share Units 20,202 6,363 — 195,954 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, 2019 2018 2017 Numerator: Net Income $ 93,558 $ 178,785 $ 82,569 Less: Net Income Attributable to Noncontrolling Interest 17,557 25,809 14,940 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 76,001 $ 152,976 $ 67,629 Denominator: Weighted-average shares of common stock outstanding 26,938,339 27,928,245 27,968,188 Effect of dilutive shares 132,769 491,517 206,046 Weighted-average diluted shares of common stock outstanding 27,071,108 28,419,762 28,174,234 Earnings per Share: Basic $ 2.82 $ 5.48 $ 2.42 Dilutive $ 2.81 $ 5.38 $ 2.40 |
Schedule of Common Stock Outstanding | Shares of common stock outstanding were as follows: 2019 2018 2017 Balance, Beginning of Year 27,437,844 27,973,281 — Issuance Related to Separation and Distribution (1) — — 27,967,509 Retirement Related to Stock Repurchase (2) (1,717,497 ) (708,245 ) — Issuance Related to Stock-Based Compensation (3) 212,271 172,808 5,772 Balance, End of Year 25,932,618 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 Repurchases for additional information. (3) See Note 17 - Stock-Based Compensation for additional information. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | The following table disaggregates CONSOL Energy's revenue from contracts with customers to depict how the nature, amount, timing and uncertainty of the Company's revenues and cash flows are affected by economic factors: For the Year Ended For the Year Ended December 31, 2019 December 31, 2018 Coal Revenue $ 1,288,529 $ 1,364,292 Terminal Revenue 67,363 64,926 Freight Revenue 19,667 43,572 Total Revenue from Contracts with Customers $ 1,375,559 $ 1,472,790 |
Miscellaneous Other Income (Tab
Miscellaneous Other Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Component of Operating Income [Abstract] | |
Schedule of Miscellaneous Other Income | For the Years Ended December 31, 2019 2018 2017 Royalty Income - Non-Operated Coal $ 22,208 $ 24,722 $ 28,089 Purchased Coal Sales 12,385 19,152 13,161 Contract Buyout 9,959 350 9,912 Interest Income 2,937 2,146 2,619 Rental Income 2,517 3,804 14,114 Property Easements and Option Income 1,631 5,644 2,436 Other 1,712 2,842 2,948 Miscellaneous Other Income $ 53,349 $ 58,660 $ 73,279 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Current: U.S. Federal $ 15,905 $ 20,634 $ 65,856 U.S. State 4,717 3,240 2,732 Non-U.S. 1,336 1,436 2,030 21,958 25,310 70,618 Deferred: U.S. Federal (9,386 ) (7,509 ) 17,397 U.S. State (8,033 ) (8,973 ) (787 ) (17,419 ) (16,482 ) 16,610 Total Income Tax Expense $ 4,539 $ 8,828 $ 87,228 |
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, 2019 2018 2017 Amount Percent Amount Percent Amount Percent Statutory U.S. federal income tax rate $ 20,600 21.0 % $ 39,399 21.0 % $ 59,429 35.0 % State income taxes, net of federal tax benefit 3,125 3.2 3,240 1.7 1,264 0.7 Foreign income taxes 1,336 1.4 1,436 0.8 — — Excess tax depletion (13,141 ) (13.4 ) (20,873 ) (11.1 ) (24,216 ) (14.3 ) Effect of domestic production activities — — — — (6,493 ) (3.8 ) Effect of change in U.S. tax law — — 2,777 1.5 58,558 34.5 Excess compensation 1,849 1.9 974 0.5 — — Effect of valuation allowance 1,400 1.4 (1,379 ) (0.7 ) 1,379 0.8 Tax credits (2,536 ) (2.6 ) (980 ) (0.5 ) — — Non-controlling interest (3,687 ) (3.8 ) (5,420 ) (2.9 ) — — State rate change and prior period adjustments (5,745 ) (5.9 ) (8,223 ) (4.4 ) — — Other 1,338 1.4 (2,123 ) (1.1 ) (2,693 ) (1.6 ) Income Tax Expense / Effective Rate $ 4,539 4.6 % $ 8,828 4.8 % $ 87,228 51.3 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: December 31, 2019 2018 Deferred Tax Asset: Postretirement benefits other than pensions $ 110,504 $ 108,603 Asset retirement obligations 60,260 57,956 Pneumoconiosis benefits 52,521 41,632 Mine subsidence 17,110 15,097 Financing 16,806 9,387 Workers' compensation 16,750 16,016 Salary retirement 14,761 15,855 Operating lease liabilities 14,757 — State bonus, net of Federal 7,042 6,042 Long-term disability 3,031 2,798 Foreign tax credits 1,400 — Other 6,297 6,669 Total Deferred Tax Asset 321,239 280,055 Valuation Allowance (1,400 ) — Net Deferred Tax Asset 319,839 280,055 Deferred Tax Liability: Property, plant and equipment (173,849 ) (175,558 ) Equity Partnerships (17,028 ) (16,638 ) Right of use assets (14,757 ) — Advance mining royalties (10,700 ) (10,314 ) Total Deferred Tax Liability (216,334 ) (202,510 ) Net Deferred Tax Asset $ 103,505 $ 77,545 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 is as follows: As of December 31, 2019 2018 Balance at Beginning of Period $ 267,001 $ 258,823 Accretion Expense 20,116 19,468 Payments (13,030 ) (8,976 ) Revisions in Estimated Cash Flows (2,135 ) (2,314 ) Balance at End of Period $ 271,952 $ 267,001 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Components | Inventory components consist of the following: December 31, 2019 2018 Coal $ 2,484 $ 4,642 Supplies 51,647 44,004 Total Inventories $ 54,131 $ 48,646 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Plant and Equipment $ 3,028,514 $ 2,890,970 Coal Properties and Surface Lands 872,909 858,153 Airshafts 437,003 419,100 Mine Development 342,706 342,405 Advance Mining Royalties 327,048 327,543 Total Property, Plant and Equipment 5,008,180 4,838,171 Less: Accumulated Depreciation, Depletion and Amortization 2,916,015 2,731,643 Total Property, Plant and Equipment, Net $ 2,092,165 $ 2,106,528 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | December 31, 2019 2018 Subsidence Liability $ 90,645 $ 83,532 Accrued Payroll and Benefits 21,102 12,978 Accrued Interest 6,281 6,850 Accrued Other Taxes 4,753 5,050 Short-Term Incentive Compensation 3,997 6,024 Litigation 2,565 8,235 Other 9,719 15,588 Current Portion of Long-Term Liabilities: Postretirement Benefits Other than Pensions 31,833 32,345 Asset Retirement Obligations 21,741 31,017 Operating Lease Liability 19,479 — Pneumoconiosis Benefits 12,331 12,187 Workers' Compensation 11,323 12,628 Total Other Accrued Liabilities $ 235,769 $ 226,434 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | December 31, 2019 2018 Debt: Term Loan B due in September 2024 (Principal of $272,938 and $396,000 less Unamortized Discount of $1,187 and $6,253, respectively, 6.30% and 8.53% Weighted Average Interest Rate, respectively) $ 271,751 $ 389,747 11.00% Senior Secured Second Lien Notes due November 2025 221,628 274,276 MEDCO Revenue Bonds in Series due September 2025 at 5.75% 102,865 102,865 Term Loan A due in March 2023 (5.55% and 6.78% Weighted Average Interest Rate, respectively) 88,750 73,750 Other Asset-Backed Financing Arrangements 9,289 — Advance Royalty Commitments (10.78% and 8.57% Weighted Average Interest Rate, respectively) 1,895 2,261 Less: Unamortized Debt Issuance Costs 10,323 16,409 685,855 826,490 Less: Amounts Due in One Year* 32,053 117,954 Long-Term Debt $ 653,802 $ 708,536 *Excludes current portion of Finance Lease Obligations of $18,219 and $16,858 at December 31, 2019 and 2018 , 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 2020 $ 32,053 2021 28,826 2022 36,258 2023 12,456 2024 262,683 Thereafter 325,089 Total Long-Term Debt Maturities $ 697,365 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of lease and supplemental cash flow information | For the year ended December 31, 2019 , the components of operating lease expense were as follows: Fixed operating lease expense $ 25,875 Variable operating lease expense 11,445 Total operating lease expense $ 37,320 Supplemental cash flow information related to the Company's operating leases for the year ended December 31, 2019 was as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 25,675 ROU assets obtained in exchange for operating lease obligations — For the year ended December 31, 2019 , the components of finance lease expense were as follows: Amortization of right of use assets $ 15,691 Interest expense 1,878 Total finance lease expense $ 17,569 The following table presents the weighted average lease term and weighted average discount rate related to the Company's finance leases as of December 31, 2019 : Weighted average remaining lease term (in years) 1.69 Weighted average discount rate 5.20 % |
Schedule of lease balances, weighted average lease terms and discount rates | The following table presents the lease balances within the Consolidated Balance Sheet, weighted average lease term, and the weighted average discount rate related to the Company's operating leases at December 31, 2019 : Lease Assets and Liabilities Classification Assets: Operating Lease ROU Assets Other Assets $ 72,632 Liabilities: Current: Operating Lease Liabilities Other Accrued Liabilities $ 19,479 Long-Term: Operating Lease Liabilities Operating Lease Liabilities $ 55,413 Total Operating Lease Liabilities $ 74,892 Weighted average remaining lease term (in years) 5.02 Weighted average discount rate 6.79 % |
Schedule of future maturities of operating lease liabilities | At December 31, 2019 , scheduled minimum rental payments for operating leases related to this equipment were as follows: 2020 2021 2022 2023 2024 Thereafter Total $ 627 $ — $ — $ — $ — $ — $ 627 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2019 : Finance Operating Leases Leases 2020 $ 19,120 $ 24,065 2021 7,196 23,132 2022 783 13,341 2023 803 6,504 2024 575 6,115 Thereafter — 15,958 Total minimum lease payments 28,477 89,115 Less amount representing interest 1,222 14,223 Present value of minimum lease payments $ 27,255 $ 74,892 |
Schedule of future maturities of finance lease liabilities | At December 31, 2019 , certain finance leases for mining equipment are subleased to a third-party. The following table represents the minimum payments, including interest, for those finance subleases: 2020 2021 2022 2023 2024 Thereafter Total $ 3,699 $ 2,157 $ — $ — $ — $ — $ 5,856 The following table presents the future maturities of the Company's operating and finance lease liabilities, together with the present value of the net minimum lease payments, at December 31, 2019 : Finance Operating Leases Leases 2020 $ 19,120 $ 24,065 2021 7,196 23,132 2022 783 13,341 2023 803 6,504 2024 575 6,115 Thereafter — 15,958 Total minimum lease payments 28,477 89,115 Less amount representing interest 1,222 14,223 Present value of minimum lease payments $ 27,255 $ 74,892 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Service cost 3,950 1,150 — — Interest cost 25,101 23,505 18,320 18,706 Actuarial loss (gain) 95,078 (60,351 ) 4,761 (101,259 ) Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Benefit obligation at end of period $ 720,098 $ 644,142 $ 464,329 $ 473,591 Change in plan assets: Fair value of plan assets at beginning of period $ 578,347 $ 679,245 $ — $ — Actual return on plan assets 136,976 (48,470 ) — — Company contributions 1,331 1,724 32,343 35,419 Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Fair value of plan assets at end of period $ 668,481 $ 578,347 $ — $ — Funded status: Current liabilities $ (1,687 ) $ (1,623 ) $ (31,833 ) $ (32,345 ) Noncurrent liabilities (49,930 ) (64,172 ) (432,496 ) (441,246 ) Net obligation recognized $ (51,617 ) $ (65,795 ) $ (464,329 ) $ (473,591 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 255,830 $ 263,229 $ 179,937 $ 184,438 Prior service credit — (367 ) (20,949 ) (23,354 ) Net amount recognized (before tax effect) $ 255,830 $ 262,862 $ 158,988 $ 161,084 The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2019 and 2018 is as follows: CWP Workers' Compensation at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 State administrative fees and insurance bond premiums — — 2,157 2,671 Service cost 3,791 6,650 5,685 6,230 Interest cost 7,001 5,245 2,585 2,283 Actuarial loss (gain) 39,827 14,832 1,536 (5,134 ) Benefits paid (13,334 ) (12,379 ) (11,469 ) (13,592 ) Benefit obligation at end of period $ 214,473 $ 177,188 $ 71,480 $ 70,986 Funded status: Current assets $ — $ — $ 1,037 $ 1,384 Current liabilities (12,331 ) (12,187 ) (11,323 ) (12,628 ) Noncurrent liabilities (202,142 ) (165,001 ) (61,194 ) (59,742 ) Net obligation recognized $ (214,473 ) $ (177,188 ) $ (71,480 ) $ (70,986 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) Net amount recognized (before tax effect) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) |
Schedule of Components of Net Periodic Benefit (Credit) Costs | The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2019 2018 2017 2019 2018 2017 Components of net periodic benefit (credit) cost: Service cost $ 3,950 $ 1,150 $ 2,948 $ — $ — $ — Interest cost 25,101 23,505 25,265 18,320 18,706 23,945 Expected return on plan assets (40,457 ) (40,370 ) (42,383 ) — — — Amortization of prior service credits (367 ) (502 ) (502 ) (2,405 ) (2,405 ) (2,405 ) Recognized net actuarial loss 5,958 8,715 8,896 9,262 16,205 23,112 Settlement loss — — 10,153 — — — Net periodic benefit (credit) cost $ (5,815 ) $ (7,502 ) $ 4,377 $ 25,177 $ 32,506 $ 44,652 The components of net periodic benefit cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Service cost $ 3,791 $ 6,650 $ 5,122 $ 5,685 $ 6,230 $ 5,734 Interest cost 7,001 5,245 4,050 2,585 2,283 2,321 Recognized net actuarial loss (gain) 1,016 (853 ) (7,631 ) (774 ) (79 ) (598 ) State administrative fees and insurance bond premiums — — — 2,157 2,671 3,198 Net periodic benefit cost $ 11,808 $ 11,042 $ 1,541 $ 9,653 $ 11,105 $ 10,655 |
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 2020 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ — $ (2,405 ) Actuarial loss recognition $ 6,922 $ 9,278 The following are amounts included in accumulated other comprehensive loss that are expected to be recognized in 2020 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 5,604 $ (487 ) |
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, 2019 2018 Projected benefit obligation $ 720,098 $ 644,142 Accumulated benefit obligation $ 719,985 $ 644,069 Fair value of plan assets $ 668,481 $ 578,347 |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine benefit obligations are as follows: Pension Obligations Other Postretirement Obligations at December 31, at December 31, 2019 2018 2019 2018 Discount rate 3.28 % 4.34 % 3.27 % 4.34 % Rate of compensation increase 3.68 % 3.73 % — — 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, 2019 2018 2017 2019 2018 2017 Discount rate 4.37 % 3.69 % 4.27 % 4.34 % 3.65 % 4.22 % Expected long-term return on plan assets 6.90 % 6.90 % 6.90 % — — — Rate of compensation increase 3.73 % 3.73 % 3.90 % — — — The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Benefit obligations 3.41 % 4.42 % 3.75 % 3.25 % 4.26 % 3.57 % Net periodic benefit costs 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % |
Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows: At December 31, 2019 2018 Health care cost trend rate for next year 5.65 % 5.83 % 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 $ 2,023 $ (1,725 ) Effect on accumulated postretirement benefit obligation $ 48,891 $ (41,917 ) |
Schedule of Fair Value of Plan Assets | The fair values of plan assets at December 31, 2019 and 2018 by asset category are as follows: Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 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 $ 97 $ 97 $ — $ — $ 101 $ 101 $ — $ — Mercer Common Collective Trusts (a) 668,384 — — — 578,246 — — — Total $ 668,481 $ 97 $ — $ — $ 578,347 $ 101 $ — $ — __________ (a) 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 2020 $ 44,619 $ 31,833 2021 $ 43,297 $ 29,935 2022 $ 43,438 $ 29,302 2023 $ 42,905 $ 28,664 2024 $ 42,837 $ 27,881 Year 2025-2029 $ 200,271 $ 134,541 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 2020 $ 12,331 $ 12,235 $ 10,286 $ 1,949 2021 $ 12,013 $ 12,427 $ 10,430 $ 1,997 2022 $ 11,893 $ 12,680 $ 10,633 $ 2,047 2023 $ 11,545 $ 12,741 $ 10,643 $ 2,098 2024 $ 11,351 $ 12,808 $ 10,657 $ 2,151 Year 2025-2029 $ 57,446 $ 66,260 $ 54,672 $ 11,588 |
Coal Workers' Pneumoconiosis _2
Coal Workers' Pneumoconiosis and Workers' Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 is as follows: Pension Benefits Other Postretirement Benefits at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 644,142 $ 733,990 $ 473,591 $ 591,563 Service cost 3,950 1,150 — — Interest cost 25,101 23,505 18,320 18,706 Actuarial loss (gain) 95,078 (60,351 ) 4,761 (101,259 ) Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Benefit obligation at end of period $ 720,098 $ 644,142 $ 464,329 $ 473,591 Change in plan assets: Fair value of plan assets at beginning of period $ 578,347 $ 679,245 $ — $ — Actual return on plan assets 136,976 (48,470 ) — — Company contributions 1,331 1,724 32,343 35,419 Benefits and other payments (48,173 ) (54,152 ) (32,343 ) (35,419 ) Fair value of plan assets at end of period $ 668,481 $ 578,347 $ — $ — Funded status: Current liabilities $ (1,687 ) $ (1,623 ) $ (31,833 ) $ (32,345 ) Noncurrent liabilities (49,930 ) (64,172 ) (432,496 ) (441,246 ) Net obligation recognized $ (51,617 ) $ (65,795 ) $ (464,329 ) $ (473,591 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 255,830 $ 263,229 $ 179,937 $ 184,438 Prior service credit — (367 ) (20,949 ) (23,354 ) Net amount recognized (before tax effect) $ 255,830 $ 262,862 $ 158,988 $ 161,084 The reconciliation of changes in the benefit obligation and funded status of these plans at December 31, 2019 and 2018 is as follows: CWP Workers' Compensation at December 31, at December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of period $ 177,188 $ 162,840 $ 70,986 $ 78,528 State administrative fees and insurance bond premiums — — 2,157 2,671 Service cost 3,791 6,650 5,685 6,230 Interest cost 7,001 5,245 2,585 2,283 Actuarial loss (gain) 39,827 14,832 1,536 (5,134 ) Benefits paid (13,334 ) (12,379 ) (11,469 ) (13,592 ) Benefit obligation at end of period $ 214,473 $ 177,188 $ 71,480 $ 70,986 Funded status: Current assets $ — $ — $ 1,037 $ 1,384 Current liabilities (12,331 ) (12,187 ) (11,323 ) (12,628 ) Noncurrent liabilities (202,142 ) (165,001 ) (61,194 ) (59,742 ) Net obligation recognized $ (214,473 ) $ (177,188 ) $ (71,480 ) $ (70,986 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) Net amount recognized (before tax effect) $ 47,352 $ 8,542 $ (11,250 ) $ (13,561 ) |
Schedule of Components of Net Periodic Benefit (Credit) Costs | The components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits For the Years Ended December 31, For the Years Ended December 31, 2019 2018 2017 2019 2018 2017 Components of net periodic benefit (credit) cost: Service cost $ 3,950 $ 1,150 $ 2,948 $ — $ — $ — Interest cost 25,101 23,505 25,265 18,320 18,706 23,945 Expected return on plan assets (40,457 ) (40,370 ) (42,383 ) — — — Amortization of prior service credits (367 ) (502 ) (502 ) (2,405 ) (2,405 ) (2,405 ) Recognized net actuarial loss 5,958 8,715 8,896 9,262 16,205 23,112 Settlement loss — — 10,153 — — — Net periodic benefit (credit) cost $ (5,815 ) $ (7,502 ) $ 4,377 $ 25,177 $ 32,506 $ 44,652 The components of net periodic benefit cost are as follows: CWP Workers’ Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Service cost $ 3,791 $ 6,650 $ 5,122 $ 5,685 $ 6,230 $ 5,734 Interest cost 7,001 5,245 4,050 2,585 2,283 2,321 Recognized net actuarial loss (gain) 1,016 (853 ) (7,631 ) (774 ) (79 ) (598 ) State administrative fees and insurance bond premiums — — — 2,157 2,671 3,198 Net periodic benefit cost $ 11,808 $ 11,042 $ 1,541 $ 9,653 $ 11,105 $ 10,655 |
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 2020 net periodic benefit costs: Other Pension Postretirement Benefits Benefits Prior service credit recognition $ — $ (2,405 ) Actuarial loss recognition $ 6,922 $ 9,278 The following are amounts included in accumulated other comprehensive loss that are expected to be recognized in 2020 net periodic benefit costs: Workers' CWP Compensation Benefits Benefits Actuarial loss (gain) recognition $ 5,604 $ (487 ) |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine benefit obligations are as follows: Pension Obligations Other Postretirement Obligations at December 31, at December 31, 2019 2018 2019 2018 Discount rate 3.28 % 4.34 % 3.27 % 4.34 % Rate of compensation increase 3.68 % 3.73 % — — 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, 2019 2018 2017 2019 2018 2017 Discount rate 4.37 % 3.69 % 4.27 % 4.34 % 3.65 % 4.22 % Expected long-term return on plan assets 6.90 % 6.90 % 6.90 % — — — Rate of compensation increase 3.73 % 3.73 % 3.90 % — — — The weighted-average discount rates used to determine benefit obligations and net periodic benefit costs are as follows: CWP Workers' Compensation For the Years Ended For the Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 Benefit obligations 3.41 % 4.42 % 3.75 % 3.25 % 4.26 % 3.57 % Net periodic benefit costs 4.42 % 3.75 % 4.40 % 4.26 % 3.57 % 4.05 % |
Schedule of Expected Benefit Payments | The following benefit payments, reflecting expected future service, are expected to be paid: Other Pension Postretirement Benefits Benefits 2020 $ 44,619 $ 31,833 2021 $ 43,297 $ 29,935 2022 $ 43,438 $ 29,302 2023 $ 42,905 $ 28,664 2024 $ 42,837 $ 27,881 Year 2025-2029 $ 200,271 $ 134,541 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 2020 $ 12,331 $ 12,235 $ 10,286 $ 1,949 2021 $ 12,013 $ 12,427 $ 10,430 $ 1,997 2022 $ 11,893 $ 12,680 $ 10,633 $ 2,047 2023 $ 11,545 $ 12,741 $ 10,643 $ 2,098 2024 $ 11,351 $ 12,808 $ 10,657 $ 2,151 Year 2025-2029 $ 57,446 $ 66,260 $ 54,672 $ 11,588 |
Other Employee Benefit Plans (T
Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Net periodic benefit costs $ 1,483 $ 2,088 $ 2,058 Discount rate assumption used to determine net periodic benefit costs 3.97 % 3.22 % 3.43 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [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, 2018 424,496 $33.60 Granted 262,507 $33.96 Vested (154,147 ) $32.59 Forfeited (79,520 ) $31.05 Nonvested at December 31, 2019 453,336 $34.60 |
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, 2018 263,244 $34.51 Granted 266,556 $34.49 Vested (179,934 ) $34.66 Forfeited (156,601 ) $35.49 Nonvested at December 31, 2019 193,265 $33.55 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Cash Paid For: Interest (net of amounts capitalized) $ 73,574 $ 92,926 $ 18,151 Income taxes * $ 40,139 $ 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, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit Risk | Concentration of credit risk is summarized below: December 31, 2019 2018 Thermal coal utilities $ 58,557 $ 61,218 Coal exporters and distributors 73,416 22,972 Steel and coke producers — 661 Other 1,815 2,738 Total Trade Receivables 133,788 87,589 Less: Allowance for doubtful accounts 2,100 — Total Trade Receivables, net of Allowance $ 131,688 $ 87,589 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 $ — $ — $ (482 ) $ — $ — $ (734 ) Derivatives (1) $ — $ (154 ) $ — $ — $ — $ — (1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. |
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, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Long-Term Debt $ 696,178 $ 642,018 $ 842,899 $ 881,711 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 $ 64,558 $ 50,416 $ 14,142 $ — $ — Environmental 398 — 398 — — Other 45,843 11,143 34,700 — — Total Letters of Credit 110,799 61,559 49,240 — — Surety Bonds: Employee-Related 87,424 86,124 1,300 — — Environmental 526,838 492,696 34,142 — — Other 3,989 3,830 159 — — Total Surety Bonds 618,251 582,650 35,601 — — Guarantees: Other 15,535 6,862 7,893 398 382 Total Guarantees 15,535 6,862 7,893 398 382 Total Commitments $ 744,585 $ 651,071 $ 92,734 $ 398 $ 382 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Industry Segment Results | Industry segment results for the year ended December 31, 2019 are: PAMC Other Adjustments and Eliminations Consolidated Coal Revenue $ 1,288,529 $ — $ — $ 1,288,529 (A) Terminal Revenue — 67,363 — 67,363 Freight Revenue 19,667 — — 19,667 Total Revenue and Freight $ 1,308,196 $ 67,363 $ — $ 1,375,559 Earnings (Loss) Before Income Tax $ 197,112 $ (99,015 ) $ — $ 98,097 Segment Assets $ 1,981,721 $ 712,081 $ — $ 2,693,802 Depreciation, Depletion and Amortization $ 185,616 $ 21,481 $ — $ 207,097 Capital Expenditures $ 148,709 $ 21,030 $ — $ 169,739 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 (A) For the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 2018 2017 Customer A $ 242,703 $ 283,703 * Customer B $ 446,403 $ 274,755 $ 145,248 Customer C $ 215,099 $ 214,152 $ 222,354 * Revenues from this customer during the year ended December 31, 2017 were less than 10% of the Company's total sales. |
Schedule of Segment Revenues from Major Customers | For the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 2018 2017 Customer A $ 242,703 $ 283,703 * Customer B $ 446,403 $ 274,755 $ 145,248 Customer C $ 215,099 $ 214,152 $ 222,354 * Revenues from this customer during the year ended December 31, 2017 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, 2019 2018 2017 Total Segment Revenue and Freight from External Customers $ 1,375,559 $ 1,472,790 $ 1,321,412 Other Income not Allocated to Segments (Note 4) 53,349 58,660 73,279 Gain on Sale of Assets 1,995 565 17,212 Total Consolidated Revenue and Other Income $ 1,430,903 $ 1,532,015 $ 1,411,903 |
Schedule of Reconciliation of Total Assets | Total Assets: December 31, 2019 2018 Segment Assets for Total Reportable Business Segments $ 1,981,721 $ 1,894,209 Segment Assets for All Other Business Segments 515,334 554,315 Items Excluded from Segment Assets: Cash and Other Investments 93,242 234,658 Deferred Tax Assets 103,505 77,545 Total Consolidated Assets $ 2,693,802 $ 2,760,727 |
Schedule of Property, Plant and Equipment by Geographical Location | CONSOL Energy's Property, Plant and Equipment by geographical location: December 31, 2019 2018 United States $ 2,081,141 $ 2,095,504 Canada 11,024 11,024 Total Property, Plant and Equipment, net $ 2,092,165 $ 2,106,528 |
Guarantor Subsidiaries Financ_2
Guarantor Subsidiaries Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Income Statement | Income Statement for the Year Ended December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue and Other Income: Coal Revenue $ — $ 966,397 $ 322,132 $ — $ — $ 1,288,529 Terminal Revenue — 67,363 — — — 67,363 Freight Revenue — 14,750 4,917 — — 19,667 Miscellaneous Other Income 160,441 (11,418 ) 5,928 38,401 (140,003 ) 53,349 Gain (Loss) on Sale of Assets 2,188 (144 ) (49 ) — — 1,995 Total Revenue and Other Income 162,629 1,036,948 332,928 38,401 (140,003 ) 1,430,903 Costs and Expenses: Operating and Other Costs — 729,232 217,175 1,605 — 948,012 Depreciation, Depletion and Amortization — 161,290 45,807 — — 207,097 Freight Expense — 14,750 4,917 — — 19,667 Selling, General and Administrative Costs — 54,237 12,874 — — 67,111 Loss on Debt Extinguishment 24,455 — — — — 24,455 Interest Expense, net 57,634 2,226 6,604 — — 66,464 Total Costs and Expenses 82,089 961,735 287,377 1,605 — 1,332,806 Earnings (Loss) Before Income Tax 80,540 75,213 45,551 36,796 (140,003 ) 98,097 Income Tax Expense 4,539 — — — — 4,539 Net Income (Loss) 76,001 75,213 45,551 36,796 (140,003 ) 93,558 Less: Net Income Attributable to Noncontrolling Interest — — — — 17,557 17,557 Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 76,001 $ 75,213 $ 45,551 $ 36,796 $ (157,560 ) $ 76,001 Income Statement for the Year Ended December 31, 2018 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Revenue 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 Inc. Shareholders $ 152,976 $ 175,322 $ 66,566 $ (2,481 ) $ (239,407 ) $ 152,976 Income Statement for the Year Ended December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantors Non-Guarantor Elimination Consolidated Revenue 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 Inc. Shareholders $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 98,767 $ 67,629 |
Balance Sheet | Balance Sheet at December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Assets: Current Assets: Cash and Cash Equivalents $ 79,569 $ 148 $ 543 $ 33 $ — $ 80,293 Accounts and Notes Receivable: Trade Receivables, net of Allowance — — — 131,688 — 131,688 Other Receivables 28,147 11,265 1,572 — — 40,984 Inventories — 41,478 12,653 — — 54,131 Prepaid Expenses and Other Assets 8,657 16,524 5,746 6 — 30,933 Total Current Assets 116,373 69,415 20,514 131,727 — 338,029 Property, Plant and Equipment: Property, Plant and Equipment — 4,023,282 984,898 — — 5,008,180 Less-Accumulated Depreciation, Depletion and Amortization — 2,344,777 571,238 — — 2,916,015 Total Property, Plant and Equipment-Net — 1,678,505 413,660 — — 2,092,165 Other Assets: Deferred Income Taxes 103,505 — — — — 103,505 Right of Use Asset - Operating Leases — 56,937 15,695 — — 72,632 Affiliated Credit Facility 148,156 — — — (148,156 ) — Investment in Affiliates 822,102 — — — (822,102 ) — Other 30,973 43,042 13,456 — — 87,471 Total Other Assets 1,104,736 99,979 29,151 — (970,258 ) 263,608 Total Assets $ 1,221,109 $ 1,847,899 $ 463,325 $ 131,727 $ (970,258 ) $ 2,693,802 Liabilities and Equity: Current Liabilities: Accounts Payable $ 71,153 $ 7,987 $ 22,805 $ 4,278 $ — $ 106,223 Accounts Payable (Recoverable)-Related Parties — — 1,419 — (1,419 ) — Current Portion of Long-Term Debt 28,225 16,795 5,252 — — 50,272 Other Accrued Liabilities 82,452 116,403 39,455 — (2,541 ) 235,769 Total Current Liabilities 181,830 141,185 68,931 4,278 (3,960 ) 392,264 Long-Term Debt 554,150 107,043 149,801 — (148,156 ) 662,838 Deferred Credits and Other Liabilities: Postretirement Benefits Other Than Pensions — 432,496 — — — 432,496 Pneumoconiosis Benefits — 196,114 6,028 — — 202,142 Asset Retirement Obligations — 239,410 10,801 — — 250,211 Workers’ Compensation — 57,583 3,611 — — 61,194 Salary Retirement 49,930 — — — — 49,930 Operating Lease Liability — 43,906 11,507 — — 55,413 Other — 14,134 785 — — 14,919 Total Deferred Credits and Other Liabilities 49,930 983,643 32,732 — — 1,066,305 Total CONSOL Energy Inc. Stockholders’ Equity 435,199 616,028 211,861 127,449 (955,338 ) 435,199 Noncontrolling Interest — — — — 137,196 137,196 Total Liabilities and Equity $ 1,221,109 $ 1,847,899 $ 463,325 $ 131,727 $ (970,258 ) $ 2,693,802 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 Restricted Cash 14,557 — — 14,701 — 29,258 Accounts and Notes Receivable: Trade Receivables, net of Allowance — — — 87,589 — 87,589 Other Receivables 24,352 15,935 1,068 — — 41,355 Inventories — 37,580 11,066 — — 48,646 Prepaid Expenses and Other Assets 10,883 15,451 5,096 — — 31,430 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 (Recoverable) Payable-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 | 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 Finance Lease Obligations (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 Corporation (18,234 ) — — — — (18,234 ) Premium Paid on 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-Guarantors 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 Finance Lease Obligations (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 ) Shares/Units Withheld for Taxes — (171 ) (1,985 ) — — (2,156 ) Spin Distribution to CNX Resources Corporation (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 Cash Flows for the Year Ended December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non-Guarantor Elimination Consolidated Net Cash Provided by (Used In) Operating Activities $ 253,112 $ (89,671 ) $ 81,125 $ — $ — $ 244,566 Cash Flows from Investing Activities: Capital Expenditures — (132,562 ) (37,177 ) — — (169,739 ) (Investments in), net of Distributions from, Subsidiaries (206,658 ) 242,056 — — (35,398 ) — Proceeds from Sales of Assets — 2,195 6 — — 2,201 Other Investing Activity (5,003 ) — — — — (5,003 ) Net Cash (Used in) Provided by Investing Activities (211,661 ) 111,689 (37,171 ) — (35,398 ) (172,541 ) Cash Flows from Financing Activities: Payments on Finance Lease Obligations — (14,708 ) (3,841 ) — — (18,549 ) Affiliated Credit Facility (17,925 ) — 17,925 — — — Proceeds from Term Loan A 26,250 — — — — 26,250 Payments on Term Loan A (11,250 ) — — — — (11,250 ) Payments on Term Loan B (124,437 ) — — — — (124,437 ) Payments on Second Lien Notes (52,648 ) — — — — (52,648 ) Proceeds from Asset-Backed Financing 3,757 — — — — 3,757 Payments on Asset-Backed Financing (240 ) — — — — (240 ) Distributions to Noncontrolling Interest — — (57,618 ) — 35,398 (22,220 ) Shares/Units Withheld for Taxes — (4,083 ) (880 ) — — (4,963 ) Repurchases of Common Stock (32,733 ) — — — — (32,733 ) Purchases of CCR Units (369 ) — — — — (369 ) Premium Paid on Extinguishment of Debt (6,773 ) — — — — (6,773 ) Debt Issuance and Financing Fees (12,492 ) — — — — (12,492 ) Net Cash (Used in) Provided by Financing Activities $ (228,860 ) $ (18,791 ) $ (44,414 ) $ — $ 35,398 $ (256,667 ) |
Statement of Comprehensive Income | Statement of Comprehensive Income for the Year Ended December 31, 2019 : Parent Issuer Guarantor CCR Non-Guarantor Non- Elimination Consolidated Net Income (Loss) $ 76,001 $ 75,213 $ 45,551 $ 36,796 $ (140,003 ) $ 93,558 Other Comprehensive Income (Loss): Net Actuarial (Loss) Gain (25,132 ) — (1,341 ) — 1,341 (25,132 ) Unrecognized Loss on Derivatives (117 ) — — — — (117 ) Other Comprehensive (Loss) Income (25,249 ) — (1,341 ) — 1,341 (25,249 ) Comprehensive Income (Loss) 50,752 75,213 44,210 36,796 (138,662 ) 68,309 Less: Comprehensive Income Attributable to Noncontrolling Interest — — — — 17,551 17,551 Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders $ 50,752 $ 75,213 $ 44,210 $ 36,796 $ (156,213 ) $ 50,758 December 31, 2017 : Parent Issuer Guarantor CCR Non-Guarantors Non- Elimination Consolidated Net Income (Loss) $ 67,629 $ (137,236 ) $ 40,464 $ (1,995 ) $ 113,707 $ 82,569 Other Comprehensive Income (Loss): Net Actuarial Gain (Loss) 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 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 Gain (Loss) 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 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Operating and Other Costs $ 3,219 $ 2,918 $ 3,503 Selling, General and Administrative Costs 8,309 8,300 3,109 Total Services from CONSOL Energy $ 11,528 $ 11,218 $ 6,612 |
Supplemental Coal Data (unaud_2
Supplemental Coal Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of Proven and Probable Reserves Rollforward | Supplemental Coal Data (unaudited) Millions of Tons For the Year Ended December 31, 2019 2018 2017 2016 2015 Consolidated recoverable coal reserves at beginning of period 2,261 2,298 2,361 3,047 3,238 Purchased reserves — — — — 24 Reserves sold in place — — (16 ) (601 ) (43 ) Production (27 ) (28 ) (26 ) (26 ) (29 ) Revisions and other changes (8 ) (9 ) (21 ) (59 ) (143 ) Consolidated recoverable coal reserves at end of period* (1) 2,226 2,261 2,298 2,361 3,047 ______________ * 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, 2019 | |
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, 2019 2019 2019 2019 Revenue and Other Income: Coal Revenue $ 332,502 $ 350,620 $ 301,542 $ 303,865 Terminal Revenue 17,818 16,708 16,303 16,534 Freight Revenue 6,662 3,854 3,599 5,552 Miscellaneous Other Income 13,292 12,194 11,188 16,675 Gain on Sale of Assets 339 933 714 9 Total Revenue and Other Income 370,613 384,309 333,346 342,635 Costs and Expenses: Operating and Other Costs 230,112 253,448 234,849 229,603 Depreciation, Depletion and Amortization 50,724 46,151 54,370 55,852 Freight Expense 6,662 3,854 3,599 5,552 Selling, General and Administrative Costs 21,923 16,288 14,690 14,210 Loss (Gain) on Debt Extinguishment 23,143 1,500 801 (989 ) Interest Expense, net 18,596 16,046 15,598 16,224 Total Costs and Expenses 351,160 337,287 323,907 320,452 Earnings Before Income Tax 19,453 47,022 9,439 22,183 Income Tax (Benefit) Expense (850 ) (1,808 ) 2,415 4,782 Net Income 20,303 48,830 7,024 17,401 Less: Net Income Attributable to Noncontrolling Interest 5,868 5,550 2,684 3,455 Net Income Attributable to CONSOL Energy Inc. Shareholders $ 14,435 $ 43,280 $ 4,340 $ 13,946 Earnings Per Share: Basic $ 0.52 $ 1.57 $ 0.16 $ 0.54 Dilutive $ 0.52 $ 1.56 $ 0.16 $ 0.54 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 |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Property Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Less: Allowance for doubtful accounts | $ 2,100,000 | $ 0 | |
Capitalized interest | 6,686,000 | 6,033,000 | $ 1,444,000 |
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 |
Number of units authorized (in shares) | 2,600,000 | ||
Common stock distributed (in shares) | 26,938,339 | 27,928,245 | 27,968,188 |
Preferred stock authorized (in shares) | 500,000 | ||
Preferred stock issued (in shares) | 0 | ||
Preferred stock outstanding (in shares) | 0 | ||
Common Units | Stock Compensation Plan | |||
Property, Plant and Equipment [Line Items] | |||
Number of units authorized (in shares) | 2,300,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Antidilutive Securities) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 195,954 | 6,983 | 1,469 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 175,752 | 620 | 1,469 |
Performance Share Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 20,202 | 6,363 | 0 |
Significant Accounting Polici_7
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net Income | $ 17,401 | $ 7,024 | $ 48,830 | $ 20,303 | $ 46,034 | $ 9,084 | $ 52,709 | $ 70,958 | $ 93,558 | $ 178,785 | $ 82,569 |
Less: Net Income Attributable to Noncontrolling Interest | 3,455 | 2,684 | 5,550 | 5,868 | 6,362 | 3,350 | 7,547 | 8,550 | 17,557 | 25,809 | 14,940 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 13,946 | $ 4,340 | $ 43,280 | $ 14,435 | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ 76,001 | $ 152,976 | $ 67,629 |
Denominator: | |||||||||||
Weighted-average shares of common stock outstanding (in shares) | 26,938,339 | 27,928,245 | 27,968,188 | ||||||||
Effect of dilutive shares (in shares) | 132,769 | 491,517 | 206,046 | ||||||||
Weighted-average diluted shares of common stock outstanding (in shares) | 27,071,108 | 28,419,762 | 28,174,234 | ||||||||
Earnings per Share: | |||||||||||
Basic (in dollars per share) | $ 2.82 | $ 5.48 | $ 2.42 | ||||||||
Dilutive (in dollars per share) | $ 2.81 | $ 5.38 | $ 2.40 |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule of Common Stock Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, Beginning of Year (in shares) | 27,437,844 | 27,973,281 | 0 |
Issuance Related to Separation and Distribution (in shares) | 0 | 0 | 27,967,509 |
Retirement Related to Stock Repurchase (in shares) | (1,717,497) | (708,245) | 0 |
Issuance Related to Stock-Based Compensation (in shares) | 212,271 | 172,808 | 5,772 |
Balance, End of Year (in shares) | 25,932,618 | 27,437,844 | 27,973,281 |
Separation from the Company's_2
Separation from the Company's Former Parent (Narrative) (Details) - business | Nov. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Number of independent businesses | 2 | ||
Former Parent Company | |||
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Coal Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 303,865 | $ 301,542 | $ 350,620 | $ 332,502 | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | 1,288,529 | 1,364,292 | 1,187,654 |
Terminal Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | 16,534 | 16,303 | 16,708 | 17,818 | 16,931 | 16,115 | 16,659 | 15,221 | 67,363 | 64,926 | 60,066 |
Freight Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenue from Contracts with Customers | $ 5,552 | $ 3,599 | $ 3,854 | $ 6,662 | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 19,667 | $ 43,572 | $ 73,692 |
Miscellaneous Other Income (Sch
Miscellaneous Other Income (Schedule of Miscellaneous Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component of Operating Income [Abstract] | |||||||||||
Royalty Income - Non-Operated Coal | $ 22,208 | $ 24,722 | $ 28,089 | ||||||||
Purchased Coal Sales | 12,385 | 19,152 | 13,161 | ||||||||
Contract Buyout | 9,959 | 350 | 9,912 | ||||||||
Interest Income | 2,937 | 2,146 | 2,619 | ||||||||
Rental Income | 2,517 | 3,804 | 14,114 | ||||||||
Property Easements and Option Income | 1,631 | 5,644 | 2,436 | ||||||||
Other | 1,712 | 2,842 | 2,948 | ||||||||
Miscellaneous Other Income | $ 16,675 | $ 11,188 | $ 12,194 | $ 13,292 | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | $ 53,349 | $ 58,660 | $ 73,279 |
Stock, Unit and Debt Repurcha_2
Stock, Unit and Debt Repurchases (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jul. 31, 2019 | May 31, 2019 | 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 and retired | 1,717,497 | 708,245 | 0 | |||||
Average share price (in dollars per share) | $ 19.06 | $ 36.48 | ||||||
Shares repurchased | 26,297 | 167,958 | ||||||
Senior Secured Second Lien Notes due 2025 | ||||||||
Class of Stock [Line Items] | ||||||||
Repayments of debt | $ 52,648,000 | $ 25,724,000 | $ 0 | |||||
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% | 11.00% | |||
Repayments of debt | $ 52,648,000 | $ 25,724,000 | ||||||
CCR Units | ||||||||
Class of Stock [Line Items] | ||||||||
Stock and debt repurchase additional amount authorized | $ 50,000,000 | $ 25,000,000 | ||||||
Average share price (in dollars per share) | $ 14.05 | $ 18.33 | ||||||
Shares repurchased | 26,297 | 167,958 | ||||||
CCR | ||||||||
Class of Stock [Line Items] | ||||||||
Stock and debt repurchase authorized amount | $ 200,000,000 | 175,000,000 | ||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | 75,000,000 | ||||||
Stock and debt repurchase restricted authorized amount | $ 50,000,000 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
U.S. Federal | $ 15,905 | $ 20,634 | $ 65,856 | ||||||||
U.S. State | 4,717 | 3,240 | 2,732 | ||||||||
Non-U.S. | 1,336 | 1,436 | 2,030 | ||||||||
Current income tax expense (benefit) | 21,958 | 25,310 | 70,618 | ||||||||
Deferred: | |||||||||||
U.S. Federal | (9,386) | (7,509) | 17,397 | ||||||||
U.S. State | (8,033) | (8,973) | (787) | ||||||||
Deferred income tax expense (benefit) | (17,419) | (16,482) | 16,610 | ||||||||
Income Tax Expense / Effective Rate | $ 4,782 | $ 2,415 | $ (1,808) | $ (850) | $ 301 | $ (690) | $ 3,032 | $ 6,185 | $ 4,539 | $ 8,828 | $ 87,228 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Expense) (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount | |||||||||||
Statutory U.S. federal income tax rate | $ 20,600 | $ 39,399 | $ 59,429 | ||||||||
State income taxes, net of federal tax benefit | 3,125 | 3,240 | 1,264 | ||||||||
Foreign income taxes | 1,336 | 1,436 | 0 | ||||||||
Excess tax depletion | (13,141) | (20,873) | (24,216) | ||||||||
Effect of domestic production activities | 0 | 0 | (6,493) | ||||||||
Effect of change in U.S. tax law | 0 | 2,777 | 58,558 | ||||||||
Excess compensation | 1,849 | 974 | 0 | ||||||||
Effect of valuation allowance | 1,400 | (1,379) | 1,379 | ||||||||
Tax credits | (2,536) | (980) | 0 | ||||||||
Non-controlling interest | (3,687) | (5,420) | 0 | ||||||||
State rate change and prior period adjustments | (5,745) | (8,223) | 0 | ||||||||
Other | 1,338 | (2,123) | (2,693) | ||||||||
Income Tax Expense / Effective Rate | $ 4,782 | $ 2,415 | $ (1,808) | $ (850) | $ 301 | $ (690) | $ 3,032 | $ 6,185 | $ 4,539 | $ 8,828 | $ 87,228 |
Percent | |||||||||||
Statutory U.S. federal income tax rate (as a percent) | 21.00% | 21.00% | 35.00% | ||||||||
State income taxes, net of federal tax benefit (as a percent) | 3.20% | 1.70% | 0.70% | ||||||||
Foreign income taxes (as a percent) | 1.40% | 0.80% | 0.00% | ||||||||
Excess tax depletion (as a percent) | (13.40%) | (11.10%) | (14.30%) | ||||||||
Effect of domestic production activities (as a percent) | 0.00% | 0.00% | (3.80%) | ||||||||
Effect of change in U.S. tax law (as a percent) | 0.00% | 1.50% | 34.50% | ||||||||
Excess compensation (as a percent) | 1.90% | 0.50% | 0.00% | ||||||||
Effect of valuation allowance (as a percent) | 1.40% | (0.70%) | 0.80% | ||||||||
Tax credits (as a percent) | (2.60%) | (0.50%) | 0.00% | ||||||||
Non-controlling interest (as a percent) | (3.80%) | (2.90%) | 0.00% | ||||||||
State rate change and prior period adjustments (as a percent) | (5.90%) | (4.40%) | 0.00% | ||||||||
Other (as a percent) | 1.40% | (1.10%) | (1.60%) | ||||||||
Income Tax Expense / Effective Rate (as a percent) | 4.60% | 4.80% | 51.30% |
Income Taxes (Schedule of Signi
Income Taxes (Schedule of Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Asset: | ||
Postretirement benefits other than pensions | $ 110,504 | $ 108,603 |
Asset retirement obligations | 60,260 | 57,956 |
Pneumoconiosis benefits | 52,521 | 41,632 |
Mine subsidence | 17,110 | 15,097 |
Financing | 16,806 | 9,387 |
Workers' compensation | 16,750 | 16,016 |
Salary retirement | 14,761 | 15,855 |
Operating lease liabilities | 14,757 | 0 |
State bonus, net of Federal | 7,042 | 6,042 |
Long-term disability | 3,031 | 2,798 |
Foreign tax credits | 1,400 | 0 |
Other | 6,297 | 6,669 |
Total Deferred Tax Asset | 321,239 | 280,055 |
Valuation Allowance | (1,400) | 0 |
Net Deferred Tax Asset | 319,839 | 280,055 |
Deferred Tax Liability: | ||
Property, plant and equipment | (173,849) | (175,558) |
Equity Partnerships | (17,028) | (16,638) |
Right of use assets | (14,757) | 0 |
Advance mining royalties | (10,700) | (10,314) |
Total Deferred Tax Liability | (216,334) | (202,510) |
Net Deferred Tax Asset | $ 103,505 | $ 77,545 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Valuation allowance | $ 1,400 | $ 0 | ||
Effect of change in U.S. tax law | $ 58,558 | |||
Effect of change in U.S. tax law | $ 0 | $ 2,777 | $ 58,558 |
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, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at Beginning of Period | $ 267,001 | $ 258,823 |
Accretion Expense | 20,116 | 19,468 |
Payments | (13,030) | (8,976) |
Revisions in Estimated Cash Flows | (2,135) | (2,314) |
Balance at End of Period | $ 271,952 | $ 267,001 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Coal | $ 2,484 | $ 4,642 |
Supplies | 51,647 | 44,004 |
Total Inventories | $ 54,131 | $ 48,646 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 5,008,180 | $ 4,838,171 |
Less—Accumulated Depreciation, Depletion and Amortization | 2,916,015 | 2,731,643 |
Total Property, Plant and Equipment—Net | 2,092,165 | 2,106,528 |
Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 3,028,514 | 2,890,970 |
Coal Properties and Surface Lands | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 872,909 | 858,153 |
Airshafts | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 437,003 | 419,100 |
Mine Development | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 342,706 | 342,405 |
Advance Mining Royalties | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 327,048 | $ 327,543 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Assets under finance lease | $ 52,729 | ||
Assets under finance lease | $ 49,775 | ||
Accumulated amortization, finance lease | 31,373 | ||
Accumulated amortization, finance lease | 15,973 | ||
Amortization of right of use assets | $ 15,691 | ||
Amortization expense under finance 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, 2019 | 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 | $ 41,282,000 | $ 37,869,000 | |
Outstanding borrowings | 0 | 0 | |
Letters of credit outstanding | 41,211,000 | 52,536,000 | |
Borrowings and issuance of letters of credit remaining capacity | 71,000 | 0 | |
Cash collateral | 14,667,000 | ||
Costs associated with receivables facility | $ 1,441,000 | 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% | ||
Restricted Cash | |||
Short-term Debt [Line Items] | |||
Cash collateral | $ 14,667,000 |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Subsidence Liability | $ 90,645 | $ 83,532 |
Accrued Payroll and Benefits | 21,102 | 12,978 |
Accrued Interest | 6,281 | 6,850 |
Accrued Other Taxes | 4,753 | 5,050 |
Short-Term Incentive Compensation | 3,997 | 6,024 |
Litigation | 2,565 | 8,235 |
Other | 9,719 | 15,588 |
Current Portion of Long-Term Liabilities: | ||
Postretirement Benefits Other than Pensions | 31,833 | 32,345 |
Asset Retirement Obligations | 21,741 | 31,017 |
Operating Lease Liability | 19,479 | |
Pneumoconiosis Benefits | 12,331 | 12,187 |
Workers' Compensation | 11,323 | 12,628 |
Total Other Accrued Liabilities | $ 235,769 | $ 226,434 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Debt Instrument [Line Items] | ||||||
Long-term debt, net | $ 685,855 | $ 826,490 | ||||
Long term debt, gross | 697,365 | |||||
Less: unamortized debt issuance costs | 10,323 | 16,409 | ||||
Less amounts due in one year | 32,053 | 117,954 | ||||
Long-Term Debt | 653,802 | 708,536 | ||||
Current portion of finance lease | 18,219 | |||||
Current portion of finance lease | 16,858 | |||||
Loans Payable | Term Loan B | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, net | 271,751 | 389,747 | ||||
Long term debt, gross | 272,938 | 396,000 | ||||
Less: unamortized debt issuance costs | $ 1,187 | $ 6,253 | ||||
Weighted average interest rate | 6.30% | 8.53% | ||||
Loans Payable | MEDCO Revenue Bonds in Series due September 2025 at 5.75% | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, gross | $ 102,865 | $ 102,865 | ||||
Stated interest rate | 5.75% | |||||
Loans Payable | Term Loan A | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, gross | $ 88,750 | $ 73,750 | ||||
Weighted average interest rate | 5.55% | 6.78% | ||||
Loans Payable | Advance Royalty Commitments | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, gross | $ 1,895 | $ 2,261 | ||||
Weighted average interest rate | 10.78% | 8.57% | ||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, gross | $ 221,628 | $ 274,276 | ||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | |
Secured Debt | Other Asset-Backed Financing Arrangements | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt, gross | $ 9,289 | $ 0 |
Debt (Schedule of Undiscounted
Debt (Schedule of Undiscounted Maturities of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 32,053 |
2021 | 28,826 |
2022 | 36,258 |
2023 | 12,456 |
2024 | 262,683 |
Thereafter | 325,089 |
Total Long-Term Debt Maturities | $ 697,365 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 28, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2019USD ($)Financing_Arrangement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020 | Jan. 01, 2020USD ($) | Jul. 31, 2018 | Nov. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||
Undivided interest | 75.00% | ||||||||||||||||||
Loss on Debt Extinguishment | $ (989,000) | $ 801,000 | $ 1,500,000 | $ 23,143,000 | $ 773,000 | $ 0 | $ 1,723,000 | $ 1,426,000 | $ 24,455,000 | $ 3,922,000 | $ 0 | ||||||||
Number of Financing Arrangements | Financing_Arrangement | 2 | ||||||||||||||||||
Collateral amount | 9,289,000 | 9,289,000 | |||||||||||||||||
Interest rate swap contract | 154,000 | 154,000 | |||||||||||||||||
Unrealized loss | 117,000 | 0 | 0 | ||||||||||||||||
Interest rate hedge, tax | $ (37,000) | 0 | $ 0 | ||||||||||||||||
Estimated period for expected loss | 12 months | ||||||||||||||||||
Estimated gain reclassified into earnings | $ 64,000 | ||||||||||||||||||
Scenario, Forecast | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Notional amount | $ 150,000,000 | ||||||||||||||||||
Loans Payable | Term Loan A | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||
Amendment to basis points | 0.50% | ||||||||||||||||||
Repayment on line of credit | $ 11,250,000 | ||||||||||||||||||
Principal | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||
Weighted average interest rate | 5.55% | 6.78% | 5.55% | 6.78% | |||||||||||||||
Loans Payable | Term Loan B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 275,000,000 | 275,000,000 | 400,000,000 | ||||||||||||||||
Amendment to basis points | 1.50% | ||||||||||||||||||
Repayment on line of credit | $ 110,000,000 | ||||||||||||||||||
Repayment, percent of excess cash flow | 75.00% | ||||||||||||||||||
Reduced maximum amount of the mandatory annual excess cash flow sweep | 25.00% | ||||||||||||||||||
Principal | $ 275,000,000 | $ 275,000,000 | |||||||||||||||||
Weighted average interest rate | 6.30% | 8.53% | 6.30% | 8.53% | |||||||||||||||
Loans Payable | Term Loan B | Scenario, Forecast | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt bearing fixed interest rate | $ 50,000,000 | $ 150,000,000 | |||||||||||||||||
Senior Notes | Senior Secured Second Lien Notes due 2025 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Principal | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||||||||||
Stated interest rate | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | 11.00% | ||||||||||||
Debt repurchased | $ 52,648,000 | $ 25,724,000 | $ 52,648,000 | $ 25,724,000 | |||||||||||||||
Secured Debt | Other Asset-Backed Financing Maturing December 2020 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Collateral amount | $ 5,772,000 | $ 5,772,000 | |||||||||||||||||
Weighted average interest rate | 5.96% | 5.96% | |||||||||||||||||
Secured Debt | Other Asset-Backed Financing Maturing September 2024 | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Collateral amount | $ 3,517,000 | $ 3,517,000 | |||||||||||||||||
Weighted average interest rate | 3.61% | 3.61% | |||||||||||||||||
Revolving Credit Facility | Line of Credit | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 300,000,000 | |||||||||||||||||
First lien gross leverage ratio, maximum | 2 | 2 | |||||||||||||||||
First lien gross leverage ratio, actual | 1.19 | 1.19 | |||||||||||||||||
Total net leverage ratio, actual | 1.93 | 1.93 | |||||||||||||||||
Fixed charge coverage ratio, minimum | 1.10 | 1.10 | |||||||||||||||||
Fixed charge coverage ratio | 1.36 | 1.36 | |||||||||||||||||
Outstanding borrowings | $ 0 | 0 | $ 0 | 0 | |||||||||||||||
Letters of credit outstanding | 69,588,000 | 54,065,000 | 69,588,000 | 54,065,000 | |||||||||||||||
Borrowings and issuance of letters of credit remaining capacity | $ 330,412,000 | $ 245,935,000 | $ 330,412,000 | $ 245,935,000 | |||||||||||||||
Revolving Credit Facility | Line of Credit | Scenario, Forecast | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
First lien gross leverage ratio, maximum | 1.75 | ||||||||||||||||||
Total net leverage ratio, maximum | 2.75 | ||||||||||||||||||
Minimum | Loans Payable | Term Loan B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment, percent of excess cash flow | 0.00% | ||||||||||||||||||
Maximum | Loans Payable | Term Loan B | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment, percent of excess cash flow | 75.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of Use Asset - Operating Leases (Note 13) | $ 72,632 | ||
Operating lease liability | 74,892 | ||
Gross property, plant and equipment | 5,008,180 | $ 4,838,171 | |
Accumulated depreciation | 2,916,015 | $ 2,731,643 | |
Operating lease | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Gross property, plant and equipment | 6,966 | ||
Accumulated depreciation | $ 6,966 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of Use Asset - Operating Leases (Note 13) | $ 92,000 | ||
Operating lease liability | $ 92,000 |
Leases (Components of expense a
Leases (Components of expense and supplemental cash flow information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating | |
Fixed operating lease expense | $ 25,875 |
Variable operating lease expense | 11,445 |
Total operating lease expense | 37,320 |
Cash paid for amounts included in the measurement of operating lease liabilities | 25,675 |
ROU assets obtained in exchange for operating lease obligations | 0 |
Finance | |
Amortization of right of use assets | 15,691 |
Interest expense | 1,878 |
Total finance lease expense | $ 17,569 |
Weighted average remaining lease term (in years) | 1 year 8 months 8 days |
Weighted average discount rate | 5.20% |
Leases (Schedule of lease balan
Leases (Schedule of lease balances, weighted average lease terms and discount rates) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Lease ROU Assets | $ 72,632 |
Current: Operating Lease Liabilities | 19,479 |
Long-Term: Operating Lease Liabilities | 55,413 |
Total Operating Lease Liabilities | $ 74,892 |
Weighted average remaining lease term (in years) | 5 years 7 days |
Weighted average discount rate | 6.79% |
Leases (Schedule of future matu
Leases (Schedule of future maturities of lease liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finance | |
2020 | $ 19,120 |
2021 | 7,196 |
2022 | 783 |
2023 | 803 |
2024 | 575 |
Thereafter | 0 |
Total minimum lease payments | 28,477 |
Less amount representing interest | 1,222 |
Present value of minimum lease payments | 27,255 |
Operating | |
2020 | 24,065 |
2021 | 23,132 |
2022 | 13,341 |
2023 | 6,504 |
2024 | 6,115 |
Thereafter | 15,958 |
Total minimum lease payments | 89,115 |
Less amount representing interest | 14,223 |
Present value of minimum lease payments | 74,892 |
Mining equipment | |
Finance | |
2020 | 3,699 |
2021 | 2,157 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total minimum lease payments | 5,856 |
Operating | |
2020 | 627 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total minimum lease payments | $ 627 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Time horizon | 20 years | ||
Investment in company stock | $ 0 | $ 0 | |
Plan assets | $ 668,481,000 | 578,347,000 | |
United States Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 23.50% | ||
Non U.S. Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 15.00% | ||
Global Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 6.50% | ||
Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation | 55.00% | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement expense | $ 0 | 0 | $ 10,153,000 |
Plan assets | 668,481,000 | 578,347,000 | 679,245,000 |
Expected benefit payments in 2020 | 44,619,000 | ||
Pension Benefits | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected benefit payments in 2020 | 1,687,000 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement expense | 0 | 0 | 0 |
Plan assets | 0 | $ 0 | $ 0 |
Expected benefit payments in 2020 | $ 31,833,000 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans (Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | $ 578,347,000 | ||
Fair value of plan assets at end of period | 668,481,000 | $ 578,347,000 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 644,142,000 | 733,990,000 | |
Service cost | 3,950,000 | 1,150,000 | $ 2,948,000 |
Interest cost | 25,101,000 | 23,505,000 | 25,265,000 |
Actuarial loss (gain) | 95,078,000 | (60,351,000) | |
Benefits and other payments | (48,173,000) | (54,152,000) | |
Benefit obligation at end of period | 720,098,000 | 644,142,000 | 733,990,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 578,347,000 | 679,245,000 | |
Actual return on plan assets | 136,976,000 | (48,470,000) | |
Company contributions | 1,331,000 | 1,724,000 | |
Benefits and other payments | (48,173,000) | (54,152,000) | |
Fair value of plan assets at end of period | 668,481,000 | 578,347,000 | 679,245,000 |
Funded status: | |||
Current liabilities | (1,687,000) | (1,623,000) | |
Noncurrent liabilities | (49,930,000) | (64,172,000) | |
Net obligation recognized | (51,617,000) | (65,795,000) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss | 255,830,000 | 263,229,000 | |
Prior service credit | 0 | (367,000) | |
Net amount recognized (before tax effect) | 255,830,000 | 262,862,000 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 473,591,000 | 591,563,000 | |
Service cost | 0 | 0 | 0 |
Interest cost | 18,320,000 | 18,706,000 | 23,945,000 |
Actuarial loss (gain) | 4,761,000 | (101,259,000) | |
Benefits and other payments | (32,343,000) | (35,419,000) | |
Benefit obligation at end of period | 464,329,000 | 473,591,000 | 591,563,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 32,343,000 | 35,419,000 | |
Benefits and other payments | (32,343,000) | (35,419,000) | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status: | |||
Current liabilities | (31,833,000) | (32,345,000) | |
Noncurrent liabilities | (432,496,000) | (441,246,000) | |
Net obligation recognized | (464,329,000) | (473,591,000) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss | 179,937,000 | 184,438,000 | |
Prior service credit | (20,949,000) | (23,354,000) | |
Net amount recognized (before tax effect) | $ 158,988,000 | $ 161,084,000 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans (Schedule of Components of Net Periodic Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3,950 | $ 1,150 | $ 2,948 |
Interest cost | 25,101 | 23,505 | 25,265 |
Expected return on plan assets | (40,457) | (40,370) | (42,383) |
Amortization of prior service credits | (367) | (502) | (502) |
Recognized net actuarial loss | 5,958 | 8,715 | 8,896 |
Settlement loss | 0 | 0 | 10,153 |
Net periodic benefit (credit) cost | (5,815) | (7,502) | 4,377 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 18,320 | 18,706 | 23,945 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credits | (2,405) | (2,405) | (2,405) |
Recognized net actuarial loss | 9,262 | 16,205 | 23,112 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit (credit) cost | $ 25,177 | $ 32,506 | $ 44,652 |
Pension and Other Postretirem_6
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, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | $ 0 |
Actuarial loss recognition | 6,922 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit recognition | (2,405) |
Actuarial loss recognition | $ 9,278 |
Pension and Other Postretirem_7
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, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 720,098 | $ 644,142 |
Accumulated benefit obligation | 719,985 | 644,069 |
Fair value of plan assets | $ 668,481 | $ 578,347 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 3.28% | 4.34% | |
Rate of compensation increase (as a percent) | 3.68% | 3.73% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate (as a percent) | 4.37% | 3.69% | 4.27% |
Expected long-term return on plan assets (as a percent) | 6.90% | 6.90% | 6.90% |
Rate of compensation increase (as a percentage) | 3.73% | 3.73% | 3.90% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 3.27% | 4.34% | |
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) | 4.34% | 3.65% | 4.22% |
Expected long-term return on plan assets (as a percent) | 0.00% | 0.00% | 0.00% |
Rate of compensation increase (as a percentage) | 0.00% | 0.00% | 0.00% |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans (Schedule of Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate for next year (as a percent) | 5.65% | 5.83% |
Rate to which the cost trend is assumed to decline (ultimate trend rate) (as a percent) | 4.50% | 4.50% |
Pension and Other Postretire_10
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, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components one percentage point increase | $ 2,023 |
Effect on total of service and interest cost components one percentage point decrease | (1,725) |
Effect on accumulated postretirement benefit obligation one percentage point increase | 48,891 |
Effect on accumulated postretirement benefit obligation one percentage point decrease | $ (41,917) |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 668,481 | $ 578,347 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 97 | 101 |
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 | 97 | 101 |
Cash/Accrued Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 97 | 101 |
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 |
Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 668,384 | 578,246 |
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_12
Pension and Other Postretirement Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 44,619 |
2021 | 43,297 |
2022 | 43,438 |
2023 | 42,905 |
2024 | 42,837 |
Year 2025-2029 | 200,271 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 31,833 |
2021 | 29,935 |
2022 | 29,302 |
2023 | 28,664 |
2024 | 27,881 |
Year 2025-2029 | $ 134,541 |
Coal Workers' Pneumoconiosis _3
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CWP | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | $ 177,188 | $ 162,840 | |
State administrative fees and insurance bond premiums | 0 | 0 | $ 0 |
Service cost | 3,791 | 6,650 | 5,122 |
Interest cost | 7,001 | 5,245 | 4,050 |
Actuarial loss (gain) | 39,827 | 14,832 | |
Benefits paid | (13,334) | (12,379) | |
Benefit obligation at end of period | 214,473 | 177,188 | 162,840 |
Current assets | 0 | 0 | |
Current liabilities | (12,331) | (12,187) | |
Noncurrent liabilities | (202,142) | (165,001) | |
Net obligation recognized | (214,473) | (177,188) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss (gain) | 47,352 | 8,542 | |
Net amount recognized (before tax effect) | 47,352 | 8,542 | |
Workers' Compensation | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 70,986 | 78,528 | |
State administrative fees and insurance bond premiums | 2,157 | 2,671 | 3,198 |
Service cost | 5,685 | 6,230 | 5,734 |
Interest cost | 2,585 | 2,283 | 2,321 |
Actuarial loss (gain) | 1,536 | (5,134) | |
Benefits paid | (11,469) | (13,592) | |
Benefit obligation at end of period | 71,480 | 70,986 | $ 78,528 |
Current assets | 1,037 | 1,384 | |
Current liabilities | (11,323) | (12,628) | |
Noncurrent liabilities | (61,194) | (59,742) | |
Net obligation recognized | (71,480) | (70,986) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss (gain) | (11,250) | (13,561) | |
Net amount recognized (before tax effect) | $ (11,250) | $ (13,561) |
Coal Workers' Pneumoconiosis _4
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 3,791 | $ 6,650 | $ 5,122 |
Interest cost | 7,001 | 5,245 | 4,050 |
Recognized net actuarial loss (gain) | 1,016 | (853) | (7,631) |
State administrative fees and insurance bond premiums | 0 | 0 | 0 |
Net periodic benefit (credit) cost | 11,808 | 11,042 | 1,541 |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 5,685 | 6,230 | 5,734 |
Interest cost | 2,585 | 2,283 | 2,321 |
Recognized net actuarial loss (gain) | (774) | (79) | (598) |
State administrative fees and insurance bond premiums | 2,157 | 2,671 | 3,198 |
Net periodic benefit (credit) cost | $ 9,653 | $ 11,105 | $ 10,655 |
Coal Workers' Pneumoconiosis _5
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, 2019USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss (gain) recognition | $ 5,604 |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Actuarial loss (gain) recognition | $ (487) |
Coal Workers' Pneumoconiosis _6
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Weighted-Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CWP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.41% | 4.42% | 3.75% |
Discount rate (as a percent) | 4.42% | 3.75% | 4.40% |
Workers' Compensation | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.25% | 4.26% | 3.57% |
Discount rate (as a percent) | 4.26% | 3.57% | 4.05% |
Coal Workers' Pneumoconiosis _7
Coal Workers' Pneumoconiosis and Workers' Compensation (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
CWP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 12,331 |
2021 | 12,013 |
2022 | 11,893 |
2023 | 11,545 |
2024 | 11,351 |
Year 2025-2029 | 57,446 |
Workers' Compensation | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 12,235 |
2021 | 12,427 |
2022 | 12,680 |
2023 | 12,741 |
2024 | 12,808 |
Year 2025-2029 | 66,260 |
Actuarial Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 10,286 |
2021 | 10,430 |
2022 | 10,633 |
2023 | 10,643 |
2024 | 10,657 |
Year 2025-2029 | 54,672 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 1,949 |
2021 | 1,997 |
2022 | 2,047 |
2023 | 2,098 |
2024 | 2,151 |
Year 2025-2029 | $ 11,588 |
Other Employee Benefit Plans (N
Other Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Matching contribution (as a percent) | 6.00% | ||
Discretionary contribution to plan | $ 0 | $ 10,445,000 | $ 0 |
Payments and costs of plan | $ 10,737,000 | 20,655,000 | 9,888,000 |
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 | $ 6,042,000 | 6,829,000 | 7,647,000 |
Combined fund obligation | 62,295,000 | ||
Multiemployer Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Letters of credit outstanding | 18,669,000 | 19,860,000 | $ 20,983,000 |
Long-Term Disability | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Combined total obligation | $ 12,749,000 | $ 12,022,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit costs | $ 1,483 | $ 2,088 | $ 2,058 |
Discount rate (as a percent) | 3.97% | 3.22% | 3.43% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
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 | ||
Stock-based compensation expense | $ 11,351 | $ 8,392 | 16,212 |
Tax benefit related to converted shares | 2,856 | 1,911 | 1,439 |
Unrecognized compensation cost | $ 8,800 | ||
Weighted average recognition period (in years) | 1 year 6 months 21 days | ||
Additional income tax expense | 384 | ||
Shares/Units Withheld for Taxes | $ 4,963 | 3,424 | $ 2,156 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of units vested | 4,407 | 3,734 | |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of units vested | $ 6,323 | $ 4,910 |
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, 2019$ / sharesshares | |
Restricted Stock Units | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 424,496 |
Granted (in shares) | shares | 262,507 |
Vested (in shares) | shares | (154,147) |
Forfeited (in shares) | shares | (79,520) |
Nonvested end of period (in shares) | shares | 453,336 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 33.60 |
Granted (in dollars per share) | $ / shares | 33.96 |
Vested (in dollars per share) | $ / shares | 32.59 |
Forfeited (in dollars per share) | $ / shares | 31.05 |
Nonvested end of period (in dollars per share) | $ / shares | $ 34.60 |
Performance Shares | |
Number of Shares | |
Nonvested beginning of period (in shares) | shares | 263,244 |
Granted (in shares) | shares | 266,556 |
Vested (in shares) | shares | (179,934) |
Forfeited (in shares) | shares | (156,601) |
Nonvested end of period (in shares) | shares | 193,265 |
Weighted Average Grant Date Fair Value | |
Nonvested beginning of period (in dollars per share) | $ / shares | $ 34.51 |
Granted (in dollars per share) | $ / shares | 34.49 |
Vested (in dollars per share) | $ / shares | 34.66 |
Forfeited (in dollars per share) | $ / shares | 35.49 |
Nonvested end of period (in dollars per share) | $ / shares | $ 33.55 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Significant Noncash Transactions [Line Items] | |||
Non-cash finance lease arrangements | $ 4,424,000 | ||
Finance lease | $ 45,979,000 | ||
Liabilities assumed | $ 17,613,000 | ||
Assets contributed | 32,893,000 | ||
Capital Lease Obligations | |||
Other Significant Noncash Transactions [Line Items] | |||
Non-cash capital lease arrangements | 1,301,000 | 0 | |
Notes Received from Property Sales | |||
Other Significant Noncash Transactions [Line Items] | |||
Purchased goods and services | $ 3,785,000 | $ 2,311,000 | $ 27,358,000 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $ 73,574 | $ 92,926 | $ 18,151 |
Income taxes | $ 40,139 | $ 12,834 | $ 0 |
Concentration of Credit Risk _3
Concentration of Credit Risk and Major Customers (Narrative) (Details) - Sales revenue, net | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Three customers | Customer concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk | 70.00% | 57.00% | |
Two customers | Customer concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk | 31.00% | ||
Canada | Geographic concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk | 2.00% | 2.00% | 2.00% |
Asia, Europe, South America and Africa | Geographic concentration risk | |||
Concentration Risk [Line Items] | |||
Concentration risk | 35.00% | 29.00% | 31.00% |
Concentration of Credit Risk _4
Concentration of Credit Risk and Major Customers (Schedule of Concentration of Credit Risk) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Concentration Risk [Line Items] | ||
Total Trade Receivables | $ 133,788,000 | $ 87,589,000 |
Less: Allowance for doubtful accounts | 2,100,000 | 0 |
Total Trade Receivables, net of Allowance | 131,688,000 | 87,589,000 |
Thermal coal utilities | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Trade Receivables | 58,557,000 | 61,218,000 |
Coal exporters and distributors | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Trade Receivables | 73,416,000 | 22,972,000 |
Steel and coke producers | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Trade Receivables | 0 | 661,000 |
Other | Accounts receivable | Customer concentration risk | ||
Concentration Risk [Line Items] | ||
Total Trade Receivables | $ 1,815,000 | $ 2,738,000 |
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, 2019 | Dec. 31, 2018 |
Level 1 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | $ 0 | $ 0 |
Derivative liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | 0 | 0 |
Derivative liability | (154) | 0 |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Financial Statement Captions [Line Items] | ||
Lease Guarantees | (482) | (734) |
Derivative liability | $ 0 | $ 0 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt, gross | $ 697,365 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term debt, gross | 696,178 | $ 842,899 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 642,018 | $ 881,711 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) $ in Thousands | Aug. 23, 2017plaintiff | Apr. 24, 2017plaintiff | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||||
Guarantee maximum exposure | $ 744,585 | |||
Equipment lease obligations assumed by third party | ||||
Loss Contingencies [Line Items] | ||||
Guarantee maximum exposure | 20,000 | $ 28,000 | ||
Guarantees at fair value | $ 482 | $ 734 | ||
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, 2019USD ($) |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | $ 744,585 |
Less Than 1 Year | 651,071 |
1-3 Years | 92,734 |
3-5 Years | 398 |
Beyond 5 Years | 382 |
Letters of Credit | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 110,799 |
Less Than 1 Year | 61,559 |
1-3 Years | 49,240 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Letters of Credit | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 64,558 |
Less Than 1 Year | 50,416 |
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 | 45,843 |
Less Than 1 Year | 11,143 |
1-3 Years | 34,700 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 618,251 |
Less Than 1 Year | 582,650 |
1-3 Years | 35,601 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Employee-Related | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 87,424 |
Less Than 1 Year | 86,124 |
1-3 Years | 1,300 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Environmental | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 526,838 |
Less Than 1 Year | 492,696 |
1-3 Years | 34,142 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Surety Bonds | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 3,989 |
Less Than 1 Year | 3,830 |
1-3 Years | 159 |
3-5 Years | 0 |
Beyond 5 Years | 0 |
Guarantees | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 15,535 |
Less Than 1 Year | 6,862 |
1-3 Years | 7,893 |
3-5 Years | 398 |
Beyond 5 Years | 382 |
Guarantees | Other | |
Guarantor Obligations [Line Items] | |
Total Amounts Committed | 15,535 |
Less Than 1 Year | 6,862 |
1-3 Years | 7,893 |
3-5 Years | 398 |
Beyond 5 Years | $ 382 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Principal business divisions | 1 | ||
Geographic concentration risk | Canada | Sales revenue, net | |||
Concentration Risk [Line Items] | |||
Concentration risk | 2.00% | 2.00% | 2.00% |
Segment Information (Schedule o
Segment Information (Schedule of Industry Segment Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Earnings (Loss) Before Income Tax | $ 22,183 | $ 9,439 | $ 47,022 | $ 19,453 | $ 46,335 | $ 8,394 | $ 55,741 | $ 77,143 | 98,097 | 187,613 | 169,797 |
Segment Assets | 2,693,802 | 2,760,727 | 2,693,802 | 2,760,727 | 2,707,099 | ||||||
Depreciation, Depletion and Amortization | 55,852 | 54,370 | 46,151 | 50,724 | 45,590 | 51,242 | 54,961 | 49,471 | 207,097 | 201,264 | 172,002 |
Capital Expenditures | 169,739 | 145,749 | 81,413 | ||||||||
PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 1,308,196 | 1,407,864 | 1,261,346 | ||||||||
Earnings (Loss) Before Income Tax | 197,112 | 291,418 | 189,162 | ||||||||
Segment Assets | 1,981,721 | 1,894,209 | 1,981,721 | 1,894,209 | 1,971,268 | ||||||
Depreciation, Depletion and Amortization | 185,616 | 178,969 | 166,628 | ||||||||
Capital Expenditures | 148,709 | 124,570 | 77,981 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 67,363 | 64,926 | 60,066 | ||||||||
Earnings (Loss) Before Income Tax | (99,015) | (103,805) | (19,365) | ||||||||
Segment Assets | 712,081 | 866,518 | 712,081 | 866,518 | 735,831 | ||||||
Depreciation, Depletion and Amortization | 21,481 | 22,295 | 5,374 | ||||||||
Capital Expenditures | 21,030 | 21,179 | 3,432 | ||||||||
Coal Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 303,865 | 301,542 | 350,620 | 332,502 | 347,789 | 294,797 | 370,697 | 351,009 | 1,288,529 | 1,364,292 | 1,187,654 |
Coal Revenue | PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 1,288,529 | 1,364,292 | 1,187,654 | ||||||||
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 | 16,534 | 16,303 | 16,708 | 17,818 | 16,931 | 16,115 | 16,659 | 15,221 | 67,363 | 64,926 | 60,066 |
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 | 67,363 | 64,926 | 60,066 | ||||||||
Freight Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | $ 5,552 | $ 3,599 | $ 3,854 | $ 6,662 | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | 19,667 | 43,572 | 73,692 |
Freight Revenue | PAMC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Contract with Customers | 19,667 | 43,572 | 73,692 | ||||||||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 |
PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 1,308,196 | 1,407,864 | 1,261,346 |
Sales revenue, net | Customer concentration risk | Customer A | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 242,703 | 283,703 | |
Sales revenue, net | Customer concentration risk | Customer B | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | 446,403 | 274,755 | 145,248 |
Sales revenue, net | Customer concentration risk | Customer C | PAMC | |||
Revenue, Major Customer [Line Items] | |||
Revenue from Contract with Customers | $ 215,099 | $ 214,152 | $ 222,354 |
Segment Information (Schedule_3
Segment Information (Schedule of Revenue and Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||||||||||
Total Segment Revenue and Freight from External Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Other Income not Allocated to Segments (Note 4) | $ 16,675 | $ 11,188 | $ 12,194 | $ 13,292 | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | 53,349 | 58,660 | 73,279 |
Gain on Sale of Assets | 9 | 714 | 933 | 339 | 292 | (85) | 104 | 254 | 1,995 | 565 | 17,212 |
Total Revenue and Other Income | $ 342,635 | $ 333,346 | $ 384,309 | $ 370,613 | $ 382,236 | $ 324,248 | $ 415,273 | $ 410,258 | $ 1,430,903 | $ 1,532,015 | $ 1,411,903 |
Segment Information (Schedule_4
Segment Information (Schedule of Reconciliation of Total Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | |||
Segment Assets | $ 2,693,802 | $ 2,760,727 | $ 2,707,099 |
Items excluded from segment assets: | |||
Deferred Tax Assets | 319,839 | 280,055 | |
Operating Segments | Segment Assets for Total Reportable Business Segments | |||
ASSETS | |||
Segment Assets | 1,981,721 | 1,894,209 | |
Operating Segments | Segment Assets for All Other Business Segments | |||
ASSETS | |||
Segment Assets | 515,334 | 554,315 | |
Corporate Reconciling Items And Eliminations | |||
Items excluded from segment assets: | |||
Cash and Other Investments | 93,242 | 234,658 | |
Deferred Tax Assets | $ 103,505 | $ 77,545 |
Segment Information (Schedule_5
Segment Information (Schedule of Property, Plant and Equipment by Geographical Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total Property, Plant and Equipment, net | $ 2,092,165 | $ 2,106,528 |
United States | ||
Segment Reporting Information [Line Items] | ||
Total Property, Plant and Equipment, net | 2,081,141 | 2,095,504 |
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, 2019 | Sep. 30, 2019 | Jul. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Loans Payable | Term Loan B | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt instrument face value | $ 275,000,000 | ||||
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% | 11.00% |
(Guarantor Subsidiaries Income
(Guarantor Subsidiaries Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Miscellaneous Other Income | $ 16,675 | $ 11,188 | $ 12,194 | $ 13,292 | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | 53,349 | 58,660 | 73,279 |
Gain on Sale of Assets | 9 | 714 | 933 | 339 | 292 | (85) | 104 | 254 | 1,995 | 565 | 17,212 |
Total Revenue and Other Income | 342,635 | 333,346 | 384,309 | 370,613 | 382,236 | 324,248 | 415,273 | 410,258 | 1,430,903 | 1,532,015 | 1,411,903 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 229,603 | 234,849 | 253,448 | 230,112 | 245,672 | 222,781 | 248,195 | 229,802 | 948,012 | 946,450 | 886,709 |
Depreciation, Depletion and Amortization | 55,852 | 54,370 | 46,151 | 50,724 | 45,590 | 51,242 | 54,961 | 49,471 | 207,097 | 201,264 | 172,002 |
Freight Expense | 5,552 | 3,599 | 3,854 | 6,662 | 5,798 | 2,443 | 17,444 | 17,887 | 19,667 | 43,572 | 73,692 |
Selling, General and Administrative Costs | 14,210 | 14,690 | 16,288 | 21,923 | 17,631 | 18,526 | 15,705 | 13,484 | 67,111 | 65,346 | 83,605 |
Loss on Debt Extinguishment | (989) | 801 | 1,500 | 23,143 | 773 | 0 | 1,723 | 1,426 | 24,455 | 3,922 | 0 |
Interest Expense, net | 16,224 | 15,598 | 16,046 | 18,596 | 20,437 | 20,862 | 21,504 | 21,045 | 66,464 | 83,848 | 26,098 |
Total Costs and Expenses | 320,452 | 323,907 | 337,287 | 351,160 | 335,901 | 315,854 | 359,532 | 333,115 | 1,332,806 | 1,344,402 | 1,242,106 |
Earnings Before Income Tax | 22,183 | 9,439 | 47,022 | 19,453 | 46,335 | 8,394 | 55,741 | 77,143 | 98,097 | 187,613 | 169,797 |
Income Tax (Benefit) Expense | 4,782 | 2,415 | (1,808) | (850) | 301 | (690) | 3,032 | 6,185 | 4,539 | 8,828 | 87,228 |
Net Income | 17,401 | 7,024 | 48,830 | 20,303 | 46,034 | 9,084 | 52,709 | 70,958 | 93,558 | 178,785 | 82,569 |
Less: Net Income Attributable to Noncontrolling Interest | 3,455 | 2,684 | 5,550 | 5,868 | 6,362 | 3,350 | 7,547 | 8,550 | 17,557 | 25,809 | 14,940 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | 13,946 | 4,340 | 43,280 | 14,435 | 39,672 | 5,734 | 45,162 | 62,408 | 76,001 | 152,976 | 67,629 |
Elimination | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | (140,003) | (221,307) | (238,818) | ||||||||
Gain on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | (140,003) | (221,307) | (238,818) | ||||||||
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 | 0 | (2,468) | ||||||||
Interest Expense, net | 0 | (7,709) | (350,057) | ||||||||
Total Costs and Expenses | 0 | (7,709) | (352,525) | ||||||||
Earnings Before Income Tax | (140,003) | (213,598) | 113,707 | ||||||||
Income Tax (Benefit) Expense | 0 | 0 | 0 | ||||||||
Net Income | (140,003) | (213,598) | 113,707 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 17,557 | 25,809 | 14,940 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | (157,560) | (239,407) | 98,767 | ||||||||
Parent Issuer | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 160,441 | 247,711 | 238,818 | ||||||||
Gain on Sale of Assets | 2,188 | 0 | 0 | ||||||||
Total Revenue and Other Income | 162,629 | 247,711 | 238,818 | ||||||||
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 | 24,455 | 3,922 | 0 | ||||||||
Interest Expense, net | 57,634 | 81,985 | 10,064 | ||||||||
Total Costs and Expenses | 82,089 | 85,907 | 10,064 | ||||||||
Earnings Before Income Tax | 80,540 | 161,804 | 228,754 | ||||||||
Income Tax (Benefit) Expense | 4,539 | 8,828 | 161,125 | ||||||||
Net Income | 76,001 | 152,976 | 67,629 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 76,001 | 152,976 | 67,629 | ||||||||
Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | (11,418) | 27,013 | 67,230 | ||||||||
Gain on Sale of Assets | (144) | 599 | 15,813 | ||||||||
Total Revenue and Other Income | 1,036,948 | 1,148,436 | 1,089,119 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 729,232 | 729,593 | 691,451 | ||||||||
Depreciation, Depletion and Amortization | 161,290 | 156,522 | 130,565 | ||||||||
Freight Expense | 14,750 | 32,679 | 55,269 | ||||||||
Selling, General and Administrative Costs | 54,237 | 51,415 | 67,908 | ||||||||
Loss on Debt Extinguishment | 0 | 0 | 0 | ||||||||
Interest Expense, net | 2,226 | 2,905 | 355,059 | ||||||||
Total Costs and Expenses | 961,735 | 973,114 | 1,300,252 | ||||||||
Earnings Before Income Tax | 75,213 | 175,322 | (211,133) | ||||||||
Income Tax (Benefit) Expense | 0 | 0 | (73,897) | ||||||||
Net Income | 75,213 | 175,322 | (137,236) | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 75,213 | 175,322 | (137,236) | ||||||||
Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 38,401 | 0 | 0 | ||||||||
Gain on Sale of Assets | 0 | 0 | 0 | ||||||||
Total Revenue and Other Income | 38,401 | 0 | 0 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 1,605 | 2,481 | 272 | ||||||||
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 | 0 | ||||||||
Interest Expense, net | 0 | 0 | 1,723 | ||||||||
Total Costs and Expenses | 1,605 | 2,481 | 1,995 | ||||||||
Earnings Before Income Tax | 36,796 | (2,481) | (1,995) | ||||||||
Income Tax (Benefit) Expense | 0 | 0 | 0 | ||||||||
Net Income | 36,796 | (2,481) | (1,995) | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 36,796 | (2,481) | (1,995) | ||||||||
CCR | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Miscellaneous Other Income | 5,928 | 5,243 | 6,049 | ||||||||
Gain on Sale of Assets | (49) | (34) | 1,399 | ||||||||
Total Revenue and Other Income | 332,928 | 357,175 | 322,784 | ||||||||
Costs and Expenses: | |||||||||||
Operating and Other Costs | 217,175 | 214,376 | 194,986 | ||||||||
Depreciation, Depletion and Amortization | 45,807 | 44,742 | 41,437 | ||||||||
Freight Expense | 4,917 | 10,893 | 18,423 | ||||||||
Selling, General and Administrative Costs | 12,874 | 13,931 | 15,697 | ||||||||
Loss on Debt Extinguishment | 0 | 0 | 2,468 | ||||||||
Interest Expense, net | 6,604 | 6,667 | 9,309 | ||||||||
Total Costs and Expenses | 287,377 | 290,609 | 282,320 | ||||||||
Earnings Before Income Tax | 45,551 | 66,566 | 40,464 | ||||||||
Income Tax (Benefit) Expense | 0 | 0 | 0 | ||||||||
Net Income | 45,551 | 66,566 | 40,464 | ||||||||
Less: Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income Attributable to CONSOL Energy Inc. Shareholders | 45,551 | 66,566 | 40,464 | ||||||||
Coal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 303,865 | 301,542 | 350,620 | 332,502 | 347,789 | 294,797 | 370,697 | 351,009 | 1,288,529 | 1,364,292 | 1,187,654 |
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 | 966,397 | 1,023,219 | 890,741 | ||||||||
Coal Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Coal Revenue | CCR | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 322,132 | 341,073 | 296,913 | ||||||||
Terminal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 16,534 | 16,303 | 16,708 | 17,818 | 16,931 | 16,115 | 16,659 | 15,221 | 67,363 | 64,926 | 60,066 |
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 | 67,363 | 64,926 | 60,066 | ||||||||
Terminal Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Terminal Revenue | CCR | 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 | $ 5,552 | $ 3,599 | $ 3,854 | $ 6,662 | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | 19,667 | 43,572 | 73,692 |
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 | 14,750 | 32,679 | 55,269 | ||||||||
Freight Revenue | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 0 | 0 | 0 | ||||||||
Freight Revenue | CCR | Non-Guarantor | Reportable Legal Entities | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 4,917 | $ 10,893 | $ 18,423 |
(Guarantor Subsidiaries Balance
(Guarantor Subsidiaries Balance Sheet) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | |||
Cash and Cash Equivalents | $ 80,293 | $ 235,677 | |
Restricted Cash | 0 | 29,258 | |
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 131,688 | 87,589 | |
Other Receivables | 40,984 | 41,355 | |
Inventories | 54,131 | 48,646 | |
Prepaid Expenses and Other Assets | 30,933 | 31,430 | |
Total Current Assets | 338,029 | 473,955 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 5,008,180 | 4,838,171 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,916,015 | 2,731,643 | |
Total Property, Plant and Equipment—Net | 2,092,165 | 2,106,528 | |
Other Assets: | |||
Deferred Income Taxes | 103,505 | 77,545 | |
Right of Use Asset - Operating Leases (Note 13) | 72,632 | ||
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 87,471 | 102,699 | |
Total Other Assets | 263,608 | 180,244 | |
TOTAL ASSETS | 2,693,802 | 2,760,727 | $ 2,707,099 |
Current Liabilities: | |||
Accounts Payable | 106,223 | 130,930 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 0 | |
Current Portion of Long-Term Debt | 50,272 | 134,812 | |
Other Accrued Liabilities | 235,769 | 226,434 | |
Total Current Liabilities | 392,264 | 492,176 | |
Long-Term Debt | 662,838 | 734,226 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 432,496 | 441,246 | |
Pneumoconiosis Benefits | 202,142 | 165,001 | |
Asset Retirement Obligations | 250,211 | 235,984 | |
Workers’ Compensation | 61,194 | 59,742 | |
Salary Retirement | 49,930 | 64,172 | |
Operating Lease Liability (Note 13) | 55,413 | ||
Other | 14,919 | 16,569 | |
Total Deferred Credits and Other Liabilities | 1,066,305 | 982,714 | |
Total CONSOL Energy Inc. Stockholders’ Equity | 435,199 | 409,935 | |
Noncontrolling Interest | 137,196 | 141,676 | |
TOTAL LIABILITIES AND EQUITY | 2,693,802 | 2,760,727 | |
Elimination | |||
Current Assets: | |||
Cash and Cash Equivalents | 0 | 0 | |
Restricted Cash | 0 | ||
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 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 | |
Right of Use Asset - Operating Leases (Note 13) | 0 | ||
Affiliated Credit Facility | (148,156) | (141,129) | |
Investment in Affiliates | (822,102) | (605,981) | |
Other | 0 | 0 | |
Total Other Assets | (970,258) | (747,110) | |
TOTAL ASSETS | (970,258) | (747,110) | |
Current Liabilities: | |||
Accounts Payable | 0 | 3,822 | |
Accounts Payable (Recoverable)-Related Parties | (1,419) | (125,353) | |
Current Portion of Long-Term Debt | 0 | 112,013 | |
Other Accrued Liabilities | (2,541) | (3,822) | |
Total Current Liabilities | (3,960) | (13,340) | |
Long-Term Debt | (148,156) | (141,129) | |
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 | |
Operating Lease Liability (Note 13) | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders’ Equity | (955,338) | (734,317) | |
Noncontrolling Interest | 137,196 | 141,676 | |
TOTAL LIABILITIES AND EQUITY | (970,258) | (747,110) | |
Parent Issuer | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 79,569 | 234,536 | |
Restricted Cash | 14,557 | ||
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 0 | 0 | |
Other Receivables | 28,147 | 24,352 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 8,657 | 10,883 | |
Total Current Assets | 116,373 | 284,328 | |
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 | 103,505 | 77,545 | |
Right of Use Asset - Operating Leases (Note 13) | 0 | ||
Affiliated Credit Facility | 148,156 | 141,129 | |
Investment in Affiliates | 822,102 | 605,981 | |
Other | 30,973 | 40,760 | |
Total Other Assets | 1,104,736 | 865,415 | |
TOTAL ASSETS | 1,221,109 | 1,149,743 | |
Current Liabilities: | |||
Accounts Payable | 71,153 | (721) | |
Accounts Payable (Recoverable)-Related Parties | 0 | (2,291) | |
Current Portion of Long-Term Debt | 28,225 | 8,157 | |
Other Accrued Liabilities | 82,452 | 92,534 | |
Total Current Liabilities | 181,830 | 97,679 | |
Long-Term Debt | 554,150 | 577,957 | |
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 | 49,930 | 64,172 | |
Operating Lease Liability (Note 13) | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 49,930 | 64,172 | |
Total CONSOL Energy Inc. Stockholders’ Equity | 435,199 | 409,935 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,221,109 | 1,149,743 | |
Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 148 | 138 | |
Restricted Cash | 0 | ||
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 0 | 0 | |
Other Receivables | 11,265 | 15,935 | |
Inventories | 41,478 | 37,580 | |
Prepaid Expenses and Other Assets | 16,524 | 15,451 | |
Total Current Assets | 69,415 | 69,104 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 4,023,282 | 3,891,873 | |
Less—Accumulated Depreciation, Depletion and Amortization | 2,344,777 | 2,204,896 | |
Total Property, Plant and Equipment—Net | 1,678,505 | 1,686,977 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Right of Use Asset - Operating Leases (Note 13) | 56,937 | ||
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 43,042 | 47,031 | |
Total Other Assets | 99,979 | 47,031 | |
TOTAL ASSETS | 1,847,899 | 1,803,112 | |
Current Liabilities: | |||
Accounts Payable | 7,987 | 102,995 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 36,220 | |
Current Portion of Long-Term Debt | 16,795 | 11,139 | |
Other Accrued Liabilities | 116,403 | 105,806 | |
Total Current Liabilities | 141,185 | 256,160 | |
Long-Term Debt | 107,043 | 151,202 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 432,496 | 441,246 | |
Pneumoconiosis Benefits | 196,114 | 160,741 | |
Asset Retirement Obligations | 239,410 | 226,209 | |
Workers’ Compensation | 57,583 | 56,623 | |
Salary Retirement | 0 | 0 | |
Operating Lease Liability (Note 13) | 43,906 | ||
Other | 14,134 | 16,051 | |
Total Deferred Credits and Other Liabilities | 983,643 | 900,870 | |
Total CONSOL Energy Inc. Stockholders’ Equity | 616,028 | 494,880 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 1,847,899 | 1,803,112 | |
Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 33 | 0 | |
Restricted Cash | 14,701 | ||
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 131,688 | 87,589 | |
Other Receivables | 0 | 0 | |
Inventories | 0 | 0 | |
Prepaid Expenses and Other Assets | 6 | 0 | |
Total Current Assets | 131,727 | 102,290 | |
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 | |
Right of Use Asset - Operating Leases (Note 13) | 0 | ||
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 0 | 0 | |
Total Other Assets | 0 | 0 | |
TOTAL ASSETS | 131,727 | 102,290 | |
Current Liabilities: | |||
Accounts Payable | 4,278 | 0 | |
Accounts Payable (Recoverable)-Related Parties | 0 | 87,593 | |
Current Portion of Long-Term Debt | 0 | 0 | |
Other Accrued Liabilities | 0 | 0 | |
Total Current Liabilities | 4,278 | 87,593 | |
Long-Term Debt | 0 | 0 | |
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 | |
Operating Lease Liability (Note 13) | 0 | ||
Other | 0 | 0 | |
Total Deferred Credits and Other Liabilities | 0 | 0 | |
Total CONSOL Energy Inc. Stockholders’ Equity | 127,449 | 14,697 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | 131,727 | 102,290 | |
CCR | Non-Guarantor | Reportable Legal Entities | |||
Current Assets: | |||
Cash and Cash Equivalents | 543 | 1,003 | |
Restricted Cash | 0 | ||
Accounts and Notes Receivable: | |||
Trade Receivables, net of Allowance | 0 | 0 | |
Other Receivables | 1,572 | 1,068 | |
Inventories | 12,653 | 11,066 | |
Prepaid Expenses and Other Assets | 5,746 | 5,096 | |
Total Current Assets | 20,514 | 18,233 | |
Property, Plant and Equipment: | |||
Property, Plant and Equipment | 984,898 | 946,298 | |
Less—Accumulated Depreciation, Depletion and Amortization | 571,238 | 526,747 | |
Total Property, Plant and Equipment—Net | 413,660 | 419,551 | |
Other Assets: | |||
Deferred Income Taxes | 0 | 0 | |
Right of Use Asset - Operating Leases (Note 13) | 15,695 | ||
Affiliated Credit Facility | 0 | 0 | |
Investment in Affiliates | 0 | 0 | |
Other | 13,456 | 14,908 | |
Total Other Assets | 29,151 | 14,908 | |
TOTAL ASSETS | 463,325 | 452,692 | |
Current Liabilities: | |||
Accounts Payable | 22,805 | 24,834 | |
Accounts Payable (Recoverable)-Related Parties | 1,419 | 3,831 | |
Current Portion of Long-Term Debt | 5,252 | 3,503 | |
Other Accrued Liabilities | 39,455 | 31,916 | |
Total Current Liabilities | 68,931 | 64,084 | |
Long-Term Debt | 149,801 | 146,196 | |
Deferred Credits and Other Liabilities: | |||
Postretirement Benefits Other Than Pensions | 0 | 0 | |
Pneumoconiosis Benefits | 6,028 | 4,260 | |
Asset Retirement Obligations | 10,801 | 9,775 | |
Workers’ Compensation | 3,611 | 3,119 | |
Salary Retirement | 0 | 0 | |
Operating Lease Liability (Note 13) | 11,507 | ||
Other | 785 | 518 | |
Total Deferred Credits and Other Liabilities | 32,732 | 17,672 | |
Total CONSOL Energy Inc. Stockholders’ Equity | 211,861 | 224,740 | |
Noncontrolling Interest | 0 | 0 | |
TOTAL LIABILITIES AND EQUITY | $ 463,325 | $ 452,692 |
(Guarantor Subsidiaries Condens
(Guarantor Subsidiaries Condensed Statement of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | $ 244,566 | $ 413,525 | $ 248,110 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (169,739) | (145,749) | (81,413) |
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | |
Proceeds from Sales of Assets | 2,201 | 2,103 | 24,582 |
Other Investing Activity | (5,003) | (10,000) | 0 |
Net Cash Used in Investing Activities | (172,541) | (153,646) | (56,831) |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | (18,549) | ||
Payments on Finance Lease Obligations | (15,484) | (3,904) | |
Affiliated Credit Facility | 0 | 0 | 0 |
Net Payments on Revolver - MLP | 0 | 0 | (201,000) |
Distributions to Noncontrolling Interest | (22,220) | (22,265) | (21,892) |
Shares/Units Withheld for Taxes | (4,963) | (3,424) | (2,156) |
Repurchases of Common Stock | (32,733) | (25,839) | 0 |
Purchases of CCR Units | (369) | (3,079) | 0 |
Spin Distribution to CNX Resources Corporation | 0 | (18,234) | (425,000) |
Change in Parent Net Investment | 0 | 0 | (156,502) |
Premium Paid on Extinguishment of Debt | (6,773) | (2,458) | 0 |
Debt Issuance and Financing Fees | (12,492) | (2,166) | (32,304) |
Net Cash Provided by (Used in) Financing Activities | (256,667) | (148,923) | (50,611) |
Elimination | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | 0 | 0 | 0 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | (35,398) | (35,124) | |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | 0 | 0 | |
Net Cash Used in Investing Activities | (35,398) | (35,124) | 0 |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | 0 | ||
Payments on Finance Lease Obligations | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | (196,583) |
Net Payments on Revolver - MLP | 0 | ||
Distributions to Noncontrolling Interest | 35,398 | 35,124 | 34,508 |
Shares/Units Withheld for Taxes | 0 | 0 | 0 |
Repurchases of Common Stock | 0 | 0 | |
Purchases of CCR Units | 0 | 0 | 162,075 |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Change in Parent Net Investment | 0 | ||
Premium Paid on Extinguishment of Debt | 0 | 0 | |
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 35,398 | 35,124 | 0 |
Parent Issuer | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | 253,112 | 231,522 | (17,032) |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | (206,658) | (2,908) | |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | (5,003) | (10,000) | |
Net Cash Used in Investing Activities | (211,661) | (12,908) | 0 |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | 0 | ||
Payments on Finance Lease Obligations | (2,905) | (3,503) | |
Affiliated Credit Facility | (17,925) | 33,583 | 0 |
Net Payments on Revolver - MLP | 0 | ||
Distributions to Noncontrolling Interest | 0 | 0 | 0 |
Shares/Units Withheld for Taxes | 0 | 0 | 0 |
Repurchases of Common Stock | (32,733) | (25,839) | |
Purchases of CCR Units | (369) | (3,079) | (5,573) |
Spin Distribution to CNX Resources Corporation | (18,234) | (425,000) | |
Change in Parent Net Investment | (156,502) | ||
Premium Paid on Extinguishment of Debt | (6,773) | (2,458) | |
Debt Issuance and Financing Fees | (12,492) | (2,166) | (32,304) |
Net Cash Provided by (Used in) Financing Activities | (228,860) | (77,072) | 169,265 |
Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | (89,671) | 56,624 | 192,423 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (132,562) | (114,606) | (61,917) |
(Investments in), net of Distributions from, Subsidiaries | 242,056 | 38,032 | |
Proceeds from Sales of Assets | 2,195 | 1,933 | 23,082 |
Other Investing Activity | 0 | 0 | |
Net Cash Used in Investing Activities | 111,689 | (74,641) | (38,835) |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | (14,708) | ||
Payments on Finance Lease Obligations | (9,527) | (305) | |
Affiliated Credit Facility | 0 | 0 | 0 |
Net Payments on Revolver - MLP | 0 | ||
Distributions to Noncontrolling Interest | 0 | 0 | 0 |
Shares/Units Withheld for Taxes | (4,083) | (2,512) | (171) |
Repurchases of Common Stock | 0 | 0 | |
Purchases of CCR Units | 0 | 0 | (156,502) |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Change in Parent Net Investment | 0 | ||
Premium Paid on Extinguishment of Debt | 0 | 0 | |
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | (18,791) | (12,039) | (156,978) |
Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | 0 | 0 | 75 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | 0 | 0 | 0 |
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | |
Proceeds from Sales of Assets | 0 | 0 | 0 |
Other Investing Activity | 0 | 0 | |
Net Cash Used in Investing Activities | 0 | 0 | 0 |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | 0 | ||
Payments on Finance Lease Obligations | 0 | 0 | |
Affiliated Credit Facility | 0 | 0 | 0 |
Net Payments on Revolver - MLP | 0 | ||
Distributions to Noncontrolling Interest | 0 | 0 | 0 |
Shares/Units Withheld for Taxes | 0 | 0 | 0 |
Repurchases of Common Stock | 0 | 0 | |
Purchases of CCR Units | 0 | 0 | 0 |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Change in Parent Net Investment | 0 | ||
Premium Paid on Extinguishment of Debt | 0 | 0 | |
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 |
CCR | Non-Guarantor | Reportable Legal Entities | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used In) Operating Activities | 81,125 | 125,379 | 72,644 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (37,177) | (31,143) | (19,496) |
(Investments in), net of Distributions from, Subsidiaries | 0 | 0 | |
Proceeds from Sales of Assets | 6 | 170 | 1,500 |
Other Investing Activity | 0 | 0 | |
Net Cash Used in Investing Activities | (37,171) | (30,973) | (17,996) |
Cash Flows from Financing Activities: | |||
Payments on Finance Lease Obligations | (3,841) | ||
Payments on Finance Lease Obligations | (3,052) | (96) | |
Affiliated Credit Facility | 17,925 | (33,583) | 196,583 |
Net Payments on Revolver - MLP | (201,000) | ||
Distributions to Noncontrolling Interest | (57,618) | (57,389) | (56,400) |
Shares/Units Withheld for Taxes | (880) | (912) | (1,985) |
Repurchases of Common Stock | 0 | 0 | |
Purchases of CCR Units | 0 | 0 | 0 |
Spin Distribution to CNX Resources Corporation | 0 | 0 | |
Change in Parent Net Investment | 0 | ||
Premium Paid on Extinguishment of Debt | 0 | 0 | |
Debt Issuance and Financing Fees | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | (44,414) | (94,936) | (62,898) |
Term Loan A | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 26,250 | 0 | 100,000 |
Payments on debt | (11,250) | (26,250) | 0 |
Term Loan A | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | |
Payments on debt | 0 | 0 | |
Term Loan A | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 26,250 | 100,000 | |
Payments on debt | (11,250) | (26,250) | |
Term Loan A | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | |
Payments on debt | 0 | 0 | |
Term Loan A | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | |
Payments on debt | 0 | 0 | |
Term Loan A | CCR | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | |
Payments on debt | 0 | 0 | |
Term Loan B | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | 392,147 |
Payments on debt | (124,437) | (4,000) | 0 |
Term Loan B | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Term Loan B | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 392,147 | ||
Payments on debt | (124,437) | (4,000) | |
Term Loan B | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Term Loan B | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Term Loan B | CCR | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | 0 | 300,000 |
Payments on debt | (52,648) | (25,724) | 0 |
Senior Secured Second Lien Notes due 2025 | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 300,000 | ||
Payments on debt | (52,648) | (25,724) | |
Senior Secured Second Lien Notes due 2025 | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Senior Secured Second Lien Notes due 2025 | CCR | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | 0 | |
Other Asset-Backed Financing Arrangements | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 3,757 | 0 | 0 |
Payments on debt | (240) | $ 0 | $ 0 |
Other Asset-Backed Financing Arrangements | Elimination | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | ||
Other Asset-Backed Financing Arrangements | Parent Issuer | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 3,757 | ||
Payments on debt | (240) | ||
Other Asset-Backed Financing Arrangements | Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | ||
Other Asset-Backed Financing Arrangements | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | 0 | ||
Other Asset-Backed Financing Arrangements | CCR | Non-Guarantor | Reportable Legal Entities | |||
Cash Flows from Financing Activities: | |||
Proceeds from debt | 0 | ||
Payments on debt | $ 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | $ 17,401 | $ 7,024 | $ 48,830 | $ 20,303 | $ 46,034 | $ 9,084 | $ 52,709 | $ 70,958 | $ 93,558 | $ 178,785 | $ 82,569 |
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | (25,132) | 66,341 | 94,919 | ||||||||
Net unrealized loss | (117) | 0 | 0 | ||||||||
Other Comprehensive (Loss) Income | (25,249) | 66,341 | 94,919 | ||||||||
Comprehensive Income (Loss) | 68,309 | 245,126 | 177,488 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 17,551 | 25,803 | 14,896 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 50,758 | 219,323 | 162,592 | ||||||||
Reportable Legal Entities | Parent Issuer | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 76,001 | 152,976 | 67,629 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | (25,132) | 66,341 | 94,919 | ||||||||
Net unrealized loss | (117) | ||||||||||
Other Comprehensive (Loss) Income | (25,249) | 66,341 | 94,919 | ||||||||
Comprehensive Income (Loss) | 50,752 | 219,317 | 162,548 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 50,752 | 219,317 | 162,548 | ||||||||
Reportable Legal Entities | Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 75,213 | 175,322 | (137,236) | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | 0 | 0 | 0 | ||||||||
Net unrealized loss | 0 | ||||||||||
Other Comprehensive (Loss) Income | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss) | 75,213 | 175,322 | (137,236) | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 75,213 | 175,322 | (137,236) | ||||||||
Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 36,796 | (2,481) | (1,995) | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | 0 | 0 | 0 | ||||||||
Net unrealized loss | 0 | ||||||||||
Other Comprehensive (Loss) Income | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss) | 36,796 | (2,481) | (1,995) | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | 36,796 | (2,481) | (1,995) | ||||||||
Elimination | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | (140,003) | (213,598) | 113,707 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | 1,341 | 1,477 | (1,366) | ||||||||
Net unrealized loss | 0 | ||||||||||
Other Comprehensive (Loss) Income | 1,341 | 1,477 | (1,366) | ||||||||
Comprehensive Income (Loss) | (138,662) | (212,121) | 112,341 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 17,551 | 25,803 | 14,896 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | (156,213) | (237,924) | 97,445 | ||||||||
CCR | Reportable Legal Entities | Non-Guarantor | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net Income | 45,551 | 66,566 | 40,464 | ||||||||
Other Comprehensive Income (Loss): | |||||||||||
Net Actuarial (Loss) Gain | (1,341) | (1,477) | 1,366 | ||||||||
Net unrealized loss | 0 | ||||||||||
Other Comprehensive (Loss) Income | (1,341) | (1,477) | 1,366 | ||||||||
Comprehensive Income (Loss) | 44,210 | 65,089 | 41,830 | ||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income Attributable to CONSOL Energy Inc. Shareholders | $ 44,210 | $ 65,089 | $ 41,830 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2019shares | Dec. 31, 2019USD ($)business$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Jul. 31, 2019USD ($) | May 31, 2019USD ($) | Mar. 28, 2019USD ($) | Jul. 31, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 28, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||||||||
Payment of separation and distribution costs | $ 18,234,000 | |||||||||
Number of independent businesses | business | 2 | |||||||||
Accounts payable, related parties | $ 1,419,000 | $ 3,831,000 | ||||||||
Shares repurchased | shares | 26,297 | 167,958 | ||||||||
Average share price (in dollars per share) | $ / shares | $ 19.06 | $ 36.48 | ||||||||
CCR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock and debt repurchase additional amount authorized | $ 25,000,000 | $ 75,000,000 | ||||||||
CCR Units | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares converted | shares | 11,611,067 | |||||||||
Conversion basis | shares | 1 | |||||||||
Stock and debt repurchase additional amount authorized | $ 50,000,000 | $ 25,000,000 | ||||||||
Shares repurchased | shares | 26,297 | 167,958 | ||||||||
Average share price (in dollars per share) | $ / shares | $ 14.05 | $ 18.33 | ||||||||
Former Parent | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accounts receivable, related parties | $ 6,791,000 | $ 11,788,000 | ||||||||
Affiliated Entity | Affiliated Company Credit Agreement | CCR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum borrowing capacity | $ 275,000,000 | |||||||||
Line of credit amount drawn | $ 201,000,000 | |||||||||
Interest expense | $ 7,892,000 | 7,709,000 | $ 746,000 | |||||||
Minimum | Affiliated Entity | Affiliated Company Credit Agreement | CCR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stated interest rate | 3.75% | |||||||||
Maximum | Affiliated Entity | Affiliated Company Credit Agreement | CCR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stated interest rate | 4.75% | |||||||||
Other Receivables | Former Parent | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accounts receivable, related parties | $ 6,791,000 | 5,500,000 | ||||||||
Other assets | Former Parent | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Accounts receivable, related parties | $ 6,288,000 | |||||||||
Revolving Credit Facility | Line of Credit | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 300,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | CCR | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum borrowing capacity | $ 400,000,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Disclosures) (Details) - Majority Shareholder - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 11,528 | $ 11,218 | $ 6,612 |
Operating and Other Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | 3,219 | 2,918 | 3,503 |
Selling, General and Administrative Costs | |||
Related Party Transaction [Line Items] | |||
Total Services from CONSOL Energy | $ 8,309 | $ 8,300 | $ 3,109 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 24, 2020$ / shares |
CCR | Subsequent event | |
Subsequent Event [Line Items] | |
Cash distribution declared (in dollars per share) | $ 0.5125 |
Supplemental Coal Data (unaud_3
Supplemental Coal Data (unaudited) (Narrative) (Details) T in Millions | Dec. 31, 2019T |
Assigned coal reserves | |
Reserve Quantities [Line Items] | |
Coal reserves | 191 |
Steam | |
Reserve Quantities [Line Items] | |
Proved undeveloped reserve (mass) | 2,145 |
Metallurgical coal | |
Reserve Quantities [Line Items] | |
Proved undeveloped reserve (mass) | 81 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Proved Developed and Undeveloped Reserve (Mass) Rollforward [Roll Forward] | |||||
Consolidated recoverable coal reserves at beginning of period | 2,261 | 2,298 | 2,361 | 3,047 | 3,238 |
Purchased reserves | 0 | 0 | 0 | 0 | 24 |
Reserves sold in place | 0 | 0 | (16) | (601) | (43) |
Production | (27) | (28) | (26) | (26) | (29) |
Revisions and other changes | (8) | (9) | (21) | (59) | (143) |
Consolidated recoverable coal reserves at end of period | 2,226 | 2,261 | 2,298 | 2,361 | 3,047 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 1,375,559 | $ 1,472,790 | $ 1,321,412 | ||||||||
Miscellaneous Other Income | $ 16,675 | $ 11,188 | $ 12,194 | $ 13,292 | $ 11,426 | $ 10,978 | $ 10,369 | $ 25,887 | 53,349 | 58,660 | 73,279 |
Gain on Sale of Assets | 9 | 714 | 933 | 339 | 292 | (85) | 104 | 254 | 1,995 | 565 | 17,212 |
Total Revenue and Other Income | 342,635 | 333,346 | 384,309 | 370,613 | 382,236 | 324,248 | 415,273 | 410,258 | 1,430,903 | 1,532,015 | 1,411,903 |
Costs and Expenses: | |||||||||||
Operating and Other Costs | 229,603 | 234,849 | 253,448 | 230,112 | 245,672 | 222,781 | 248,195 | 229,802 | 948,012 | 946,450 | 886,709 |
Depreciation, Depletion and Amortization | 55,852 | 54,370 | 46,151 | 50,724 | 45,590 | 51,242 | 54,961 | 49,471 | 207,097 | 201,264 | 172,002 |
Freight Expense | 5,552 | 3,599 | 3,854 | 6,662 | 5,798 | 2,443 | 17,444 | 17,887 | 19,667 | 43,572 | 73,692 |
Selling, General and Administrative Costs | 14,210 | 14,690 | 16,288 | 21,923 | 17,631 | 18,526 | 15,705 | 13,484 | 67,111 | 65,346 | 83,605 |
Loss (Gain) on Debt Extinguishment | (989) | 801 | 1,500 | 23,143 | 773 | 0 | 1,723 | 1,426 | 24,455 | 3,922 | 0 |
Interest Expense, net | 16,224 | 15,598 | 16,046 | 18,596 | 20,437 | 20,862 | 21,504 | 21,045 | 66,464 | 83,848 | 26,098 |
Total Costs and Expenses | 320,452 | 323,907 | 337,287 | 351,160 | 335,901 | 315,854 | 359,532 | 333,115 | 1,332,806 | 1,344,402 | 1,242,106 |
Earnings Before Income Tax | 22,183 | 9,439 | 47,022 | 19,453 | 46,335 | 8,394 | 55,741 | 77,143 | 98,097 | 187,613 | 169,797 |
Income Tax (Benefit) Expense | 4,782 | 2,415 | (1,808) | (850) | 301 | (690) | 3,032 | 6,185 | 4,539 | 8,828 | 87,228 |
Net Income | 17,401 | 7,024 | 48,830 | 20,303 | 46,034 | 9,084 | 52,709 | 70,958 | 93,558 | 178,785 | 82,569 |
Less: Net Income Attributable to Noncontrolling Interest | 3,455 | 2,684 | 5,550 | 5,868 | 6,362 | 3,350 | 7,547 | 8,550 | 17,557 | 25,809 | 14,940 |
Net Income Attributable to CONSOL Energy Inc. Shareholders | $ 13,946 | $ 4,340 | $ 43,280 | $ 14,435 | $ 39,672 | $ 5,734 | $ 45,162 | $ 62,408 | $ 76,001 | $ 152,976 | $ 67,629 |
Earnings per Share: | |||||||||||
Basic (in dollars per share) | $ 0.54 | $ 0.16 | $ 1.57 | $ 0.52 | $ 1.43 | $ 0.20 | $ 1.61 | $ 2.23 | $ 2.82 | $ 5.48 | $ 2.42 |
Diluted (in dollars per share) | $ 0.54 | $ 0.16 | $ 1.56 | $ 0.52 | $ 1.41 | $ 0.20 | $ 1.58 | $ 2.20 | $ 2.81 | $ 5.38 | $ 2.40 |
Coal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 303,865 | $ 301,542 | $ 350,620 | $ 332,502 | $ 347,789 | $ 294,797 | $ 370,697 | $ 351,009 | $ 1,288,529 | $ 1,364,292 | $ 1,187,654 |
Terminal Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | 16,534 | 16,303 | 16,708 | 17,818 | 16,931 | 16,115 | 16,659 | 15,221 | 67,363 | 64,926 | 60,066 |
Freight Revenue | |||||||||||
Revenue and Other Income: | |||||||||||
Revenue from Contract with Customers | $ 5,552 | $ 3,599 | $ 3,854 | $ 6,662 | $ 5,798 | $ 2,443 | $ 17,444 | $ 17,887 | $ 19,667 | $ 43,572 | $ 73,692 |