(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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81-3015061
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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340 Martin Luther King Jr. Blvd.
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Bristol, Tennessee 37620
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(Address of principal executive offices, zip code)
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(423) 573-0300
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(Registrant’s telephone number, including area code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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New York Stock Exchange
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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CTRA
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New York Stock Exchange
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TABLE OF CONTENTS
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the financial performance of the company;
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our liquidity, results of operations and financial condition;
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our ability to generate sufficient cash or obtain financing to fund our business operations;
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depressed levels or declines in coal prices;
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worldwide market demand for coal, steel, and electricity, including demand for U.S. coal exports, and competition in coal markets;
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our ability to obtain financing and other services, and the form and degree of these services available to us, which may be significantly limited by the lending, investment and similar policies of financial institutions and insurance companies regarding carbon energy producers and the environmental impacts of coal combustion;
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our ability to meet collateral requirements;
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the imposition or continuation of barriers to trade, such as tariffs;
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utilities switching to alternative energy sources such as natural gas, renewables and coal from basins where we do not operate;
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reductions or increases in customer coal inventories and the timing of those changes;
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our production capabilities and costs;
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inherent risks of coal mining beyond our control;
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changes in, interpretations of, or implementations of domestic or international tax or other laws and regulations, including the Tax Cuts and Jobs Act and its related regulations;
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changes in domestic or international environmental laws and regulations, and court decisions, including those directly affecting our coal mining and production, and those affecting our customers’ coal usage, including potential climate change initiatives;
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our relationships with, and other conditions affecting, our customers, including the inability to collect payments from our customers if their creditworthiness declines;
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changes in, renewal or acquisition of, terms of and performance of customers under coal supply arrangements and the refusal by our customers to receive coal under agreed-upon contract terms;
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our ability to obtain, maintain or renew any necessary permits or rights, and our ability to mine properties due to defects in title on leasehold interests;
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attracting and retaining key personnel and other employee workforce factors, such as labor relations;
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funding for and changes in employee benefit obligations;
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any new or increased liabilities, including reclamation obligations, that we may incur in connection with our former mines in Wyoming;
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cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters;
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reclamation and mine closure obligations;
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our assumptions concerning economically recoverable coal reserve estimates;
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our ability to negotiate new United Mine Workers of America wage agreements on terms acceptable to us, increased unionization of our workforce in the future, and any strikes by our workforce;
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disruptions in delivery or changes in pricing from third-party vendors of key equipment and materials that are necessary for our operations, such as diesel fuel, steel products, explosives, tires and purchased coal;
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inflationary pressures on supplies and labor and significant or rapid increases in commodity prices;
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railroad, barge, truck and other transportation availability, performance and costs;
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disruption in third-party coal supplies;
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the consummation of financing or refinancing transactions, acquisitions or dispositions and the related effects on our business and financial position;
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our indebtedness and potential future indebtedness; and
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our ability to obtain or renew surety bonds on acceptable terms or maintain our current bonding status.
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Road Fork 52 in CAPP - Met, which is primarily a reserve replacement mine, but could potentially provide incremental production of Low-Vol. met coal in the near term. The mine began production in the first quarter of 2020.
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Black Eagle in CAPP - Met, which is expected to provide 0.7-0.8 million tons per year of High-Vol. A met coal; and
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Lynn Branch Project in CAPP - Met, which is primarily a reserve replacement mine, but could potentially provide incremental production of High-Vol. B+ met coal in the near term.
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Number & Type of Mines as of December 31, 2019
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Reportable Segment
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Location
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Preparation Plants / Shipping Points as of December 31, 2019
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Underground
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Surface
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Total
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CAPP - Met
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VA, WV
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McClure, Toms Creek, Bandmill, Kepler, Kingston, Marfork, Power Mountain, Pax Loadout, Delbarton, Mammoth, Marmet
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18
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5
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23
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CAPP - Thermal
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WV
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Bandmill, Delbarton, Mammoth, Kingston, Marfork, Pax Loadout, Marmet
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2
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3
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5
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NAPP
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PA
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Cumberland, Labelle River & Rail Terminal
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1
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1
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Reportable Segment
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Coal Qualities
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Transportation
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2019 Production of Saleable Tons (in thousands) (1)
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CAPP - Met
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High-Vol. Met, Mid-Vol. Met, Low-Vol. Met
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Truck, CSX Transportation, Norfolk Southern Railway Company, Barge
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12,025
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CAPP - Thermal
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Thermal
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Truck, CSX Transportation, Norfolk Southern Railway Company, Barge
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4,647
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NAPP
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Thermal
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Truck, CSX Transportation, Norfolk Southern Railway Company, Barge
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6,596
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23,268
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Year Ended December 31,
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Coal Qualities
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2019
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2018
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High-Vol. A
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40.5%
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40.9%
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High-Vol. B
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20.8%
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16.9%
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High-Vol. C
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2.7%
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0.1%
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Mid-Vol.
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21.1%
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39.7%
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Low-Vol.
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13.9%
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2.4%
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Reportable Segment
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Location
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Estimated Years
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CAPP - Met (1)
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Virginia, West Virginia
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1 to 28
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CAPP - Thermal
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West Virginia
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5 to 37
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NAPP (2)
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Pennsylvania
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17
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•
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Acid Rain. Title IV of the Clean Air Act requires reductions of sulfur dioxide emissions by electric utilities. Affected electricity generators have sought to meet these requirements by, among other compliance methods, switching to lower sulfur fuels, installing pollution control devices, reducing electricity generating levels or purchasing or trading sulfur dioxide emission allowances. We cannot accurately predict the effect of these provisions of the Clean Air Act on us in future years.
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NAAQS for Criteria Pollutants. The Clean Air Act requires the EPA to set standards, referred to as National Ambient Air Quality Standards (“NAAQS”), for six common air pollutants, including nitrogen oxide, sulfur dioxide, particulate matter, and ozone. Areas that are not in compliance (referred to as “non- attainment areas”) with these standards must take steps to reduce emissions levels. Over the past several years, the EPA has revised its NAAQS for nitrogen oxide, sulfur dioxide, particulate matter and ozone, in each case making the standards more stringent. As a result, some states will be required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards. Other states will be required to develop new plans for areas that were previously in “attainment,” but do not meet the revised standards.
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NOx SIP Call. The NOx SIP Call program was established by the EPA in October of 1998 to reduce the transport of nitrogen oxide and ozone on prevailing winds from the Midwest and South to states in the Northeast, which said they could not meet federal air quality standards because of migrating pollution. The program is designed to reduce nitrogen oxide emissions by one million tons per year in 22 eastern states and the District of Columbia. As a result of the program, many power plants have been or will be required to install additional emission control measures, such as selective catalytic reduction devices. Installation of additional emission control measures will make it more costly to operate coal-fired power plants, potentially making coal a less attractive fuel. On February 26, 2019, EPA published a final rule amending the NOx SIP Call regulations to allow states to establish alternative monitoring and reporting requirements for certain sources.
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Cross-State Air Pollution Rule. In June 2011, the EPA finalized the CSAPR, which required 28 states in the Midwest and eastern seaboard of the U.S. to reduce power plant emissions that cross state lines and contribute to ozone and/or fine particle pollution in other states. Nitrogen oxide and sulfur dioxide emission reductions were scheduled to commence in 2012, with further reductions effective in 2014. However, implementation of CSAPR’s requirements were delayed due to litigation. In October 2014, the EPA issued an interim final rule reconciling the CSAPR rule with the Court’s order, which called for Phase 1 implementation in 2015 and Phase 2 implementation in 2017.
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Mercury and Hazardous Air Pollutants. In February 2012, the EPA formally adopted a rule to regulate emissions of mercury and other metals, fine particulates, and acid gases such as hydrogen chloride from coal- and oil-fired power plants, referred to as “MATS.” In March 2013, the EPA finalized reconsideration of the MATS rule as it pertains to new power plants, principally adjusting emissions limits for new coal-fired units to levels considered attainable by existing control technologies. In subsequent litigation, the U.S. Supreme Court struck down the MATS rule based on the EPA’s failure to take costs into consideration. The D.C. Circuit allowed the current rule to stay in place until the EPA issued a new finding. In April 2016, the EPA issued a final finding that it is appropriate and necessary to set standards for emissions of air toxics from coal- and oil-fired power plants. However, in April 2017, the EPA indicated in a court filing that it may reconsider this finding, and on April 27, 2017, the D.C. Circuit stayed the litigation. In August 2018, the EPA stated that it plans on sending a draft proposal to the White House questioning the EPA’s earlier finding and intends to reevaluate the MATS rule itself.
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Regional Haze, New Source Review and Methane. The EPA’s regional haze program is intended to protect and improve visibility at and around national parks, national wilderness areas and international parks. In December 2011, the EPA issued a final rule under which the emission caps imposed under CSAPR for a given state would supplant the obligations of that state with regard to visibility protection. In May 2012, the EPA finalized a rule that allows the trading programs in CSAPR to serve as an alternative to determining source-by-source Best Available Retrofit Technology (“BART”). This rule provides that states in the CSAPR region can substitute participation in CSAPR for source-specific BART for sulfur dioxide and/or nitrogen oxides emissions from power plants. This program may result in additional emissions restrictions from new coal-fueled power plants whose operations may impair visibility at and around federally protected areas. This program may also require certain existing coal-fueled power plants to install additional control measures designed to limit haze causing emissions, such as sulfur dioxide, nitrogen oxides, volatile organic chemicals and particulate matter. These limitations could result in additional coal plant closures and affect the future market for coal. A final Regional Haze rule was published on January 10, 2017 and is currently being reevaluated by the EPA.
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the demand for domestic and foreign coal and coke, which depends significantly on the demand for electricity and steel;
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the price and availability of natural gas, other alternative fuels and alternative steel production technologies;
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domestic and foreign economic conditions, including economic downturns and the strength of the global and U.S. economies;
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the consumption pattern of industrial customers, electricity generators and residential users;
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the legal, regulatory and tax environment for our industry and those of our customers;
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adverse weather, climactic or other natural conditions, natural disasters and pandemics (such as the COVID-19 virus);
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the quantity, quality and pricing of coal available in the resale market;
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the effects of worldwide energy conservation or emissions measures;
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competition from other suppliers of coal and other energy sources; and
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the proximity to and availability, reliability and cost of transportation and port facilities.
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the overall demand for electricity, which is in turn influenced by the global economy and the weather, among other factors (for example, mild North American winters typically result in lower demand);
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the availability, quality and price of competing fuels, such as natural gas, nuclear fuel, oil and alternative energy sources such as wind, solar, and hydroelectric power, which may change over time as a result of, among other things, technological developments and state or federal regulatory or statutory fuel subsidies or energy use mandates;
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increasingly stringent environmental and other governmental regulations, including air emission standards for coal-fired power plants; and
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the coal inventories of utilities.
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blasting;
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controls on emissions and discharges;
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the effects of operations on surface water and groundwater quality and availability;
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the storage, treatment and disposal of wastes;
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the remediation of contaminated soil, surface water and groundwater;
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surface subsidence from underground mining;
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the classification of plant and animal species near our mines as endangered or threatened species;
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the reclamation of mined sites; and
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employee health and safety, and benefits for current and former employees (described in more detail below).
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federal and state agencies and citizen groups have increasingly focused on the amount of selenium and other constituents in mine-related water discharges;
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MSHA and the states of Pennsylvania, Virginia and West Virginia have implemented and proposed changes to mine safety and health requirements to impose more stringent health and safety controls, enhance mine inspection and enforcement practices, increase sanctions, and expand monitoring and reporting; and
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GHG emissions reductions are being considered that could increase our costs, require additional controls, or compel us to limit our current operations.
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the 2015 Paris climate summit agreement, which resulted in voluntary commitments by 197 countries (although on June 1, 2017, the Trump administration announced that the U.S. will withdraw from the agreement) to reduce their GHG emissions and could result in additional firm commitments by various nations and states with respect to future GHG emissions;
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the ACE Rule, which requires reductions in GHG emissions from existing fossil fuel-fired power plants, and new source performance standards for GHG emissions for new, modified or reconstructed fossil fuel-fired power plants, or any regulation that replaces them;
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state and regional climate change initiatives implementing renewable portfolio standards or cap-and-trade schemes;
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challenges to or denials of permits for new coal-fired power plants or retrofits to existing plants by state regulators and environmental organizations due to concerns related to GHG emissions from the new or existing plants; and
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private litigation against coal companies or power plant operators based on GHG-related concerns.
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implementation of the current and more stringent proposed ambient air quality standards for sulfur dioxide, nitrogen oxides, particulate matter and ozone, including the EPA’s issuance of NAAQS in October 2015 of a more stringent ambient air quality standard for ozone and the EPA’s determinations of attainment designations with respect to these rules;
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implementation of the EPA’s CSAPR to significantly reduce nitrogen oxide and sulfur dioxide emissions from power plants in 28 states, and the CSAPR Update Rule, issued in September 2016, requiring further reductions in nitrogen oxides in 2017 in 22 states subject to CSAPR during the summertime ozone season;
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continued implementation of the EPA’s MATS, which impose stringent limits on emissions of mercury and other toxic air pollutants from electric power generators, issued in December 2011 and in effect pending completion of judicial review proceedings and subject to a new draft rule proposed in December 2018 that reverses certain findings that served as the basis for MATS;
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implementation of the EPA’s August 2014 final rule on cooling water intake structures for power plants;
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more stringent EPA requirements governing management and disposal of coal ash pursuant to a rule finalized in December 2014 and new amendments effective as of August 2018; and
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implementation of the EPA’s November 2015 final rule setting effluent discharge limits on the levels of metals that can be discharged from power plants.
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changes or variations in geologic, hydrologic or other conditions, such as the thickness of the coal deposits and the amount of rock, clay or other non-coal material embedded in or overlying the coal deposit;
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mining, processing and loading equipment failures and unexpected maintenance problems;
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limited availability or increased costs of mining, processing and loading equipment and parts and other materials from suppliers;
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difficulties associated with mining under or around surface obstacles;
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unfavorable conditions with respect to proximity to and availability, reliability and cost of transportation facilities;
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adverse weather and natural disasters, such as heavy snows, heavy rains and flooding, lightning strikes, hurricanes or earthquakes;
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accidental mine water discharges, coal slurry releases and failures of an impoundment or refuse area;
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mine safety accidents, including fires and explosions from methane and other sources;
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hazards or occurrences that could result in personal injury and loss of life;
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a shortage of skilled and unskilled labor;
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security breaches or terroristic acts;
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strikes and other labor-related interruptions;
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delays or difficulties in, the unavailability of, or unexpected increases in the cost of acquiring, developing or permitting new acquisitions from the federal government and other new mining reserves and surface rights;
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competition and/or conflicts with other natural resource extraction activities and production within our operating areas;
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the termination of material contracts by state or other governmental authorities; and
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fatalities, personal injuries or property damage arising from train derailments, mined material or overburden leaving permit boundaries, underground mine blowouts, impoundment failures, subsidence or other unexpected incidents.
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geological and mining conditions that may not be fully identified by available exploration data or that may differ from experience in current operations;
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historical production from the area compared with production from other similar producing areas;
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the assumed effects of regulation and taxes by governmental agencies; and
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assumptions about coal prices, operating costs, mining technology improvements, development costs and reclamation costs.
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uncertainties in assessing the value, strengths, and potential profitability, and identifying the extent of all weaknesses, risks, contingent liabilities and other liabilities of acquisition candidates and strategic partners;
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the potential loss of key customers, management and employees of an acquired business;
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the ability to achieve identified operating and financial synergies from an acquisition or other strategic transactions in the amounts and on the time frame due to inaccurate assumptions underlying estimates of expected cost savings, the deterioration of general industry and business conditions, unanticipated legal, insurance and financial compliance costs, or other factors;
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the ability of management to manage successfully our exposure to pending and potential litigation and regulatory obligations;
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unanticipated increases in competition that limit our ability to expand our business or capitalize on expected business opportunities, including retaining current customers; and
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unanticipated changes in business, industry, market, or general economic conditions that differ from the assumptions underlying our rationale for pursuing the acquisition or other strategic transactions.
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coordinating management and personnel and managing different corporate cultures;
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applying our safety and environmental programs at acquired mines and facilities;
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establishing, testing and maintaining effective internal control processes and systems of financial reporting for the acquired business;
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the diversion of our management’s and our finance and accounting staff’s resources and time commitments, and the disruption of either our or the acquired company’s ongoing businesses;
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tax costs or inefficiencies; and
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inconsistencies in standards, information technology systems, procedures or policies.
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make it more difficult for us to pay or refinance our debts as they become due during adverse economic and industry conditions because any related decrease in revenues could cause us to not have sufficient cash flows from operations to make our scheduled debt payments;
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force us to seek additional capital, restructure or refinance our debts, or sell assets;
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cause us to be less able to take advantage of significant business opportunities such as acquisition opportunities and to react to changes in market or industry conditions;
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cause us to use a portion of our cash flow from operations for debt service, reducing the availability of working capital and delaying or preventing investments, capital expenditures, research and development and other business activities;
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cause us to be more vulnerable to general adverse economic and industry conditions;
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expose us to the risk of increased interest rates because certain of our borrowings are at variable rates of interest;
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expose us to the risk of foreclosure on substantially all of our assets and those of most of our subsidiaries, which secure certain of our indebtedness if we default on payment or are unable to comply with covenants or restrictions in any of the agreements;
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limit our ability to borrow additional monies in the future to fund working capital, capital expenditures and other general corporate purposes; and
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result in a downgrade in the credit ratings of our indebtedness, which could harm our ability to incur additional indebtedness and result in more restrictive borrowing terms, including increased borrowing costs and more restrictive covenants, all of which could affect our internal cost of capital estimates and therefore impact operational and investment decisions.
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maintain a comprehensive compliance function;
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comply with rules promulgated by the New York Stock Exchange;
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prepare and distribute periodic public reports in compliance with our obligations under the federal securities laws;
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maintain internal policies; and
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engage outside counsel and accountants in the above activities.
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our operating and financial performance, including reserve estimates;
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an unexpected mine or environmental incident;
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quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues;
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the public reaction to our press releases, our other public announcements and our filings with the SEC;
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strategic actions by our competitors;
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changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts;
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speculation in the press or investment community;
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research analysts’ coverage of our common stock, or their failure to cover our common stock;
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sales of our common stock by us, our directors or officers or the selling stockholders or the perception that such sales may occur;
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our payment of dividends;
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changes in accounting principles, policies, guidance, interpretations or standards;
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additions or departures of key management personnel;
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actions by our stockholders;
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general market conditions, including fluctuations in commodity prices;
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public sentiment regarding climate change and fossil fuels;
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domestic and international economic, legal and regulatory factors unrelated to our performance; and
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the realization of any risks described under this “Risk Factors” section or described elsewhere in this document.
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“Proven (Measured) Reserves.” Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established.
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“Probable (Indicated) Reserves.” Reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation.
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Recoverable Reserves
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Reportable Segment
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Location
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Reserves
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Proven
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Probable
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Assigned (2)
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Unassigned (2)
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CAPP - Met
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Deep Mine 41
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Virginia
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29,118
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23,835
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5,283
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29,118
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—
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Road Fork 52
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West Virginia
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17,298
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11,956
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5,342
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17,298
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—
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Black Eagle
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West Virginia
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18,818
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13,557
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5,261
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18,818
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—
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Lynn Branch
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West Virginia
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31,417
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17,751
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13,666
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31,417
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—
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CAPP - Met Other
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Virginia, West Virginia
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548,102
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376,011
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172,091
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286,950
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261,152
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CAPP - Thermal
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West Virginia
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41,839
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22,026
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19,813
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|
|
41,839
|
|
|
—
|
|
NAPP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland
|
|
Pennsylvania
|
|
107,982
|
|
|
64,160
|
|
|
43,822
|
|
|
107,982
|
|
|
—
|
|
NAPP Other
|
|
Pennsylvania
|
|
536,370
|
|
|
331,704
|
|
|
204,666
|
|
|
5,747
|
|
|
530,623
|
|
|
|
|
|
1,330,944
|
|
|
861,000
|
|
|
469,944
|
|
|
539,169
|
|
|
791,775
|
|
|
|
Reserve Control
|
|
By Permit Status
|
|
By Coal Market Type (2)
|
||||||||||||
Reportable Segment
|
|
Owned
|
|
Leased
|
|
Permitted
|
|
Not Permitted
|
|
Met
|
|
Thermal
|
||||||
CAPP - Met
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Deep Mine 41
|
|
—
|
|
|
29,118
|
|
|
26,438
|
|
|
2,680
|
|
|
29,118
|
|
|
—
|
|
Road Fork 52
|
|
249
|
|
|
17,049
|
|
|
2,928
|
|
|
14,370
|
|
|
17,298
|
|
|
—
|
|
Black Eagle
|
|
—
|
|
|
18,818
|
|
|
2,913
|
|
|
15,905
|
|
|
18,818
|
|
|
—
|
|
Lynn Branch
|
|
1,193
|
|
|
30,224
|
|
|
—
|
|
|
31,417
|
|
|
31,417
|
|
|
—
|
|
CAPP - Met Other
|
|
103,111
|
|
|
444,991
|
|
|
135,590
|
|
|
412,512
|
|
|
519,889
|
|
|
28,213
|
|
CAPP - Thermal
|
|
—
|
|
|
41,839
|
|
|
40,723
|
|
|
1,116
|
|
|
11,162
|
|
|
30,677
|
|
NAPP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Cumberland
|
|
19,072
|
|
|
88,910
|
|
|
37,623
|
|
|
70,359
|
|
|
—
|
|
|
107,982
|
|
NAPP Other
|
|
294,622
|
|
|
241,748
|
|
|
42,013
|
|
|
494,357
|
|
|
44,180
|
|
|
492,190
|
|
|
|
418,247
|
|
|
912,697
|
|
|
288,228
|
|
|
1,042,716
|
|
|
671,882
|
|
|
659,062
|
|
|
|
|
|
|
Sulfur Content
|
|
Average Btu
|
||||||||||||
Reportable Segment
|
Reserves
|
|
Primary Coal Type
|
|
<1% Sulfur
|
|
1 - 1.5% Sulfur
|
|
>1.5% Sulfur
|
|
>12,500
|
|
<12,500
|
||||||
CAPP - Met
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deep Mine 41
|
29,118
|
|
|
MVM
|
|
29,118
|
|
|
—
|
|
|
—
|
|
|
29,118
|
|
|
—
|
|
Road Fork 52
|
17,298
|
|
|
LVM
|
|
17,298
|
|
|
—
|
|
|
—
|
|
|
17,298
|
|
|
—
|
|
Black Eagle
|
18,818
|
|
|
HVM
|
|
18,818
|
|
|
—
|
|
|
—
|
|
|
18,818
|
|
|
—
|
|
Lynn Branch
|
31,417
|
|
|
HVM
|
|
31,417
|
|
|
—
|
|
|
—
|
|
|
31,417
|
|
|
—
|
|
CAPP - Met Other
|
548,102
|
|
|
HVM
|
|
418,335
|
|
|
120,131
|
|
|
9,636
|
|
|
528,256
|
|
|
19,846
|
|
CAPP - Thermal
|
41,839
|
|
|
T
|
|
41,839
|
|
|
—
|
|
|
—
|
|
|
37,208
|
|
|
4,631
|
|
NAPP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cumberland
|
107,982
|
|
|
T
|
|
—
|
|
|
—
|
|
|
107,982
|
|
|
107,982
|
|
|
—
|
|
NAPP Other
|
536,370
|
|
|
T
|
|
73,633
|
|
|
—
|
|
|
462,737
|
|
|
473,056
|
|
|
63,314
|
|
|
1,330,944
|
|
|
|
|
630,458
|
|
|
120,131
|
|
|
580,355
|
|
|
1,243,153
|
|
|
87,791
|
|
|
|
|
|
|
|
|
|
Transportation
|
|||
Reportable Segment
|
|
Reserves (thousands of short tons) (1)
|
|
Type (2)
|
|
Mining Equipment (3)
|
|
Rail
|
|
Other (4)
|
|
CAPP - Met
|
|
|
|
|
|
|
|
|
|
|
|
Deep Mine 41
|
|
29,118
|
|
|
U
|
|
CM
|
|
CSX
|
|
B
|
Road Fork 52
|
|
17,298
|
|
|
U
|
|
CM
|
|
NS
|
|
B
|
Black Eagle
|
|
18,818
|
|
|
U
|
|
CM
|
|
CSX
|
|
B
|
Lynn Branch
|
|
31,417
|
|
|
U
|
|
CM
|
|
CSX
|
|
—
|
CAPP - Met Other
|
|
548,102
|
|
|
U/S
|
|
CM/S/H
|
|
NS/CSX
|
|
B
|
CAPP - Thermal
|
|
41,839
|
|
|
U
|
|
CM
|
|
NS/CSX
|
|
B
|
NAPP
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland
|
|
107,982
|
|
|
U
|
|
LW
|
|
NS/CSX
|
|
B
|
NAPP Other
|
|
536,370
|
|
|
U
|
|
CM/LW
|
|
NS/CSX
|
|
B
|
|
|
1,330,944
|
|
|
|
|
|
|
|
|
|
|
|
Preparation Plant(s)
|
||||
Reportable Segment/Preparation Plant
|
|
Capacity
(short tons per hr) (1)
|
|
Utilization %
|
|
Source of Power
|
CAPP - Met
|
|
|
|
|
|
|
McClure
|
|
1,000
|
|
63%
|
|
MP2 Energy
|
Toms Creek
|
|
1,050
|
|
47%
|
|
Old Dominion
|
Bandmill
|
|
1,200
|
|
64%
|
|
AEP
|
Marfork
|
|
2,400
|
|
63%
|
|
AEP
|
NAPP
|
|
|
|
|
|
|
Cumberland
|
|
1,600
|
|
73%
|
|
West Penn Power
|
•
|
DTA coal export terminal in eastern Virginia. We own a 65.0% interest in DTA which provides us with the ability to fulfill a broad range of customer coal quality requirements through coal blending, while also providing storage capacity and transportation flexibility.
|
•
|
Labelle River & Rail Terminal. A multimodal materials handling facility offering river to rail shipping for our Cumberland mine with access to both CSX Transportation and Norfolk Southern Railway Company rail carriers.
|
Coal Qualities
|
|
Two Year Historical Average Sales Price
|
Met High-Vol. A
|
|
$119
|
Met High-Vol. B
|
|
$103
|
Met Mid-Vol.
|
|
$123
|
Met Low-Vol.
|
|
$122
|
Thermal - CAPP-Thermal
|
|
$56
|
Thermal - NAPP
|
|
$44
|
2019
|
|
High
|
|
Low
|
First Quarter
|
|
$66.00
|
|
$54.21
|
Second Quarter
|
|
$61.87
|
|
$49.62
|
Third Quarter
|
|
$52.71
|
|
$25.37
|
Fourth Quarter
|
|
$28.12
|
|
$5.70
|
2018
|
|
High
|
|
Low
|
First Quarter
|
|
$69.00
|
|
$61.00
|
Second Quarter
|
|
$80.00
|
|
$62.25
|
Third Quarter
|
|
$81.00
|
|
$66.00
|
Fourth Quarter
|
|
$80.00
|
|
$60.76
|
|
Total Number
of Shares
Purchased (1)
|
|
Average Price
Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Programs (2)
|
|
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Programs (2),(3)
|
||||||
October 1, 2019 through October 31, 2019
|
55
|
|
|
$
|
24.56
|
|
|
—
|
|
|
$
|
67,552
|
|
November 1, 2019 through November 30, 2019
|
12,689
|
|
|
$
|
10.08
|
|
|
—
|
|
|
$
|
67,552
|
|
December 1, 2019 through December 31, 2019
|
23,196
|
|
|
$
|
6.68
|
|
|
—
|
|
|
$
|
67,552
|
|
|
35,940
|
|
|
|
|
—
|
|
|
$
|
67,552
|
|
|
Successor
|
|
|
Predecessor
|
||||||||||||||||||||
|
For the Year Ended December 31, 2019
|
|
For the Year Ended December 31, 2018
|
|
For the Year Ended December 31, 2017
|
|
For the Period from July 26, 2016 to December 31, 2016
|
|
|
For the Period from January 1, 2016 to July 25, 2016
|
|
For the Year Ended December 31, 2015
|
||||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Coal revenues
|
$
|
2,282,007
|
|
|
$
|
2,020,889
|
|
|
$
|
1,392,481
|
|
|
$
|
431,692
|
|
|
|
$
|
344,692
|
|
|
$
|
816,010
|
|
Freight and handling revenues
|
—
|
|
|
—
|
|
|
247,402
|
|
|
70,544
|
|
|
|
52,076
|
|
|
97,237
|
|
||||||
Other revenues
|
8,253
|
|
|
10,316
|
|
|
10,086
|
|
|
4,060
|
|
|
|
14,343
|
|
|
12,774
|
|
||||||
Total revenues
|
2,290,260
|
|
|
2,031,205
|
|
|
1,649,969
|
|
|
506,296
|
|
|
|
411,111
|
|
|
926,021
|
|
||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cost of coal sales (exclusive of items shown separately below)
|
1,924,709
|
|
|
1,661,118
|
|
|
1,327,297
|
|
|
390,334
|
|
|
|
357,352
|
|
|
801,534
|
|
||||||
Depreciation, depletion and amortization
|
228,792
|
|
|
77,549
|
|
|
34,910
|
|
|
5,973
|
|
|
|
66,076
|
|
|
149,197
|
|
||||||
Accretion on asset retirement obligations
|
27,798
|
|
|
9,966
|
|
|
9,934
|
|
|
4,800
|
|
|
|
5,005
|
|
|
5,696
|
|
||||||
Amortization of acquired intangibles, net
|
(88
|
)
|
|
(5,392
|
)
|
|
59,007
|
|
|
61,281
|
|
|
|
11,567
|
|
|
2,223
|
|
||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization shown separately above)
|
78,953
|
|
|
59,271
|
|
|
67,459
|
|
|
19,135
|
|
|
|
29,568
|
|
|
44,158
|
|
||||||
Merger-related costs
|
1,090
|
|
|
51,800
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
||||||
Secondary offering costs (1)
|
—
|
|
|
—
|
|
|
4,491
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
||||||
Asset impairment and restructuring (2)
|
66,324
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
3,096
|
|
|
297,425
|
|
||||||
Goodwill impairment (3)
|
124,353
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
||||||
Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mark-to-market adjustment for acquisition-related obligations
|
(3,564
|
)
|
|
24
|
|
|
3,221
|
|
|
(10,616
|
)
|
|
|
—
|
|
|
—
|
|
||||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
(580
|
)
|
|
(38,886
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
||||||
Other (income) expenses
|
(575
|
)
|
|
(16,311
|
)
|
|
178
|
|
|
—
|
|
|
|
2,184
|
|
|
(99
|
)
|
||||||
Total costs and expenses
|
2,447,792
|
|
|
1,837,445
|
|
|
1,467,611
|
|
|
470,907
|
|
|
|
474,848
|
|
|
1,300,134
|
|
||||||
(Loss) income from operations
|
(157,532
|
)
|
|
193,760
|
|
|
182,358
|
|
|
35,389
|
|
|
|
(63,737
|
)
|
|
(374,113
|
)
|
||||||
Other (expense) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
(66,798
|
)
|
|
(38,810
|
)
|
|
(35,977
|
)
|
|
(20,496
|
)
|
|
|
(2
|
)
|
|
(28
|
)
|
||||||
Interest income
|
7,296
|
|
|
1,949
|
|
|
210
|
|
|
23
|
|
|
|
19
|
|
|
4
|
|
||||||
Mark-to-market adjustment for warrant derivative liability
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,975
|
)
|
|
|
—
|
|
|
—
|
|
||||||
Loss on modification and extinguishment of debt
|
(26,459
|
)
|
|
(12,042
|
)
|
|
(38,701
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
||||||
Equity loss in affiliates
|
(6,874
|
)
|
|
(6,112
|
)
|
|
(3,339
|
)
|
|
(2,287
|
)
|
|
|
(2,735
|
)
|
|
(7,712
|
)
|
||||||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
1,011
|
|
|
7,719
|
|
|
|
—
|
|
|
—
|
|
||||||
Miscellaneous (loss) income, net
|
(10,332
|
)
|
|
(1,254
|
)
|
|
194
|
|
|
(139
|
)
|
|
|
(13,978
|
)
|
|
(20,904
|
)
|
||||||
Total other expense, net
|
(103,167
|
)
|
|
(56,269
|
)
|
|
(76,602
|
)
|
|
(49,155
|
)
|
|
|
(16,696
|
)
|
|
(28,640
|
)
|
||||||
(Loss) income from continuing operations before reorganization items and income taxes
|
(260,699
|
)
|
|
137,491
|
|
|
105,756
|
|
|
(13,766
|
)
|
|
|
(80,433
|
)
|
|
(402,753
|
)
|
||||||
Reorganization items, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(20,989
|
)
|
|
(10,085
|
)
|
||||||
(Loss) income from continuing operations before income taxes
|
(260,699
|
)
|
|
137,491
|
|
|
105,756
|
|
|
(13,766
|
)
|
|
|
(101,422
|
)
|
|
(412,838
|
)
|
||||||
Income tax benefit
|
57,557
|
|
|
165,363
|
|
|
67,979
|
|
|
1,920
|
|
|
|
39,881
|
|
|
155,052
|
|
||||||
Net (loss) income from continuing operations
|
(203,142
|
)
|
|
302,854
|
|
|
173,735
|
|
|
(11,846
|
)
|
|
|
(61,541
|
)
|
|
(257,786
|
)
|
||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) income from discontinued operations before income taxes
|
(117,391
|
)
|
|
(4,994
|
)
|
|
(36,894
|
)
|
|
1,467
|
|
|
|
(679
|
)
|
|
(259,317
|
)
|
||||||
Income tax benefit (expense) from discontinued operations
|
4,214
|
|
|
1,305
|
|
|
17,681
|
|
|
(551
|
)
|
|
|
(4,992
|
)
|
|
99,543
|
|
|
Successor
|
|
|
Predecessor
|
||||||||||||||||||||
|
For the Year Ended December 31, 2019
|
|
For the Year Ended December 31, 2018
|
|
For the Year Ended December 31, 2017
|
|
For the Period from July 26, 2016 to December 31, 2016
|
|
|
For the Period from January 1, 2016 to July 25, 2016
|
|
For the Year Ended December 31, 2015
|
||||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) income from discontinued operations
|
(113,177
|
)
|
|
(3,689
|
)
|
|
(19,213
|
)
|
|
916
|
|
|
|
(5,671
|
)
|
|
(159,774
|
)
|
||||||
Net (loss) income
|
$
|
(316,319
|
)
|
|
$
|
299,165
|
|
|
$
|
154,522
|
|
|
$
|
(10,930
|
)
|
|
|
$
|
(67,212
|
)
|
|
$
|
(417,560
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic (loss) income per common share: (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
27.61
|
|
|
$
|
17.01
|
|
|
$
|
(1.15
|
)
|
|
|
|
|
|
||||
(Loss) income from discontinued operations
|
(6.02
|
)
|
|
(0.33
|
)
|
|
(1.89
|
)
|
|
0.09
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
27.28
|
|
|
$
|
15.12
|
|
|
$
|
(1.06
|
)
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted (loss) income per common share: (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
25.86
|
|
|
$
|
16.13
|
|
|
$
|
(1.15
|
)
|
|
|
|
|
|
||||
(Loss) income from discontinued operations
|
(6.02
|
)
|
|
(0.32
|
)
|
|
(1.78
|
)
|
|
0.09
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
25.54
|
|
|
$
|
14.35
|
|
|
$
|
(1.06
|
)
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares - basic
|
18,808,460
|
|
|
10,967,014
|
|
|
10,216,464
|
|
|
10,309,310
|
|
|
|
|
|
|
||||||||
Weighted average shares - diluted
|
18,808,460
|
|
|
11,712,653
|
|
|
10,770,005
|
|
|
10,309,310
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Statement of Cash Flows Data: (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating activities
|
$
|
131,880
|
|
|
$
|
158,381
|
|
|
$
|
314,260
|
|
|
$
|
21,459
|
|
|
|
$
|
77,029
|
|
|
$
|
155,052
|
|
Investing activities
|
$
|
(191,752
|
)
|
|
$
|
102,196
|
|
|
$
|
(121,307
|
)
|
|
$
|
108,352
|
|
|
|
$
|
(25,029
|
)
|
|
$
|
(97,034
|
)
|
Financing activities
|
$
|
(69,694
|
)
|
|
$
|
22,709
|
|
|
$
|
(170,282
|
)
|
|
$
|
41,478
|
|
|
|
$
|
(35,822
|
)
|
|
$
|
(53,585
|
)
|
|
Successor
|
|
|
Predecessor
|
||||||||||||||||||||
|
As of December 31,
|
|
|
As of July 25, 2016
|
|
As of December 31, 2015
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
||||||||||||||
Balance Sheet Data (at period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
212,793
|
|
|
$
|
233,599
|
|
|
$
|
141,924
|
|
|
$
|
127,948
|
|
|
|
$
|
100
|
|
|
$
|
227
|
|
Working capital (6)
|
$
|
396,327
|
|
|
$
|
473,782
|
|
|
$
|
234,595
|
|
|
$
|
222,917
|
|
|
|
$
|
(3,888
|
)
|
|
$
|
76,711
|
|
Total current and non-current assets – discontinued operations
|
$
|
—
|
|
|
$
|
22,475
|
|
|
$
|
48,130
|
|
|
$
|
190,454
|
|
|
|
$
|
401,543
|
|
|
$
|
404,363
|
|
Total assets
|
$
|
2,302,823
|
|
|
$
|
2,746,058
|
|
|
$
|
836,600
|
|
|
$
|
946,752
|
|
|
|
$
|
1,590,256
|
|
|
$
|
1,715,410
|
|
Notes payable and long-term debt, including current portion, net
|
$
|
592,966
|
|
|
$
|
588,012
|
|
|
$
|
372,703
|
|
|
$
|
346,994
|
|
|
|
$
|
95
|
|
|
$
|
136
|
|
Total current and non-current liabilities – discontinued operations
|
$
|
—
|
|
|
$
|
21,986
|
|
|
$
|
61,876
|
|
|
$
|
164,709
|
|
|
|
$
|
225,964
|
|
|
$
|
197,383
|
|
Total liabilities (7)
|
$
|
1,606,701
|
|
|
$
|
1,674,918
|
|
|
$
|
743,952
|
|
|
$
|
909,528
|
|
|
|
$
|
470,003
|
|
|
$
|
501,513
|
|
Stockholders’ equity/Predecessor business equity
|
$
|
696,122
|
|
|
$
|
1,071,140
|
|
|
$
|
92,648
|
|
|
$
|
37,224
|
|
|
|
$
|
1,120,253
|
|
|
$
|
1,213,897
|
|
(3)
|
Goodwill impairment for the year ended December 31, 2019 includes impairment charges of $124,353 within the CAPP - Met reporting segment.
|
(4)
|
Historical basic income (loss) per share is calculated based on the weighted average common shares outstanding for the year ended December 31, 2019, December 31, 2018, December 31, 2017 and for the period from July 26, 2016 to December 31, 2016. For the years ended December 31, 2018 and December 31, 2017, the dilutive effect of stock options and other stock-based instruments is considered when calculating the diluted earnings per share as the Company generated net income during these periods. There was no dilutive effect to common shares outstanding for the year ended December 31, 2019 and the period from July 26, 2016 to December 31, 2016 as in periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share.
|
(5)
|
Cash flow data includes discontinued operations.
|
(6)
|
Working capital (current assets less current liabilities) calculation includes cash and cash equivalents but excludes discontinued operations.
|
(7)
|
Total liabilities as of July 25, 2016 and December 31, 2015 include $35,693 and $72,242, respectively, of liabilities subject to compromise related to Alpha’s bankruptcy filing.
|
•
|
Coal Quality. The energy content or heat value of thermal coal is a significant factor influencing coal prices as higher energy coal is more desirable to consumers and typically commands a higher price in the market. The heat value of coal is commonly measured in British thermal units or the amount of heat needed to raise the temperature of one pound of water by one degree Fahrenheit. Coal from the eastern and midwest regions of the United States tends to have a higher heat value than coal found in the western United States. Coal volatility is a significant factor influencing met coal pricing as coal with a lower volatility has historically been more highly valued and typically commands a higher price in the market. The volatility refers to the loss in mass, less moisture, when coal is heated in the absence of
|
•
|
Market Conventions. Coal sales contracts are priced according to conventions specific to the market into which such coal is to be sold. Our domestic sales contracts are typically priced free on board (“FOB”) at our mines and on a short ton basis. Our international sales contracts are typically priced FOB at the shipping port from which such coal is delivered and on a metric ton basis. Accordingly, for international sales contracts, we typically bear the cost of transportation from our mines to the applicable outbound shipping port, and our coal sales realization per ton calculation reflects the conversion of such tonnage from metric tons into short tons, as well as the elimination of the freight and handling fulfillment component of coal sales revenue. In addition, for domestic sales contracts, as customers typically bear the cost of transportation from our mines, our operations located farther away from the end user of the coal may command lower prices.
|
•
|
Regional Supply and Demand. Our realized price per ton is influenced by market forces of the regional market into which such coal is to be sold. Market pricing may vary according to region and lead to different discounts or premiums to the most directly comparable benchmark price for such coal product.
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$ or Tons
|
|
%
|
|||||||
Coal revenues
|
$
|
2,282,007
|
|
|
$
|
2,020,889
|
|
|
$
|
261,118
|
|
|
12.9
|
%
|
Other revenues
|
8,253
|
|
|
10,316
|
|
|
(2,063
|
)
|
|
(20.0
|
)%
|
|||
Total revenues
|
$
|
2,290,260
|
|
|
$
|
2,031,205
|
|
|
$
|
259,055
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Tons sold
|
23,706
|
|
|
17,587
|
|
|
6,119
|
|
|
34.8
|
%
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Cost of coal sales (exclusive of items shown separately below)
|
$
|
1,924,709
|
|
|
$
|
1,661,118
|
|
|
$
|
263,591
|
|
|
15.9
|
%
|
Depreciation, depletion and amortization
|
228,792
|
|
|
77,549
|
|
|
151,243
|
|
|
195.0
|
%
|
|||
Accretion on asset retirement obligations
|
27,798
|
|
|
9,966
|
|
|
17,832
|
|
|
178.9
|
%
|
|||
Amortization of acquired intangibles, net
|
(88
|
)
|
|
(5,392
|
)
|
|
5,304
|
|
|
98.4
|
%
|
|||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
78,953
|
|
|
59,271
|
|
|
19,682
|
|
|
33.2
|
%
|
|||
Merger-related costs
|
1,090
|
|
|
51,800
|
|
|
(50,710
|
)
|
|
(97.9
|
)%
|
|||
Asset impairment
|
66,324
|
|
|
—
|
|
|
66,324
|
|
|
100.0
|
%
|
|||
Goodwill impairment
|
124,353
|
|
|
—
|
|
|
124,353
|
|
|
100.0
|
%
|
|||
Total other operating (income) loss:
|
|
|
|
|
|
|
|
|
|
|||||
Mark-to-market adjustment for acquisition-related obligations
|
(3,564
|
)
|
|
24
|
|
|
(3,588
|
)
|
|
NM
|
|
|||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
(580
|
)
|
|
580
|
|
|
100.0
|
%
|
|||
Other income
|
(575
|
)
|
|
(16,311
|
)
|
|
15,736
|
|
|
96.5
|
%
|
|||
Total costs and expenses
|
$
|
2,447,792
|
|
|
$
|
1,837,445
|
|
|
$
|
610,347
|
|
|
33.2
|
%
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
$
|
(66,798
|
)
|
|
$
|
(38,810
|
)
|
|
$
|
(27,988
|
)
|
|
(72.1
|
)%
|
Interest income
|
7,296
|
|
|
1,949
|
|
|
5,347
|
|
|
274.3
|
%
|
|||
Loss on modification and extinguishment of debt
|
(26,459
|
)
|
|
(12,042
|
)
|
|
(14,417
|
)
|
|
(119.7
|
)%
|
|||
Equity loss in affiliates
|
(6,874
|
)
|
|
(6,112
|
)
|
|
(762
|
)
|
|
(12.5
|
)%
|
|||
Miscellaneous loss, net
|
(10,332
|
)
|
|
(1,254
|
)
|
|
(9,078
|
)
|
|
(723.9
|
)%
|
|||
Total other expense, net
|
$
|
(103,167
|
)
|
|
$
|
(56,269
|
)
|
|
$
|
(46,898
|
)
|
|
(83.3
|
)%
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Income tax benefit
|
$
|
57,557
|
|
|
$
|
165,363
|
|
|
$
|
(107,806
|
)
|
|
(65.2
|
)%
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other (3)
|
|
Consolidated
|
||||||||||
Coal revenues
|
$
|
1,709,863
|
|
|
$
|
285,390
|
|
|
$
|
286,073
|
|
|
$
|
681
|
|
|
$
|
2,282,007
|
|
Less: freight and handling fulfillment revenues
|
(242,049
|
)
|
|
(34,133
|
)
|
|
(8,827
|
)
|
|
—
|
|
|
(285,009
|
)
|
|||||
Non-GAAP coal revenues
|
$
|
1,467,814
|
|
|
$
|
251,257
|
|
|
$
|
277,246
|
|
|
$
|
681
|
|
|
$
|
1,996,998
|
|
Tons sold
|
12,926
|
|
|
4,218
|
|
|
6,554
|
|
|
8
|
|
|
23,706
|
|
|||||
Non-GAAP coal sales realization per ton
|
$
|
113.56
|
|
|
$
|
59.57
|
|
|
$
|
42.30
|
|
|
$
|
85.13
|
|
|
$
|
84.24
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of coal sales
|
$
|
1,389,293
|
|
|
$
|
274,320
|
|
|
$
|
257,267
|
|
|
$
|
3,829
|
|
|
$
|
1,924,709
|
|
Less: freight and handling costs
|
(242,049
|
)
|
|
(34,133
|
)
|
|
(8,827
|
)
|
|
—
|
|
|
(285,009
|
)
|
|||||
Less: idled and closed mine costs
|
(8,699
|
)
|
|
(2,702
|
)
|
|
(4,005
|
)
|
|
(3,164
|
)
|
|
(18,570
|
)
|
|||||
Less: cost impact of coal inventory fair value adjustment (1)
|
(4,751
|
)
|
|
(3,458
|
)
|
|
—
|
|
|
—
|
|
|
(8,209
|
)
|
|||||
Non-GAAP cost of coal sales
|
$
|
1,133,794
|
|
|
$
|
234,027
|
|
|
$
|
244,435
|
|
|
$
|
665
|
|
|
$
|
1,612,921
|
|
Tons sold
|
12,926
|
|
|
4,218
|
|
|
6,554
|
|
|
8
|
|
|
23,706
|
|
|||||
Non-GAAP cost of coal sales per ton
|
$
|
87.71
|
|
|
$
|
55.48
|
|
|
$
|
37.30
|
|
|
$
|
83.13
|
|
|
$
|
68.04
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal margin per ton (2)
|
$
|
24.80
|
|
|
$
|
2.62
|
|
|
$
|
4.40
|
|
|
$
|
(393.50
|
)
|
|
$
|
15.07
|
|
Idled and closed mine costs per ton
|
0.67
|
|
|
0.64
|
|
|
0.60
|
|
|
395.50
|
|
|
0.78
|
|
|||||
Cost impact of coal inventory fair value adjustment per ton
|
0.38
|
|
|
0.83
|
|
|
—
|
|
|
—
|
|
|
0.35
|
|
|||||
Non-GAAP coal margin per ton
|
$
|
25.85
|
|
|
$
|
4.09
|
|
|
$
|
5.00
|
|
|
$
|
2.00
|
|
|
$
|
16.20
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Coal revenues
|
$
|
1,669,358
|
|
|
$
|
39,113
|
|
|
$
|
312,418
|
|
|
$
|
—
|
|
|
$
|
2,020,889
|
|
Less: freight and handling fulfillment revenues
|
(306,662
|
)
|
|
(3,428
|
)
|
|
(31,243
|
)
|
|
—
|
|
|
(341,333
|
)
|
|||||
Non-GAAP coal revenues
|
$
|
1,362,696
|
|
|
$
|
35,685
|
|
|
$
|
281,175
|
|
|
$
|
—
|
|
|
$
|
1,679,556
|
|
Tons sold
|
10,682
|
|
|
632
|
|
|
6,273
|
|
|
—
|
|
|
17,587
|
|
|||||
Non-GAAP coal sales realization per ton
|
$
|
127.57
|
|
|
$
|
56.46
|
|
|
$
|
44.82
|
|
|
$
|
—
|
|
|
$
|
95.50
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of coal sales
|
$
|
1,341,260
|
|
|
$
|
46,022
|
|
|
$
|
272,895
|
|
|
$
|
941
|
|
|
$
|
1,661,118
|
|
Less: freight and handling costs
|
(306,662
|
)
|
|
(3,428
|
)
|
|
(31,243
|
)
|
|
—
|
|
|
(341,333
|
)
|
|||||
Less: idled and closed mine costs
|
(3,904
|
)
|
|
(202
|
)
|
|
(2,710
|
)
|
|
(941
|
)
|
|
(7,757
|
)
|
|||||
Less: cost impact of coal inventory fair value adjustment (1)
|
(11,547
|
)
|
|
(5,517
|
)
|
|
—
|
|
|
—
|
|
|
(17,064
|
)
|
|||||
Non-GAAP cost of coal sales
|
$
|
1,019,147
|
|
|
$
|
36,875
|
|
|
$
|
238,942
|
|
|
$
|
—
|
|
|
$
|
1,294,964
|
|
Tons sold
|
10,682
|
|
|
632
|
|
|
6,273
|
|
|
—
|
|
|
17,587
|
|
|||||
Non-GAAP cost of coal sales per ton
|
$
|
95.41
|
|
|
$
|
58.35
|
|
|
$
|
38.09
|
|
|
$
|
—
|
|
|
$
|
73.63
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal margin per ton (2)
|
$
|
30.72
|
|
|
$
|
(10.93
|
)
|
|
$
|
6.30
|
|
|
$
|
—
|
|
|
$
|
20.46
|
|
Idled and closed mine costs per ton
|
0.36
|
|
|
0.32
|
|
|
0.43
|
|
|
—
|
|
|
0.44
|
|
|||||
Cost impact of coal inventory fair value adjustment per ton
|
1.08
|
|
|
8.72
|
|
|
—
|
|
|
—
|
|
|
0.97
|
|
|||||
Non-GAAP coal margin per ton
|
$
|
32.16
|
|
|
$
|
(1.89
|
)
|
|
$
|
6.73
|
|
|
$
|
—
|
|
|
$
|
21.87
|
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Tons sold:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
12,926
|
|
|
10,682
|
|
|
2,244
|
|
|
21.0
|
%
|
|||
CAPP - Thermal operations
|
4,218
|
|
|
632
|
|
|
3,586
|
|
|
567.4
|
%
|
|||
NAPP operations
|
6,554
|
|
|
6,273
|
|
|
281
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP coal revenues:
|
|
|
|
|
|
|
|
|
||||||
CAPP - Met operations
|
$
|
1,467,814
|
|
|
$
|
1,362,696
|
|
|
$
|
105,118
|
|
|
7.7
|
%
|
CAPP - Thermal operations
|
$
|
251,257
|
|
|
$
|
35,685
|
|
|
$
|
215,572
|
|
|
604.1
|
%
|
NAPP operations
|
$
|
277,246
|
|
|
$
|
281,175
|
|
|
$
|
(3,929
|
)
|
|
(1.4
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Non-GAAP coal sales realization per ton:
|
|
|
|
|
|
|
|
|
||||||
CAPP - Met operations
|
$
|
113.56
|
|
|
$
|
127.57
|
|
|
$
|
(14.01
|
)
|
|
(11.0
|
)%
|
CAPP - Thermal operations
|
$
|
59.57
|
|
|
$
|
56.46
|
|
|
$
|
3.11
|
|
|
5.5
|
%
|
NAPP operations
|
$
|
42.30
|
|
|
$
|
44.82
|
|
|
$
|
(2.52
|
)
|
|
(5.6
|
)%
|
Average
|
$
|
84.24
|
|
|
$
|
95.50
|
|
|
$
|
(11.26
|
)
|
|
(11.8
|
)%
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands, except for per ton data)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Non-GAAP cost of coal sales:
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
1,133,794
|
|
|
$
|
1,019,147
|
|
|
$
|
114,647
|
|
|
11.2
|
%
|
CAPP - Thermal operations
|
$
|
234,027
|
|
|
$
|
36,875
|
|
|
$
|
197,152
|
|
|
534.6
|
%
|
NAPP operations
|
$
|
244,435
|
|
|
$
|
238,942
|
|
|
$
|
5,493
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP cost of coal sales per ton:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
87.71
|
|
|
$
|
95.41
|
|
|
$
|
(7.70
|
)
|
|
(8.1
|
)%
|
CAPP - Thermal operations
|
$
|
55.48
|
|
|
$
|
58.35
|
|
|
$
|
(2.87
|
)
|
|
(4.9
|
)%
|
NAPP operations
|
$
|
37.30
|
|
|
$
|
38.09
|
|
|
$
|
(0.79
|
)
|
|
(2.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP coal margin per ton:
|
|
|
|
|
|
|
|
|
|
|||||
CAPP - Met operations
|
$
|
25.85
|
|
|
$
|
32.16
|
|
|
$
|
(6.31
|
)
|
|
(19.6
|
)%
|
CAPP - Thermal operations
|
$
|
4.09
|
|
|
$
|
(1.89
|
)
|
|
$
|
5.98
|
|
|
316.4
|
%
|
NAPP operations
|
$
|
5.00
|
|
|
$
|
6.73
|
|
|
$
|
(1.73
|
)
|
|
(25.7
|
)%
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Non-GAAP cost of coal sales
|
$
|
1,133,794
|
|
|
$
|
234,027
|
|
|
$
|
244,435
|
|
|
$
|
665
|
|
|
$
|
1,612,921
|
|
Less: cost of purchased coal sold
|
(237,681
|
)
|
|
(6,976
|
)
|
|
—
|
|
|
—
|
|
|
(244,657
|
)
|
|||||
Adjusted cost of produced coal sold
|
$
|
896,113
|
|
|
$
|
227,051
|
|
|
$
|
244,435
|
|
|
$
|
665
|
|
|
$
|
1,368,264
|
|
Produced tons sold
|
10,727
|
|
|
4,091
|
|
|
6,554
|
|
|
8
|
|
|
21,380
|
|
|||||
Adjusted cost of produced coal sold per ton (1)
|
$
|
83.54
|
|
|
$
|
55.50
|
|
|
$
|
37.30
|
|
|
$
|
83.13
|
|
|
$
|
64.00
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
(In thousands, except for per ton data)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Non-GAAP cost of coal sales
|
$
|
1,019,147
|
|
|
$
|
36,875
|
|
|
$
|
238,942
|
|
|
$
|
—
|
|
|
$
|
1,294,964
|
|
Less: cost of purchased coal sold
|
(663,774
|
)
|
|
(2,185
|
)
|
|
—
|
|
|
—
|
|
|
(665,959
|
)
|
|||||
Adjusted cost of produced coal sold
|
$
|
355,373
|
|
|
$
|
34,690
|
|
|
$
|
238,942
|
|
|
$
|
—
|
|
|
$
|
629,005
|
|
Produced tons sold
|
4,751
|
|
|
595
|
|
|
6,273
|
|
|
—
|
|
|
11,619
|
|
|||||
Adjusted cost of produced coal sold per ton (1)
|
$
|
74.80
|
|
|
$
|
58.30
|
|
|
$
|
38.09
|
|
|
$
|
—
|
|
|
$
|
54.14
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
(In thousands)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
8,224
|
|
|
$
|
(97,398
|
)
|
|
$
|
11,926
|
|
|
$
|
(125,894
|
)
|
|
$
|
(203,142
|
)
|
Interest expense
|
(1,209
|
)
|
|
23
|
|
|
(723
|
)
|
|
68,707
|
|
|
66,798
|
|
|||||
Interest income
|
(100
|
)
|
|
—
|
|
|
(49
|
)
|
|
(7,147
|
)
|
|
(7,296
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(57,557
|
)
|
|
(57,557
|
)
|
|||||
Depreciation, depletion and amortization
|
153,006
|
|
|
57,483
|
|
|
12,864
|
|
|
5,439
|
|
|
228,792
|
|
|||||
Merger-related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1,090
|
|
|
1,090
|
|
|||||
Non-cash stock compensation expense
|
1,494
|
|
|
71
|
|
|
—
|
|
|
10,783
|
|
|
12,348
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,564
|
)
|
|
(3,564
|
)
|
|||||
Accretion on asset retirement obligations
|
9,466
|
|
|
10,929
|
|
|
4,066
|
|
|
3,337
|
|
|
27,798
|
|
|||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
|||||
Asset impairment (1)
|
15,034
|
|
|
50,993
|
|
|
—
|
|
|
297
|
|
|
66,324
|
|
|||||
Goodwill impairment (2)
|
124,353
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124,353
|
|
|||||
Cost impact of coal inventory fair value adjustment (3)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
|||||
Gain on assets acquired in an exchange transaction (4)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
|||||
Management restructuring costs (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
7,720
|
|
|
7,720
|
|
|||||
Loss on partial settlement of benefit obligations
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
6,447
|
|
|
6,446
|
|
|||||
Amortization of acquired intangibles, net
|
10,389
|
|
|
(13,578
|
)
|
|
3,101
|
|
|
—
|
|
|
(88
|
)
|
|||||
Adjusted EBITDA
|
$
|
316,324
|
|
|
$
|
11,981
|
|
|
$
|
31,185
|
|
|
$
|
(63,883
|
)
|
|
$
|
295,607
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
(In thousands)
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
306,898
|
|
|
$
|
(10,796
|
)
|
|
$
|
4,193
|
|
|
$
|
2,559
|
|
|
$
|
302,854
|
|
Interest expense
|
260
|
|
|
1
|
|
|
(1,286
|
)
|
|
39,835
|
|
|
38,810
|
|
|||||
Interest income
|
(40
|
)
|
|
—
|
|
|
(34
|
)
|
|
(1,875
|
)
|
|
(1,949
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(165,363
|
)
|
|
(165,363
|
)
|
|||||
Depreciation, depletion and amortization
|
40,330
|
|
|
10,596
|
|
|
23,273
|
|
|
3,350
|
|
|
77,549
|
|
|||||
Merger-related costs
|
22
|
|
|
1
|
|
|
—
|
|
|
51,777
|
|
|
51,800
|
|
|||||
Management restructuring costs (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,659
|
|
|
2,659
|
|
|||||
Non-cash stock compensation expense
|
408
|
|
|
24
|
|
|
—
|
|
|
11,546
|
|
|
11,978
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
24
|
|
|||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(580
|
)
|
|
(580
|
)
|
|||||
Gain on sale of disposal group (2)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
|||||
Accretion on asset retirement obligations
|
4,430
|
|
|
1,298
|
|
|
3,764
|
|
|
474
|
|
|
9,966
|
|
|||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
12,042
|
|
|
12,042
|
|
|||||
Cost impact of coal inventory fair value adjustment (3)
|
11,547
|
|
|
5,517
|
|
|
—
|
|
|
—
|
|
|
17,064
|
|
|||||
Amortization of acquired intangibles, net
|
(12,334
|
)
|
|
(7,516
|
)
|
|
14,458
|
|
|
—
|
|
|
(5,392
|
)
|
|||||
Adjusted EBITDA
|
$
|
335,135
|
|
|
$
|
(875
|
)
|
|
$
|
44,368
|
|
|
$
|
(43,552
|
)
|
|
$
|
335,076
|
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
(In thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|||||||
CAPP - Met operations
|
$
|
316,324
|
|
|
$
|
335,135
|
|
|
$
|
(18,811
|
)
|
|
(5.6
|
)%
|
CAPP - Thermal operations
|
11,981
|
|
|
(875
|
)
|
|
12,856
|
|
|
NM
|
|
|||
NAPP operations
|
31,185
|
|
|
44,368
|
|
|
(13,183
|
)
|
|
(29.7
|
)%
|
|||
All Other
|
(63,883
|
)
|
|
(43,552
|
)
|
|
(20,331
|
)
|
|
(46.7
|
)%
|
|||
Total
|
$
|
295,607
|
|
|
$
|
335,076
|
|
|
$
|
(39,469
|
)
|
|
(11.8
|
)%
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows (in thousands):
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
131,880
|
|
|
$
|
158,381
|
|
Net cash (used in) provided by investing activities
|
(191,752
|
)
|
|
102,196
|
|
||
Net cash (used in) provided by financing activities
|
(69,694
|
)
|
|
22,709
|
|
||
Net (decrease) increase in cash and cash equivalents and restricted cash
|
$
|
(129,566
|
)
|
|
$
|
283,286
|
|
(in thousands)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
After 2024
|
|
Total
|
||||||||||||||
Long-term debt (1)
|
$
|
24,993
|
|
|
$
|
25,618
|
|
|
$
|
18,118
|
|
|
$
|
8,118
|
|
|
$
|
536,519
|
|
|
$
|
—
|
|
|
$
|
613,366
|
|
Other debt (2)
|
3,492
|
|
|
3,418
|
|
|
2,206
|
|
|
179
|
|
|
—
|
|
|
—
|
|
|
9,295
|
|
|||||||
Acquisition-related obligations
|
20,186
|
|
|
7,872
|
|
|
4,247
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,305
|
|
|||||||
Contingent revenue obligation (3)
|
14,710
|
|
|
14,138
|
|
|
14,134
|
|
|
13,265
|
|
|
—
|
|
|
—
|
|
|
56,247
|
|
|||||||
Equipment purchase commitments (4)
|
19,283
|
|
|
—
|
|
|
279
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,562
|
|
|||||||
Transportation commitments
|
6,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,582
|
|
|||||||
Operating leases
|
2,378
|
|
|
1,957
|
|
|
1,665
|
|
|
1,193
|
|
|
1,079
|
|
|
5,203
|
|
|
13,475
|
|
|||||||
Minimum royalties
|
14,692
|
|
|
13,762
|
|
|
11,866
|
|
|
10,846
|
|
|
8,692
|
|
|
34,274
|
|
|
94,132
|
|
|||||||
Coal purchase commitments (5)
|
47,865
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,865
|
|
|||||||
Total
|
$
|
154,181
|
|
|
$
|
66,765
|
|
|
$
|
52,515
|
|
|
$
|
33,601
|
|
|
$
|
546,290
|
|
|
$
|
39,477
|
|
|
$
|
892,829
|
|
(in thousands)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
After 2024
|
|
Total
|
||||||||||||||
Asset retirement obligation
|
$
|
41,386
|
|
|
$
|
36,774
|
|
|
$
|
28,782
|
|
|
$
|
34,034
|
|
|
$
|
41,347
|
|
|
$
|
575,408
|
|
|
$
|
757,731
|
|
Pension benefit obligation (1)
|
30,992
|
|
|
31,148
|
|
|
31,691
|
|
|
32,414
|
|
|
32,901
|
|
|
1,045,518
|
|
|
1,204,664
|
|
|||||||
Black lung benefit obligation
|
7,472
|
|
|
6,457
|
|
|
6,751
|
|
|
6,894
|
|
|
6,981
|
|
|
205,520
|
|
|
240,075
|
|
|||||||
Life insurance benefit obligation
|
719
|
|
|
667
|
|
|
658
|
|
|
650
|
|
|
645
|
|
|
16,037
|
|
|
19,376
|
|
|||||||
Workers’ compensation benefit obligation
|
13,711
|
|
|
9,513
|
|
|
7,465
|
|
|
6,329
|
|
|
5,686
|
|
|
85,168
|
|
|
127,872
|
|
|||||||
Total
|
$
|
94,280
|
|
|
$
|
84,559
|
|
|
$
|
75,347
|
|
|
$
|
80,321
|
|
|
$
|
87,560
|
|
|
$
|
1,927,651
|
|
|
$
|
2,349,718
|
|
•
|
Discount Rate. Asset retirement obligations are initially recorded at fair value. We utilize discounted cash flow techniques to estimate the fair value of our obligations. We base our discount rate on the rates of treasury bonds with maturities similar to expected mine lives and adjust for our credit standing as necessary after considering funding and assurance provisions. Changes in our credit standing could have a material impact on our asset retirement obligations.
|
•
|
Third-Party Margin. The measurement of an obligation at fair value is based upon the amount a third party would demand to perform the obligation. Because we plan to perform a significant amount of the reclamation activities with internal resources, a third-party margin was added to the estimated costs of these activities. This margin was estimated based upon our historical experience with contractors performing similar types of reclamation activities. The inclusion of this margin will result in a recorded obligation that is greater than our estimates of our cost to perform the reclamation activities. If our cost estimates are accurate, the excess of the recorded obligation over the cost incurred to perform the work will be recorded within depreciation, depletion and amortization within our Consolidated Statements of Operations at the time that reclamation work is completed.
|
•
|
The expected long-term rate of return on plan assets is an assumption of the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. We establish the expected long-term rate of return at the beginning of each fiscal year based upon historical returns and projected returns on the underlying mix of invested assets. The Pension Plans investment targets are 40% equity securities and 60% fixed income funds. Investments are rebalanced on a periodic basis to stay within these targeted guidelines. The long-term rate of return assumption used to determine net periodic benefit expense was 5.80% for the year ended December 31, 2019. The long-term rate of return assumption to be used in 2020 is expected to be 5.90%. Any difference between the actual experience and the assumed experience is deferred as an unrecognized actuarial gain or loss and amortized into expense in future periods.
|
•
|
The discount rate represents our estimate of the interest rate at which pension benefits could be effectively settled. Assumed discount rates are used in the measurement of the projected and accumulated benefit obligations and the interest cost component of the net periodic benefit expense. In estimating that rate, we use rates of return on high quality, fixed income investments. The weighted average discount rate used to determine pension expense was 4.01% for the year ended December 31, 2019. The differences resulting from actual versus assumed discount rates are amortized into pension expense (credit) over the remaining average life of the active plan participants. A one percentage-point increase in the discount rate would increase the net periodic pension cost for the year ended December 31, 2019 by approximately $3.0 million and decrease the projected benefit obligation as of December 31, 2019 by approximately $83.2 million. The corresponding effects of a one percentage-point decrease in discount rate would decrease the net periodic pension cost for the year ended December 31, 2019 by approximately $4.1 million and increase the projected benefit obligation as of December 31, 2019 by approximately $104.2 million.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||
Coal revenues
|
$
|
2,282,007
|
|
|
$
|
2,020,889
|
|
|
$
|
1,392,481
|
|
Freight and handling revenues
|
—
|
|
|
—
|
|
|
247,402
|
|
|||
Other revenues
|
8,253
|
|
|
10,316
|
|
|
10,086
|
|
|||
Total revenues
|
2,290,260
|
|
|
2,031,205
|
|
|
1,649,969
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|||
Cost of coal sales (exclusive of items shown separately below)
|
1,924,709
|
|
|
1,661,118
|
|
|
1,327,297
|
|
|||
Depreciation, depletion and amortization
|
228,792
|
|
|
77,549
|
|
|
34,910
|
|
|||
Accretion on asset retirement obligations
|
27,798
|
|
|
9,966
|
|
|
9,934
|
|
|||
Amortization of acquired intangibles, net
|
(88
|
)
|
|
(5,392
|
)
|
|
59,007
|
|
|||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
|
78,953
|
|
|
59,271
|
|
|
67,459
|
|
|||
Merger-related costs
|
1,090
|
|
|
51,800
|
|
|
—
|
|
|||
Secondary offering costs
|
—
|
|
|
—
|
|
|
4,491
|
|
|||
Asset impairment
|
66,324
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairment
|
124,353
|
|
|
—
|
|
|
—
|
|
|||
Total other operating (income) loss:
|
|
|
|
|
|
||||||
Mark-to-market adjustment for acquisition-related obligations
|
(3,564
|
)
|
|
24
|
|
|
3,221
|
|
|||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
(580
|
)
|
|
(38,886
|
)
|
|||
Other (income) expense
|
(575
|
)
|
|
(16,311
|
)
|
|
178
|
|
|||
Total costs and expenses
|
2,447,792
|
|
|
1,837,445
|
|
|
1,467,611
|
|
|||
(Loss) income from operations
|
(157,532
|
)
|
|
193,760
|
|
|
182,358
|
|
|||
Other income (expense):
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(66,798
|
)
|
|
(38,810
|
)
|
|
(35,977
|
)
|
|||
Interest income
|
7,296
|
|
|
1,949
|
|
|
210
|
|
|||
Loss on modification and extinguishment of debt
|
(26,459
|
)
|
|
(12,042
|
)
|
|
(38,701
|
)
|
|||
Equity loss in affiliates
|
(6,874
|
)
|
|
(6,112
|
)
|
|
(3,339
|
)
|
|||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
1,011
|
|
|||
Miscellaneous (loss) income, net
|
(10,332
|
)
|
|
(1,254
|
)
|
|
194
|
|
|||
Total other expense, net
|
(103,167
|
)
|
|
(56,269
|
)
|
|
(76,602
|
)
|
|||
(Loss) income from continuing operations before income taxes
|
(260,699
|
)
|
|
137,491
|
|
|
105,756
|
|
|||
Income tax benefit
|
57,557
|
|
|
165,363
|
|
|
67,979
|
|
|||
Net (loss) income from continuing operations
|
(203,142
|
)
|
|
302,854
|
|
|
173,735
|
|
|||
Discontinued operations:
|
|
|
|
|
|
|
|
||||
Loss from discontinued operations before income taxes
|
(117,391
|
)
|
|
(4,994
|
)
|
|
(36,894
|
)
|
|||
Income tax benefit from discontinued operations
|
4,214
|
|
|
1,305
|
|
|
17,681
|
|
|||
Loss from discontinued operations
|
(113,177
|
)
|
|
(3,689
|
)
|
|
(19,213
|
)
|
|||
Net (loss) income
|
$
|
(316,319
|
)
|
|
$
|
299,165
|
|
|
$
|
154,522
|
|
|
|
|
|
|
|
|
|
||||
Basic (loss) income per common share:
|
|
|
|
|
|
|
|
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
27.61
|
|
|
$
|
17.01
|
|
Loss from discontinued operations
|
(6.02
|
)
|
|
(0.33
|
)
|
|
(1.89
|
)
|
|||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
27.28
|
|
|
$
|
15.12
|
|
|
|
|
|
|
|
|
|
||||
Diluted (loss) income per common share:
|
|
|
|
|
|
|
|
||||
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
25.86
|
|
|
$
|
16.13
|
|
Loss from discontinued operations
|
(6.02
|
)
|
|
(0.32
|
)
|
|
(1.78
|
)
|
|||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
25.54
|
|
|
$
|
14.35
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares - basic
|
18,808,460
|
|
|
10,967,014
|
|
|
10,216,464
|
|
|||
Weighted average shares - diluted
|
18,808,460
|
|
|
11,712,653
|
|
|
10,770,005
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net (loss) income
|
$
|
(316,319
|
)
|
|
$
|
299,165
|
|
|
$
|
154,522
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
||||||
Employee benefit plans:
|
|
|
|
|
|
||||||
Current period actuarial loss
|
$
|
(42,891
|
)
|
|
$
|
(22,895
|
)
|
|
$
|
(3,832
|
)
|
Income tax
|
—
|
|
|
1,572
|
|
|
—
|
|
|||
|
$
|
(42,891
|
)
|
|
$
|
(21,323
|
)
|
|
$
|
(3,832
|
)
|
Less: reclassification adjustments for amounts reclassified to earnings due to amortization of net actuarial loss (gain) and settlements
|
7,405
|
|
|
155
|
|
|
(203
|
)
|
|||
Income tax
|
—
|
|
|
(14
|
)
|
|
—
|
|
|||
|
$
|
7,405
|
|
|
$
|
141
|
|
|
$
|
(203
|
)
|
Total other comprehensive loss, net of tax
|
$
|
(35,486
|
)
|
|
$
|
(21,182
|
)
|
|
$
|
(4,035
|
)
|
Total comprehensive (loss) income
|
$
|
(351,805
|
)
|
|
$
|
277,983
|
|
|
$
|
150,487
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
212,793
|
|
|
$
|
233,599
|
|
Trade accounts receivable, net of allowance for doubtful accounts of $0 as of December 31, 2019 and 2018
|
244,666
|
|
|
292,617
|
|
||
Inventories, net
|
162,659
|
|
|
121,965
|
|
||
Prepaid expenses and other current assets
|
91,361
|
|
|
158,945
|
|
||
Current assets - discontinued operations
|
—
|
|
|
22,475
|
|
||
Total current assets
|
711,479
|
|
|
829,601
|
|
||
Property, plant, and equipment, net of accumulated depreciation and amortization of $314,276 and $106,766 as of December 31, 2019 and 2018
|
583,262
|
|
|
699,990
|
|
||
Owned and leased mineral rights, net of accumulated depletion and amortization of $27,877 and $11,390 as of December 31, 2019 and 2018
|
523,141
|
|
|
528,232
|
|
||
Goodwill
|
—
|
|
|
95,624
|
|
||
Other acquired intangibles, net of accumulated amortization of $32,686 and $20,267 as of December 31, 2019 and 2018
|
125,145
|
|
|
154,584
|
|
||
Long-term restricted cash
|
122,524
|
|
|
227,173
|
|
||
Deferred income taxes
|
33,065
|
|
|
27,179
|
|
||
Other non-current assets
|
204,207
|
|
|
183,675
|
|
||
Total assets
|
$
|
2,302,823
|
|
|
$
|
2,746,058
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
28,485
|
|
|
$
|
42,743
|
|
Trade accounts payable
|
98,746
|
|
|
114,568
|
|
||
Acquisition-related obligations - current
|
33,639
|
|
|
27,334
|
|
||
Accrued expenses and other current liabilities
|
154,282
|
|
|
148,699
|
|
||
Current liabilities - discontinued operations
|
—
|
|
|
21,892
|
|
||
Total current liabilities
|
315,152
|
|
|
355,236
|
|
||
Long-term debt
|
564,481
|
|
|
545,269
|
|
||
Acquisition-related obligations - long-term
|
46,259
|
|
|
72,996
|
|
||
Workers’ compensation and black lung obligations
|
260,778
|
|
|
249,294
|
|
||
Pension obligations
|
204,086
|
|
|
180,802
|
|
||
Asset retirement obligations
|
184,130
|
|
|
203,694
|
|
||
Deferred income taxes
|
422
|
|
|
15,118
|
|
||
Other non-current liabilities
|
31,393
|
|
|
52,415
|
|
||
Non-current liabilities - discontinued operations
|
—
|
|
|
94
|
|
||
Total liabilities
|
1,606,701
|
|
|
1,674,918
|
|
||
Commitments and Contingencies (Note 23)
|
|
|
|
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock - par value $0.01, 5.0 million shares authorized at December 31, 2019 and 2018, none issued
|
—
|
|
|
—
|
|
||
Common stock - par value $0.01, 50.0 million shares authorized, 20.5 million issued and 18.2 million outstanding at December 31, 2019 and 20.2 million issued and 19.1 million outstanding at December 31, 2018
|
205
|
|
|
202
|
|
||
Additional paid-in capital
|
775,707
|
|
|
761,301
|
|
Accumulated other comprehensive loss
|
(58,616
|
)
|
|
(23,130
|
)
|
||
Treasury stock, at cost: 2.3 million shares at December 31, 2019 and 1.1 million shares at December 31, 2018
|
(107,984
|
)
|
|
(70,362
|
)
|
||
Retained earnings
|
86,810
|
|
|
403,129
|
|
||
Total stockholders’ equity
|
696,122
|
|
|
1,071,140
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,302,823
|
|
|
$
|
2,746,058
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities:
|
|
|
|
|
|
||||||
Net (loss) income
|
$
|
(316,319
|
)
|
|
$
|
299,165
|
|
|
$
|
154,522
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization
|
315,162
|
|
|
77,549
|
|
|
65,000
|
|
|||
Amortization of acquired intangibles, net
|
(88
|
)
|
|
(5,392
|
)
|
|
59,007
|
|
|||
Accretion of acquisition-related obligations discount
|
5,522
|
|
|
5,627
|
|
|
7,531
|
|
|||
Amortization of debt issuance costs and accretion of debt discount
|
14,070
|
|
|
4,483
|
|
|
2,884
|
|
|||
Mark-to-market adjustment for acquisition-related obligations
|
(3,564
|
)
|
|
24
|
|
|
3,221
|
|
|||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
(580
|
)
|
|
(38,886
|
)
|
|||
Loss (gain) on disposal of assets
|
8,142
|
|
|
(16,852
|
)
|
|
(570
|
)
|
|||
Gain on assets acquired in an exchange transaction
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
(1,011
|
)
|
|||
Accretion on asset retirement obligations
|
33,759
|
|
|
9,966
|
|
|
21,275
|
|
|||
Employee benefit plans, net
|
20,846
|
|
|
9,231
|
|
|
11,739
|
|
|||
Deferred income taxes
|
(12,098
|
)
|
|
(66,682
|
)
|
|
(78,744
|
)
|
|||
Loss on sale of Powder River Basin
|
—
|
|
|
—
|
|
|
36,086
|
|
|||
Goodwill impairment
|
124,353
|
|
|
—
|
|
|
—
|
|
|||
Asset impairment
|
83,485
|
|
|
—
|
|
|
—
|
|
|||
Loss on modification and extinguishment of debt
|
26,459
|
|
|
12,042
|
|
|
38,701
|
|
|||
Stock-based compensation
|
12,397
|
|
|
13,354
|
|
|
20,372
|
|
|||
Equity in loss of affiliates
|
6,874
|
|
|
6,112
|
|
|
3,325
|
|
|||
Other, net
|
(5,204
|
)
|
|
1,643
|
|
|
—
|
|
|||
Changes in operating assets and liabilities
|
|
|
|
|
|
||||||
Trade accounts receivable, net
|
47,424
|
|
|
(84,139
|
)
|
|
34,840
|
|
|||
Inventories, net
|
(40,694
|
)
|
|
33,232
|
|
|
441
|
|
|||
Prepaid expenses and other current assets
|
56,671
|
|
|
(44,266
|
)
|
|
(40,425
|
)
|
|||
Deposits
|
15,170
|
|
|
(7,493
|
)
|
|
38,447
|
|
|||
Other non-current assets
|
(24,460
|
)
|
|
(36,655
|
)
|
|
24,498
|
|
|||
Trade accounts payable
|
(28,148
|
)
|
|
(7,075
|
)
|
|
6,102
|
|
|||
Accrued expenses and other current liabilities
|
(25,495
|
)
|
|
(7,345
|
)
|
|
(12,207
|
)
|
|||
Acquisition-related obligations
|
(28,128
|
)
|
|
(14,500
|
)
|
|
(22,800
|
)
|
|||
Asset retirement obligations
|
(111,616
|
)
|
|
(3,175
|
)
|
|
(2,567
|
)
|
|||
Other non-current liabilities
|
(33,557
|
)
|
|
(19,893
|
)
|
|
(16,521
|
)
|
|||
Net cash provided by operating activities
|
131,880
|
|
|
158,381
|
|
|
314,260
|
|
|||
Investing activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(192,411
|
)
|
|
(81,881
|
)
|
|
(83,121
|
)
|
|||
Payments on disposal of assets
|
—
|
|
|
(10,250
|
)
|
|
—
|
|
|||
Proceeds on disposal of assets
|
2,780
|
|
|
997
|
|
|
2,579
|
|
|||
Capital contributions to equity affiliates
|
(10,051
|
)
|
|
(5,253
|
)
|
|
(5,691
|
)
|
|||
Cash, cash equivalents and restricted cash acquired in acquisition, net of amounts paid
|
—
|
|
|
198,506
|
|
|
—
|
|
|||
Purchase of additional ownership interest in equity affiliate
|
—
|
|
|
—
|
|
|
(13,293
|
)
|
Cash paid on sale of Powder River Basin
|
—
|
|
|
—
|
|
|
(21,375
|
)
|
|||
Purchase of investment securities
|
(92,855
|
)
|
|
(3,280
|
)
|
|
(406
|
)
|
|||
Maturity of investment securities
|
100,250
|
|
|
3,360
|
|
|
—
|
|
|||
Other, net
|
535
|
|
|
(3
|
)
|
|
—
|
|
|||
Net cash (used in) provided by investing activities
|
(191,752
|
)
|
|
102,196
|
|
|
(121,307
|
)
|
|||
Financing activities:
|
|
|
|
|
|
||||||
Proceeds from borrowings on debt
|
544,946
|
|
|
537,750
|
|
|
396,000
|
|
|||
Principal repayments of debt
|
(552,809
|
)
|
|
(471,704
|
)
|
|
(369,500
|
)
|
|||
Principal repayments of financing lease obligations
|
(3,654
|
)
|
|
(533
|
)
|
|
(1,009
|
)
|
|||
Form S-4 costs
|
—
|
|
|
(3,918
|
)
|
|
—
|
|
|||
Debt issuance costs
|
(6,689
|
)
|
|
(14,931
|
)
|
|
(14,385
|
)
|
|||
Debt extinguishment costs
|
—
|
|
|
—
|
|
|
(25,036
|
)
|
|||
Debt amendment costs
|
—
|
|
|
—
|
|
|
(4,520
|
)
|
|||
Common stock repurchases and related expenses
|
(37,622
|
)
|
|
(20,270
|
)
|
|
(49,932
|
)
|
|||
Special dividend paid
|
—
|
|
|
—
|
|
|
(100,735
|
)
|
|||
Principal repayments of notes payable
|
(14,818
|
)
|
|
(3,844
|
)
|
|
(1,517
|
)
|
|||
Other, net
|
952
|
|
|
159
|
|
|
352
|
|
|||
Net cash (used in) provided by financing activities
|
(69,694
|
)
|
|
22,709
|
|
|
(170,282
|
)
|
|||
Net (decrease) increase in cash and cash equivalents and restricted cash
|
(129,566
|
)
|
|
283,286
|
|
|
22,671
|
|
|||
Cash and cash equivalents and restricted cash at beginning of period
|
477,246
|
|
|
193,960
|
|
|
171,289
|
|
|||
Cash and cash equivalents and restricted cash at end of period
|
$
|
347,680
|
|
|
$
|
477,246
|
|
|
$
|
193,960
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
51,877
|
|
|
$
|
27,340
|
|
|
$
|
40,635
|
|
Cash paid for income taxes
|
$
|
3,039
|
|
|
$
|
37
|
|
|
$
|
13,328
|
|
Cash received for income tax refunds
|
$
|
72,236
|
|
|
$
|
14,157
|
|
|
$
|
—
|
|
Supplemental disclosure of noncash investing and financing activities:
|
|
|
|
|
|
|
|
||||
Financing leases and capital financing - equipment
|
$
|
5,324
|
|
|
$
|
6,513
|
|
|
$
|
1,574
|
|
Accrued capital expenditures
|
$
|
4,110
|
|
|
$
|
6,879
|
|
|
$
|
9,408
|
|
Issuance of equity in connection with acquisition
|
$
|
—
|
|
|
$
|
664,460
|
|
|
$
|
—
|
|
Net balance due to Alpha deemed effectively settled
|
$
|
—
|
|
|
$
|
47,048
|
|
|
$
|
—
|
|
|
As of December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
$
|
212,793
|
|
|
$
|
233,599
|
|
|
$
|
141,924
|
|
Short-term restricted cash (included in prepaid expenses and other current assets)
|
12,363
|
|
|
16,474
|
|
|
11,615
|
|
|||
Long-term restricted cash
|
122,524
|
|
|
227,173
|
|
|
40,421
|
|
|||
Total cash and cash equivalents and restricted cash
|
$
|
347,680
|
|
|
$
|
477,246
|
|
|
$
|
193,960
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Treasury Stock at Cost
|
|
(Accumulated Deficit) Retained Earnings
|
|
Total Stockholders’ Equity / Predecessor Business Equity
|
||||||||||||
Balances, December 31, 2016
|
$
|
103
|
|
|
$
|
45,964
|
|
|
$
|
2,087
|
|
|
$
|
—
|
|
|
$
|
(10,930
|
)
|
|
$
|
37,224
|
|
Retrospective warrants adjustment
|
—
|
|
|
1,166
|
|
|
—
|
|
|
—
|
|
|
33,975
|
|
|
35,141
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154,522
|
|
|
154,522
|
|
||||||
Other comprehensive loss, net
|
—
|
|
|
—
|
|
|
(4,035
|
)
|
|
—
|
|
|
—
|
|
|
(4,035
|
)
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
4
|
|
|
20,205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,209
|
|
||||||
Special dividend
|
—
|
|
|
(27,132
|
)
|
|
—
|
|
|
—
|
|
|
(73,603
|
)
|
|
(100,735
|
)
|
||||||
Common stock repurchase and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,040
|
)
|
|
—
|
|
|
(50,040
|
)
|
||||||
Warrant exercises
|
1
|
|
|
413
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
362
|
|
||||||
Balances, December 31, 2017
|
$
|
108
|
|
|
$
|
40,616
|
|
|
$
|
(1,948
|
)
|
|
$
|
(50,092
|
)
|
|
$
|
103,964
|
|
|
$
|
92,648
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299,165
|
|
|
299,165
|
|
||||||
Other comprehensive loss, net
|
—
|
|
|
—
|
|
|
(21,182
|
)
|
|
—
|
|
|
—
|
|
|
(21,182
|
)
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
—
|
|
|
13,031
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,031
|
|
||||||
Exercise of stock options
|
—
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
||||||
Common stock repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,266
|
)
|
|
—
|
|
|
(20,266
|
)
|
||||||
Warrant exercises
|
—
|
|
|
12
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
8
|
|
||||||
Form S-4 costs
|
—
|
|
|
(3,918
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,918
|
)
|
||||||
Equity consideration for the Alpha Merger
|
94
|
|
|
664,366
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
664,460
|
|
||||||
Net balances due to Alpha deemed effectively settled
|
—
|
|
|
47,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,048
|
|
||||||
Balances, December 31, 2018
|
$
|
202
|
|
|
$
|
761,301
|
|
|
$
|
(23,130
|
)
|
|
$
|
(70,362
|
)
|
|
$
|
403,129
|
|
|
$
|
1,071,140
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316,319
|
)
|
|
(316,319
|
)
|
||||||
Other comprehensive loss, net
|
—
|
|
|
—
|
|
|
(35,486
|
)
|
|
—
|
|
|
—
|
|
|
(35,486
|
)
|
||||||
Stock-based compensation and net issuance of common stock for share vesting
|
1
|
|
|
13,455
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,456
|
|
||||||
Exercise of stock options
|
2
|
|
|
932
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
934
|
|
||||||
Common stock repurchases and related expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,622
|
)
|
|
—
|
|
|
(37,622
|
)
|
||||||
Warrant exercises
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
||||||
Balances, December 31, 2019
|
$
|
205
|
|
|
$
|
775,707
|
|
|
$
|
(58,616
|
)
|
|
$
|
(107,984
|
)
|
|
$
|
86,810
|
|
|
$
|
696,122
|
|
|
December 31, 2019
|
||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
917
|
|
|
$
|
(6,018
|
)
|
|
$
|
(5,101
|
)
|
Acquired mine permits, net
|
124,228
|
|
|
—
|
|
|
124,228
|
|
|||
Total
|
$
|
125,145
|
|
|
$
|
(6,018
|
)
|
|
$
|
119,127
|
|
|
December 31, 2018
|
||||||||||
|
Assets (1)
|
|
Liabilities (2)
|
|
Net Total
|
||||||
Coal supply agreements, net
|
$
|
4,687
|
|
|
$
|
(33,912
|
)
|
|
$
|
(29,225
|
)
|
Acquired mine permits, net
|
149,897
|
|
|
—
|
|
|
149,897
|
|
|||
Total
|
$
|
154,584
|
|
|
$
|
(33,912
|
)
|
|
$
|
120,672
|
|
2020
|
$
|
15,204
|
|
2021
|
12,556
|
|
|
2022
|
12,584
|
|
|
2023
|
10,709
|
|
|
2024
|
8,657
|
|
|
Thereafter
|
59,417
|
|
|
Total net future amortization expense
|
$
|
119,127
|
|
|
Year Ended December 31, 2018
|
||||||||||
|
As reported
|
|
Adjustments (1)
|
|
Balances prior to adoption of ASC 606
|
||||||
Revenues:
|
|
|
|
|
|
|
|||||
Coal revenues
|
$
|
2,020,889
|
|
|
$
|
(363,128
|
)
|
|
$
|
1,657,761
|
|
Freight and handling revenues
|
—
|
|
|
362,346
|
|
|
362,346
|
|
|||
Other revenues
|
10,316
|
|
|
—
|
|
|
10,316
|
|
|||
Total revenues
|
$
|
2,031,205
|
|
|
$
|
(782
|
)
|
|
$
|
2,030,423
|
|
|
|
|
|
|
|
||||||
Freight and handling costs
|
$
|
363,128
|
|
|
$
|
(782
|
)
|
|
$
|
362,346
|
|
|
|
Balance at December 31, 2018 (1)
|
|
Adjustments
|
|
Balance at January 1, 2019
|
||||||
Assets
|
Balance Sheet Classification
|
|
|
|
|
|
|
|||||
Operating lease right-of-use assets
|
Other non-current assets
|
$
|
—
|
|
|
$
|
11,845
|
|
|
$
|
11,845
|
|
Financing lease assets
|
Property, plant, and equipment, net
|
9,786
|
|
|
—
|
|
|
9,786
|
|
|||
Total lease assets
|
|
$
|
9,786
|
|
|
$
|
11,845
|
|
|
$
|
21,631
|
|
|
|
|
|
|
|
|
||||||
Liabilities
|
Balance Sheet Classification
|
|
|
|
|
|
||||||
Operating lease liabilities - current
|
Accrued expenses and other current liabilities
|
$
|
—
|
|
|
$
|
3,624
|
|
|
$
|
3,624
|
|
Financing lease liabilities - current
|
Current portion of long-term debt
|
2,110
|
|
|
—
|
|
|
2,110
|
|
|||
Operating lease liabilities - long-term
|
Other non-current liabilities
|
—
|
|
|
8,221
|
|
|
8,221
|
|
|||
Financing lease liabilities - long-term
|
Long-term debt
|
4,313
|
|
|
—
|
|
|
4,313
|
|
|||
Total lease liabilities
|
|
$
|
6,423
|
|
|
$
|
11,845
|
|
|
$
|
18,268
|
|
|
Final
|
||
Fair value of common stock issued
|
$
|
703,365
|
|
Issued and redeemed equity awards (1)
|
32,217
|
|
|
Net balances due to Alpha deemed effectively settled
|
(47,048
|
)
|
|
Purchase Price (2)
|
$
|
688,534
|
|
|
Provisional as of December 31, 2018
|
|
Adjustments
|
|
Final
|
||||||
Cash and cash equivalents
|
$
|
29,939
|
|
|
$
|
—
|
|
|
$
|
29,939
|
|
Trade and other receivables
|
60,714
|
|
|
—
|
|
|
60,714
|
|
|||
Inventories
|
85,635
|
|
|
—
|
|
|
85,635
|
|
|||
Short-term restricted cash
|
10,592
|
|
|
—
|
|
|
10,592
|
|
|||
Other current assets
|
38,495
|
|
|
10,087
|
|
|
48,582
|
|
|||
Property, plant, and equipment
|
504,852
|
|
|
(33,930
|
)
|
|
470,922
|
|
|||
Owned and leased mineral rights
|
516,201
|
|
|
23,571
|
|
|
539,772
|
|
|||
Other intangible assets
|
154,041
|
|
|
4,363
|
|
|
158,404
|
|
|||
Long-term restricted cash
|
182,049
|
|
|
—
|
|
|
182,049
|
|
|||
Long-term restricted investments
|
28,809
|
|
|
—
|
|
|
28,809
|
|
|||
Other non-current assets
|
68,022
|
|
|
(3,353
|
)
|
|
64,669
|
|
|||
Total assets
|
$
|
1,679,349
|
|
|
$
|
738
|
|
|
$
|
1,680,087
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
69,049
|
|
|
(2,504
|
)
|
|
66,545
|
|
|||
Accrued expenses and other current liabilities
|
76,774
|
|
|
2,491
|
|
|
79,265
|
|
|||
Long-term debt, including current portion
|
144,832
|
|
|
3,626
|
|
|
148,458
|
|
|||
Acquisition-related obligations
|
74,346
|
|
|
5,738
|
|
|
80,084
|
|
|||
Pension obligations
|
158,005
|
|
|
3,596
|
|
|
161,601
|
|
|||
Asset retirement obligation, including current portion
|
163,636
|
|
|
12,718
|
|
|
176,354
|
|
|||
Deferred income taxes, including current portion
|
134,924
|
|
|
(8,484
|
)
|
|
126,440
|
|
|||
Other intangible liabilities
|
57,219
|
|
|
—
|
|
|
57,219
|
|
|||
Other non-current liabilities
|
207,654
|
|
|
12,286
|
|
|
219,940
|
|
|||
Total liabilities
|
$
|
1,086,439
|
|
|
$
|
29,467
|
|
|
$
|
1,115,906
|
|
|
|
|
|
|
|
||||||
Goodwill
|
$
|
95,624
|
|
|
$
|
28,729
|
|
|
$
|
124,353
|
|
|
|
|
|
|
|
||||||
Allocation of purchase price
|
$
|
688,534
|
|
|
$
|
—
|
|
|
$
|
688,534
|
|
|
Final
|
|
Weighted-Average Amortization Period
(In Years) |
||
Mining permits
|
$
|
157,555
|
|
|
12.30
|
Above-market coal supply agreements
|
849
|
|
|
1.03
|
|
Below-market coal supply agreements
|
(57,219
|
)
|
|
2.10
|
|
Total acquired intangibles:
|
$
|
101,185
|
|
|
10.16
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||
Total revenues
|
|
|
|
|
|||
As reported
|
$
|
2,031,205
|
|
|
$
|
1,649,969
|
|
Pro forma
|
$
|
2,630,824
|
|
|
$
|
2,309,503
|
|
Income from continuing operations
|
|
|
|
||||
As reported
|
$
|
302,854
|
|
|
$
|
173,735
|
|
Pro forma
|
$
|
314,735
|
|
|
$
|
231,504
|
|
|
Year Ended December 31, 2019
|
||
Cash
|
$
|
90,000
|
|
DIP obligation (1)
|
3,008
|
|
|
Other
|
331
|
|
|
Total consideration
|
$
|
93,339
|
|
ARO liabilities transferred
|
(152,882
|
)
|
|
Gain on sale (2)
|
$
|
(59,543
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
|
||||
Total revenues (1)
|
$
|
227
|
|
|
$
|
1,296
|
|
|
$
|
346,621
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of coal sales (exclusive of items shown separately below)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
299,005
|
|
Depreciation, depletion and amortization (2)
|
$
|
86,370
|
|
|
$
|
—
|
|
|
$
|
30,090
|
|
Accretion on asset retirement obligations (3)
|
$
|
5,961
|
|
|
$
|
—
|
|
|
$
|
11,341
|
|
Asset impairment (4)
|
$
|
17,161
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Selling, general and administrative expenses (5)
|
$
|
3,744
|
|
|
$
|
43
|
|
|
$
|
773
|
|
Other expenses
|
$
|
4,742
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
Other non-major (income) expense items, net
|
$
|
(360
|
)
|
|
$
|
2,140
|
|
|
$
|
5,475
|
|
Loss on sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,831
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets:
|
|
|
|
|
|
||
Prepaid expenses and other current assets
|
$
|
—
|
|
|
$
|
22,475
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
||
Trade accounts payable, accrued expenses and other current liabilities
|
$
|
—
|
|
|
$
|
21,892
|
|
Other non-current liabilities
|
$
|
—
|
|
|
$
|
94
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Depreciation, depletion and amortization
|
$
|
86,370
|
|
|
$
|
—
|
|
|
$
|
30,090
|
|
Capital expenditures
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(10,420
|
)
|
Other significant operating non-cash items related to discontinued operations:
|
|
|
|
|
|
||||||
Accretion on asset retirement obligations
|
$
|
5,961
|
|
|
$
|
—
|
|
|
$
|
11,341
|
|
Asset impairment
|
$
|
17,161
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ended December 31, 2019
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
1,196,816
|
|
|
$
|
50,798
|
|
|
$
|
1,247,614
|
|
Domestic coal revenues
|
551,806
|
|
|
482,587
|
|
|
1,034,393
|
|
|||
Total coal revenues
|
$
|
1,748,622
|
|
|
$
|
533,385
|
|
|
$
|
2,282,007
|
|
|
Year Ended December 31, 2018
|
|||||||||||
|
Met
|
|
Thermal
|
|
Total
|
|||||||
Export coal revenues
|
$
|
1,620,277
|
|
|
$
|
51,369
|
|
|
$
|
1,671,646
|
|
|
Domestic coal revenues
|
105,587
|
|
—
|
|
243,656
|
|
|
349,243
|
|
|||
Total coal revenues
|
$
|
1,725,864
|
|
|
$
|
295,025
|
|
|
$
|
2,020,889
|
|
|
Year Ended December 31, 2017 (1)
|
||||||||||
|
Met
|
|
Thermal
|
|
Total
|
||||||
Export coal revenues
|
$
|
1,253,834
|
|
|
$
|
11,486
|
|
|
$
|
1,265,320
|
|
Domestic coal revenues
|
91,170
|
|
|
283,393
|
|
|
374,563
|
|
|||
Total coal revenues
|
$
|
1,345,004
|
|
|
$
|
294,879
|
|
|
$
|
1,639,883
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Total
|
||||||||||||
Estimated coal revenues (1)
|
$
|
391,469
|
|
|
$
|
264,690
|
|
|
$
|
190,644
|
|
|
$
|
130,268
|
|
|
$
|
46,000
|
|
|
$
|
1,023,071
|
|
|
Balance
January 1, 2019 |
|
Other comprehensive (loss) income before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Balance
December 31, 2019 |
||||||||
Employee benefit costs
|
$
|
(23,130
|
)
|
|
$
|
(42,891
|
)
|
|
$
|
7,405
|
|
|
$
|
(58,616
|
)
|
|
Balance
January 1, 2018 |
|
Other comprehensive (loss) income before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Balance December 31, 2018
|
||||||||
Employee benefit costs
|
$
|
(1,948
|
)
|
|
$
|
(21,323
|
)
|
|
$
|
141
|
|
|
$
|
(23,130
|
)
|
|
Balance
January 1, 2017
|
|
Other comprehensive (loss) income before reclassifications
|
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Balance December 31, 2017
|
||||||||
Employee benefit costs
|
$
|
2,087
|
|
|
$
|
(3,832
|
)
|
|
$
|
(203
|
)
|
|
$
|
(1,948
|
)
|
Details about accumulated other comprehensive (loss) income components
|
Amounts reclassified from accumulated other comprehensive (loss) income
|
|
Affected line item in the Statements of Operations
|
||||||||||
Year Ended December 31,
|
|
||||||||||||
2019
|
|
2018
|
|
2017
|
|
||||||||
Employee benefit costs:
|
|
|
|
|
|
|
|
||||||
Amortization of actuarial (gain) loss
|
$
|
959
|
|
|
$
|
155
|
|
|
$
|
(203
|
)
|
|
(1) Miscellaneous (loss) income, net
|
Settlement
|
6,446
|
|
|
—
|
|
|
—
|
|
|
(1) Miscellaneous (loss) income, net
|
|||
Total before income tax
|
$
|
7,405
|
|
|
$
|
155
|
|
|
$
|
(203
|
)
|
|
|
Income tax expense
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
Income tax benefit
|
|||
Total, net of income tax
|
$
|
7,405
|
|
|
$
|
141
|
|
|
$
|
(203
|
)
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net (loss) income
|
|
|
|
|
|
||||||
(Loss) income from continuing operations
|
$
|
(203,142
|
)
|
|
$
|
302,854
|
|
|
$
|
173,735
|
|
Loss from discontinued operations
|
(113,177
|
)
|
|
(3,689
|
)
|
|
(19,213
|
)
|
|||
Net (loss) income
|
$
|
(316,319
|
)
|
|
$
|
299,165
|
|
|
$
|
154,522
|
|
|
|
|
|
|
|
||||||
Basic
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic
|
18,808,460
|
|
|
10,967,014
|
|
|
10,216,464
|
|
|||
|
|
|
|
|
|
||||||
Basic (loss) income per common share:
|
|
|
|
|
|
||||||
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
27.61
|
|
|
$
|
17.01
|
|
Loss from discontinued operations
|
(6.02
|
)
|
|
(0.33
|
)
|
|
(1.89
|
)
|
|||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
27.28
|
|
|
$
|
15.12
|
|
|
|
|
|
|
|
||||||
Diluted
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic
|
18,808,460
|
|
|
10,967,014
|
|
|
10,216,464
|
|
|||
Diluted effect of warrants
|
—
|
|
|
280,969
|
|
|
170,178
|
|
|||
Diluted effect of stock options
|
—
|
|
|
262,714
|
|
|
274,456
|
|
|||
Diluted effect of restricted stock units and restricted stock
|
—
|
|
|
201,956
|
|
|
108,907
|
|
|||
Weighted average common shares outstanding - diluted
|
18,808,460
|
|
|
11,712,653
|
|
|
10,770,005
|
|
|||
|
|
|
|
|
|
||||||
Diluted (loss) income per common share:
|
|
|
|
|
|
||||||
(Loss) income from continuing operations
|
$
|
(10.80
|
)
|
|
$
|
25.86
|
|
|
$
|
16.13
|
|
Loss from discontinued operations
|
(6.02
|
)
|
|
(0.32
|
)
|
|
(1.78
|
)
|
|||
Net (loss) income
|
$
|
(16.82
|
)
|
|
$
|
25.54
|
|
|
$
|
14.35
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Raw coal
|
$
|
30,274
|
|
|
$
|
33,607
|
|
Saleable coal
|
105,092
|
|
|
63,767
|
|
||
Materials, supplies and other, net
|
27,293
|
|
|
24,591
|
|
||
Total inventories, net
|
$
|
162,659
|
|
|
$
|
121,965
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Prepaid freight
|
$
|
8,268
|
|
|
$
|
9,839
|
|
Deferred longwall move expenses
|
7,624
|
|
|
9,308
|
|
||
Notes and other receivables
|
8,931
|
|
|
16,116
|
|
||
Short-term restricted cash
|
12,363
|
|
|
16,474
|
|
||
Short-term deposits
|
689
|
|
|
16,181
|
|
||
Prepaid insurance
|
9,591
|
|
|
8,162
|
|
||
Refundable income taxes
|
33,915
|
|
|
74,536
|
|
||
Prepaid bond premium
|
5,471
|
|
|
2,849
|
|
||
Other prepaid expenses
|
4,509
|
|
|
5,480
|
|
||
Total prepaid expenses and other current assets
|
$
|
91,361
|
|
|
$
|
158,945
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Plant and mining equipment
|
$
|
740,009
|
|
|
$
|
695,756
|
|
Mine development
|
84,332
|
|
|
47,550
|
|
||
Land
|
39,925
|
|
|
38,810
|
|
||
Office equipment, software and other
|
1,582
|
|
|
1,169
|
|
||
Construction in progress
|
31,690
|
|
|
23,471
|
|
||
Total property, equipment and mine development costs
|
897,538
|
|
|
806,756
|
|
||
Less accumulated depreciation, depletion and amortization
|
314,276
|
|
|
106,766
|
|
||
Total property, plant, and equipment, net
|
$
|
583,262
|
|
|
$
|
699,990
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating lease right-of-use assets
|
$
|
8,678
|
|
|
$
|
—
|
|
Long-term deposits
|
10,034
|
|
|
9,211
|
|
||
Long-term restricted investments
|
21,886
|
|
|
29,137
|
|
||
Equity method investments
|
18,413
|
|
|
15,236
|
|
||
Federal income tax receivable
|
64,160
|
|
|
43,770
|
|
||
Workers' compensation receivables
|
58,498
|
|
|
67,776
|
|
||
Other
|
22,538
|
|
|
18,545
|
|
||
Total other non-current assets
|
$
|
204,207
|
|
|
$
|
183,675
|
|
|
|
|
December 31, 2019
|
||
Assets
|
Balance Sheet Classification
|
|
|
||
Financing lease assets
|
Property, plant, and equipment, net
|
|
$
|
9,718
|
|
Operating lease right-of-use assets
|
Other non-current assets
|
|
8,678
|
|
|
Total lease assets
|
|
|
$
|
18,396
|
|
|
|
|
|
||
Liabilities
|
Balance Sheet Classification
|
|
|
||
Financing lease liabilities - current
|
Current portion of long-term debt
|
|
$
|
3,275
|
|
Operating lease liabilities - current
|
Accrued expenses and other current liabilities
|
|
1,813
|
|
|
Financing lease liabilities - long-term
|
Long-term debt
|
|
4,674
|
|
|
Operating lease liabilities - long-term
|
Other non-current liabilities
|
|
6,866
|
|
|
Total lease liabilities
|
|
|
$
|
16,628
|
|
|
Year Ended December 31, 2019
|
||
Lease cost (1)
|
|
||
Financing lease cost:
|
|
||
Amortization of leased assets
|
$
|
3,747
|
|
Interest on lease liabilities
|
480
|
|
|
Operating lease cost
|
2,771
|
|
|
Short-term lease cost
|
2,300
|
|
|
Total lease cost
|
$
|
9,298
|
|
|
Year Ended December 31, 2019
|
||
Other information
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
9,191
|
|
Operating cash flows from financing leases
|
466
|
|
|
Operating cash flows from operating leases
|
5,071
|
|
|
Financing cash flows from financing leases
|
3,654
|
|
|
Right-of-use assets obtained in exchange for new financing lease liabilities
|
1,459
|
|
|
|
|
||
Lease Term and Discount Rate
|
|
||
Weighted-average remaining lease term in months - financing leases
|
33.7
|
|
|
Weighted-average remaining lease term in months - operating leases
|
96.3
|
|
|
Weighted-average discount rate - financing leases
|
5.4
|
%
|
|
Weighted-average discount rate - operating leases
|
11.2
|
%
|
|
Financing Leases
|
|
Operating Leases
|
||||
Lease cost
|
|
|
|
||||
2020
|
$
|
3,729
|
|
|
$
|
2,378
|
|
2021
|
2,985
|
|
|
1,957
|
|
||
2022
|
1,729
|
|
|
1,665
|
|
||
2023
|
184
|
|
|
1,193
|
|
||
2024
|
—
|
|
|
1,079
|
|
||
Thereafter
|
—
|
|
|
5,203
|
|
||
Total future minimum lease payments
|
$
|
8,627
|
|
|
$
|
13,475
|
|
Imputed interest
|
(678
|
)
|
|
(4,796
|
)
|
||
Present value of future minimum lease payments
|
$
|
7,949
|
|
|
$
|
8,679
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating lease liabilities
|
$
|
1,813
|
|
|
$
|
—
|
|
Wages and benefits
|
45,577
|
|
|
51,026
|
|
||
Workers’ compensation
|
15,695
|
|
|
16,676
|
|
||
Black lung
|
7,472
|
|
|
8,133
|
|
||
Taxes other than income taxes
|
24,946
|
|
|
24,140
|
|
||
Current portion of asset retirement obligations
|
40,574
|
|
|
24,754
|
|
||
Freight accrual
|
5,851
|
|
|
10,785
|
|
||
Other
|
12,354
|
|
|
13,185
|
|
||
Total accrued expenses and other current liabilities
|
$
|
154,282
|
|
|
$
|
148,699
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Term Loan Credit Facility - due November 2025
|
$
|
—
|
|
|
$
|
550,000
|
|
Term Loan Credit Facility - due June 2024
|
558,991
|
|
|
—
|
|
||
LCC Note Payable
|
45,000
|
|
|
62,500
|
|
||
LCC Water Treatment Obligation
|
9,375
|
|
|
11,875
|
|
||
Other
|
9,295
|
|
|
8,395
|
|
||
Debt discount and issuance costs
|
(29,695
|
)
|
|
(44,758
|
)
|
||
Total long-term debt
|
592,966
|
|
|
588,012
|
|
||
Less current portion
|
(28,485
|
)
|
|
(42,743
|
)
|
||
Long-term debt, net of current portion
|
$
|
564,481
|
|
|
$
|
545,269
|
|
2020
|
$
|
28,485
|
|
2021
|
29,036
|
|
|
2022
|
20,324
|
|
|
2023
|
8,297
|
|
|
2024
|
536,519
|
|
|
Total long-term debt
|
$
|
622,661
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Contingent Revenue Obligation
|
$
|
52,427
|
|
|
$
|
59,880
|
|
Environmental Settlement Obligations
|
16,305
|
|
|
19,306
|
|
||
Reclamation Funding Liability
|
12,000
|
|
|
22,000
|
|
||
Retiree Committee VEBA Funding Settlement Liability
|
—
|
|
|
3,500
|
|
||
UMWA Funds Settlement Liability
|
4,000
|
|
|
6,000
|
|
||
Discount
|
(4,834
|
)
|
|
(10,356
|
)
|
||
Total acquisition-related obligations
|
79,898
|
|
|
100,330
|
|
||
Less current portion
|
(33,639
|
)
|
|
(27,334
|
)
|
||
Acquisition-related obligations, net of current portion
|
$
|
46,259
|
|
|
$
|
72,996
|
|
Total asset retirement obligations at December 31, 2017
|
$
|
59,205
|
|
Accretion for the period
|
8,961
|
|
|
Sites added during the period (1)
|
163,636
|
|
|
Revisions in estimated cash flows (2)
|
1,100
|
|
|
Expenditures for the period
|
(3,175
|
)
|
|
Reclassification to liabilities held for sale
|
(1,279
|
)
|
|
Total asset retirement obligations at December 31, 2018
|
$
|
228,448
|
|
Measurement-period adjustments (3)
|
12,718
|
|
|
Accretion for the period (4)
|
27,785
|
|
|
Sites added during the period
|
5,113
|
|
|
Revisions in estimated cash flows (2)
|
(25,244
|
)
|
|
Expenditures for the period
|
(24,116
|
)
|
|
Total asset retirement obligations at December 31, 2019
|
$
|
224,704
|
|
Less current portion
|
(40,574
|
)
|
|
Long-term portion
|
$
|
184,130
|
|
(1)
|
Represents amounts assumed in connection with the Merger.
|
(2)
|
The revisions in estimated cash flows resulted primarily from discount rate adjustments and changes in mine plans.
|
(3)
|
Refer to Note 3 for additional information on the Merger and related measurement-period adjustments recorded during the year ended December 31, 2019.
|
|
December 31, 2019
|
||||||||||||||||||
|
Carrying
Amount (1)
|
|
Total Fair
Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Term Loan Credit Facility - due June 2024
|
$
|
538,765
|
|
|
$
|
461,402
|
|
|
$
|
461,402
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LCC Note Payable
|
37,695
|
|
|
33,884
|
|
|
—
|
|
|
—
|
|
|
33,884
|
|
|||||
LCC Water Treatment Obligation
|
7,211
|
|
|
6,280
|
|
|
—
|
|
|
—
|
|
|
6,280
|
|
|||||
Total long term debt
|
$
|
583,671
|
|
|
$
|
501,566
|
|
|
$
|
461,402
|
|
|
$
|
—
|
|
|
$
|
40,164
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying
Amount (1) |
|
Total Fair
Value |
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Term Loan Credit Facility - due November 2025
|
$
|
521,667
|
|
|
$
|
540,375
|
|
|
$
|
540,375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
LCC Note Payable
|
49,361
|
|
|
50,606
|
|
|
—
|
|
|
—
|
|
|
50,606
|
|
|||||
LCC Water Treatment Obligation
|
8,589
|
|
|
8,827
|
|
|
—
|
|
|
—
|
|
|
8,827
|
|
|||||
Total long term debt
|
$
|
579,617
|
|
|
$
|
599,808
|
|
|
$
|
540,375
|
|
|
$
|
—
|
|
|
$
|
59,433
|
|
|
December 31, 2019
|
||||||||||||||||||
|
Carrying
Amount (1) |
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
UMWA Funds Settlement Liability
|
$
|
3,069
|
|
|
$
|
2,929
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,929
|
|
Reclamation Funding Liability
|
10,808
|
|
|
10,658
|
|
|
—
|
|
|
—
|
|
|
10,658
|
|
|||||
Environmental Settlement Obligations
|
13,594
|
|
|
12,197
|
|
|
—
|
|
|
—
|
|
|
12,197
|
|
|||||
Total acquisition-related obligations
|
$
|
27,471
|
|
|
$
|
25,784
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,784
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Carrying
Amount (1) |
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||||
Retiree Committee VEBA Funding
Settlement Liability
|
$
|
3,337
|
|
|
$
|
3,391
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,391
|
|
UMWA Funds Settlement Liability
|
4,239
|
|
|
4,729
|
|
|
—
|
|
|
—
|
|
|
4,729
|
|
|||||
Reclamation Funding Liability
|
18,106
|
|
|
19,362
|
|
|
—
|
|
|
—
|
|
|
19,362
|
|
|||||
Environmental Settlement Obligations
|
14,768
|
|
|
14,936
|
|
|
—
|
|
|
—
|
|
|
14,936
|
|
|||||
Total acquisition-related obligations
|
$
|
40,450
|
|
|
$
|
42,418
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42,418
|
|
|
December 31, 2019
|
||||||||||||||
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Contingent Revenue Obligation
|
$
|
52,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52,427
|
|
Trading securities
|
$
|
13,508
|
|
|
$
|
5,506
|
|
|
$
|
8,002
|
|
|
$
|
—
|
|
|
December 31, 2018
|
||||||||||||||
|
Total Fair Value
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Contingent Revenue Obligation
|
$
|
59,880
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,880
|
|
|
December 31, 2018
|
|
Payments
|
|
Measurement Period Adjustments (1)
|
|
Loss Recognized in Earnings
|
|
Transfer In (Out) of Level 3 Fair Value Hierarchy
|
|
December 31, 2019
|
|||||||||||
Contingent Revenue Obligation
|
$
|
59,880
|
|
|
$
|
(9,627
|
)
|
|
5,738
|
|
|
$
|
(3,564
|
)
|
|
$
|
—
|
|
|
$
|
52,427
|
|
|
December 31, 2017
|
|
Acquisitions
|
|
Loss (Gain) Recognized in Earnings
|
|
Transfer In (Out) of Level 3 Fair Value Hierarchy
|
|
December 31, 2018
|
|||||
Contingent Revenue Obligation
|
—
|
|
|
59,856
|
|
|
24
|
|
|
—
|
|
|
59,880
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Continuing operations
|
$
|
(57,557
|
)
|
|
$
|
(165,363
|
)
|
|
$
|
(67,979
|
)
|
Discontinued operations
|
(4,214
|
)
|
|
(1,305
|
)
|
|
(17,681
|
)
|
|||
Total
|
$
|
(61,771
|
)
|
|
$
|
(166,668
|
)
|
|
$
|
(85,660
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current tax (benefit) expense:
|
|
|
|
|
|
||||||
Federal
|
$
|
(49,943
|
)
|
|
$
|
(99,965
|
)
|
|
$
|
10,078
|
|
State
|
824
|
|
|
(21
|
)
|
|
687
|
|
|||
Total current
|
$
|
(49,119
|
)
|
|
$
|
(99,986
|
)
|
|
$
|
10,765
|
|
|
|
|
|
|
|
||||||
Deferred tax (benefit) expense:
|
|
|
|
|
|
||||||
Federal
|
$
|
704
|
|
|
$
|
(49,322
|
)
|
|
$
|
(78,744
|
)
|
State
|
(9,142
|
)
|
|
(16,055
|
)
|
|
—
|
|
|||
Total deferred
|
$
|
(8,438
|
)
|
|
$
|
(65,377
|
)
|
|
$
|
(78,744
|
)
|
|
|
|
|
|
|
||||||
Total income tax (benefit) expense:
|
|
|
|
|
|
||||||
Federal
|
$
|
(49,239
|
)
|
|
$
|
(149,287
|
)
|
|
$
|
(68,666
|
)
|
State
|
(8,318
|
)
|
|
(16,076
|
)
|
|
687
|
|
|||
Total
|
$
|
(57,557
|
)
|
|
$
|
(165,363
|
)
|
|
$
|
(67,979
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Federal statutory income tax expense (benefit)
|
$
|
(54,747
|
)
|
|
$
|
28,873
|
|
|
$
|
37,015
|
|
Increase (reductions) in taxes due to:
|
|
|
|
|
|
||||||
Percentage depletion allowance
|
(6,270
|
)
|
|
(3,770
|
)
|
|
(5,164
|
)
|
|||
Federal tax rate change
|
—
|
|
|
—
|
|
|
179,825
|
|
|||
SAB 118 finalization
|
—
|
|
|
(6,735
|
)
|
|
—
|
|
|||
Estimated sequestration impact
|
—
|
|
|
(7,139
|
)
|
|
5,640
|
|
|||
State taxes, net of federal tax impact
|
(10,498
|
)
|
|
6,569
|
|
|
1,059
|
|
|||
State tax rate and NOL change, net of federal tax impact
|
(4,172
|
)
|
|
(4,779
|
)
|
|
(4,705
|
)
|
|||
Change in valuation allowances
|
4,329
|
|
|
(208,474
|
)
|
|
(280,094
|
)
|
|||
Net operating loss carryback
|
(14,234
|
)
|
|
(59,404
|
)
|
|
—
|
|
|||
Amended return - capital loss impact
|
919
|
|
|
69,430
|
|
|
—
|
|
|||
Non-taxable bargain purchase gain
|
—
|
|
|
—
|
|
|
(354
|
)
|
|||
Non-deductible goodwill impairment
|
26,114
|
|
|
—
|
|
|
—
|
|
|||
Non-deductible transaction costs
|
—
|
|
|
1,706
|
|
|
—
|
|
|||
Stock-based compensation
|
(1,085
|
)
|
|
(687
|
)
|
|
(1,144
|
)
|
|||
Charitable contribution carryforward expiration
|
486
|
|
|
9,634
|
|
|
—
|
|
|||
Provision to return adjustment
|
(869
|
)
|
|
5,022
|
|
|
—
|
|
|||
Other, net
|
2,470
|
|
|
4,391
|
|
|
(57
|
)
|
|||
Income tax benefit
|
$
|
(57,557
|
)
|
|
$
|
(165,363
|
)
|
|
$
|
(67,979
|
)
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Asset retirement obligations
|
$
|
51,114
|
|
|
$
|
59,973
|
|
Reserves and accruals not currently deductible
|
8,265
|
|
|
9,163
|
|
||
Workers’ compensation benefit obligations
|
54,128
|
|
|
56,859
|
|
||
Pension obligations
|
44,413
|
|
|
47,256
|
|
||
Equity method investments
|
2,509
|
|
|
3,506
|
|
||
Charitable contribution carryforwards
|
306
|
|
|
724
|
|
||
Alternative minimum tax credit carryforwards
|
33,065
|
|
|
68,774
|
|
||
Loss carryforwards, net of Section 382 limitation
|
142,510
|
|
|
109,850
|
|
||
Acquisition-related obligations
|
17,902
|
|
|
25,590
|
|
||
Other
|
11,993
|
|
|
11,909
|
|
||
Gross deferred tax assets
|
366,205
|
|
|
393,604
|
|
||
Less valuation allowance
|
(133,020
|
)
|
|
(94,802
|
)
|
||
Deferred tax assets
|
$
|
233,185
|
|
|
$
|
298,802
|
|
Deferred tax liabilities:
|
|
|
|
||||
Property, plant and mineral reserves
|
$
|
(145,487
|
)
|
|
$
|
(189,232
|
)
|
Acquired intangibles, net
|
(27,140
|
)
|
|
(31,540
|
)
|
||
Prepaid expenses
|
(6,780
|
)
|
|
(6,882
|
)
|
||
Restricted cash
|
(20,313
|
)
|
|
(55,112
|
)
|
||
Other
|
(822
|
)
|
|
(3,975
|
)
|
||
Total deferred tax liabilities
|
(200,542
|
)
|
|
(286,741
|
)
|
||
Net deferred tax assets
|
$
|
32,643
|
|
|
$
|
12,061
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Valuation allowance beginning of period
|
$
|
94,802
|
|
|
$
|
298,892
|
|
|
$
|
531,054
|
|
Increase (decrease) in valuation allowance recorded to income tax expense (benefit)
|
29,950
|
|
|
(208,474
|
)
|
|
(288,177
|
)
|
|||
Increase in valuation allowance not affecting income tax expense
|
8,268
|
|
|
4,384
|
|
|
56,015
|
|
|||
Valuation allowance end of period
|
$
|
133,020
|
|
|
$
|
94,802
|
|
|
$
|
298,892
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Unrecognized tax benefits - beginning of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Additions for tax positions of prior years
|
5,740
|
|
|
—
|
|
|
—
|
|
|||
Additions for tax positions of current year
|
15,048
|
|
|
—
|
|
|
—
|
|
|||
Unrecognized tax benefits - end of period
|
$
|
20,788
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Change in benefit obligations:
|
|
|
|
||||
Accumulated benefit obligation at beginning of period:
|
$
|
675,482
|
|
|
$
|
—
|
|
Interest cost (1)
|
26,564
|
|
|
4,500
|
|
||
Actuarial loss
|
91,287
|
|
|
22,410
|
|
||
Benefits paid
|
(31,371
|
)
|
|
(5,295
|
)
|
||
Acquisition (1)
|
1,910
|
|
|
653,867
|
|
||
Settlement
|
(89,433
|
)
|
|
—
|
|
||
Accumulated benefit obligation at end of period
|
$
|
674,439
|
|
|
$
|
675,482
|
|
|
|
|
|
||||
Change in fair value of plan assets:
|
|
|
|
||||
Fair value of plan assets at beginning of period
|
$
|
494,680
|
|
|
$
|
—
|
|
Actual return on plan assets
|
87,129
|
|
|
4,112
|
|
||
Employer contributions
|
9,348
|
|
|
—
|
|
||
Benefits paid
|
(31,371
|
)
|
|
(5,295
|
)
|
||
Acquisition
|
—
|
|
|
495,863
|
|
||
Settlement
|
(89,433
|
)
|
|
—
|
|
||
Fair value of plan assets at end of period
|
$
|
470,353
|
|
|
$
|
494,680
|
|
Funded status
|
$
|
(204,086
|
)
|
|
$
|
(180,802
|
)
|
Accrued benefit cost at end of period (2)
|
$
|
(204,086
|
)
|
|
$
|
(180,802
|
)
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net actuarial loss
|
$
|
46,568
|
|
|
$
|
23,075
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Interest cost (1)
|
$
|
26,564
|
|
|
$
|
4,500
|
|
Expected return on plan assets
|
(28,042
|
)
|
|
(4,777
|
)
|
||
Amortization of net losses
|
797
|
|
|
—
|
|
||
Settlement (2)
|
6,224
|
|
|
—
|
|
||
Net periodic benefit cost (credit)
|
$
|
5,543
|
|
|
$
|
(277
|
)
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Actuarial loss (1)
|
$
|
30,514
|
|
|
$
|
23,075
|
|
Amortization of net actuarial loss
|
(797
|
)
|
|
—
|
|
||
Settlement
|
(6,224
|
)
|
|
—
|
|
||
Total recognized in other comprehensive loss
|
$
|
23,493
|
|
|
$
|
23,075
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Projected benefit obligation
|
$
|
674,439
|
|
|
$
|
675,482
|
|
Accumulated benefit obligation
|
$
|
674,439
|
|
|
$
|
675,482
|
|
Fair value of plan assets
|
$
|
470,353
|
|
|
$
|
494,680
|
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||
Discount rate
|
3.36
|
%
|
|
4.33
|
%
|
|
Year Ended December 31,
|
||||
|
2019
|
|
2018
|
||
Discount rate for benefit obligation
|
4.33
|
%
|
|
4.50
|
%
|
Discount rate for interest cost
|
4.01
|
%
|
|
4.23
|
%
|
Expected return on plan assets
|
5.80
|
%
|
|
5.80
|
%
|
|
Target Allocation Percentages 2020
|
|
Percentage of Plan Assets 2019
|
||
Equity securities
|
40.0
|
%
|
|
39.3
|
%
|
Fixed income funds
|
60.0
|
%
|
|
58.0
|
%
|
Other
|
—
|
%
|
|
2.7
|
%
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
2020
|
$
|
30,992
|
|
2021
|
31,148
|
|
|
2022
|
31,691
|
|
|
2023
|
32,414
|
|
|
2024
|
32,901
|
|
|
2025-2029
|
166,350
|
|
|
|
$
|
325,496
|
|
Asset Category
|
Total
|
|
Quoted Market Prices in Active Market for Identical Assets (Level 1)
|
|
Significant Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Multi-asset fund (1)
|
$
|
182,782
|
|
|
$
|
—
|
|
|
$
|
182,782
|
|
|
$
|
—
|
|
Fixed income funds:
|
|
|
|
|
|
|
|
||||||||
Bond fund (2)
|
272,239
|
|
|
—
|
|
|
272,239
|
|
|
—
|
|
||||
Commingled short-term fund (3)
|
1,572
|
|
|
—
|
|
|
1,572
|
|
|
—
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
||||||||
Guaranteed insurance contract
|
11,155
|
|
|
—
|
|
|
—
|
|
|
11,155
|
|
||||
Total
|
$
|
467,748
|
|
|
$
|
—
|
|
|
$
|
456,593
|
|
|
$
|
11,155
|
|
Receivable (4)
|
1,061
|
|
|
|
|
|
|
|
|||||||
Total assets at fair value
|
468,809
|
|
|
|
|
|
|
|
|||||||
Private equity funds measured at net asset value practical expedient (5)
|
1,544
|
|
|
|
|
|
|
|
|||||||
Total plan assets
|
$
|
470,353
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||
|
Guaranteed Insurance Contract
|
||
Beginning balance, December 31, 2018
|
$
|
10,886
|
|
Actual return on plan assets:
|
|
||
Relating to assets still held at the reporting date
|
644
|
|
|
Purchases, sales and settlements
|
(375
|
)
|
|
Ending balance, December 31, 2019
|
$
|
11,155
|
|
Asset Category
|
Total
|
|
Quoted Market Prices in Active Market for Identical Assets (Level 1)
|
|
Significant Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
||||||||
Multi-asset fund (1)
|
$
|
195,278
|
|
|
$
|
—
|
|
|
$
|
195,278
|
|
|
$
|
—
|
|
Fixed income funds:
|
|
|
|
|
|
|
|
||||||||
Bond fund (2)
|
283,517
|
|
|
—
|
|
|
283,517
|
|
|
—
|
|
||||
Commingled short-term fund (3)
|
1,654
|
|
|
—
|
|
|
1,654
|
|
|
—
|
|
||||
Other types of investments:
|
|
|
|
|
|
|
|
||||||||
Guaranteed insurance contract
|
10,886
|
|
|
—
|
|
|
—
|
|
|
10,886
|
|
||||
Total
|
$
|
491,335
|
|
|
$
|
—
|
|
|
$
|
480,449
|
|
|
$
|
10,886
|
|
Receivable (4)
|
921
|
|
|
|
|
|
|
|
|||||||
Total assets at fair value
|
492,256
|
|
|
|
|
|
|
|
|||||||
Private equity funds measured at net asset value practical expedient (5)
|
2,424
|
|
|
|
|
|
|
|
|||||||
Total plan assets
|
$
|
494,680
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||
|
Guaranteed Insurance Contract
|
||
Beginning balance, December 31, 2017
|
$
|
—
|
|
Acquisition
|
11,266
|
|
|
Actual return on plan assets:
|
|
||
Relating to assets still held at the reporting date
|
11
|
|
|
Purchases, sales and settlements
|
(391
|
)
|
|
Ending balance, December 31, 2018
|
$
|
10,886
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Change in benefit obligation:
|
|
|
|
||||
Accumulated benefit obligation at beginning of period
|
$
|
94,805
|
|
|
$
|
18,370
|
|
Service cost (1)
|
2,057
|
|
|
930
|
|
||
Interest cost (1)
|
4,474
|
|
|
1,185
|
|
||
Actuarial loss
|
11,166
|
|
|
272
|
|
||
Benefits paid
|
(6,543
|
)
|
|
(1,462
|
)
|
||
Acquisition (1)
|
16,829
|
|
|
75,510
|
|
||
Accumulated benefit obligation at end of period
|
$
|
122,788
|
|
|
$
|
94,805
|
|
Change in fair value of plan assets:
|
|
|
|
||||
Fair value of plan assets at beginning of period
|
$
|
2,597
|
|
|
$
|
—
|
|
Actual return on plan assets
|
63
|
|
|
28
|
|
||
Benefits paid
|
(6,543
|
)
|
|
(1,462
|
)
|
||
Employer contributions
|
6,543
|
|
|
1,462
|
|
||
Acquisition
|
—
|
|
|
2,569
|
|
||
Fair value of plan assets at end of period (2)
|
2,660
|
|
|
2,597
|
|
||
Funded status
|
$
|
(120,128
|
)
|
|
$
|
(92,208
|
)
|
Accrued benefit cost at end of period
|
$
|
(120,128
|
)
|
|
$
|
(92,208
|
)
|
Summary of accrued benefit cost at end of period:
|
|
|
|
||||
Continuing operations
|
(120,128
|
)
|
|
(92,114
|
)
|
||
Discontinued operations
|
—
|
|
|
(94
|
)
|
||
Total accrued benefit cost at end of period
|
$
|
(120,128
|
)
|
|
$
|
(92,208
|
)
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Current liabilities
|
$
|
7,472
|
|
|
$
|
8,133
|
|
Long-term liabilities
|
112,656
|
|
|
83,981
|
|
||
Long-term liabilities - discontinued operations
|
—
|
|
|
94
|
|
||
|
$
|
120,128
|
|
|
$
|
92,208
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net actuarial loss
|
$
|
12,980
|
|
|
$
|
1,684
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost (1)
|
$
|
2,057
|
|
|
$
|
930
|
|
|
$
|
651
|
|
Interest cost (1)
|
4,474
|
|
|
1,185
|
|
|
633
|
|
|||
Expected return on plan assets
|
(65
|
)
|
|
(11
|
)
|
|
—
|
|
|||
Amortization of net actuarial loss (gain)
|
216
|
|
|
199
|
|
|
(149
|
)
|
|||
Net periodic benefit cost
|
$
|
6,682
|
|
|
$
|
2,303
|
|
|
$
|
1,135
|
|
Summary net periodic benefit cost:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
6,682
|
|
|
$
|
2,304
|
|
|
$
|
1,125
|
|
Discontinued operations
|
—
|
|
|
(1
|
)
|
|
10
|
|
|||
Total net periodic benefit cost
|
$
|
6,682
|
|
|
$
|
2,303
|
|
|
$
|
1,135
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Actuarial loss (1)
|
$
|
11,512
|
|
|
$
|
255
|
|
|
$
|
3,661
|
|
Amortization of net actuarial (loss) gain
|
(216
|
)
|
|
(199
|
)
|
|
149
|
|
|||
Total recognized in other comprehensive loss
|
$
|
11,296
|
|
|
$
|
56
|
|
|
$
|
3,810
|
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||
Discount rate
|
3.47
|
%
|
|
4.36
|
%
|
Federal black lung benefit trend rate
|
2.00
|
%
|
|
2.50
|
%
|
Black lung medical benefit trend rate
|
5.00
|
%
|
|
5.00
|
%
|
Black lung benefit expense inflation rate
|
2.00
|
%
|
|
2.50
|
%
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate for benefit obligation
|
4.36
|
%
|
|
4.37
|
%
|
|
4.29
|
%
|
Discount rate for service cost
|
4.54
|
%
|
|
3.90
|
%
|
|
4.32
|
%
|
Discount rate for interest cost
|
3.99
|
%
|
|
3.83
|
%
|
|
4.20
|
%
|
Federal black lung benefit trend rate
|
2.50
|
%
|
|
2.50
|
%
|
|
2.50
|
%
|
Black lung medical benefit trend rate
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Black lung benefit expense inflation rate
|
2.50
|
%
|
|
2.50
|
%
|
|
2.50
|
%
|
Expected return on plan assets
|
2.50
|
%
|
|
2.50
|
%
|
|
N/A
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Change in benefit obligation:
|
|
|
|
||||
Accumulated benefit obligation at beginning of period
|
$
|
11,368
|
|
|
$
|
12,640
|
|
Interest cost
|
426
|
|
|
388
|
|
||
Actuarial loss (gain)
|
1,002
|
|
|
(1,164
|
)
|
||
Benefits paid
|
(455
|
)
|
|
(496
|
)
|
||
Accumulated benefit obligation at end of period
|
$
|
12,341
|
|
|
$
|
11,368
|
|
Change in fair value of plan assets:
|
|
|
|
||||
Benefits paid (1)
|
(455
|
)
|
|
(496
|
)
|
||
Employer contributions (1)
|
455
|
|
|
496
|
|
||
Fair value of plan assets at end of period
|
$
|
—
|
|
|
$
|
—
|
|
Funded status
|
(12,341
|
)
|
|
(11,368
|
)
|
||
Accrued benefit cost at end of year
|
$
|
(12,341
|
)
|
|
$
|
(11,368
|
)
|
|
|
|
|
||||
Amounts recognized in the consolidated balance sheets:
|
|
|
|
||||
Current liabilities
|
$
|
719
|
|
|
$
|
787
|
|
Long-term liabilities
|
11,622
|
|
|
10,581
|
|
||
|
$
|
12,341
|
|
|
$
|
11,368
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net actuarial gain
|
$
|
(872
|
)
|
|
$
|
(1,979
|
)
|
Accumulated other comprehensive income
|
$
|
(872
|
)
|
|
$
|
(1,979
|
)
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Interest cost
|
$
|
426
|
|
|
$
|
388
|
|
Amortization of net actuarial gain
|
(105
|
)
|
|
(46
|
)
|
||
Net periodic benefit cost
|
$
|
321
|
|
|
$
|
342
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Actuarial loss (gain)
|
$
|
1,002
|
|
|
$
|
(1,164
|
)
|
Amortization of net actuarial gain
|
105
|
|
|
46
|
|
||
Total recognized in other comprehensive income (loss)
|
$
|
1,107
|
|
|
$
|
(1,118
|
)
|
|
December 31,
|
||||
|
2019
|
|
2018
|
||
Discount rate
|
3.22
|
%
|
|
4.21
|
%
|
|
Year Ended December 31,
|
||||
|
2019
|
|
2018
|
||
Discount rate for benefit obligations
|
4.21
|
%
|
|
3.56
|
%
|
Discount rate for interest cost
|
3.90
|
%
|
|
3.18
|
%
|
(1)
|
The start price for the Company represents the average closing stock price over the ten trading days ending on December 31, 2018, assuming dividends distributed during this period were reinvested in additional shares of the Company’s stock on the ex-dividend date.
|
(2)
|
The dividend adjusted stock price represents the closing price on the grant date assuming dividends distributed during the period since December 17, 2018, were reinvested in additional shares of the Company’s stock on the ex-dividend date.
|
(3)
|
The expected volatility assumption is based on the historical volatility of the price of the Company’s stock.
|
(4)
|
The annual risk-free interest rate equals the yield on zero coupon U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) that have a term equal to the length of the remaining performance measurement period as of the valuation date.
|
(5)
|
The expected dividend yield represents the investments return to a share of the Company’s stock that is not available to the holder of an absolute performance-based restricted stock unit.
|
Absolute performance-based restricted stock units
|
|
||
Valuation date stock price
|
$
|
61.27
|
|
Expected volatility (1)
|
29.98
|
%
|
|
Risk-free interest rate (2)
|
2.42
|
%
|
|
Expected dividend yield (3)
|
—
|
%
|
(1)
|
The expected volatility assumption is based on the historical volatility of the price of the Company’s stock.
|
(2)
|
The annual risk-free interest rate equals the yield on zero coupon U.S. Treasury STRIPS that have a term equal to the length of the remaining performance measurement period as of the valuation date.
|
(3)
|
The expected dividend yield represents the investments return to a share of the Company’s stock that is not available to the holder of an absolute performance-based restricted stock unit.
|
Stock price
|
$
|
65.50
|
|
Exercise price
|
$
|
66.13
|
|
Expected term (1)
|
6.00
|
|
|
Annual risk-free interest rate (2)
|
2.18
|
%
|
|
Annualized volatility (3)
|
60.9
|
%
|
(1)
|
The expected term represents the period of time that awards granted are expected to be outstanding.
|
(2)
|
The annual risk-free interest rate is based on the U.S. Constant Maturity Curve with a term equal to the award’s expected term on date of grant.
|
(3)
|
The annualized volatility is calculated by observing volatilities for comparable companies with adjustments for the Company’s size and leverage.
|
|
Number of Shares
|
|
Weighted-Average Grant Date Fair Value
|
|||
Non-vested shares outstanding at December 31, 2018
|
264,799
|
|
|
$
|
65.55
|
|
Granted
|
—
|
|
|
$
|
—
|
|
Vested
|
(161,468
|
)
|
|
$
|
65.55
|
|
Forfeited or Expired
|
(79,733
|
)
|
|
$
|
65.55
|
|
Non-vested shares outstanding at December 31, 2019
|
23,598
|
|
|
$
|
65.55
|
|
|
Number of Shares
|
|
Weighted-Average Grant Date Fair Value
|
|||
Non-vested shares outstanding at December 31, 2018
|
251,875
|
|
|
$
|
74.71
|
|
Granted
|
79,474
|
|
|
$
|
49.47
|
|
Vested (1)
|
(121,251
|
)
|
|
$
|
72.59
|
|
Forfeited or Expired
|
(52,016
|
)
|
|
$
|
71.09
|
|
Non-vested shares outstanding at December 31, 2019
|
158,082
|
|
|
$
|
64.84
|
|
|
Number of Shares
|
|
Weighted-Average Fair Value (1)
|
|||
Non-vested shares outstanding at December 31, 2018
|
18,063
|
|
|
$
|
65.74
|
|
Granted
|
—
|
|
|
$
|
—
|
|
Vested (1)
|
(18,063
|
)
|
|
$
|
61.27
|
|
Forfeited or Expired
|
—
|
|
|
$
|
—
|
|
Non-vested shares outstanding at December 31, 2019
|
—
|
|
|
$
|
—
|
|
|
Number of Shares
|
|
Weighted-Average Fair Value
|
|||
Non-vested shares outstanding at December 31, 2018
|
—
|
|
|
$
|
—
|
|
Granted
|
81,065
|
|
|
$
|
65.70
|
|
Vested (1)
|
(22,322
|
)
|
|
$
|
65.70
|
|
Forfeited or Expired
|
(27,144
|
)
|
|
$
|
65.70
|
|
Non-vested shares outstanding at December 31, 2019 (1)
|
31,599
|
|
|
$
|
65.70
|
|
|
Number of Shares
|
|
Weighted-Average Fair Value
|
|||
Non-vested shares outstanding at December 31, 2018
|
—
|
|
|
$
|
—
|
|
Granted
|
27,042
|
|
|
$
|
50.60
|
|
Vested (1)
|
(7,443
|
)
|
|
$
|
50.60
|
|
Forfeited or Expired
|
(9,050
|
)
|
|
$
|
50.60
|
|
Non-vested shares outstanding at December 31, 2019 (1)
|
10,549
|
|
|
$
|
50.60
|
|
|
Number of Shares
|
|
Weighted-Average Exercise Price Per Share
|
|
Weighted-Average Remaining Contractual Term (Years)
|
|
Aggregate Intrinsic Value (1)
|
||||||
Outstanding at December 31, 2018
|
126,128
|
|
|
$
|
2.50
|
|
|
7.57
|
|
|
$
|
7,976
|
|
Exercisable at December 31, 2018
|
126,128
|
|
|
$
|
2.50
|
|
|
7.57
|
|
|
$
|
7,976
|
|
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|||
Exercised
|
(126,128
|
)
|
|
$
|
2.50
|
|
|
|
|
$
|
6,879
|
|
|
Forfeited or Expired
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|||
Outstanding at December 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Exercisable at December 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
Number of Shares
|
|
Weighted-Average Exercise Price Per Share
|
|
Weighted-Average Remaining Contractual Term (Years)
|
|
Aggregate Intrinsic Value (1)
|
|||||
Outstanding at December 31, 2018
|
255,648
|
|
|
$
|
35.97
|
|
|
7.88
|
|
$
|
7,611
|
|
Exercisable at December 31, 2018
|
177,152
|
|
|
$
|
22.61
|
|
|
7.74
|
|
$
|
7,641
|
|
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(123,876
|
)
|
|
$
|
5.00
|
|
|
|
|
$
|
6,305
|
|
Forfeited or Expired
|
(80,413
|
)
|
|
$
|
66.13
|
|
|
|
|
|
||
Outstanding at December 31, 2019
|
51,359
|
|
|
$
|
63.45
|
|
|
7.15
|
|
$
|
(2,794
|
)
|
Exercisable at December 31, 2019
|
44,356
|
|
|
$
|
63.03
|
|
|
7.15
|
|
$
|
(2,394
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total revenue
|
$
|
2,290,260
|
|
|
$
|
2,031,205
|
|
|
$
|
1,649,969
|
|
Top customer as % of total revenue (1)
|
12
|
%
|
|
17
|
%
|
|
15
|
%
|
|||
Top 10 customers as % of total revenue (2)
|
56
|
%
|
|
60
|
%
|
|
65
|
%
|
|||
Met coal as % of coal sales volume
|
55
|
%
|
|
63
|
%
|
|
57
|
%
|
|||
Thermal coal as % of coal sales volume
|
45
|
%
|
|
37
|
%
|
|
43
|
%
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Total revenues
|
$
|
1,711,252
|
|
|
$
|
286,486
|
|
|
$
|
288,988
|
|
|
$
|
3,534
|
|
|
$
|
2,290,260
|
|
Depreciation, depletion, and amortization
|
$
|
153,006
|
|
|
$
|
57,483
|
|
|
$
|
12,864
|
|
|
$
|
5,439
|
|
|
$
|
228,792
|
|
Amortization of acquired intangibles, net
|
$
|
10,389
|
|
|
$
|
(13,578
|
)
|
|
$
|
3,101
|
|
|
$
|
—
|
|
|
$
|
(88
|
)
|
Adjusted EBITDA
|
$
|
316,324
|
|
|
$
|
11,981
|
|
|
$
|
31,185
|
|
|
$
|
(63,883
|
)
|
|
$
|
295,607
|
|
Capital expenditures
|
$
|
140,250
|
|
|
$
|
17,545
|
|
|
$
|
31,964
|
|
|
$
|
2,652
|
|
|
$
|
192,411
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Total revenues
|
$
|
1,671,219
|
|
|
$
|
39,650
|
|
|
$
|
317,039
|
|
|
$
|
3,297
|
|
|
$
|
2,031,205
|
|
Depreciation, depletion, and amortization
|
$
|
40,330
|
|
|
$
|
10,596
|
|
|
$
|
23,273
|
|
|
$
|
3,350
|
|
|
$
|
77,549
|
|
Amortization of acquired intangibles, net
|
$
|
(12,334
|
)
|
|
$
|
(7,516
|
)
|
|
$
|
14,458
|
|
|
$
|
—
|
|
|
$
|
(5,392
|
)
|
Adjusted EBITDA
|
$
|
335,135
|
|
|
$
|
(875
|
)
|
|
$
|
44,368
|
|
|
$
|
(43,552
|
)
|
|
$
|
335,076
|
|
Capital expenditures
|
$
|
39,634
|
|
|
$
|
1,280
|
|
|
$
|
40,635
|
|
|
$
|
332
|
|
|
$
|
81,881
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Total revenues
|
$
|
1,329,734
|
|
|
$
|
—
|
|
|
$
|
319,400
|
|
|
$
|
835
|
|
|
$
|
1,649,969
|
|
Depreciation, depletion, and amortization
|
$
|
18,941
|
|
|
$
|
—
|
|
|
$
|
15,087
|
|
|
$
|
882
|
|
|
$
|
34,910
|
|
Amortization of acquired intangibles, net
|
$
|
34,737
|
|
|
$
|
—
|
|
|
$
|
24,270
|
|
|
$
|
—
|
|
|
$
|
59,007
|
|
Adjusted EBITDA
|
$
|
264,314
|
|
|
$
|
—
|
|
|
$
|
54,433
|
|
|
$
|
(40,281
|
)
|
|
$
|
278,466
|
|
Capital expenditures
|
$
|
20,494
|
|
|
$
|
—
|
|
|
$
|
51,007
|
|
|
$
|
1,200
|
|
|
$
|
72,701
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
8,224
|
|
|
$
|
(97,398
|
)
|
|
$
|
11,926
|
|
|
$
|
(125,894
|
)
|
|
$
|
(203,142
|
)
|
Interest expense
|
(1,209
|
)
|
|
23
|
|
|
(723
|
)
|
|
68,707
|
|
|
66,798
|
|
|||||
Interest income
|
(100
|
)
|
|
—
|
|
|
(49
|
)
|
|
(7,147
|
)
|
|
(7,296
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(57,557
|
)
|
|
(57,557
|
)
|
|||||
Depreciation, depletion and amortization
|
153,006
|
|
|
57,483
|
|
|
12,864
|
|
|
5,439
|
|
|
228,792
|
|
|||||
Merger-related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1,090
|
|
|
1,090
|
|
|||||
Non-cash stock compensation expense
|
1,494
|
|
|
71
|
|
|
—
|
|
|
10,783
|
|
|
12,348
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,564
|
)
|
|
(3,564
|
)
|
|||||
Accretion on asset retirement obligations
|
9,466
|
|
|
10,929
|
|
|
4,066
|
|
|
3,337
|
|
|
27,798
|
|
|||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
26,459
|
|
|
26,459
|
|
|||||
Asset impairment (1)
|
15,034
|
|
|
50,993
|
|
|
—
|
|
|
297
|
|
|
66,324
|
|
|||||
Goodwill impairment (2)
|
124,353
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124,353
|
|
|||||
Cost impact of coal inventory fair value adjustment (3)
|
4,751
|
|
|
3,458
|
|
|
—
|
|
|
—
|
|
|
8,209
|
|
|||||
Gain on assets acquired in an exchange transaction (4)
|
(9,083
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,083
|
)
|
|||||
Management restructuring costs (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
7,720
|
|
|
7,720
|
|
|||||
Loss on partial settlement of benefit obligations
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
6,447
|
|
|
6,446
|
|
|||||
Amortization of acquired intangibles, net
|
10,389
|
|
|
(13,578
|
)
|
|
3,101
|
|
|
—
|
|
|
(88
|
)
|
|||||
Adjusted EBITDA
|
$
|
316,324
|
|
|
$
|
11,981
|
|
|
$
|
31,185
|
|
|
$
|
(63,883
|
)
|
|
$
|
295,607
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
306,898
|
|
|
$
|
(10,796
|
)
|
|
$
|
4,193
|
|
|
$
|
2,559
|
|
|
$
|
302,854
|
|
Interest expense
|
260
|
|
|
1
|
|
|
(1,286
|
)
|
|
39,835
|
|
|
38,810
|
|
|||||
Interest income
|
(40
|
)
|
|
—
|
|
|
(34
|
)
|
|
(1,875
|
)
|
|
(1,949
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(165,363
|
)
|
|
(165,363
|
)
|
|||||
Depreciation, depletion and amortization
|
40,330
|
|
|
10,596
|
|
|
23,273
|
|
|
3,350
|
|
|
77,549
|
|
|||||
Merger-related costs
|
22
|
|
|
1
|
|
|
—
|
|
|
51,777
|
|
|
51,800
|
|
|||||
Management restructuring costs (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,659
|
|
|
2,659
|
|
|||||
Non-cash stock compensation expense
|
408
|
|
|
24
|
|
|
—
|
|
|
11,546
|
|
|
11,978
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
24
|
|
|||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(580
|
)
|
|
(580
|
)
|
|||||
Gain on sale of disposal group (2)
|
(16,386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,386
|
)
|
|||||
Accretion on asset retirement obligations
|
4,430
|
|
|
1,298
|
|
|
3,764
|
|
|
474
|
|
|
9,966
|
|
|||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
12,042
|
|
|
12,042
|
|
|||||
Cost impact of coal inventory fair value adjustment (3)
|
11,547
|
|
|
5,517
|
|
|
—
|
|
|
—
|
|
|
17,064
|
|
|||||
Amortization of acquired intangibles, net
|
(12,334
|
)
|
|
(7,516
|
)
|
|
14,458
|
|
|
—
|
|
|
(5,392
|
)
|
|||||
Adjusted EBITDA
|
$
|
335,135
|
|
|
$
|
(875
|
)
|
|
$
|
44,368
|
|
|
$
|
(43,552
|
)
|
|
$
|
335,076
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
CAPP - Met
|
|
CAPP - Thermal
|
|
NAPP
|
|
All Other
|
|
Consolidated
|
||||||||||
Net income (loss) from continuing operations
|
$
|
204,213
|
|
|
$
|
—
|
|
|
$
|
12,334
|
|
|
$
|
(42,812
|
)
|
|
$
|
173,735
|
|
Interest expense
|
(90
|
)
|
|
—
|
|
|
(1,505
|
)
|
|
37,572
|
|
|
35,977
|
|
|||||
Interest income
|
(22
|
)
|
|
—
|
|
|
(1
|
)
|
|
(187
|
)
|
|
(210
|
)
|
|||||
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(67,979
|
)
|
|
(67,979
|
)
|
|||||
Depreciation, depletion and amortization
|
18,941
|
|
|
—
|
|
|
15,087
|
|
|
882
|
|
|
34,910
|
|
|||||
Non-cash stock compensation expense
|
650
|
|
|
—
|
|
|
—
|
|
|
19,559
|
|
|
20,209
|
|
|||||
Mark-to-market adjustment - acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
3,221
|
|
|
3,221
|
|
|||||
Gain on settlement of acquisition-related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,886
|
)
|
|
(38,886
|
)
|
|||||
Secondary offering costs
|
—
|
|
|
—
|
|
|
—
|
|
|
4,491
|
|
|
4,491
|
|
|||||
Loss on modification and extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
38,701
|
|
|
38,701
|
|
|||||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,011
|
)
|
|
(1,011
|
)
|
|||||
Accretion on asset retirement obligations
|
5,770
|
|
|
—
|
|
|
4,164
|
|
|
—
|
|
|
9,934
|
|
|||||
Amortization of acquired intangibles, net
|
34,737
|
|
|
—
|
|
|
24,270
|
|
|
—
|
|
|
59,007
|
|
|||||
Expenses related to the dividend
|
115
|
|
|
—
|
|
|
84
|
|
|
6,168
|
|
|
6,367
|
|
|||||
Adjusted EBITDA
|
$
|
264,314
|
|
|
$
|
—
|
|
|
$
|
54,433
|
|
|
$
|
(40,281
|
)
|
|
$
|
278,466
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total coal revenues (1)
|
$
|
2,282,007
|
|
|
$
|
2,020,889
|
|
|
$
|
1,639,883
|
|
Export coal revenues (1) (2)
|
$
|
1,247,614
|
|
|
$
|
1,671,646
|
|
|
$
|
1,265,320
|
|
Export coal revenues as % of total coal revenues (1)
|
55
|
%
|
|
83
|
%
|
|
77
|
%
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
First Quarter (1)
|
|
Second Quarter (2)
|
|
Third Quarter (2)
|
|
Fourth Quarter (3)
|
||||||||
Total revenues
|
$
|
609,114
|
|
|
$
|
656,206
|
|
|
$
|
525,864
|
|
|
$
|
499,076
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) from continuing operations
|
$
|
7,990
|
|
|
$
|
24,300
|
|
|
$
|
(43,561
|
)
|
|
$
|
(191,871
|
)
|
Net (loss) income from discontinued operations
|
(1,175
|
)
|
|
(137,961
|
)
|
|
(24,971
|
)
|
|
50,930
|
|
||||
Net income (loss)
|
$
|
6,815
|
|
|
$
|
(113,661
|
)
|
|
$
|
(68,532
|
)
|
|
$
|
(140,941
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares - basic
|
18,894,315
|
|
|
19,123,705
|
|
|
19,025,462
|
|
|
18,195,651
|
|
||||
Weighted average shares - diluted
|
19,538,629
|
|
|
19,420,471
|
|
|
19,025,462
|
|
|
18,195,651
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
0.42
|
|
|
$
|
1.27
|
|
|
$
|
(2.29
|
)
|
|
$
|
(10.54
|
)
|
(Loss) income from discontinued operations
|
(0.06
|
)
|
|
(7.21
|
)
|
|
(1.31
|
)
|
|
2.79
|
|
||||
Net income (loss)
|
$
|
0.36
|
|
|
$
|
(5.94
|
)
|
|
$
|
(3.60
|
)
|
|
$
|
(7.75
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
$
|
0.41
|
|
|
$
|
1.25
|
|
|
$
|
(2.29
|
)
|
|
$
|
(10.54
|
)
|
(Loss) income from discontinued operations
|
(0.06
|
)
|
|
(7.10
|
)
|
|
(1.31
|
)
|
|
2.79
|
|
||||
Net income (loss)
|
$
|
0.35
|
|
|
$
|
(5.85
|
)
|
|
$
|
(3.60
|
)
|
|
$
|
(7.75
|
)
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
First Quarter
|
|
Second Quarter (2)
|
|
Third Quarter
|
|
Fourth Quarter (3)
|
||||||||
Total revenues
|
$
|
482,332
|
|
|
$
|
528,918
|
|
|
$
|
447,871
|
|
|
$
|
572,084
|
|
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations (1)
|
$
|
58,300
|
|
|
$
|
74,642
|
|
|
$
|
14,011
|
|
|
$
|
155,901
|
|
Net (loss) income from discontinued operations
|
(1,359
|
)
|
|
(854
|
)
|
|
(2,117
|
)
|
|
641
|
|
||||
Net income
|
$
|
56,941
|
|
|
$
|
73,788
|
|
|
$
|
11,894
|
|
|
$
|
156,542
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares - basic
|
9,548,613
|
|
|
9,625,874
|
|
|
9,633,164
|
|
|
15,014,994
|
|
||||
Weighted average shares - diluted
|
10,292,607
|
|
|
10,306,043
|
|
|
10,384,513
|
|
|
15,822,037
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
6.11
|
|
|
$
|
7.75
|
|
|
$
|
1.45
|
|
|
$
|
10.38
|
|
(Loss) income from discontinued operations
|
(0.15
|
)
|
|
(0.08
|
)
|
|
(0.22
|
)
|
|
0.04
|
|
||||
Net income
|
$
|
5.96
|
|
|
$
|
7.67
|
|
|
$
|
1.23
|
|
|
$
|
10.42
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted (loss) income per share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
$
|
5.66
|
|
|
$
|
7.24
|
|
|
$
|
1.35
|
|
|
$
|
9.85
|
|
(Loss) income from discontinued operations
|
(0.13
|
)
|
|
(0.08
|
)
|
|
(0.20
|
)
|
|
0.04
|
|
||||
Net income
|
$
|
5.53
|
|
|
$
|
7.16
|
|
|
$
|
1.15
|
|
|
$
|
9.89
|
|
•
|
Performing the fiscal year risk assessment at a sufficiently granular level to allow management to adequately assess risks at the appropriate level of precision;
|
•
|
Implementing enhancements to the operation and design of coal inventory and procurement controls;
|
•
|
Perform additional training related to internal control over financial reporting for all personnel to enhance knowledge and understanding within the organization and hiring additional resources as necessary to supplement internal personnel.
|
•
|
Report of Independent Registered Public Accounting Firm
|
•
|
Consolidated Statements of Operations, Years ended December 31, 2019, 2018, and 2017
|
•
|
Consolidated Statements of Comprehensive (Loss) Income, Years ended December 31, 2019, 2018, and 2017
|
•
|
Consolidated Balance Sheets, December 31, 2019 and 2018
|
•
|
Consolidated Statements of Cash Flows, Years ended December 31, 2019, 2018, and 2017
|
•
|
Consolidated Statements of Stockholders’ Equity, Years ended December 31, 2019, 2018, and 2017
|
•
|
Notes to Consolidated Financial Statements
|
|
CONTURA ENERGY, INC.
|
|
Date: March 18, 2020
|
By:
|
/s/ Charles Andrew Eidson
|
|
Name:
|
Charles Andrew Eidson
|
|
Title:
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
Signature
|
|
Date
|
|
Title
|
|
|
|
|
|
/s/ David J. Stetson
|
|
March 18, 2020
|
|
Chief Executive Officer (Principal Executive Officer)
|
David J. Stetson
|
|
|
|
|
|
|
|
|
|
/s/ Charles Andrew Eidson
|
|
March 18, 2020
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
Charles Andrew Eidson
|
|
|
|
|
|
|
|
|
|
/s/ Albert E. Ferrara, Jr.
|
|
March 18, 2020
|
|
Director
|
Albert E. Ferrara, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Daniel J. Geiger
|
|
March 18, 2020
|
|
Director
|
Daniel J. Geiger
|
|
|
|
|
|
|
|
|
|
/s/ John E. Lushefski
|
|
March 18, 2020
|
|
Director
|
John E. Lushefski
|
|
|
|
|
|
|
|
|
|
/s/ Emily S. Medine
|
|
March 18, 2020
|
|
Director
|
Emily S. Medine
|
|
|
|
|
|
|
|
|
|
/s/ Scott D. Vogel
|
|
March 18, 2020
|
|
Director
|
Scott D. Vogel
|
|
|
|
|
Exhibit No.
|
Description of Exhibit
|
3.1*
|
|
3.2
|
|
4.1*
|
|
4.2
|
|
10.1*
|
|
10.2*
|
|
10.3*
|
|
10.4*
|
|
10.5*
|
|
10.6*
|
|
10.7*
|
|
10.8*
|
|
10.9*
|
|
10.10*
|
|
10.11*
|
10.12*
|
|
10.13*
|
|
10.14*
|
|
10.15*
|
|
10.16*
|
|
10.17*
|
|
10.18*
|
|
10.19*
|
|
10.20*
|
|
10.21*
|
|
10.22*
|
|
10.23*
|
|
10.24*
|
|
|
•
|
any breach of the director’s duty of loyalty to Contura or its stockholders;
|
|
|
•
|
any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law;
|
|
|
•
|
unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; and
|
|
|
•
|
any transaction from which the director derived an improper personal benefit.
|
|
Marshall Miller & Associates, Inc.
|
|
|
|
|
|
By:
|
/s/ Steven Keim
|
|
Name:
|
Steven Keim
|
|
Title:
|
Senior Vice President
|
|
|
|
|
Dated:
|
March 18, 2020
|
1.
|
I have reviewed this Annual Report on Form 10-K (this “Report”) of Contura Energy, Inc. (the “Registrant”);
|
2.
|
Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined by Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
5.
|
The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
|
Date: March 18, 2020
|
|
By: /s/ David J. Stetson
|
David J. Stetson
|
Chief Executive Officer
|
(Principal Executive Officer)
|
Date: March 18, 2020
|
|
By: /s/ Charles Andrew Eidson
|
Charles Andrew Eidson
|
Executive Vice President and Chief Financial Officer
|
(Principal Financial Officer and Principal Accounting Officer)
|
1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date: March 18, 2020
|
|
By: /s/ David J. Stetson
|
David J. Stetson
|
Chief Executive Officer
|
(Principal Executive Officer)
|
Date: March 18, 2020
|
|
By: /s/ Charles Andrew Eidson
|
Charles Andrew Eidson
|
Executive Vice President and Chief Financial Officer
|
(Principal Financial Officer and Principal Accounting Officer)
|
MSHA Mine ID
|
|
Operator
|
|
Significant and
Substantial
Citations Issued
(Section 104 of
the Mine Act)
*Excludes 104(d)
citations/orders
|
|
Failure to Abate
Orders (Section
104(b) of the
Mine Act)
|
|
Unwarrantable
Failure
Citations/
Orders Issued
(Section 104(d)
of the Mine Act)
|
|
Flagrant
Violations
(Section
110(b)(2) of the
Mine Act)
|
|
Imminent
Danger Orders
Issued (Section
107(a) of the
Mine Act)
|
|
Dollar Value of
Proposed Civil
Penalty
Assessments
(in Thousands) (1)
|
|
Mining Related
Fatalities
|
3605018
|
|
Cumberland Contura, LLC
|
|
41
|
|
—
|
|
4
|
|
—
|
|
—
|
|
$133.56
|
|
—
|
3605466
|
|
Emerald Contura, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$3.79
|
|
—
|
4405270
|
|
Paramont Contura, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$1.66
|
|
—
|
4405311
|
|
Dickenson-Russell Contura, LLC
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.82
|
|
—
|
4407163
|
|
Paramont Contura, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.64
|
|
—
|
4407223
|
|
Paramont Contura, LLC
|
|
26
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$45.76
|
|
—
|
4407308
|
|
Paramont Contura, LLC
|
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$23.02
|
|
—
|
4407381
|
|
Paramont Contura, LLC
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.96
|
|
—
|
4601544
|
|
Spartan Mining Company, LLC
|
|
63
|
|
—
|
|
2
|
|
—
|
|
—
|
|
$373.44
|
|
—
|
4603317
|
|
Mammoth Coal Co.
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$1.49
|
|
—
|
4604343
|
|
Kingston Mining Inc.
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$7.14
|
|
—
|
4604637
|
|
Kepler Processing Company LLC
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.41
|
|
—
|
4605086
|
|
Bandmill Coal, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$1.67
|
|
—
|
4605317
|
|
Goals Coal Company
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4605649
|
|
Delbarton Mining Company, LLC
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$2.65
|
|
—
|
4605872
|
|
Litwar Processing Company, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.12
|
|
—
|
4605992
|
|
Black Castle Mining Company LLC
|
|
14
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$4.23
|
|
—
|
4606263
|
|
Brooks Run South Mining, LLC
|
|
22
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$44.61
|
|
—
|
4606558
|
|
Highland Mining Company
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.36
|
|
—
|
4607938
|
|
Black Castle Mining Company, LLC
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$0.24
|
|
—
|
4609550
|
|
Marfork Coal Company, LLC
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
|
$16.63
|
|
—
|
Mine ID
|
|
Operator Name
|
|
MSHA
Pending
Legal
Actions (as of last
day of
reporting
period) (1)
|
|
New MSHA
Dockets
commenced
during
reporting
period
|
|
MSHA
dockets in
which
final
orders
were
entered
(not
appealed)
during
reporting
period
|
|
Contests of
Citations/
Orders
referenced
in
Subpart B,
29 CFR
Part 2700
|
|
Contests of
Proposed
Penalties
referenced
in
Subpart C,
29 CFR
Part 2700
|
|
Complaints
for
compensation
referenced
in
Subpart D,
29 CFR
Part 2700
|
|
Complaints
for
discharge,
discrimination,or
interference
referenced
in Subpart E,
29 CFR
Part 2700
|
|
Applications
for
temporary
relief
referenced
in
Subpart F
29 CFR
Part 2700
|
|
Appeals of
judges’
decisions
or
orders to
FMSHRC
referenced
in
Subpart H
29 CFR
Part 2700
|
|||||||||
3605018
|
|
Cumberland Contura, LLC
|
|
4
|
|
|
8
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
3605466
|
|
Emerald Contura, LLC
|
|
2
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4405311
|
|
Dickenson-Russell Contura, LLC
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4407233
|
|
Paramont Contura, LLC
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4407381
|
|
Paramont Contura, LLC
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4601544
|
|
Spartan Mining Company, LLC
|
|
3
|
|
|
9
|
|
|
12
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4604343
|
|
Kingston
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4605317
|
|
Goals Coal Company
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4606263
|
|
Brooks Run South Mining, LLC
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608315
|
|
Marfork Coal Company, LLC
|
|
—
|
|
|
5
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608374
|
|
Marfork Coal Company, LLC
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608625
|
|
Kingston Mining, Inc.
|
|
1
|
|
|
13
|
|
|
14
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608808
|
|
Spartan Mining Company, LLC
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608837
|
|
Marfork Coal Company, LLC
|
|
—
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4608932
|
|
Kingston Mining, Inc.
|
|
2
|
|
|
10
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609048
|
|
Marfork Coal Company, LLC
|
|
1
|
|
|
11
|
|
|
12
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609054
|
|
Republic Energy LLC
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609091
|
|
Marfork Coal Company, LLC
|
|
6
|
|
|
14
|
|
|
10
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609092
|
|
Marfork Coal Company, LLC
|
|
2
|
|
|
9
|
|
|
10
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609204
|
|
Highland Mining Company
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609212
|
|
Marfork Coal Company, LLC
|
|
1
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609026
|
|
Pioneer Fuel
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4407308
|
|
Paramont Contura, LLC
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
4609550
|
|
Marfork Coal Company, LLC
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|