Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

As part of a strategy to divest its non-core thermal coal assets, the Company entered into a definitive agreement on June 27, 2013 to sell Canyon Fuel, to Bowie Resources, LLC. Canyon Fuel operated two longwall mining complexes and a continuous miner operation in Utah. The sale was completed on August 16, 2013, for $422.7 million in cash, including adjustments to working capital estimates.

The following table summarizes the results of discontinued operations through the date of disposition:



		Year Ended December 31,
		2013		2012		2011
	(In thousands)
Total Revenues		$	219,002	$	390,912	$	402,856
Income from discontinued operations before income taxes		$	32,167	$	75,418	$	70,515
Gain on sale		120,321		—		—
Less: income tax expense		49,092		20,190		16,690
Income from discontinued operations, including gain on sale - net of tax		$	103,396	$	55,228	$	53,825

Basic earnings per common share from discontinued operations		$	0.49	$	0.26	$	0.28
Diluted earnings per common share from discontinued operations		$	0.49	$	0.26	$	0.28

The following table summarizes the assets and liabilities of the discontinued operations reflected in the December 31, 2012 consolidated balance sheet:




Inventories	53,543
Other current assets	10,763
Net property, plant & equipment	280,109
Other noncurrent assets	5,334
Accounts payable and accrued expenses	27,419
Other noncurrent liabilities	9,892

The following table summarizes the results of discontinued operations through the date of disposition:



		Year Ended December 31,
		2013		2012		2011
	(In thousands)
Total Revenues		$	219,002	$	390,912	$	402,856
Income from discontinued operations before income taxes		$	32,167	$	75,418	$	70,515
Gain on sale		120,321		—		—
Less: income tax expense		49,092		20,190		16,690
Income from discontinued operations, including gain on sale - net of tax		$	103,396	$	55,228	$	53,825

Basic earnings per common share from discontinued operations		$	0.49	$	0.26	$	0.28
Diluted earnings per common share from discontinued operations		$	0.49	$	0.26	$	0.28

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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