Divestitures

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

Divestitures

During the first quarter of 2014, the Company entered into agreements to sell an operating thermal coal complex and an idled thermal coal mine in Kentucky and the Company's ADDCAR subsidiary, which manufactures a patented highwall mining system. The sales closed during the quarter for total consideration of $45.5 million. The Company received $26.3 million in cash and the remaining $19.0 million is payable $8.0 million on June 30, 2014 and $11.0 million on December 31, 2014. The Company recognized a net pre-tax gain of $13.8 million from these divestitures, reflected in "other operating income, net" in the condensed consolidated statement of operations.

The following table summarizes the assets and liabilities of the divested operations reflected in the December 31, 2013 consolidated balance sheet:

	(in thousands)
Inventories	$	33,283
Other current assets	1,032
Net property, plant & equipment	104,587
Other noncurrent assets	139
Accounts payable and accrued expenses	13,005
Other noncurrent liabilities	24,276

The following table summarizes the results of Canyon Fuel, reflected as discontinued operations in the condensed consolidated statement of operations through the date of disposition:

		Three Months Ended March 31, 2013
	(in thousands)
Total revenues		$	88,132
Income from discontinued operations before income taxes		$	18,989
Less: income tax expense		4,722
Income from discontinued operations		$	14,267
Basic and diluted earnings per common share from discontinued operations		$	0.07