XML 75 R48.htm IDEA: XBRL DOCUMENT v3.3.1.900
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Price Risk Derivatives
At December 31, 2015, the Company held derivatives for risk management purposes that are expected to settle in the following years:
 
(Tons in thousands)
 
2016
 
2017
 
Total
Coal sales
 
480

 
—

 
480

Coal purchases
 
255

 
—

 
255
Disclosure Of Fair Value Of Derivatives
 The fair value and location of derivatives reflected in the accompanying consolidated balance sheets are as follows:
 
 
December 31, 2015
 
 
 
December 31, 2014
 
 
Fair Value of Derivatives
 
Asset
 
Liability
 
 
 
Asset
 
Liability
 
 
(In thousands)
 
Derivative
 
Derivative
 
 
 
Derivative
 
Derivative
 
 
Derivatives Designated as Hedging Instruments
 
 

 
 

 
 

 
 

 
 

 
 

Coal
 
$
4

 
$
(20
)
 
 

 
$
6,535

 
$
(2,492
)
 
 

 
 


 


 
 
 


 


 
 

Derivatives Not Designated as Hedging Instruments
 
 

 
 

 
 

 
 

 
 

 
 

Heating oil -- diesel purchases
 
1,017

 
—

 
 

 
300

 
—

 
 

Coal held for trading purposes, exchange traded swaps and futures
 
110,653

 
(104,814
)
 
 

 
96,898

 
(93,272
)
 
 

Coal -- risk management
 
3,912

 
(1,947
)
 
 

 
8,510

 
(3,688
)
 
 

Natural gas
 
494

 
(247
)
 
 
 
—

 
—

 
 
Total
 
116,076

 
(107,008
)
 
 

 
105,708

 
(96,960
)
 
 

Total derivatives
 
116,080

 
(107,028
)
 
 

 
112,243

 
(99,452
)
 
 

Effect of counterparty netting
 
(107,028
)
 
107,028

 
 

 
(98,686
)
 
98,686

 
 

Net derivatives as classified in the balance sheets
 
$
9,052

 
$
—

 
$
9,052

 
$
13,557

 
$
(766
)
 
$
12,791

 
 
 
 
 
December 31,
 
 
 
 
2015
 
2014
Net derivatives as reflected on the balance sheets
 
 
 
 

 
 

Heating oil
 
Other current assets
 
$
1,017

 
$
300

Coal
 
Coal derivative assets
 
8,035

 
13,257

 
 
Accrued expenses and other current liabilities
 
—

 
(766
)
 
 
 
 
$
9,052

 
$
12,791
Effects Of Derivatives On Measures Of Financial Performance
The effects of derivatives on measures of financial performance are as follows: 

Derivatives used in Cash Flow Hedging Relationships (in thousands)
For the year ended December 31,  
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion)
 
 
 
Gains (Losses) Reclassified from Other Comprehensive Income into Income
(Effective Portion)
 
 
 
2015
 
2014
 
2013
 
 
 
2015
 
2014
 
2013
 
Coal sales
(1) 
$
12,816

 
$
10,842

 
(338
)
 
 
 
$
18,635

 
$
5,336

 
$
3,664

 
Coal purchases
(2) 
(6,718
)
 
(5,097
)
 
526

 
 
 
(9,060
)
 
(2,693
)
 
(683
)
 
 
 
$
6,098

 
$
5,745

 
$
188

 
 
 
$
9,575

 
$
2,643

 
$
2,981

 
 
No ineffectiveness or amounts excluded from effectiveness testing relating to the Company’s cash flow hedging relationships were recognized in the results of operations in the years ended December 31, 2015, 2014 and 2013.  
 


Derivatives Not Designated as Hedging Instruments (in thousands)
For the year ended December 31,
 
 
Gain (Loss) Recognized
 
 
2015
 
2014
 
2013
Coal — unrealized
(3) 
$
(3,883
)
 
$
430

 
$
(12,700
)
Coal — realized
(4) 
$
3,236

 
$
5,956

 
$
32,534

Heating oil — diesel purchases
(4) 
$
(8,294
)
 
$
(7,848
)
 
$
(9,791
)
Heating oil — fuel surcharges
(4) 
$
—

 
$
(405
)
 
$
(947
)
Natural gas
 
$
878

 
$
—

 
$
—

Foreign currency
 
$
(887
)
 
$
—

 
$
—



Location in statement of operations:
(1) — Revenues
(2) — Cost of sales
(3) — Change in fair value of coal derivatives and coal trading activities, net
(4) — Other operating income, net