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Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivatives

Schedule of Price Risk Derivatives


(Tons in thousands)		2021		2022		Total
Coal sales		193		—		193
Coal purchases		82		—		82

Disclosure of Fair Value of Derivatives


		December 31, 2020									December 31, 2019
Fair Value of Derivatives		Asset			Liability						Asset			Liability
(In thousands)		Derivative			Derivative						Derivative			Derivative
Derivatives Designated as Hedging Instruments
Coal		$	—		$	—					$	1,351		$	(962)

Derivatives Not Designated as Hedging Instruments
Heating oil -- diesel purchases			237			—						133			(112)
Coal -- held for trading purposes			1,914			(1,595)						18,467			(18,940)
Coal -- risk management			1,094			(804)						11,662			(5,856)
Natural gas			—			—						3			—
Total		$	3,245		$	(2,399)					$	30,265		$	(24,908)
Total derivatives		$	3,245		$	(2,399)					$	31,616		$	(25,870)
Effect of counterparty netting			(2,392)			2,392						(25,759)			25,759
Net derivatives as classified in the balance sheets		$	853		$	(7)		$	846		$	5,857		$	(111)		$	5,746


				December 31,			December 31,
				2020			2019
Net derivatives as reflected on the balance sheets (in thousands)
Heating oil and coal		Other current assets		$	853		$	5,857
Coal		Accrued expenses and other current liabilities			(7)			(111)
				$	846		$	5,746

Effects of Derivatives on Measures of Financial Performance

Derivatives used in Cash Flow Hedging Relationships (in thousands)

For the noted periods,


		Gain (Loss) Recognized in Other Comprehensive
		Income (Effective Portion)
		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2020			2019			2018
Coal sales	⁽¹⁾	$	500		$	10,249		$	(7,517)
Coal purchases	⁽²⁾		(496)			(1,231)			1,348
		$	4		$	9,018		$	(6,169)


		Gains (Losses) Reclassified from Other
		Comprehensive Income into Income
		(Effective Portion)
		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2020			2019			2018
Coal sales		$	(1,850)		$	10,167		$	(10,912)
Coal purchases			1,458			(686)			2,707
		$	(392)		$	9,481		$	(8,205)

Derivatives Not Designated as Hedging Instruments (in thousands)

For the noted periods,


			Gain (Loss) Recognized
			Year Ended			Year Ended			Year Ended
			December 31,			December 31,			December 31,
			2020			2019			2018
Coal trading— realized and unrealized	⁽³⁾		$	222		$	(1,013)		$	135
Coal risk management— unrealized	⁽³⁾			(5,517)			19,713			(9,530)
Natural gas trading — realized and unrealized	⁽³⁾			76			(99)			277
Change in fair value of coal derivatives and coal trading activities, net total			$	(5,219)		$	18,601		$	(9,118)

Coal risk management — realized	⁽⁴⁾		$	9,258		$	487		$	(8,734)
Heating oil — diesel purchases	⁽⁴⁾		$	(558)		$	(2,291)		$	(505)

Location in income statement:

(1)

— Revenues

(2)

— Cost of sales

(3)

— Change in fair value of coal derivatives and coal trading activities, net

(4)

— Other operating income, net