XML 67 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Price Risk Derivatives
At December 31, 2017, the Company held derivatives for risk management purposes that are expected to settle in the following years:
 
(Tons in thousands)
 
2018
 
2019
 
Total
Coal sales
 
1,706

 
159

 
1,865

Coal purchases
 
747

 
—

 
747
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, 2017
 
 
 
December 31, 2016
 
 
Fair Value of Derivatives
 
Asset
 
Liability
 
 
 
Asset
 
Liability
 
 
(In thousands)
 
Derivative
 
Derivative
 
 
 
Derivative
 
Derivative
 
 
Derivatives Designated as Hedging Instruments
 
 

 
 

 
 

 
 

 
 

 
 

Coal
 
$
942

 
$
(2,146
)
 
 

 
$
—

 
$
(15
)
 
 

 
 


 


 
 
 


 


 
 

Derivatives Not Designated as Hedging Instruments
 
 

 
 

 
 

 
 

 
 

 
 

Heating oil -- diesel purchases
 
5,354

 
—

 
 

 
4,646

 
—

 
 

Coal held for trading purposes, exchange traded swaps and futures
 
44,088

 
(45,221
)
 
 

 
68,948

 
(68,740
)
 
 

Coal -- risk management
 
5,139

 
(9,892
)
 
 

 
475

 
(580
)
 
 

Natural gas
 
27

 
—

 
 
 
86

 
(13
)
 
 
Total
 
54,608

 
(55,113
)
 
 

 
74,155

 
(69,333
)
 
 

Total derivatives
 
55,550

 
(57,259
)
 
 

 
74,155

 
(69,348
)
 
 

Effect of counterparty netting
 
(50,042
)
 
50,042

 
 

 
(69,247
)
 
69,247

 
 

Net derivatives as classified in the balance sheets
 
$
5,508

 
$
(7,217
)
 
$
(1,709
)
 
$
4,908

 
$
(101
)
 
$
4,807

 
 
 
 
 
December 31, 2017
 
December 31, 2016
Net derivatives as reflected on the balance sheets
 
 
 
 

 
 

Heating oil
 
Other current assets
 
$
5,354

 
$
4,646

Coal
 
Other current assets
 
154

 
262

 
 
Accrued expenses and other current liabilities
 
(7,217
)
 
(101
)
 
 
 
 
$
(1,709
)
 
$
4,807
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 noted periods,
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Effective Portion)
 
 
Successor
Predecessor
 
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
Coal sales
(1) 
$
(2,127
)
 
$
—

$
(672
)
 
12,816

Coal purchases
(2) 
942

 
—

536

 
(6,718
)
 
 
$
(1,185
)
 
$
—

$
(136
)
 
$
6,098

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains (Losses) Reclassified from Other Comprehensive Income into Income
(Effective Portion)
 
 
Successor
Predecessor
 
 
Year Ended December 31, 2017
 
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
Coal sales
 
$
—

 
$
—

$
1,634

 
$
18,635

Coal purchases
 
—

 
—

(1,237
)
 
(9,060
)
 
 
$
—

 
$
—

$
397

 
$
9,575

 
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 respective periods. 


Derivatives Not Designated as Hedging Instruments (in thousands)
For the noted periods,
 
 
Gain (Loss) Recognized
 
 
Successor
Predecessor
 
 
Year Ended December 31, 2017
October 2 through December 31, 2016
January 1 through October 1, 2016
 
Year Ended December 31, 2015
Coal — unrealized
(3) 
$
(4,648
)
$
(408
)
$
(1,662
)
 
$
(3,883
)
Coal — realized
(4) 
$
—

$
116

$
(476
)
 
$
3,236

Heating oil — diesel purchases
(4) 
$
(1,057
)
$
827

$
826

 
$
(8,294
)
Natural gas
 
$
(774
)
$
(91
)
$
(463
)
 
$
878

Foreign currency
 
$
—

$
(9
)
$
(451
)
 
$
(867
)


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