Coal Mining Business

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Coal Mining Business

2. Coal Mining Business

In April 2016, the Company completed the disposal of its coal mining business, previously included in the Coal Mining segment, to Revelation Energy, LLC ("Revelation") who assumed substantially all of the Company's remaining coal mining assets, mineral leases, real estate and a substantial portion of our mining reclamation obligations. Under the terms of the agreement Revelation received $12.1 million from the Company to take ownership of the assets and liabilities, which was reflected in cash flows used in investing activities on the Consolidated Statements of Cash Flows.

During the three and six months ended June 30, 2016, the Company recognized losses associated with this divestiture of $5.1 million and $14.7 million, respectively, which included a $10.7 million asset impairment charge recorded in the first quarter of 2016. These losses were recorded in loss on divestiture of business on the Consolidated Statements of Operations and included transaction-related costs of $0.7 million and $1.1 million during the three and six months ended June 30, 2016, respectively, which were reflected in cash flows used in operating activities on the Consolidated Statements of Cash Flows.

The Consolidated Balance Sheets as of December 31, 2015 has been reclassified to present the assets and liabilities associated with the divestiture of the coal mining business as held for sale. As of December 31, 2015, the Company had $12.3 million of assets held for sale, which primarily consisted of $11.4 million of properties, plants, and equipment, net, and $6.8 million of liabilities held for sale, which primarily consisted of $5.9 million of asset retirement obligations.