Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

NACoal's wholly owned unconsolidated subsidiaries each meet the definition of a variable interest entity. See Note 1 for a discussion of these entities. The income taxes resulting from the operations of the Unconsolidated Mines are solely the responsibility of the Company. The pre-tax income from the Unconsolidated Mines, excluding NoDak, is reported on the line “Earnings of unconsolidated mines” in the Consolidated Statements of Operations, with related income taxes included in the provision for income taxes. The Company has included the pre-tax earnings of the Unconsolidated Mines, excluding NoDak, above operating profit as they are an integral component of the Company's business and operating results. The pre-tax income from NoDak is reported on the line "Income from other unconsolidated affiliates" in the "Other (income) expense" section of the Consolidated Statements of Operations, with the related income taxes included in the provision for income taxes. See Note 1 for a discussion of NACC India.

The investment in the Unconsolidated Mines and related tax positions totaled $28.2 million and $33.1 million at December 31, 2014 and 2013, respectively, and is included on the line “Other Non-current Assets” in the Consolidated Balance Sheets. The Company's maximum risk of loss relating to these entities is limited to its invested capital, which was $4.0 million, $5.4 million and $3.2 million at December 31, 2014, 2013 and 2012, respectively.

Summarized financial information for the Unconsolidated Mines is as follows:

	2014		2013		2012
Statement of Operations
Revenues	$	579,031	$	577,436	$	543,892
Gross profit	$	74,244	$	74,870	$	74,542
Income before income taxes	$	48,592	$	47,953	$	46,819
Net income	$	37,067	$	37,468	$	35,616
Balance Sheet
Current assets	$	143,105	$	147,370
Non-current assets	$	781,475	$	737,851
Current liabilities	$	177,659	$	148,264
Non-current liabilities	$	742,938	$	731,525

NACoal received dividends of $38.3 million and $35.2 million from the Unconsolidated Mines in 2014 and 2013, respectively.

Legal services rendered by Jones Day approximated $1.9 million, $1.1 million and $3.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. A director of the Company was also Of Counsel with this law firm during 2014, 2013 and 2012.