Restructuring and Asset Impairments

On August 25, 2014, the Company completed the sale of the Blue Creek Coal Terminal and associated properties (collectively "BCCT") located in Mobile, Alabama, to the Alabama State Port Authority for $25.0 million. Additionally, the parties amended and extended the existing coal handling agreement. The BCCT assets were part of the U.S. Operations segment. The Company recognized an impairment charge of approximately $23.1 million in the second quarter of 2014 in anticipation of the sale. This charge is included in restructuring and asset impairments in the Consolidated Statements of Operations. The carrying value of the BCCT assets as of December 31, 2013 was $47.5 million and was included in property, plant and equipment, net, within the Consolidated Balance Sheets.

In the second quarter of 2014, the Company idled the Canadian Operations, which included the Wolverine, Brule and Willow Creek mines in the Canadian and U.K. Operations segment. The Wolverine Mine was placed on idle status in April 2014 and the Brazion operations (which include the operations of Brule and Willow Creek) were placed on idle status in June 2014. In connection with this idling, the Company recognized restructuring charges of $4.7 million in the Canadian and U.K. Operations segment for the year ended December 31, 2014. The Company also recognized restructuring charges of approximately $0.7 million in the U.S. Operations segment and $0.5 million in the Other segment for the year ended December 31, 2014.

In 2013, the Company recognized a gain of $17.0 million due to the release of a below market contract liability that was obtained through the acquisition of North River which was partially offset by asset impairment charges of approximately $9.3 million related to the accelerated closure of the North River Mine. The Company also incurred $10.7 million of costs related to the curtailment of the Willow Creek Mine.

In the fourth quarter of 2012, the Company curtailed operations at its Aberpergwm underground coal mine in the U.K. and recognized restructuring and asset impairment charges of $9.1 million in the Canadian and U.K. Operations segment, of which $6.0 million related to severance and other obligations and $3.1 million related to the impairment of property, plant and equipment as the carrying values of certain assets exceeded their fair value. The Company also recorded a pre-tax charge of $40 million ($25 million after-tax) within the U.S. Operations segment in the third quarter of 2012 to write off capitalized exploratory costs associated with a natural gas exploration project that had not proved capable of providing commercially sufficient quantities of proven reserves to be economical.

All of these charges are presented as restructuring and asset impairments in the Consolidated Statements of Operations.

Assets and Liabilities Held for Sale

In the fourth quarter of 2014, the Company committed to a plan to sell the assets of the idled Gauley Eagle operations within our U.S. Operations segment located in West Virginia. The planned sale of the Gauley Eagle operations does not represent a strategic shift in the operations of the Company and does not and will not have a significant effect on the Company's operations or financial results. The Company expects to dispose of these assets within the next twelve months. As of December 31, 2014, the Company has determined that these operations met the criteria to be classified as held for sale. The following table summarizes the fair value of the Gauley Eagle operations assets and liabilities held for sale as of December 31, 2014 (in thousands):



	December 31, 2014
Mineral interests, net	$	1,654
Property, plant and equipment, net	1,527
Advance mining royalties	3,368
Other current assets	$	6,549

Asset retirement obligations	$	4,049
Other current liabilities	$	4,049

The following table summarizes the carrying value of the Gauley Eagle operations assets and liabilities as of December 31, 2013 (in thousands):



	December 31, 2013
Mineral interests, net	$	16,464
Property, plant and equipment, net	20,233
Advance mining royalties (1)	2,863
	$	39,560

Asset retirement obligations (1)	$	7,365
	$	7,365

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(1) Advance mining royalties and asset retirement obligations are reported within other long-term assets and other long-term liabilities, respectively, in the Consolidated Balance Sheet as of December 31, 2013.

Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less costs to sell. Fair value was determined based upon the anticipated sales price of the Gauley Eagle operations and is categorized as Level 3 in the fair value hierarchy. Accordingly, in the fourth quarter of 2014, the Company recorded an impairment charge of approximately $28.5 million. The charge is included in restructuring and asset impairments in the Consolidated Statements of Operations.