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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Western Coal Corporation
Jun. 30, 2010
High Mount Exploration & Production Alabama, LLC
OPERATING ACTIVITIES        
Net income $ 189,171 $ 157,714    
Loss from discontinued operations   1,091    
Income from continuing operations 189,171 158,805    
Adjustments to reconcile income from continuing operations to net cash flows provided by (used in) operating activities:        
Depreciation and depletion 117,784 46,054    
Deferred income tax (14,840) 73,108    
Gain on investment in Western Coal Corp (20,553)      
Other 27,521 5,485    
Decrease (increase) in current assets, net of effect of business acquisitions:        
Receivables (41,571) (65,865)    
Inventories 14,660 19,562    
Other current assets 30 4,555    
Increase (decrease) in current liabilities, net of effect of business acquisitions:        
Accounts payable (29,612) 18,879    
Accrued expenses and other current liabilities 36,769 98    
Cash flows provided by operating activities 279,359 260,681    
INVESTING ACTIVITIES        
Additions to property, plant and equipment (136,417) (45,040)    
Acquisitions, net of cash acquired     (2,432,693) (209,964)
Other. 5,286 (5,236)    
Cash flows used in investing activities (2,563,824) (260,240)    
FINANCING ACTIVITIES        
Proceeds from issuance of debt 2,350,000      
Borrowings under revolving credit agreements 41,461      
Repayments on revolving credit agreement (20,725)      
Retirements of debt (153,310) (8,727)    
Dividends paid (14,434) (12,044)    
Purchases of stock under stock repurchase program   (53,543)    
Debt issuance costs (80,027)      
Other 1,766 5,953    
Cash flows provided by (used in) financing activities 2,124,731 (68,361)    
Cash flows used in continuing operations (159,734) (67,920)    
CASH FLOWS FROM DISCONTINUED OPERATIONS        
Cash flows used in operating activities   (4,735)    
Cash flows provided by investing activities   2,294    
Cash flows provided by (used in) financing activities 0      
Cash flows used in discontinued operations   (2,441)    
Net decrease in cash and cash equivalents (159,734) (70,361)    
Cash and cash equivalents at beginning of period 293,410 165,279    
Add: Cash and cash equivalents of discontinued operations at beginning of period 535 1,254    
Net decrease in cash and cash equivalents (159,734) (70,361)    
Less: Cash and cash equivalents of discontinued operations at end of period   470    
Cash and cash equivalents at end of period 134,211 95,702    
Acquisition of Western Coal in 2011 and HighMount in 2010:        
Fair value of assets acquired     5,661,965 217,607
Less: fair value of liabilities assumed     1,934,226 7,643
Less: fair value of shares of common stock issued     1,224,126  
Less: fair value of stock options issued and warrants     16,302  
Less: gain on investment     20,553  
Less: cash acquired     34,065  
Net cash paid     2,432,693 209,964
Non-cash transactions:        
Financing of one-year property insurance policy   $ 18,947