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Supplemental Guarantor and Non-Guarantor Financial Information
 3 Months Ended
Mar. 31, 2014
Supplemental Guarantor and Non-Guarantor Financial Information  
Supplemental Guarantor and Non-Guarantor Financial Information

Note 13—Supplemental Guarantor and Non-Guarantor Financial Information

        In accordance with the indentures governing the 9.875% senior notes due December 2020 and the 8.50% senior notes due April 2021 (collectively the "Senior Notes"), as of March 31, 2014 certain wholly-owned U.S. domestic restricted subsidiaries of the Company have fully and unconditionally guaranteed the Senior Notes on a joint and several basis. The following tables present unaudited condensed consolidating financial information for (i) the Company, (ii) the issuer of the senior notes, (iii) the guarantors under the senior notes, and (iv) the entities which are not guarantors of the senior notes:

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED)
MARCH 31, 2014
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

ASSETS

                                

Cash and cash equivalents

   $ 379,521   $ 48   $ 25,146   $ —   $ 404,715  

Receivables, net

     113,539     102,792     38,543     —     254,874  

Intercompany receivables

     —     188,183     31,526     (219,709 )   —  

Intercompany loans receivable

     13,870     1,111,632     —     (1,125,502 )   —  

Inventories

     —     137,803     173,364     —     311,167  

Deferred income taxes

     42,519     —     760     (9,415 )   33,864  

Prepaid expenses

     1,924     25,073     2,264     —     29,261  

Other current assets

     11,451     459     2,299     —     14,209  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     562,824     1,565,990     273,902     (1,354,626 )   1,048,090  

Mineral interests, net

     —     7,073     2,880,063     —     2,887,136  

Property, plant and equipment, net

     8,127     766,133     841,159     —     1,615,419  

Deferred income taxes

     3,046     17,816     —     (20,862 )   —  

Investment in subsidiaries

     4,540,783     83,770     —     (4,624,553 )   —  

Other long-term assets

     72,432     16,410     9,178     —     98,020  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 5,187,212   $ 2,457,192   $ 4,004,302   $ (6,000,041 ) $ 5,648,665  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND STOCKHOLDERS' EQUITY

                                

Current debt

   $ —   $ 7,844   $ 7,535   $ —   $ 15,379  

Accounts payable

     7,505     40,388     24,320     —     72,213  

Accrued expenses

     64,566     65,103     35,964     —     165,633  

Intercompany payables

     219,709     —     —     (219,709 )   —  

Intercompany loans payable

     1,111,632     —     13,870     (1,125,502 )   —  

Accumulated other postretirement benefits obligation

     520     29,942     —     —     30,462  

Other current liabilities

     176,892     34,265     24,109     (9,415 )   225,851  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     1,580,824     177,542     105,798     (1,354,626 )   509,538  

Long-term debt

     2,903,382     11,137     3,547     —     2,918,066  

Accumulated other postretirement benefits obligation

     (138 )   573,462     —     —     573,324  

Deferred income taxes

     —     —     811,125     (20,862 )   790,263  

Other long-term liabilities

     33,535     74,282     80,048     —     187,865  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     4,517,603     836,423     1,000,518     (1,375,488 )   4,979,056  

Stockholders' equity

     669,609     1,620,769     3,003,784     (4,624,553 )   669,609  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and stockholders' equity

   $ 5,187,212   $ 2,457,192   $ 4,004,302   $ (6,000,041 ) $ 5,648,665  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS (Unaudited)
DECEMBER 31, 2013
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

ASSETS

                                

Cash and cash equivalents

   $ 234,150   $ 101   $ 26,567   $ —   $ 260,818  

Receivables, net

     113,936     90,460     77,367     —     281,763  

Intercompany receivables

     —     30,126     57,778     (87,904 )   —  

Intercompany loans receivable

     63,549     1,104,282     —     (1,167,831 )   —  

Inventories

     —     168,434     144,213     —     312,647  

Deferred income taxes

     23,957     12,154     956     —     37,067  

Prepaid expenses

     2,245     34,011     2,766     —     39,022  

Other current assets

     15,257     440     2,334     —     18,031  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current assets

     453,094     1,440,008     311,981     (1,255,735 )   949,348  

Mineral interests, net

     —     7,294     2,897,708     —     2,905,002  

Property, plant and equipment, net

     7,248     764,406     865,898     —     1,637,552  

Deferred income taxes

     3,049     4,458     —     (7,507 )   —  

Investment in subsidiaries

     4,409,683     86,357     —     (4,496,040 )   —  

Other long-term assets

     73,564     10,323     15,071     —     98,958  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 4,946,638   $ 2,312,846   $ 4,090,658   $ (5,759,282 ) $ 5,590,860  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

LIABILITIES AND STOCKHOLDERS' EQUITY

                                

Current debt

   $ —   $ 1,313   $ 7,897   $ —   $ 9,210  

Accounts payable

     5,604     64,678     22,430     —     92,712  

Accrued expenses

     34,551     53,582     45,737     —     133,870  

Intercompany payables

     87,904     —     —     (87,904 )   —  

Intercompany loans payable

     1,104,282     —     63,549     (1,167,831 )   —  

Accumulated other postretirement benefits obligation

     94     29,942     —     —     30,036  

Other current liabilities

     164,364     27,062     22,647     —     214,073  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total current liabilities

     1,396,799     176,577     162,260     (1,255,735 )   479,901  

Long-term debt

     2,763,957     —     5,665     —     2,769,622  

Accumulated other postretirement benefits obligation

     263     570,449     —     —     570,712  

Deferred income taxes

     —     —     830,374     (7,507 )   822,867  

Other long-term liabilities

     32,925     73,420     88,719     —     195,064  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     4,193,944     820,446     1,087,018     (1,263,242 )   4,838,166  

Stockholders' equity

     752,694     1,492,400     3,003,640     (4,496,040 )   752,694  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and stockholders' equity

   $ 4,946,638   $ 2,312,846   $ 4,090,658   $ (5,759,282 ) $ 5,590,860  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2014
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Revenues:

                                

Sales

   $ —   $ 306,042   $ 99,187   $ —   $ 405,229  

Miscellaneous income

     655     1,872     6,129     —     8,656  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     655     307,914     105,316     —     413,885  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cost and expenses:

                                

Cost of sales (exclusive of depreciation and depletion)

     —     235,366     114,509     —     349,875  

Depreciation and depletion

     648     35,208     40,568     —     76,424  

Selling, general and administrative

     1,153     12,936     6,690     —     20,779  

Postretirement benefits

     (44 )   13,913     —     —     13,869  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     1,757     297,423     161,767     —     460,947  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     (1,102 )   10,491     (56,451 )   —     (47,062 )

Interest expense

     (86,307 )   —     (343 )   7,254     (79,396 )

Interest income

     14     7,254     61     (7,254 )   75  

Other loss

     (1,700 )   —     (56 )   —     (1,756 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income tax expense (benefit)

     (89,095 )   17,745     (56,789 )   —     (128,139 )

Income tax expense (benefit)

     (18,561 )   3,394     (20,794 )   —     (35,961 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity in net losses of subsidiaries

     (21,644 )               21,644     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss)

   $ (92,178 ) $ 14,351   $ (35,995 ) $ 21,644   $ (92,178 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2013
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Revenues:

                                

Sales

   $ —   $ 314,812   $ 174,797   $ —   $ 489,609  

Miscellaneous income (loss)

     553     2,190     (1,009 )   —     1,734  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     553     317,002     173,788     —     491,343  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cost and expenses:

                                

Cost of sales (exclusive of depreciation and depletion)

     —     247,677     173,257     —     420,934  

Depreciation and depletion

     485     40,410     40,295     —     81,190  

Selling, general and administrative

     6,211     13,333     11,130     —     30,674  

Postretirement benefits

     (55 )   14,780     —     —     14,725  

Restructuring charges

     —     116     7,324     —     7,440  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     6,641     316,316     232,006     —     554,963  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating income (loss)

     (6,088 )   686     (58,218 )   —     (63,620 )

Interest expense

     (59,167 )   —     (3,052 )   9,601     (52,618 )

Interest income

     1,670     6,980     1,601     (9,601 )   650  

Other income

     —     —     105     —     105  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income tax benefit

     (63,585 )   7,666     (59,564 )   —     (115,483 )

Income tax benefit

     (26,667 )   (3,396 )   (35,976 )   —     (66,039 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity in net losses of subsidiaries

     (12,526 )   —     —     12,526     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss)

   $ (49,444 ) $ 11,062   $ (23,588 ) $ 12,526   $ (49,444 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE
INCOME (LOSS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2014
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Net income (loss)

   $ (92,178 ) $ 14,351   $ (35,995 ) $ 21,644   $ (92,178 )

Other comprehensive income (loss):

                                

Change in pension and postretirement benefit plans, net of tax

     3,519     3,804     —     (3,804 )   3,519  

Change in unrealized gain on hedges, net of tax

     1,679     3     —     (3 )   1,679  

Change in foreign currency translation adjustment

     2,164     —     2,164     (2,164 )   2,164  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total other comprehensive income

     7,362     3,807     2,164     (5,971 )   7,362  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total comprehensive income (loss)

   $ (84,816 ) $ 18,158   $ (33,831 ) $ 15,673   $ (84,816 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE
INCOME (LOSS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2013
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Net income (loss)

   $ (49,444 ) $ 11,062   $ (23,588 ) $ 12,526   $ (49,444 )

Other comprehensive income (loss):

                                

Change in pension and postretirement benefit plans, net of tax

     4,659     —     —     —     4,659  

Change in unrealized gain on hedges, net of tax

     722     21     —     (21 )   722  

Change in foreign currency translation adjustment

     (15,625 )   —     (15,625 )   15,625     (15,625 )

Change in unrealized gain on investments

     44     —     44     (44 )   44  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total other comprehensive income (loss)

     (10,200 )   21     (15,581 )   15,560     (10,200 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total comprehensive income (loss)

   $ (59,644 ) $ 11,083   $ (39,169 ) $ 28,086   $ (59,644 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2014
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Cash flows provided by (used in) operating activities

   $ (100,236 ) $ 145,618   $ (9,992 ) $ —   $ 35,390  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTING ACTIVITIES

                                

Additions to property, plant and equipment

     (1,421 )   (9,117 )   (1,743 )   —     (12,281 )

Intercompany loans made

     (2,500 )   —     —     2,500     —  

Other

     —     —     (151 )   —     (151 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows used in investing activities

     (3,921 )   (9,117 )   (1,894 )   2,500     (12,432 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCING ACTIVITIES

                                

Proceeds from issuance of debt

     553,000     —     —     —     553,000  

Borrowings under revolving credit agreement

     —     —     137,921     —     137,921  

Repayments on revolving credit agreement

     —     —     (137,921 )   —     (137,921 )

Retirements of debt

     (406,566 )   (1,424 )   (1,934 )   —     (409,924 )

Dividends paid

     (626 )   —     —     —     (626 )

Debt issuance costs

     (20,343 )   —     —     —     (20,343 )

Advances from (to) consolidated entities

     124,182     (135,083 )   10,901     —     —  

Intercompany borrowings

     —     —     2,500     (2,500 )   —  

Other

     (119 )   (47 )   —     —     (166 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows provided by (used in) financing activities

     249,528     (136,554 )   11,467     (2,500 )   121,941  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Effect of foreign exchange rates on cash

     —     —     (1,002 )   —     (1,002 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net increase (decrease) in cash and cash equivalents

   $ 145,371   $ (53 ) $ (1,421 )   —   $ 143,897  

Cash and cash equivalents at beginning of period

     234,150     101     26,567     —     260,818  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents at end of period

   $ 379,521   $ 48   $ 25,146   $ —   $ 404,715  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

WALTER ENERGY, INC. AND SUBSIDIARIES
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2013
(in thousands)

 
   Parent
(Issuer)		   Guarantor
Subsidiaries		   Non-Guarantor
Subsidiaries		   Eliminations   Total
Consolidated		  

Cash flows provided by (used in) operating activities

   $ (34,482 ) $ 69,690   $ (54,606 ) $ —   $ (19,398 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTING ACTIVITIES

                                

Additions to property, plant and equipment

     (314 )   (24,545 )   (9,168 )   —     (34,027 )

Intercompany notes issued

     (45,591 )   —     —     45,591     —  

Intercompany notes proceeds

     22,000     —     —     (22,000 )   —  

Investments in subsidiaries

     (50,103 )   —     —     50,103     —  

Other

     —     —     1,021     —     1,021  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash flows used in investing activities

     (74,008 )   (24,545 )   (8,147 )   73,694     (33,006 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCING ACTIVITIES

                                

Proceeds from issuance of debt

     450,000     —     —     —     450,000  

Borrowings under revolving credit agreement

     —     —     320,778     —     320,778  

Repayments on revolving credit agreement

     —     —     (320,778 )   —     (320,778 )

Retirements of debt

     (250,000 )   (2,588 )   (2,099 )   —     (254,687 )

Dividends paid

     (7,816 )   —     —     —     (7,816 )

Debt issuance costs

     (15,163 )   —     —     —     (15,163 )

Advances from (to) consolidated entities

     47,974     (42,285 )   (5,689 )   —     —  

Intercompany notes borrowings

     —     —     45,591     (45,591 )   —  

Intercompany notes payments

     —     —     (22,000 )   22,000     —  

Investment from Parent

     —     —     50,103     (50,103 )   —  

Other

     (153 )   (175 )   —     —     (328 )
                       
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Cash flows provided by (used in) financing activities

     224,842     (45,048 )   65,906     (73,694 )   172,006  
                       
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Effect of foreign exchange rates on cash

     —     —     (412 )   —     (412 )
                       
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Net increase in cash and cash equivalents

   $ 116,352   $ 97   $ 2,741   $ —   $ 119,190  

Cash and cash equivalents at beginning of period

     83,833     61     32,707     —     116,601  
                       
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Cash and cash equivalents at end of period

   $ 200,185   $ 158   $ 35,448   $ —   $ 235,791  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​