James River Coal CO

CIK:0001297720|SEC Filings

5. Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Loss

Note 5 - Accumulated Other Comprehensive Loss

The following is a summary of the changes in accumulated other comprehensive loss by component (in thousands):

	Defined
	Benefit			Pneumoconiosis
	Plans			Benefits			Total
January 1, 2012	$	(31,304	)		(16,071	)		(47,375	)
Other comprehensive income before reclassifications		–			–			–
Amounts reclassified from accumulated other comprehensive income (a)		2,507			1,158			3,665
Net current period other comprehensive income		2,507			1,158			3,665
September 30, 2012	$	(28,797	)		(14,913	)		(43,710	)

January 1, 2013	$	(37,511	)		(17,922	)		(55,433	)
Other comprehensive income before reclassifications		–			–			–
Amounts reclassified from accumulated other comprehensive income (a)		3,058			1,610			4,668
Net current period other comprehensive income		3,058			1,610			4,668
September 30, 2013	$	(34,453	)		(16,312	)		(50,765	)

(a) The accumulated other comprehensive components for defined benefit plans and pneumoconiosis benefits are net actuarial losses which are included in the computation of net periodic benefit costs. See notes 7 and 8 for additional details.

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ (14,999)	$ (61,974)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation, depletion, and amortization	86,725	98,152
Accretion of asset retirement obligations	3,355	3,948
Amortization of debt discount and issue costs	10,180	12,914
Stock-based compensation	3,406	3,808
Gain on sale or disposal of property, plant and equipment	(52)	(121)
Gain on debt transaction	(125,099)	(22,231)
Changes in operating assets and liabilities:
Receivables	37,607	12,239
Inventories	(29,662)	16,084
Prepaid royalties and other current assets	1,474	(760)
Restricted cash	(123)	(114)
Other assets	1,855	5,202
Accounts payable	(19,012)	(34,802)
Accrued salaries, wages, and employee benefits	1,089	2,308
Accrued taxes	1,460	(1,256)
Other current liabilities	5,956	(1,014)
Workers' compensation benefits	1,547	3,389
Black lung benefits	3,136	3,596
Pension obligations	350	(153)
Asset retirement obligations	(1,208)	(495)
Other liabilities	(6)	(224)
Net cash provided by (used in) operating activities	(32,021)	38,496
Cash flows from investing activities:
Additions to property, plant, and equipment	(29,866)	(66,466)
Proceeds from sale of property, plant and equipment	475	610
Net cash used in investing activities	(29,391)	(65,856)
Cash flows from financing activities:
Repayment of long-term debt	(33)	(20,916)
Debt issuance costs	(5,734)	0
Net cash used in financing activities	(5,767)	(20,916)
Decrease in cash and cash equivalents	(67,179)	(48,276)
Cash and cash equivalents at beginning of period	127,386	199,711
Cash and cash equivalents at end of period	$ 60,207	$ 164,835

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Assets:
Cash and cash equivalents	$ 60,207	$ 127,386
Trade receivables	52,209	89,816
Inventories:
Coal	62,247	26,598
Materials and supplies	15,863	16,699
Total inventories	78,110	43,297
Prepaid royalties	8,501	8,623
Other current assets	7,775	9,127
Total current assets	206,802	278,249
Property, plant, and equipment, net	790,698	855,217
Restricted cash and short term investments (note 1)	36,681	36,558
Other assets	31,859	34,097
Total assets	1,066,040	1,204,121
Liabilities and Shareholders' Equity
Accounts payable	53,849	72,861
Accrued salaries, wages, and employee benefits	12,085	10,996
Workers' compensation benefits	9,900	9,900
Black lung benefits	2,508	2,508
Accrued taxes	10,202	8,382
Other current liabilities	28,342	22,124
Total current liabilities	116,886	126,771
Long-term debt, less current maturities	425,379	546,407
Other liabilities:
Noncurrent portion of workers' compensation benefits	68,500	66,953
Noncurrent portion of black lung benefits	64,360	62,834
Pension obligations	32,617	35,325
Asset retirement obligations	101,178	99,177
Other	9,778	12,027
Total other liabilities	276,433	276,316
Total liabilities	818,698	949,494
Commitments and contingencies (note 4)
Shareholders' equity:
Preferred stock, $1.00 par value. Authorized 10,000,000 shares	0	0
Common stock, $.01 par value. Authorized 100,000,000 shares; issued and outstanding 36,060,869 and 35,866,549 shares as of September 30, 2013 and December 31, 2012	361	359
Paid-in-capital	549,333	546,289
Accumulated deficit	(251,587)	(236,588)
Accumulated other comprehensive loss	(50,765)	(55,433)
Total shareholders' equity	247,342	254,627
Total liabilities and shareholders' equity	$ 1,066,040	$ 1,204,121