Patriot Coal CORP

CIK:0001376812|SEC Filings

Earnings Per Share (Notes)	9 Months Ended
Earnings Per Share (Notes)	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the reporting period. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The effect of dilutive securities excludes certain stock options, restricted stock units and convertible debt-related shares because the inclusion of these securities was antidilutive to earnings per share. For the three and nine months ended September 30, 2013 and 2012, no common stock equivalents were included in the computation of the diluted loss per share because we reported a net loss. Accordingly, 2.1 million shares for the three and nine months ended September 30, 2013 and 1.9 million shares for the three and nine months ended September 30, 2012 related to stock-based compensation awards were excluded from the diluted loss per share calculation. In addition, 3.0 million common shares related to the convertible notes were excluded from the diluted loss per share calculation for all periods.

Chapter 11 Reorganization Filings (Statement of Cash Flows - Debtors) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows From Operating Activities
Net loss	$ (340,544,000)	$ (645,550,000)
Depreciation, depletion and amortization	136,189,000	135,430,000
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs	11,719,000	42,552,000
Amortization of deferred financing costs	0	3,986,000
Amortization of debt discount	0	5,076,000
Sales contract accretion	0	(11,628,000)
Impairment and restructuring charge	(1,453,000)	60,892,000
Net gain on disposal or exchange of assets	(3,422,000)	(3,125,000)
Loss (income) from equity affiliates	11,119,000	(3,564,000)
Stock-based compensation expense	4,129,000	776,000
Non-cash reorganization items	3,848,000	56,428,000
Gain on benefit plan curtailments	(6,876,000)	0
Changes in current assets and liabilities:
Accounts receivable	1,140,000	79,137,000
Inventories	16,142,000	(30,170,000)
Other current assets	11,034,000	(1,135,000)
Accounts payable and accrued expenses	(20,228,000)	1,701,000
Asset retirement obligations	(10,604,000)	305,375,000
Workers' compensation obligations	4,952,000	7,157,000
Postretirement benefit obligations	45,918,000	39,310,000
Obligation to industry fund	(1,843,000)	(2,257,000)
Increase (Decrease) in Other Noncurrent Assets	0	(46,000,000)
Net cash used in operating activities	(144,516,000)	(2,249,000)
Cash Flows From Investing Activities
Additions to property, plant, equipment and mine development	(60,095,000)	(123,174,000)
Additions to advance mining royalties	(7,207,000)	(17,024,000)
Acquisition	(1,186,000)	(2,530,000)
Proceeds from disposal or exchange of assets	3,442,000	3,490,000
Net cash used in investing activities	(65,756,000)	(139,607,000)
Cash Flows From Financing Activities
Proceeds from Other Debt	0	375,000,000
Long-term debt payments	(5,833,000)	(1,305,000)
Deferred financing costs	0	(1,595,000)
Debtor in Possession Facility Financing Costs - Cash Flows	(11,719,000)	(42,552,000)
Proceeds from employee stock programs	0	930,000
Coal reserve financing transaction	(3,554,000)	0
Net cash used in financing activities	(21,106,000)	330,478,000
Net decrease in cash and cash equivalents	(231,378,000)	188,622,000
Cash and cash equivalents at beginning of year	333,929,000	194,162,000
Cash and cash equivalents at end of period	102,551,000	382,784,000
Debtors in Bankruptcy [Member]
Cash Flows From Operating Activities
Net loss	(340,544,000)	(645,550,000)
Depreciation, depletion and amortization	136,189,000	135,430,000
Debtor Reorganization Items, Debtor-in-Possession Facility Financing Costs	11,719,000	42,552,000
Amortization of deferred financing costs	0	3,986,000
Amortization of debt discount	0	5,076,000
Sales contract accretion	0	(11,628,000)
Impairment and restructuring charge	(1,453,000)	60,892,000
Net gain on disposal or exchange of assets	(3,422,000)	(3,125,000)
Loss (income) from equity affiliates	(234,000)	(130,000)
Loss from non-debtor entities	(11,359,000)	3,491,000
Stock-based compensation expense	4,129,000	776,000
Non-cash reorganization items	3,848,000	56,428,000
Gain on benefit plan curtailments	(6,876,000)	0
Changes in current assets and liabilities:
Accounts receivable	1,139,000	79,137,000
Inventories	16,142,000	(30,170,000)
Other current assets	10,767,000	(1,135,000)
Accounts payable and accrued expenses	(19,639,000)	1,701,000
Advances to non-debtor entities	(142,000)	2,530,000
Asset retirement obligations	(10,604,000)	305,375,000
Workers' compensation obligations	4,952,000	7,157,000
Postretirement benefit obligations	45,918,000	39,310,000
Obligation to industry fund	(1,843,000)	(2,257,000)
Increase (Decrease) in Other Noncurrent Assets	0	(46,000,000)
Other, net	(5,877,000)	518,000
Net cash used in operating activities	(144,472,000)	(2,618,000)
Cash Flows From Investing Activities
Additions to property, plant, equipment and mine development	(60,095,000)	(123,174,000)
Additions to advance mining royalties	(7,207,000)	(17,024,000)
Acquisition	(1,186,000)	(2,530,000)
Proceeds from disposal or exchange of assets	3,442,000	3,490,000
Net cash used in investing activities	(65,046,000)	(139,238,000)
Cash Flows From Financing Activities
Proceeds from Other Debt	0	375,000,000
Long-term debt payments	(5,833,000)	(1,305,000)
Deferred financing costs	0	1,595,000
Debtor in Possession Facility Financing Costs - Cash Flows	(11,719,000)	(42,552,000)
Proceeds from employee stock programs	0	930,000
Coal reserve financing transaction	(3,554,000)	0
Net cash used in financing activities	(21,106,000)	330,478,000
Net decrease in cash and cash equivalents	(230,624,000)	188,622,000
Cash and cash equivalents at beginning of year	333,175,000	194,162,000
Cash and cash equivalents at end of period	$ 102,551,000	$ 382,784,000

Chapter 11 Reorganization Filings (Balance Sheet - Debtors) (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 102,551	$ 333,929	$ 382,784	$ 194,162
Accounts receivable and other, net	103,995	105,135
Inventories	83,325	99,219
Deferred income taxes	48,479	65,036
Prepaid expenses and other current assets	22,814	37,406
Total current assets	361,164	640,725
Property, plant, equipment and mine development
Land and coal interests	2,899,224	2,892,799
Buildings and improvements	599,384	571,985
Machinery and equipment	796,176	767,749
Less accumulated depreciation, depletion and amortization	(1,243,317)	(1,130,027)
Property, plant, equipment and mine development, net	3,051,467	3,102,506
Cash collateralization deposits	64,990	64,990
Investments and other assets	31,433	30,586
Total assets	3,509,054	3,838,807
Current liabilities
Accounts payable and accrued expenses	244,595	247,489
Current maturities of long-term debt	381,684	375,409
Total current liabilities	626,279	622,898
Long-term debt, less current maturities	8,533	1,766
Deferred income taxes	48,479	65,036
Asset retirement obligations	704,363	720,461
Workers' compensation obligations	259,286	254,680
Coal Act postretirement benefit obligations	82,915	87,805
Obligation to industry fund	31,838	34,278
Other noncurrent liabilities	19,503	22,805
Total liabilities not subject to compromise	1,781,196	1,809,729
Liabilities subject to compromise	2,172,449	2,262,307
Total liabilities	3,953,645	4,072,036
Total stockholders' deficit	(444,591)	(233,229)
Total liabilities and stockholders' deficit	3,509,054	3,838,807
Debtors in Bankruptcy [Member]
Current assets
Cash and cash equivalents	102,551	333,175	382,784	194,162
Accounts receivable and other, net	103,995	105,135
Inventories	83,325	99,219
Deferred income taxes	48,479	65,036
Prepaid expenses and other current assets	22,814	36,734
Total current assets	361,164	639,299
Property, plant, equipment and mine development
Land and coal interests	2,899,224	2,892,799
Buildings and improvements	599,384	571,985
Machinery and equipment	796,176	767,749
Less accumulated depreciation, depletion and amortization	1,243,317	1,130,027
Property, plant, equipment and mine development, net	3,051,467	3,102,506
Cash collateralization deposits	64,990	64,990
Investments and other assets	13,715	6,193
Investments in and advances to non-debtor entities	17,718	23,428
Total assets	3,509,054	3,836,416
Current liabilities
Accounts payable and accrued expenses	244,595	245,098
Current maturities of long-term debt	381,684	375,409
Total current liabilities	626,279	620,507
Long-term debt, less current maturities	8,533	1,766
Deferred income taxes	48,479	65,036
Asset retirement obligations	704,363	720,461
Workers' compensation obligations	259,286	254,680
Coal Act postretirement benefit obligations	82,915	87,805
Obligation to industry fund	31,838	34,278
Other noncurrent liabilities	19,503	22,805
Total liabilities not subject to compromise	1,781,196	1,807,338
Liabilities subject to compromise	2,172,449	2,262,307
Total liabilities	3,953,645	4,069,645
Total stockholders' deficit	(444,591)	(233,229)
Total liabilities and stockholders' deficit	$ 3,509,054	$ 3,836,416