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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to

Commission File Number 001-38735
ctra-20200930_g1.jpg
CONTURA ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware81-3015061
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
340 Martin Luther King Jr. Blvd.
Bristol, Tennessee 37620
(Address of principal executive offices, zip code)
(423) 573-0300
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes   ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes   ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerx
Non-accelerated filer¨Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes   x No




Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCTRANew York Stock Exchange

Number of shares of the registrant’s Common Stock, $0.01 par value, outstanding as of October 31, 2020: 18,308,838






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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This report includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements.” These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to our future prospects, developments and business strategies. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should” and similar terms and phrases, including references to assumptions, in this report to identify forward-looking statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed in or implied by these forward-looking statements.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

the effects of the COVID-19 pandemic on our operations and the world economy;
the financial performance of the company;
our liquidity, results of operations and financial condition;
our ability to generate sufficient cash or obtain financing to fund our business operations;
depressed levels or declines in coal prices;
worldwide market demand for coal, steel, and electricity, including demand for U.S. coal exports, and competition in coal markets;
our ability to obtain financing and other services, and the form and degree of these services available to us, which may be significantly limited by the lending, investment and similar policies of financial institutions and insurance companies regarding carbon energy producers and the environmental impacts of coal combustion;
our ability to meet collateral requirements;
the imposition or continuation of barriers to trade, such as tariffs;
utilities switching to alternative energy sources such as natural gas, renewables and coal from basins where we do not operate;
reductions or increases in customer coal inventories and the timing of those changes;
our production capabilities and costs;
inherent risks of coal mining beyond our control;
changes in, interpretations of, or implementations of domestic or international tax or other laws and regulations, including the Tax Cuts and Jobs Act and its related regulations;
changes in domestic or international environmental laws and regulations, and court decisions, including those directly affecting our coal mining and production, and those affecting our customers’ coal usage, including potential climate change initiatives;
our relationships with, and other conditions affecting, our customers, including the inability to collect payments from our customers if their creditworthiness declines;
changes in, renewal or acquisition of, terms of and performance of customers under coal supply arrangements and the refusal by our customers to receive coal under agreed-upon contract terms;
our ability to obtain, maintain or renew any necessary permits or rights, and our ability to mine properties due to defects in title on leasehold interests;
attracting and retaining key personnel and other employee workforce factors, such as labor relations;
funding for and changes in employee benefit obligations;
cybersecurity attacks or failures, threats to physical security, extreme weather conditions or other natural disasters;
reclamation and mine closure obligations;
our assumptions concerning economically recoverable coal reserve estimates;
our ability to negotiate new United Mine Workers of America wage agreements on terms acceptable to us, increased unionization of our workforce in the future, and any strikes by our workforce;
disruptions in delivery or changes in pricing from third-party vendors of key equipment and materials that are necessary for our operations, such as diesel fuel, steel products, explosives, tires and purchased coal;
inflationary pressures on supplies and labor and significant or rapid increases in commodity prices;
railroad, barge, truck and other transportation availability, performance and costs;
disruption in third-party coal supplies;
the consummation of financing or refinancing transactions, acquisitions or dispositions and the related effects on our business and financial position;
our indebtedness and potential future indebtedness;
our ability to obtain or renew surety bonds on acceptable terms or maintain our current bonding status; and
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other factors, including the other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of this Report and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2019.

The factors identified above are not exhaustive. We caution readers not to place undue reliance on any forward-looking statements, which are based only on information currently available to us and speak only as of the dates on which they are made. When considering these forward-looking statements, you should keep in mind the cautionary statements in this report. We do not undertake any responsibility to publicly revise these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by the forward-looking statements contained in this report.

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Part I - Financial Information

Item 1. Financial Statements
CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues:   
Coal revenues$399,954 $523,987 $1,278,935 $1,784,775 
Other revenues737 1,877 4,054 6,409 
Total revenues400,691 525,864 1,282,989 1,791,184 
Costs and expenses:    
Cost of coal sales (exclusive of items shown separately below)367,277 467,658 1,148,416 1,480,098 
Depreciation, depletion and amortization50,739 60,842 154,466 184,927 
Accretion on asset retirement obligations9,127 6,846 23,806 19,925 
Amortization of acquired intangibles, net2,219 2,314 5,180 (4,712)
Asset impairment and restructuring3,571 32 221,453 5,858 
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)14,501 17,387 42,010 53,121 
Merger-related costs 68  1,055 
Total other operating (income) loss:
Mark-to-market adjustment for acquisition-related obligations3,624 (3,238)(13,425)(288)
Other (income) expense(1,359)166 (2,063)(7,319)
Total costs and expenses449,699 552,075 1,579,843 1,732,665 
(Loss) income from operations(49,008)(26,211)(296,854)58,519 
Other income (expense):    
Interest expense(18,389)(18,847)(54,808)(50,079)
Interest income378 1,763 6,889 5,584 
Loss on modification and extinguishment of debt   (26,459)
Equity loss in affiliates(1,295)(1,845)(3,085)(4,804)
Miscellaneous loss, net(368)(1,523)(1,088)(2,912)
Total other expense, net(19,674)(20,452)(52,092)(78,670)
Loss from continuing operations before income taxes(68,682)(46,663)(348,946)(20,151)
Income tax benefit45 3,102 2,200 8,880 
Net loss from continuing operations(68,637)(43,561)(346,746)(11,271)
Discontinued operations:
Loss from discontinued operations before income taxes (11,516) (176,973)
Income tax (expense) benefit from discontinued operations (13,455) 12,866 
Loss from discontinued operations (24,971) (164,107)
Net loss $(68,637)$(68,532)$(346,746)$(175,378)
Basic loss per common share:
Loss from continuing operations$(3.75)$(2.29)$(18.96)$(0.59)
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Loss from discontinued operations (1.31) (8.63)
Net loss$(3.75)$(3.60)$(18.96)$(9.22)
Diluted loss per common share
Loss from continuing operations$(3.75)$(2.29)$(18.96)$(0.59)
Loss from discontinued operations (1.31) (8.63)
Net loss$(3.75)$(3.60)$(18.96)$(9.22)
Weighted average shares – basic
18,319,947 19,025,462 18,290,346 19,014,974 
Weighted average shares – diluted
18,319,947 19,025,462 18,290,346 19,014,974 

Refer to accompanying Notes to Condensed Consolidated Financial Statements.

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CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
(Amounts in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net loss$(68,637)$(68,532)$(346,746)$(175,378)
Other comprehensive income (loss), net of tax:
Employee benefit plans:
Amortization of and adjustments to employee benefit costs$1,133 $(86)$(9,998)$1,340 
Income tax expense 22  (350)
Total other comprehensive income (loss), net of tax$1,133 $(64)$(9,998)$990 
Total comprehensive loss$(67,504)$(68,596)$(356,744)$(174,388)
Refer to accompanying Notes to Condensed Consolidated Financial Statements.

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CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share data)
September 30, 2020December 31, 2019
Assets  
Current assets:  
Cash and cash equivalents$161,434 $212,793 
Trade accounts receivable, net of allowance for doubtful accounts of $432 and $0 as of September 30, 2020 and December 31, 2019
179,671 244,666 
Inventories, net124,245 162,659 
Prepaid expenses and other current assets120,939 91,361 
Total current assets586,289 711,479 
Property, plant, and equipment, net of accumulated depreciation and amortization of $395,397 and $314,276 as of September 30, 2020 and December 31, 2019
401,197 583,262 
Owned and leased mineral rights, net of accumulated depletion and amortization of $40,623 and $27,877 as of September 30, 2020 and December 31, 2019
489,631 523,141 
Other acquired intangibles, net of accumulated amortization of $38,806 and $32,686 as of September 30, 2020 and December 31, 2019
100,350 125,145 
Long-term restricted cash124,065 122,524 
Deferred income taxes 33,065 
Other non-current assets221,591 204,207 
Total assets$1,923,123 $2,302,823 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Current portion of long-term debt$44,864 $28,485 
Trade accounts payable75,836 98,746 
Acquisition-related obligations – current
18,206 33,639 
Accrued expenses and other current liabilities153,372 154,282 
Total current liabilities292,278 315,152 
Long-term debt552,676 564,481 
Acquisition-related obligations - long-term19,286 46,259 
Workers’ compensation and black lung obligations263,517 260,778 
Pension obligations186,089 204,086 
Asset retirement obligations210,998 184,130 
Deferred income taxes368 422 
Other non-current liabilities54,943 31,393 
Total liabilities1,580,155 1,606,701 
Commitments and Contingencies (Note 18)
Stockholders’ Equity
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued
  
Common stock - par value $0.01, 50.0 million shares authorized, 20.6 million issued and 18.3 million outstanding at September 30, 2020 and 20.5 million issued and 18.2 million outstanding at December 31, 2019
206 205 
Additional paid-in capital778,728 775,707 
Accumulated other comprehensive loss(68,614)(58,616)
Treasury stock, at cost: 2.3 million shares at September 30, 2020 and December 31, 2019
(106,976)(107,984)
Retained (deficit) earnings (260,376)86,810 
Total stockholders’ equity342,968 696,122 
Total liabilities and stockholders’ equity$1,923,123 $2,302,823 
Refer to accompanying Notes to Condensed Consolidated Financial Statements.
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CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in thousands)
Nine Months Ended September 30,
20202019
Operating activities:
Net loss$(346,746)$(175,378)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization154,466 330,840 
Amortization of acquired intangibles, net5,180 (4,712)
Accretion of acquisition-related obligations discount2,882 4,367 
Amortization of debt issuance costs and accretion of debt discount11,087 10,446 
Mark-to-market adjustment for acquisition-related obligations(13,425)(288)
(Gain) loss on disposal of assets(2,179)1,462 
Gain on assets acquired in an exchange transaction (9,083)
Loss on modification and extinguishment of debt 26,459 
Asset impairment and restructuring221,453 23,020 
Accretion on asset retirement obligations23,806 24,906 
Employee benefit plans, net15,135 14,513 
Deferred income taxes33,011 (22,021)
Stock-based compensation4,200 7,512 
Equity loss in affiliates3,085 4,804 
Other, net(5,356)351 
Changes in operating assets and liabilities(33,566)(99,620)
Net cash provided by operating activities73,033 137,578 
Investing activities:
Capital expenditures(118,896)(144,183)
Proceeds on disposal of assets3,131 1,170 
Purchases of investment securities(18,618)(65,193)
Maturity of investment securities12,678 50,775 
Capital contributions to equity affiliates(3,196)(7,600)
Other, net68 (2,548)
Net cash used in investing activities(124,833)(167,579)
Financing activities:
Proceeds from borrowings on debt57,500 544,946 
Principal repayments of debt(43,364)(551,405)
Principal repayments of notes payable(14,951)(14,054)
Principal repayments of financing lease obligations(2,291)(2,960)
Debt issuance costs (6,104)
Common stock repurchases and related expenses(171)(35,485)
Other, net 952 
Net cash used in financing activities(3,277)(64,110)
Net decrease in cash and cash equivalents and restricted cash(55,077)(94,111)
Cash and cash equivalents and restricted cash at beginning of period347,680 477,246 
Cash and cash equivalents and restricted cash at end of period$292,603 $383,135 
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
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As of September 30,
 20202019
Cash and cash equivalents$161,434 $152,638 
Short-term restricted cash (included in prepaid expenses and other current assets)7,104 21,456 
Long-term restricted cash124,065 209,041 
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$292,603 $383,135 

Refer to accompanying Notes to Condensed Consolidated Financial Statements.

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CONTURA ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)
(Amounts in thousands)
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Treasury Stock at CostRetained (Deficit) EarningsTotal Stockholders’ Equity
Balances, December 31, 2018$202 $761,301 $(23,130)$(70,362)$403,129 $1,071,140 
Net income— — — — 6,815 6,815 
Other comprehensive income, net— — 177 — — 177 
Stock-based compensation and net issuance of common stock for share vesting— 6,377 — — — 6,377 
Exercise of stock options1 305 — — — 306 
Common stock repurchases and related expenses— — — (4,171)— (4,171)
Balances, March 31, 2019$203 $767,983 $(22,953)$(74,533)$409,944 $1,080,644 
Net loss— — — — (113,661)(113,661)
Other comprehensive income, net— — 877 — — 877 
Stock-based compensation and net issuance of common stock for share vesting— (545)— — — (545)
Exercise of stock options1 589 — — — 590 
Common stock repurchases and related expenses— — — (703)— (703)
Warrant exercises— 19 — — — 19 
Balances, June 30, 2019$204 $768,046 $(22,076)$(75,236)$296,283 $967,221 
Net loss— — — — (68,532)(68,532)
Other comprehensive loss, net— — (64)— — (64)
Stock-based compensation and net issuance of common stock for share vesting1 2,738 — — — 2,739 
Exercise of stock options— 38 — — — 38 
Common stock repurchases and related expenses— — — (32,464)— (32,464)
Balances, September 30, 2019$205 $770,822 $(22,140)$(107,700)$227,751 $868,938 
Balances, December 31, 2019$205 $775,707 $(58,616)$(107,984)$86,810 $696,122 
Net loss— — — — (39,808)(39,808)
Credit losses cumulative-effect adjustment
— — — — (440)(440)
Other comprehensive loss, net— — (4,010)— — (4,010)
Stock-based compensation and net issuance of common stock for share vesting— 900 — — — 900 
Common stock reissuances, repurchases and related expenses— — — 1,071 — 1,071 
Balances, March 31, 2020$205 $776,607 $(62,626)$(106,913)$46,562 $653,835 
Net loss— — — — (238,301)(238,301)
Other comprehensive loss, net— — (7,121)— — (7,121)
Stock-based compensation and net issuance of common stock for share vesting1 1,043 — — — 1,044 
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Common stock repurchases and related expenses— — — (42)— (42)
Balances, June 30, 2020$206 $777,650 $(69,747)$(106,955)$(191,739)$409,415 
Net loss— — — — (68,637)(68,637)
Other comprehensive income, net— — 1,133 — — 1,133 
Stock-based compensation and net issuance of common stock for share vesting— 1,078 — — — 1,078 
Common stock repurchases and related expenses— — — (21)— (21)
Balances, September 30, 2020$206 $778,728 $(68,614)$(106,976)$(260,376)$342,968 
Refer to accompanying Notes to Condensed Consolidated Financial Statements.
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CONTURA ENERGY, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited, amounts in thousands except share and per share data)

(1) Business and Basis of Presentation
Basis of Presentation

Together, the condensed consolidated statements of operations, comprehensive loss, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Condensed Consolidated Financial Statements.” The Condensed Consolidated Financial Statements are also referenced across periods as “Condensed Consolidated Statements of Operations,” “Condensed Consolidated Statements of Comprehensive Loss,” “Condensed Consolidated Balance Sheets,” “Condensed Consolidated Statements of Cash Flows,” and “Condensed Consolidated Statements of Stockholders’ Equity.”
The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries’ results of operations for the three and nine months ended September 30, 2020 and 2019. All significant intercompany transactions have been eliminated in consolidation.

The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or any other period. These interim Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Liquidity Risks and Uncertainties

Weak market conditions and depressed coal prices have resulted in operating losses. If market conditions do not improve, the Company may experience continued operating losses and cash outflows in the coming quarters, which would adversely affect its liquidity. The Company may need to raise additional funds more quickly if market conditions deteriorate, and may not be able to do so in a timely fashion, or at all. The Company believes it will have sufficient liquidity to meet its working capital requirements, anticipated capital expenditures, debt service requirements, acquisition-related obligations, and reclamation obligations for the 12 months subsequent to the issuance of these financial statements. The Company relies on a number of assumptions in budgeting for future activities. These include the costs for mine development to sustain capacity of its operating mines, cash flows from operations, effects of regulation and taxes by governmental agencies, mining technology improvements and reclamation costs. These assumptions are inherently subject to significant business, political, economic, regulatory, environmental and competitive uncertainties, contingencies and risks, all of which are difficult to predict and many of which are beyond the Company’s control. Therefore, the cash on hand and from future operations will be subject to any significant changes in these assumptions.

COVID-19 Pandemic

In the first quarter of 2020, the COVID-19 virus was declared a pandemic by the World Health Organization. The COVID-19 pandemic has had negative impacts on the Company’s business, results of operations, financial condition and cash flows. A continued period of reduced demand for the Company’s products could have significant adverse consequences. The full extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on its customers and suppliers and the range of governmental and community reactions to the pandemic, which are still uncertain and cannot be fully predicted at this time.

In response to the COVID-19 pandemic, on March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) was enacted into law. As a result, the Company expects accelerated refunds of previously generated alternative minimum tax (“AMT”) credits from the Internal Revenue Service (“IRS”) as further described in Note 15 and expects to defer 2020 employer payroll taxes incurred after the date of enactment to future years.

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CONTURA ENERGY, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited, amounts in thousands except share and per share data)
As further described in Note 11, on March 20, 2020, the Company borrowed funds under a senior secured asset-based revolving credit facility. The funds were borrowed to augment the Company’s short-term operational flexibility in the face of uncertainty created by the current spread of the COVID-19 virus and its potential effects.

On April 3, 2020, the Company announced temporary operational changes in response to market conditions, existing coal inventory levels, and customer deferrals due to concern around the global economic impact of the COVID-19 pandemic. Beginning April 3, 2020, the majority of the Company’s operations were idled for a period of approximately 30 days, with some sites idling for shorter periods of time and a few continuing to operate at a near-normal rate of production. Location-specific schedules were implemented based on existing customer agreements, current inventory levels, and anticipated customer demand. Certain preparation plants, docks, and loadouts continued to operate to support business needs and customer shipments. As of May 4, 2020, all Company sites were back to nearly normal staffing levels and operating capacity with additional precautions in place to help reduce the risk of exposure to COVID-19. Refer to Note 8 for discussion of certain strategic actions announced during the second quarter of 2020 with respect to two thermal coal mining complexes in an effort to strengthen the Company’s financial performance. The Company will continue to evaluate market conditions amid the continuing uncertainty of the COVID-19 pandemic and expects to adjust its operations accordingly.

Recently Adopted Accounting Guidance

Credit Losses: In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Credit Losses (“ASU 2016-13”). ASU 2016-13, along with related amendments and improvements issued in 2018 and 2019, replaces the previous incurred loss impairment methodology in U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable supportable information to inform credit loss estimates for financial instruments that are in the scope of this update, including trade accounts receivable. The Company adopted ASU 2016-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures and resulted in a cumulative-effect adjustment to retained earnings of $440 in the Condensed Consolidated Balance Sheet as of January 1, 2020.

Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in this update modify the disclosure requirements for fair value measurements. The Company adopted ASU 2018-13 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures.

Income Taxes: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted ASU 2019-12 during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures.

Reference Rate Reform: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in this update provide optional expedients and exceptions, if certain criteria are met, for applying U.S. GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company adopted ASU 2020-04, with respect to topics in Accounting Standards Codification (“ASC”) 310 Receivables, ASC 470 Debt, ASC 815 Derivatives and Hedging and ASC 842 Leases, during the first quarter of 2020. The adoption of this ASU did not have a material impact on the Company's Condensed Consolidated Financial Statements and related disclosures.

Recent Accounting Guidance Issued Not Yet Effective

Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). The amendments in this update modify the disclosure requirements for employers that sponsor
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CONTURA ENERGY, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited, amounts in thousands except share and per share data)
defined benefit pension or other postretirement plans. For public business entities, the standard is effective for fiscal years ending after December 15, 2020. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.

Convertible Debt and Contracts in Entity’s Own Equity: In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity, such as the Company’s outstanding Series A warrants. For public business entities, the standard is effective for fiscal years ending after December 15, 2021, with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements and related disclosures.

(2) Discontinued Operations

Discontinued operations in the prior period consisted of activity related to the transactions with Blackjewel and ESM stemming from the sale of assets in the Company’s former PRB operations.

On May 29, 2020, Contura Coal West, LLC and Contura Wyoming Land, LLC merged with certain subsidiaries of ESM and survived as wholly-owned subsidiaries of ESM. Contura Coal West, LLC holds, and will continue to hold, the mining permits for the Western Mines, which have been under the operational control of ESM since October 2019 pursuant to the ESM Transaction. Pursuant to terms of the transaction, the Company received from ESM approximately $625 in consideration for assets owned by Contura Coal West, LLC but not previously conveyed.

There were no discontinued operations for the three and nine months ended September 30, 2020 and as of September 30, 2020. The major components of net loss from discontinued operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 are as follows:
 Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
Revenues: 
Total revenues (1)
$4 $152 
Costs and expenses:
Depreciation, depletion and amortization (2)
$ $145,913 
Accretion on asset retirement obligations (3)
$4,981 $4,981 
Asset impairment (4)
$694 $17,162 
Selling, general and administrative expenses$4,666 $4,673 
Other expenses$1,032 $3,964 
Other non-major expense (income) items, net$147 $432 
(1) Total revenues for the three and nine months ended September 30, 2019 consisted entirely of other revenues.
(2) The depreciation, depletion and amortization is related to an increase in the Company’s estimate of its asset retirement obligations with respect to the Western Mines as a result of the Blackjewel Chapter 11 bankruptcy filing on July 1, 2019. The Company remeasured its asset retirement obligations based on the expectation that the mining permits would not transfer to Blackjewel and Blackjewel would be unable to perform its contractual obligation to reclaim the properties. The increase in the asset retirement obligation was recorded to expense as the Company no longer owned the underlying mining assets.
(3) The accretion on asset retirement obligations is related to the asset retirement obligation as a result of the Blackjewel bankruptcy filing.
(4) The asset impairment is primarily related to the write-off of a tax receivable. The Company was considered to be the primary obligor for certain taxes that Blackjewel was contractually obligated to pay. During the nine months ended September 30, 2019, the Company recorded an impairment charge for the offsetting receivable from Blackjewel as a result of the Blackjewel bankruptcy filing.

Refer to the Condensed Consolidated Statements of Operations for net loss per share information related to discontinued operations. There were no major components of asset and liabilities that are classified as discontinued operations in the
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CONTURA ENERGY, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited, amounts in thousands except share and per share data)
Condensed Consolidated Balance Sheet as of December 31, 2019.

The major components of cash flows related to discontinued operations are as follows:
Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
Other significant operating non-cash items related to discontinued operations:
Depreciation, depletion and amortization$ $145,913 
Accretion on asset retirement obligations$4,981 $4,981 
Asset impairment$694 $17,162 

(3) Revenue

Disaggregation of Revenue from Contracts with Customers

The following tables disaggregate the Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors:
Three Months Ended September 30, 2020
MetThermalTotal
Export coal revenues$202,339 $6,707 $209,046 
Domestic coal revenues