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Marshall Mine Asset Retirement Obligation and Cabot Receivable | 9 Months Ended
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Sep. 30, 2021
Asset Retirement Obligation and related Long-Term Receivable [Abstract] |
Marshall Mine Asset Retirement Obligation and Cabot Receivable | Marshall Mine Asset Retirement Obligation and Cabot Receivable Asset Retirement Obligation As of the Acquisition Date, the Company recorded an asset retirement obligation (the "Marshall Mine ARO") for the total Reclamation Costs of $21.3 million as measured at the expected future cash flows of $23.7 million, inclusive of contingency costs, discounted to their present value using a discount rate based on a credit-adjusted, risk-free rate of 7.0%. As of September 30, 2021 and December 31, 2020, the carrying value of the Marshall Mine ARO was $9.4 million and $18.1 million, respectively. As of June 30, 2021, the Company revised its estimate of future obligations owed for the reclamation of the Marshall Mine primarily based on scope reductions related to future reclamation requirements. As a result, the Company reduced the Marshall Mine ARO by $1.9 million as of June 30, 2021 and recorded a corresponding gain on change in estimate for the three months ended June 30, 2021. This is included as "Gain on change in estimate, asset retirement obligation" in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021. Cabot Receivable As of the Acquisition Date, the Company recorded the Cabot Receivable at its estimated fair value of $9.7 million, reflecting a discount rate of approximately 1.5% or $0.5 million. There were no significant related fees or costs associated with the Cabot Receivable. The Company did not elect the fair value option in its initial or subsequent accounting for the Cabot Receivable. The Cabot Receivable requires Cabot to pay the Reclamation Reimbursements to the Company in the amount of $10.2 million inclusive of interest based on a mutually agreed-upon payment schedule through 2033. Interest is accreted on the Cabot Receivable and recognized as interest income. An allowance for the Cabot Receivable asset is assessed periodically, and no allowance was deemed necessary as of September 30, 2021 and December 31, 2020. Surety Bond As the owner of the Marshall Mine, the Company is required to post a surety bond to ensure performance of its reclamation activities. On the Acquisition Date, the Company and a third party entered into a surety bond indemnification agreement (the "Surety Agreement") pursuant to which the Company secured and posted a $30.0 million surety bond (the "Bond") with the local regulatory agency. On June 7, 2021, the third party agreed to reduce the Surety Bond amount to $16.6 million. The Bond will remain in place until the Marshall Mine is fully reclaimed, and may be further reduced in amount from time to time as the Company progresses with its reclamation activities. As of September 30, 2021, the Company was required to post collateral of $10.0 million for the obligations due under the Reclamation Contract, which is recorded as long-term restricted cash on the Condensed Consolidated Balance Sheet.

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- Definition Asset Retirement Obligation and related Long-Term Receivable + References No definition available. + Details
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- Definition Asset Retirement Obligation and related Long-Term Receivable Disclosure + References No definition available. + Details
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