|3 Months Ended|
Mar. 31, 2016
|Deferred Revenue Disclosure [Abstract]|
In March 2016, the Company assigned its contractual delivery obligations under two of its sales contracts which are scheduled for later in 2016 to a natural resources trading company in exchange for a cash payment of $5.1 million. The remainder of the Company’s contractual obligations under the two contracts remain in place. The Company will reflect the payment as revenue when the related deliveries under the contracts are settled. As of March 31, 2016, the deliveries were not due and had not been made.
The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
Reference 1: http://www.xbrl.org/2003/role/presentationRef