UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
x
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2010
OR
¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
Commission File Number: 1-7775
A.
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Full title of plan and the address of the plan, if different from that of the issuer named below:
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COAL COMPANY SALARY DEFERRAL
AND PROFIT SHARING PLAN
B.
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
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Massey Energy Company
4 North 4
th
Street
Richmond, Virginia 23219
REQUIRED INFORMATION
Financial Statements
. The following financial statements and schedules are filed as part of this annual report and appear immediately after the signature page hereof:
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Statements of Net Assets Available for Benefits
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Statement of Changes in Net Assets Available for Benefits
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Notes to Financial Statements
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
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Exhibits
. The following exhibit is filed as part of this annual report:
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Exhibit 23.1 Consent of Keiter, Stephens, Hurst, Gary & Shreaves, P.C.
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SIGNATURES
The Plan
. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
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COAL COMPANY SALARY DEFERRAL
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AND PROFIT SHARING PLAN
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By A.T. MASSEY COAL COMPANY, INC.
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Its Named Fiduciary
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By:
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/s/ John M. Poma
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John M. Poma
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Vice President and Chief Administrative Officer
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Named Fiduciarys Designee
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Dated: May 26,
2011
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
Financial Statements and Supplemental Schedule
As of December 31, 2010 and 2009, and for the Year ended December 31, 2010 with Report of Independent Registered Public Accounting Firm
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
Financial Statements and Supplemental Schedule
As of December 31, 2010 and 2009 and for the Year ended December 31, 2010
Contents
Report of Independent Registered Public Accounting Firm
To the Administrator of the
Coal Company Salary Deferral and Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits of the Coal Company Salary Deferral and Profit Sharing Plan (the Plan) as of December 31, 2010 and 2009
and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in its net assets available for benefits for the year ended December 31, 2010, in
conformity with accounting principles generally accepted in the United States.
Our audits were conducted for the purpose of forming an
opinion on the financial statements taken as a whole. The accompanying supplemental schedule is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required
by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plans management. The supplemental schedule
has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Keiter, Stephens, Hurst, Gary & Shreaves, P.C.
Glen Allen, Virginia
May 26, 2011
1
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2010 and 2009
Massey Energy Company
Coal Company Salary Deferral and Profit Sharing Plan
Statements of Net Assets Available for Benefits
December 31, 2010
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2010
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2009
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Assets
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Cash
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$
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381,273
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$
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Investments, at fair value
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185,903,483
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172,261,713
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Notes receivable from participants
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3,703
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14,064
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Total assets
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186,288,459
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172,275,777
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Liabilities
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Excess contribution liability
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288,828
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190,382
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Total liabilities
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288,828
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190,382
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Net assets reflecting investments at fair value
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185,999,631
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172,085,395
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Adjustment from fair value to contract value for fully benefit-responsive investment contracts
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(1,868,879
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)
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(1,189,028
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)
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Net assets available for benefits
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$
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184,130,752
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$
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170,896,367
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See Notes to Financial Statements
2
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2010
Massey Energy Company
Coal Company Salary Deferral and Profit Sharing Plan
Statement of Changes in Net Assets Available for Benefits
December 31, 2010
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Additions:
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Investment income:
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Dividends and interest, net of investment management fees
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$
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4,595,951
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Net appreciation in fair value of investments
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15,922,915
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Total investment income
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20,518,866
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Interest income on notes receivable from participants
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789
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Contributions:
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Participants
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13,877,063
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Employer
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1,349,773
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Total contributions
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15,226,836
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Total additions
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35,746,491
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Deductions:
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Distributions to participants
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(22,512,106
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)
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Net increase
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13,234,385
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Net assets available for benefits:
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Beginning of year
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170,896,367
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End of year
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$
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184,130,752
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See Notes to Financial Statements
3
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1. Description of Plan
The following description of the Coal Company Salary Deferral and Profit Sharing Plan dated February 27, 2002, as amended (the Plan), provides only
general information. Participants should refer to the Plans governing documents for a more complete description of the Plans provisions and definitions of certain capitalized terms not defined herein.
General:
The Plan is a contributory defined contribution plan established effective January 1, 1985 (restated effective October 1, 2001)
by A.T. Massey Coal Company, Inc. (Massey, the Company, or the Plan Sponsor), which is a wholly owned subsidiary of Massey Energy Company and is administered by the Company for the benefit of eligible employees of the Company and certain
of its directly and indirectly owned subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Participation:
Eligible employees, as defined by the Plan document, may begin participation on any date after hire.
Participant Accounts:
Each participants account is credited with the participants contributions and allocations of (a) the Companys contributions and (b) Plan earnings,
net of fund management fees. Allocations of earnings are based on participant account balances within each fund. Forfeited balances of terminated participants nonvested accounts are used to reduce future Company contributions. The benefit to
which a participant is entitled is the benefit that can be provided from the participants vested account balance.
Upon enrollment in
the Plan, participants may direct their investments to any of the Plans fund options. Participants may change their investment options daily. Certain funds may impose repurchase restrictions ranging from 30 to 60 days.
Contributions:
Participants may elect to defer up to 75% of their eligible compensation, as defined by the Plan and as limited by restrictions of
the Internal Revenue Code. Prior to May 1, 2009, the Company contributed an amount equal to 30% of the first 10% of each participants compensation contributed to the Plan. Effective May 1, 2009, the Company reduced the fixed matching
contribution to an amount equal to 10% of the first 10% of each participants compensation contributed to the Plan.
The Company also may
contribute a discretionary amount to the Plan each year as determined by the Plan Sponsors management. No discretionary contributions were made during the Plan years ended December 31, 2010 and 2009.
Vesting:
Participants are vested immediately in their contributions plus actual earnings thereon. The Matching Account for a participant who was
an employee on September 30, 2001, is fully vested and nonforfeitable at all times. The Discretionary Matching Account and Matching Account for an individual who was hired on or after October 1, 2001 shall become fully vested if the
participant dies or reaches his Normal Retirement Age while employed by the Plan Sponsor or any of its participating subsidiaries; otherwise, such participant shall vest 20% after two years of service and then shall vest 20% each year after the
first two years until fully vested.
Distribution:
Participants may obtain distributions from their accounts upon
termination of employment, retirement, upon reaching age 59
1
/
2
, or by incurring a disability or hardship, as defined by the Plan. Designated beneficiaries are entitled to receive the participants unpaid benefits upon the death of the participant. Distributions
must be in a form and medium prescribed by the Plan document.
Notes Receivable from Participants:
Effective December 31,
2001, the provision to grant new loans to participants was eliminated. Prior to that date, loans were made from the participants account and secured by the participants remaining account balance. Participants were permitted to borrow
from their accounts a minimum of $1,000 and a maximum equal to the lesser of 50% of the participants account or $50,000 in accordance with the Department of Labors regulations on loans to participants. The remaining note receivable from
participant bears interest at 9% and must be repaid over a period not to exceed 5
4
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
years unless the loan was used to purchase the participants primary residence, in which case the loan term may not exceed 10 years. Principal and interest is paid ratably through regular
payroll deductions. Loans to terminated participants and loans in default are treated as distributions to the participant. Notes receivable from participants are measured at their unpaid principal balances plus any accrued but unpaid interest.
Management has evaluated notes receivable from participants for collectability and has determined that no allowance is considered necessary.
Plan Amendment and Termination:
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its
contributions at any time and to amend or terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested in their employer contributions.
Administrative Expenses:
Expenses of the Plan, excluding investment management fees that are netted against fund earnings, are paid by the Plan
Sponsor.
Note 2. Summary of Accounting Policies
Use of Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires the Plan Sponsors management to make
estimates that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
Investment Valuation and Income Recognition:
The Plans investments are stated at fair value, which equals the quoted market price on the last day of the year. However, the Invesco Stable
Value Trust is stated at contract value, as required by current accounting guidance. Contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully
benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Statement of Net Assets Available for Benefits presents the fair
value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.
Securities transactions are recorded as of the trade date. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
Fair Value Measurements:
Assets and liabilities that are required to be measured at fair value are categorized based upon the levels of judgment associated with the inputs used to measure their
fair value. See Note 4 to the Notes to Financial Statements for more information.
Payment of Benefits:
Benefits are recorded when
paid.
Adoption of New Accounting Guidance:
At December 31, 2010, the Plan adopted the provisions of FASB ASU No. 2010-25,
Plan Accounting Defined Contribution Pension Plans (Topic 962): Reporting Loans to Participants by Defined Contribution Pension Plans
. ASU 2010-25 requires participant loans to be classified as notes receivable from participants and
measured at their unpaid principal balances plus any accrued but unpaid interest. The Plan has reclassified participant loans from investments as of December 31, 2010 and 2009, with no effect on the nets assets of the Plan.
Subsequent Events:
The Plan Sponsors management has evaluated subsequent events through the date the financial statements were issued. On
January 28, 2011, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Alpha Natural Resources, Inc. (Alpha), a Delaware corporation, and Mountain Merger Sub, Inc. (Merger
Sub), a Delaware corporation and wholly owned subsidiary of Alpha. Subject to the terms and conditions of the Merger Agreement, Massey will be merged with and into the Merger Sub, with Massey surviving the merger as a wholly-owned subsidiary
of Alpha (the Merger). On or after the closing of the Alpha Merger, the Trustee will not purchase any shares of Common Stock for the Common Stock Fund and a participant may not elect to have any additional amounts invested in the Common
Stock Fund. Further impact of the Merger on the Plan has not yet been determined.
5
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 3. Investments
All of the Plans investments are held in a trust fund administered by the Trustee (as defined within the Plan document). At December 31, 2010 and 2009, investments in each fund (including
short-term investments allocated to such funds) consisted of the following:
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December 31,
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2010
|
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2009
|
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Invesco Stable Value Trust
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$
|
60,271,096
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*
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$
|
59,285,229
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*
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Oppenheimer Strategic Income Fund A
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27,977,934
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*
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23,700,980
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*
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American Funds Fundamental Investors Fund A
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27,164,325
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*
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25,684,021
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*
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American Funds American Balanced Fund A
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24,023,449
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*
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22,006,289
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*
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Massey Energy Company Stock Fund
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21,247,776
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*
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19,881,152
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*
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MainStay Large Cap Growth Fund
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10,087,158
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*
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Vanguard S&P 500 Index
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7,811,880
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|
|
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6,777,340
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Allianz Funds OCC Renaissance Fund A
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5,933,306
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4,944,483
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Thornburg International Value
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1,289,263
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670,095
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BlackRock Bond Index Fund
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97,296
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Invesco Constellation A
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9,312,124
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*
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$
|
185,903,483
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$
|
172,261,713
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*
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Investment represents 5% or more of the Plans net assets.
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The Invesco Stable Value Trust is presented in the financial statements at contract value, as reported to the Plan by the Trustee. Contract value represents contributions made under the contract, plus
earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. There are no reserves against contract value for credit risk
of the contract issuer or otherwise. If an event occurs that may impair the ability of the contract issuer to perform in accordance with the contract terms, fair value may be less than contract value. The market value yield to the fund was 2.39% and
the crediting interest rate to the fund was 3.26% for the year ended December 31, 2010.
At December 31, 2010 and 2009, Plan
investments included forfeiture balances of $135,185 and $272,082, respectively, which were invested in the Invesco Stable Value Trust. Forfeitures amounted to $516,286 in 2010.
During 2010, the Plans investments (including investments purchased and sold, as well as held during the year) appreciated (depreciated) in value as follows:
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Year Ended
December 31,
2010
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Massey Energy Company Stock Fund
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$
|
5,283,583
|
|
American Funds Fundamental Investors Fund A
|
|
|
2,858,876
|
|
American Funds American Balanced Fund A
|
|
|
2,314,313
|
|
Oppenheimer Strategic Income Fund A
|
|
|
2,128,204
|
|
Allianz Funds OCC Renaissance Fund A
|
|
|
938,090
|
|
Vanguard S&P 500 Index
|
|
|
888,934
|
|
Invesco Constellation A
|
|
|
728,741
|
|
MainStay Large Cap Growth Fund
|
|
|
681,067
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Thornburg International Value
|
|
|
103,657
|
|
BlackRock Bond Index Fund
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|
|
(2,550
|
)
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|
|
|
|
|
|
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$
|
15,922,915
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6
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 4. Fair Value Measurements
Assets and liabilities that are required to be measured at fair value are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Current accounting
guidance provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
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Level 1
|
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Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
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Level 2
|
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Inputs to the valuation methodology (other than quoted prices included in Level 1) are either directly or indirectly observable for the assets or liabilities through correlation
with market data at the measurement date and for the duration of the instruments contractual or anticipated term.
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Level 3
|
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Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
The assets or liabilitys fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
Following is a description of the
valuation methodologies used for assets measured at fair value:
Mutual funds
: Valued at the net asset value (NAV) of
shares held by the Plan at year end.
Common/collective trust
: Valued daily at the NAV of shares or units held by the Plan based
on quoted market value of the underlying assets.
Common stock
: Valued at the closing price reported on the active market on which the
individual securities are traded.
The methods described above may produce a fair value calculation that may not be indicative of net
realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair
value of certain financial instruments could result in a different fair value measurement at the reporting date.
7
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
The following tables set forth, within the fair value hierarchy, the Plans assets at fair value
as of December 31, 2010 and 2009, by level:
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
December 31, 2010
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth
|
|
$
|
45,287,661
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
45,287,661
|
|
Balanced
|
|
|
24,023,449
|
|
|
|
|
|
|
|
|
|
|
|
24,023,449
|
|
Index
|
|
|
7,909,176
|
|
|
|
|
|
|
|
|
|
|
|
7,909,176
|
|
Other
|
|
|
27,164,325
|
|
|
|
|
|
|
|
|
|
|
|
27,164,325
|
|
Common/Collective Trust
|
|
|
|
|
|
|
60,271,096
|
|
|
|
|
|
|
|
60,271,096
|
|
Common Stock
|
|
|
21,247,776
|
|
|
|
|
|
|
|
|
|
|
|
21,247,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value
|
|
$
|
125,632,387
|
|
|
$
|
60,271,096
|
|
|
$
|
|
|
|
$
|
185,903,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2009
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth
|
|
$
|
39,940,629
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
39,940,629
|
|
Balanced
|
|
|
22,006,289
|
|
|
|
|
|
|
|
|
|
|
|
22,006,289
|
|
Index
|
|
|
6,777,340
|
|
|
|
|
|
|
|
|
|
|
|
6,777,340
|
|
Other
|
|
|
24,371,075
|
|
|
|
|
|
|
|
|
|
|
|
24,371,075
|
|
Common/Collective Trust
|
|
|
|
|
|
|
59,285,228
|
|
|
|
|
|
|
|
59,285,228
|
|
Common Stock
|
|
|
19,881,152
|
|
|
|
|
|
|
|
|
|
|
|
19,881,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at fair value
|
|
$
|
112,976,485
|
|
|
$
|
59,285,228
|
|
|
$
|
|
|
|
$
|
172,261,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 5. Related Party Transactions
Certain Plan assets are invested in common stock of the Plan Sponsor or in funds sponsored by the Trustee. Transactions involving these instruments are considered to be party-in-interest transactions for
which statutory exemption exists under the Department of Labor Regulations.
Note 6. Tax Status
The Internal Revenue Service (IRS) has determined and informed the Plan Sponsor by a letter dated April 28, 2003, that the Plan and
related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The letter also states that the Plan is qualified under Section 401(a) of the IRC and, therefore, the related trust is exempt from
taxation. On September 1, 2010 the IRS acknowledged receipt of the Plan Sponsors request for a new ruling which will cover all amendments and restatements from April 28, 2003 through November 1, 2010. Although the Plan has been
amended since receiving the determination letter, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.
Management has evaluated the effects of accounting guidance related to uncertain income tax positions that became effective in 2009 and concluded that
the Plan had no significant financial statement exposure to uncertain income tax positions at December 31, 2010 and 2009.
Note 7.
Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as
interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes
could materially affect participants account balances and the amounts reported in the statements of net assets available for benefits.
8
COAL COMPANY SALARY DEFERRAL AND PROFIT SHARING PLAN
SUPPLEMENTARY INFORMATION
EIN:
54-0295165
PLAN: 002
SCHEDULE H, LINE 4i SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
(b)
Identity of issue, borrower,
lessor or similar party
|
|
(c)
Description of investment including maturity date, rate of
interest, collateral, par or maturity value
|
|
(d)
Cost
|
|
(e)
Current Value
|
|
*
|
|
Common/Collective Trust: Invesco
|
|
Stable Value Trust - 58,402,216 shares
|
|
**
|
|
$
|
60,271,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common/Collective Trust
|
|
|
|
|
|
|
60,271,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies:
|
|
|
|
|
|
|
|
|
|
|
Oppenheimer
|
|
Strategic Income Fund A - 6,521,663 shares
|
|
**
|
|
|
27,977,934
|
|
|
|
American Funds
|
|
Fundamental Investors Fund A - 740,172 shares
|
|
**
|
|
|
27,164,325
|
|
|
|
American Funds
|
|
American Balanced Fund A - 1,339,847 shares
|
|
**
|
|
|
24,023,449
|
|
|
|
MainStay Funds
|
|
Large Cap Growth Fund- 1,393,254 shares
|
|
**
|
|
|
10,087,158
|
|
|
|
Vanguard
|
|
S&P 500 Index - 67,448 shares
|
|
**
|
|
|
7,811,880
|
|
|
|
Allianz Funds
|
|
OCC Renaissance Fund A - 360,468 shares
|
|
**
|
|
|
5,933,306
|
|
|
|
Thornburg
|
|
International Value - 45,079 shares
|
|
**
|
|
|
1,289,263
|
|
|
|
BlackRock
|
|
Bond Index Fund - 9,567 shares
|
|
**
|
|
|
97,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Registered Investment Companies
|
|
|
|
|
|
|
104,384,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Fund:
|
|
|
|
|
|
|
|
|
*
|
|
Massey Energy Company
|
|
Massey Energy Company - 366,467 shares
|
|
**
|
|
|
21,247,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment from fair value to contract value for fully benefit-responsive investment contracts
|
|
|
|
|
|
|
(1,868,879
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
|
|
|
|
|
184,034,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
Cash
|
|
|
|
|
381,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Participant loan
|
|
Interest rate of 9%; maturity date of June 30, 2011
|
|
|
|
|
3,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Total
|
|
|
|
|
|
$
|
184,419,580
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Historical cost is not required as all investments are participant directed.
|
9
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