SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||||||||
For the quarterly period ended | June 30, |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
For the transition period from ____________ to ____________ |
Delaware | 13-4004153 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
701 Market Street, | St. Louis, | Missouri | 63101-1826 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | BTU | New York Stock Exchange |
Page | |||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | (Dollars in millions, except per share data) | |||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | ||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Sales | $ | 1,264.2 | $ | 1,064.0 | $ | 2,323.8 | $ | 1,081.4 | $ | 2,835.9 | ||||||||||||||||||||||||||||||
Other revenues | 213.0 | 143.1 | 411.7 | 244.8 | 438.6 | |||||||||||||||||||||||||||||||||||
Total revenues | 1,477.2 | 1,207.1 | 2,735.5 | 1,326.2 | 3,274.5 | |||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 1,321.9 | $ | 723.4 | $ | 2,013.3 | $ | 1,374.7 | |||||||||||||||||||||||||||||||
Costs and expenses | Costs and expenses | |||||||||||||||||||||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 1,044.9 | 1,064.8 | 1,979.7 | 963.7 | 2,981.2 | Operating costs and expenses (exclusive of items shown separately below) | 825.6 | 611.4 | 1,524.6 | 1,194.0 | ||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 194.5 | 117.8 | 342.8 | 119.9 | 345.5 | Depreciation, depletion and amortization | 73.8 | 77.1 | 146.7 | 145.4 | ||||||||||||||||||||||||||||||
Asset retirement obligation expenses | 11.3 | 12.7 | 22.3 | 14.6 | 37.3 | Asset retirement obligation expenses | 12.7 | 15.1 | 27.7 | 31.0 | ||||||||||||||||||||||||||||||
Selling and administrative expenses | 33.4 | 32.1 | 67.8 | 37.2 | 114.6 | Selling and administrative expenses | 21.8 | 21.4 | 44.9 | 43.1 | ||||||||||||||||||||||||||||||
Restructuring charges | 1.1 | 0.3 | 1.1 | — | 15.5 | Restructuring charges | 0.2 | 2.1 | 1.8 | 4.2 | ||||||||||||||||||||||||||||||
Other operating (income) loss: | Other operating (income) loss: | |||||||||||||||||||||||||||||||||||||||
Net gain on disposal of assets | (0.4 | ) | (1.9 | ) | (0.9 | ) | (22.8 | ) | (17.4 | ) | ||||||||||||||||||||||||||||||
Asset impairment | — | — | — | 30.5 | 17.2 | |||||||||||||||||||||||||||||||||||
Net gain on disposals | Net gain on disposals | (12.8) | (3.0) | (17.7) | (2.4) | |||||||||||||||||||||||||||||||||||
(Income) loss from equity affiliates | (10.5 | ) | 2.9 | (26.2 | ) | (15.0 | ) | 12.6 | (Income) loss from equity affiliates | (48.7) | 3.5 | (93.4) | 4.4 | |||||||||||||||||||||||||||
Operating profit (loss) | 202.9 | (21.6 | ) | 348.9 | 198.1 | (232.0 | ) | Operating profit (loss) | 449.3 | (4.2) | 378.7 | (45.0) | ||||||||||||||||||||||||||||
Interest expense | 42.4 | 58.5 | 83.8 | 32.9 | 243.7 | Interest expense | 37.6 | 45.4 | 77.0 | 97.8 | ||||||||||||||||||||||||||||||
Loss on early debt extinguishment | 12.9 | — | 12.9 | — | — | |||||||||||||||||||||||||||||||||||
Net loss (gain) on early debt extinguishment | Net loss (gain) on early debt extinguishment | 2.3 | (11.8) | 25.8 | (15.3) | |||||||||||||||||||||||||||||||||||
Interest income | (2.0 | ) | (1.3 | ) | (3.5 | ) | (2.7 | ) | (4.0 | ) | Interest income | (0.9) | (1.3) | (1.4) | (2.8) | |||||||||||||||||||||||||
Reorganization items, net | — | 29.7 | — | 627.2 | 125.1 | |||||||||||||||||||||||||||||||||||
Net periodic benefit credit, excluding service cost | Net periodic benefit credit, excluding service cost | (12.3) | (8.7) | (24.5) | (17.4) | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 149.6 | (108.5 | ) | 255.7 | (459.3 | ) | (596.8 | ) | Income (loss) from continuing operations before income taxes | 422.6 | (27.8) | 301.8 | (107.3) | |||||||||||||||||||||||||||
Income tax benefit | (84.1 | ) | (10.8 | ) | (79.4 | ) | (263.8 | ) | (108.2 | ) | ||||||||||||||||||||||||||||||
Income tax provision (benefit) | Income tax provision (benefit) | 11.3 | (4.8) | 10.3 | (6.6) | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | 233.7 | (97.7 | ) | 335.1 | (195.5 | ) | (488.6 | ) | Income (loss) from continuing operations, net of income taxes | 411.3 | (23.0) | 291.5 | (100.7) | |||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (3.7 | ) | (38.1 | ) | (6.4 | ) | (16.2 | ) | (44.5 | ) | Loss from discontinued operations, net of income taxes | (0.7) | (2.3) | (1.5) | (4.3) | |||||||||||||||||||||||||
Net income (loss) | 230.0 | (135.8 | ) | 328.7 | (211.7 | ) | (533.1 | ) | Net income (loss) | 410.6 | (25.3) | 290.0 | (105.0) | |||||||||||||||||||||||||||
Less: Series A Convertible Preferred Stock dividends | 23.5 | — | 138.6 | — | — | |||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 5.1 | 1.8 | 8.9 | 4.8 | 3.5 | Less: Net income attributable to noncontrolling interests | 1.1 | 3.3 | — | 3.7 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 201.4 | $ | (137.6 | ) | $ | 181.2 | $ | (216.5 | ) | $ | (536.6 | ) | Net income (loss) attributable to common stockholders | $ | 409.5 | $ | (28.6) | $ | 290.0 | $ | (108.7) | ||||||||||||||||||
Income (loss) from continuing operations: | Income (loss) from continuing operations: | |||||||||||||||||||||||||||||||||||||||
Basic income (loss) per share | $ | 1.51 | $ | (5.44 | ) | $ | 1.38 | $ | (10.93 | ) | $ | (26.91 | ) | Basic income (loss) per share | $ | 2.85 | $ | (0.26) | $ | 2.08 | $ | (1.05) | ||||||||||||||||||
Diluted income (loss) per share | $ | 1.49 | $ | (5.44 | ) | $ | 1.37 | $ | (10.93 | ) | $ | (26.91 | ) | Diluted income (loss) per share | $ | 2.55 | $ | (0.26) | $ | 1.93 | $ | (1.05) | ||||||||||||||||||
Net income (loss) attributable to common stockholders: | Net income (loss) attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||
Basic income (loss) per share | $ | 1.48 | $ | (7.53 | ) | $ | 1.33 | $ | (11.81 | ) | $ | (29.34 | ) | Basic income (loss) per share | $ | 2.84 | $ | (0.28) | $ | 2.07 | $ | (1.09) | ||||||||||||||||||
Diluted income (loss) per share | $ | 1.47 | $ | (7.53 | ) | $ | 1.32 | $ | (11.81 | ) | $ | (29.34 | ) | Diluted income (loss) per share | $ | 2.54 | $ | (0.28) | $ | 1.93 | $ | (1.09) | ||||||||||||||||||
Dividends declared per share | $ | — | $ | — | $ | — | $ | — | $ | — |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Net income (loss) | $ | 410.6 | $ | (25.3) | $ | 290.0 | $ | (105.0) | |||||||||||||||
Postretirement plans (net of $0.0 tax provisions in each period) | (13.5) | (11.0) | (26.9) | (22.0) | |||||||||||||||||||
Foreign currency translation adjustment | (3.4) | (0.2) | (1.5) | (0.4) | |||||||||||||||||||
Other comprehensive loss, net of income taxes | (16.9) | (11.2) | (28.4) | (22.4) | |||||||||||||||||||
Comprehensive income (loss) | 393.7 | (36.5) | 261.6 | (127.4) | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1.1 | 3.3 | — | 3.7 | |||||||||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 392.6 | $ | (39.8) | $ | 261.6 | $ | (131.1) |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||
(Dollars in millions) | |||||||||||||||||
Net income (loss) | $ | 230.0 | $ | (135.8 | ) | $ | 328.7 | $ | (211.7 | ) | $ | (533.1 | ) | ||||
Reclassification for realized losses on cash flow hedges (net of respective net tax provision of $0.0, $17.6, $0.0, $9.1 and $69.9) included in net income (loss) | — | 29.9 | — | 18.6 | 119.0 | ||||||||||||
Postretirement plans and workers’ compensation obligations (net of respective net tax provision of $0.0, $2.1, $0.0, $2.5 and $6.3) | — | 3.6 | — | 4.4 | 10.8 | ||||||||||||
Foreign currency translation adjustment | 1.3 | 1.5 | 1.8 | 5.5 | 2.4 | ||||||||||||
Other comprehensive income, net of income taxes | 1.3 | 35.0 | 1.8 | 28.5 | 132.2 | ||||||||||||
Comprehensive income (loss) | 231.3 | (100.8 | ) | 330.5 | (183.2 | ) | (400.9 | ) | |||||||||
Less: Series A Convertible Preferred Stock dividends | 23.5 | — | 138.6 | — | — | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | 5.1 | 1.8 | 8.9 | 4.8 | 3.5 | ||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 202.7 | $ | (102.6 | ) | $ | 183.0 | $ | (188.0 | ) | $ | (404.4 | ) |
(Unaudited) | ||||||||||||||||||
Successor | Predecessor | (Unaudited) | ||||||||||||||||
September 30, 2017 | December 31, 2016 | June 30, 2022 | December 31, 2021 | |||||||||||||||
(Amounts in millions, except per share data) | (Amounts in millions, except per share data) | |||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Current assets | Current assets | |||||||||||||||||
Cash and cash equivalents | $ | 925.0 | $ | 872.3 | Cash and cash equivalents | $ | 1,120.7 | $ | 954.3 | |||||||||
Restricted cash | 7.8 | 54.3 | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $4.6 at September 30, 2017 and $13.1 at December 31, 2016 | 431.0 | 473.0 | ||||||||||||||||
Inventories | 307.7 | 203.7 | ||||||||||||||||
Assets from coal trading activities, net | 2.5 | 0.7 | ||||||||||||||||
Accounts receivable, net of allowance for credit losses of $0.0 at June 30, 2022 and December 31, 2021 | Accounts receivable, net of allowance for credit losses of $0.0 at June 30, 2022 and December 31, 2021 | 530.4 | 350.5 | |||||||||||||||
Inventories, net | Inventories, net | 252.9 | 226.7 | |||||||||||||||
Other current assets | 268.6 | 486.6 | Other current assets | 346.0 | 270.2 | |||||||||||||
Total current assets | 1,942.6 | 2,090.6 | Total current assets | 2,250.0 | 1,801.7 | |||||||||||||
Property, plant, equipment and mine development, net | 5,082.6 | 8,776.7 | Property, plant, equipment and mine development, net | 2,856.6 | 2,950.6 | |||||||||||||
Restricted cash collateral | 530.3 | 529.3 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 36.3 | 35.5 | |||||||||||||||
Investments and other assets | 517.9 | 381.1 | Investments and other assets | 157.0 | 162.0 | |||||||||||||
Total assets | $ | 8,073.4 | $ | 11,777.7 | Total assets | $ | 5,299.9 | $ | 4,949.8 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||
Current portion of long-term debt | $ | 47.1 | $ | 20.2 | Current portion of long-term debt | $ | 177.7 | $ | 59.6 | |||||||||
Liabilities from coal trading activities, net | 1.0 | 1.2 | ||||||||||||||||
Accounts payable and accrued expenses | 1,065.0 | 990.4 | Accounts payable and accrued expenses | 811.2 | 872.1 | |||||||||||||
Total current liabilities | 1,113.1 | 1,011.8 | Total current liabilities | 988.9 | 931.7 | |||||||||||||
Long-term debt, less current portion | 1,612.0 | — | Long-term debt, less current portion | 869.2 | 1,078.2 | |||||||||||||
Deferred income taxes | 2.2 | 173.9 | Deferred income taxes | 25.9 | 27.3 | |||||||||||||
Asset retirement obligations | 636.0 | 717.8 | Asset retirement obligations | 660.0 | 654.8 | |||||||||||||
Accrued postretirement benefit costs | 745.8 | 756.3 | Accrued postretirement benefit costs | 206.8 | 212.1 | |||||||||||||
Operating lease liabilities, less current portion | Operating lease liabilities, less current portion | 24.4 | 27.2 | |||||||||||||||
Other noncurrent liabilities | 573.7 | 496.2 | Other noncurrent liabilities | 231.3 | 197.7 | |||||||||||||
Total liabilities not subject to compromise | 4,682.8 | 3,156.0 | ||||||||||||||||
Liabilities subject to compromise | — | 8,440.2 | ||||||||||||||||
Total liabilities | 4,682.8 | 11,596.2 | Total liabilities | 3,006.5 | 3,129.0 | |||||||||||||
Stockholders’ equity | Stockholders’ equity | |||||||||||||||||
Predecessor Preferred Stock — $0.01 per share par value; 10.0 shares authorized, no shares issued or outstanding as December 31, 2016 | — | — | ||||||||||||||||
Predecessor Perpetual Preferred Stock — 0.8 shares authorized, no shares issued or outstanding as of December 31, 2016 | — | — | ||||||||||||||||
Predecessor Series Common Stock — $0.01 per share par value; 40.0 shares authorized, no shares issued or outstanding as of December 31, 2016 | — | — | ||||||||||||||||
Predecessor Common Stock — $0.01 per share par value; 53.3 shares authorized,19.3 shares issued and 18.5 shares outstanding as of December 31, 2016 | — | 0.2 | ||||||||||||||||
Successor Series A Convertible Preferred Stock — $0.01 per share par value; 50.0 shares authorized, 30.0 shares issued and 15.9 shares outstanding as of September 30, 2017 | 691.7 | — | ||||||||||||||||
Successor Preferred Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of September 30, 2017 | — | — | ||||||||||||||||
Successor Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of September 30, 2017 | — | — | ||||||||||||||||
Successor Common Stock — $0.01 per share par value; 450.0 shares authorized, 106.0 shares issued and 102.7 shares outstanding as of September 30, 2017 | 1.0 | — | ||||||||||||||||
Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021 | Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021 | — | — | |||||||||||||||
Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021 | Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of June 30, 2022 and December 31, 2021 | — | — | |||||||||||||||
Common Stock — $0.01 per share par value; 450.0 shares authorized, 187.1 shares issued and 143.9 shares outstanding as of June 30, 2022 and 176.3 shares issued and 133.3 shares outstanding as of December 31, 2021 | Common Stock — $0.01 per share par value; 450.0 shares authorized, 187.1 shares issued and 143.9 shares outstanding as of June 30, 2022 and 176.3 shares issued and 133.3 shares outstanding as of December 31, 2021 | 1.9 | 1.8 | |||||||||||||||
Additional paid-in capital | 2,425.9 | 2,422.0 | Additional paid-in capital | 3,972.9 | 3,745.6 | |||||||||||||
Treasury stock, at cost — 2.5 Successor common shares as of September 30, 2017 and 0.8 Predecessor common shares as of December 31, 2016 | (69.2 | ) | (371.8 | ) | ||||||||||||||
Retained earnings (accumulated deficit) | 296.3 | (1,399.5 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) | 1.8 | (477.0 | ) | |||||||||||||||
Treasury stock, at cost — 43.2 and 43.0 common shares as of June 30, 2022 and December 31, 2021 | Treasury stock, at cost — 43.2 and 43.0 common shares as of June 30, 2022 and December 31, 2021 | (1,372.9) | (1,370.3) | |||||||||||||||
Accumulated deficit | Accumulated deficit | (623.2) | (913.2) | |||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 269.5 | 297.9 | |||||||||||||||
Peabody Energy Corporation stockholders’ equity | 3,347.5 | 173.9 | Peabody Energy Corporation stockholders’ equity | 2,248.2 | 1,761.8 | |||||||||||||
Noncontrolling interests | 43.1 | 7.6 | Noncontrolling interests | 45.2 | 59.0 | |||||||||||||
Total stockholders’ equity | 3,390.6 | 181.5 | Total stockholders’ equity | 2,293.4 | 1,820.8 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 8,073.4 | $ | 11,777.7 | Total liabilities and stockholders’ equity | $ | 5,299.9 | $ | 4,949.8 |
PEABODY ENERGY CORPORATION | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | 290.0 | $ | (105.0) | |||||||
Loss from discontinued operations, net of income taxes | 1.5 | 4.3 | |||||||||
Income (loss) from continuing operations, net of income taxes | 291.5 | (100.7) | |||||||||
Adjustments to reconcile income (loss) from continuing operations, net of income taxes to net cash provided by (used in) operating activities: | |||||||||||
Depreciation, depletion and amortization | 146.7 | 145.4 | |||||||||
Noncash interest expense, net | 9.0 | 10.8 | |||||||||
Deferred income taxes | (1.4) | (0.8) | |||||||||
Noncash share-based compensation | 5.4 | 3.9 | |||||||||
Net gain on disposals | (17.7) | (2.4) | |||||||||
Net loss (gain) on early debt extinguishment | 25.8 | (15.3) | |||||||||
(Income) loss from equity affiliates | (93.4) | 4.4 | |||||||||
Foreign currency option contracts | 3.0 | 4.3 | |||||||||
Changes in current assets and liabilities: | |||||||||||
Accounts receivable | (179.9) | (5.9) | |||||||||
Inventories | (26.2) | 29.2 | |||||||||
Other current assets | (82.9) | (19.5) | |||||||||
Accounts payable and accrued expenses | (13.1) | (50.2) | |||||||||
Collateral arrangements | (28.2) | (5.3) | |||||||||
Asset retirement obligations | 5.2 | 14.0 | |||||||||
Workers’ compensation obligations | (1.6) | 0.6 | |||||||||
Postretirement benefit obligations | (32.2) | (29.3) | |||||||||
Pension obligations | (1.2) | (1.2) | |||||||||
Other, net | 3.3 | — | |||||||||
Net cash provided by (used in) continuing operations | 12.1 | (18.0) | |||||||||
Net cash used in discontinued operations | (2.7) | (4.8) | |||||||||
Net cash provided by (used in) operating activities | 9.4 | (22.8) |
Successor | Predecessor | ||||||||||
April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | |||||||||
(Dollars in millions) | |||||||||||
Cash Flows From Operating Activities | |||||||||||
Net income (loss) | $ | 328.7 | $ | (211.7 | ) | $ | (533.1 | ) | |||
Loss from discontinued operations, net of income taxes | 6.4 | 16.2 | 44.5 | ||||||||
Income (loss) from continuing operations, net of income taxes | 335.1 | (195.5 | ) | (488.6 | ) | ||||||
Adjustments to reconcile income (loss) from continuing operations, net of income taxes to net cash provided by (used in) operating activities: | |||||||||||
Depreciation, depletion and amortization | 342.8 | 119.9 | 345.5 | ||||||||
Noncash coal inventory revaluation | 67.3 | — | — | ||||||||
Noncash interest expense including loss on early debt extinguishment | 21.8 | 0.5 | 30.0 | ||||||||
Deferred income taxes | 1.6 | (252.2 | ) | (39.4 | ) | ||||||
Noncash share-based compensation | 14.1 | 1.9 | 8.9 | ||||||||
Asset impairment | — | 30.5 | 17.2 | ||||||||
Net gain on disposal of assets | (0.9 | ) | (22.8 | ) | (17.4 | ) | |||||
(Income) loss from equity affiliates | (26.2 | ) | (15.0 | ) | 12.6 | ||||||
Gain on voluntary employee beneficiary association settlement | — | — | (68.1 | ) | |||||||
Foreign currency option contracts | (5.1 | ) | — | — | |||||||
Reclassification from other comprehensive earnings for terminated hedge contracts | — | 27.6 | 82.0 | ||||||||
Settlement of hedge positions | — | — | (25.0 | ) | |||||||
Noncash reorganization items, net | — | 569.3 | 96.5 | ||||||||
Changes in current assets and liabilities: | |||||||||||
Accounts receivable | (118.9 | ) | 159.3 | 24.4 | |||||||
Change in receivable from accounts receivable securitization program | — | — | (168.5 | ) | |||||||
Inventories | (54.1 | ) | (47.2 | ) | 47.8 | ||||||
Net assets from coal trading activities | (1.6 | ) | (0.5 | ) | 7.5 | ||||||
Other current assets | (23.4 | ) | 0.1 | (28.6 | ) | ||||||
Accounts payable and accrued expenses | (261.0 | ) | (64.9 | ) | 5.2 | ||||||
Restricted cash | 99.4 | (94.1 | ) | (94.8 | ) | ||||||
Asset retirement obligations | 7.6 | 10.2 | 19.0 | ||||||||
Workers’ compensation obligations | (1.1 | ) | (3.1 | ) | (8.7 | ) | |||||
Accrued postretirement benefit costs | (1.2 | ) | 0.8 | (0.6 | ) | ||||||
Accrued pension costs | (32.7 | ) | 5.4 | 16.4 | |||||||
Take-or-pay obligation settlement | — | (5.5 | ) | (15.5 | ) | ||||||
Other, net | (18.8 | ) | (2.5 | ) | (15.7 | ) | |||||
Net cash provided by (used in) continuing operations | 344.7 | 222.2 | (257.9 | ) | |||||||
Net cash used in discontinued operations | (14.4 | ) | (8.2 | ) | (18.9 | ) | |||||
Net cash provided by (used in) operating activities | 330.3 | 214.0 | (276.8 | ) | |||||||
Cash Flows From Investing Activities | |||||||||||
Additions to property, plant, equipment and mine development | (68.6 | ) | (32.8 | ) | (56.6 | ) | |||||
Changes in accrued expenses related to capital expenditures | 1.8 | (1.4 | ) | (5.5 | ) | ||||||
Federal coal lease expenditures | — | (0.5 | ) | (249.0 | ) | ||||||
Proceeds from disposal of assets | 5.2 | 24.3 | 134.7 | ||||||||
Contributions to joint ventures | (210.0 | ) | (95.4 | ) | (241.7 | ) | |||||
Distributions from joint ventures | 208.0 | 90.5 | 236.7 | ||||||||
Advances to related parties | (4.1 | ) | (0.4 | ) | (23.3 | ) | |||||
Repayments of loans from related parties | 35.2 | 31.1 | 13.2 | ||||||||
Other, net | (2.4 | ) | (0.3 | ) | (8.2 | ) | |||||
Net cash (used in) provided by investing activities | (34.9 | ) | 15.1 | (199.7 | ) | ||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from long-term debt | — | 1,000.0 | 1,429.8 | ||||||||
Successor Notes issuance proceeds into escrow | — | (1,000.0 | ) | — | |||||||
Repayments of long-term debt | (332.1 | ) | (2.1 | ) | (11.2 | ) | |||||
Payment of deferred financing costs | (6.1 | ) | (45.4 | ) | (29.8 | ) | |||||
Common stock repurchases | (69.2 | ) | — | — | |||||||
Distributions to noncontrolling interests | (16.7 | ) | (0.1 | ) | (3.9 | ) | |||||
Other, net | — | (0.1 | ) | (1.9 | ) | ||||||
Net cash (used in) provided by financing activities | (424.1 | ) | (47.7 | ) | 1,383.0 | ||||||
Net change in cash and cash equivalents | (128.7 | ) | 181.4 | 906.5 | |||||||
Cash and cash equivalents at beginning of period | 1,053.7 | 872.3 | 261.3 | ||||||||
Cash and cash equivalents at end of period | $ | 925.0 | $ | 1,053.7 | $ | 1,167.8 |
PEABODY ENERGY CORPORATION | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued) | |||||||||||
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Cash Flows From Investing Activities | |||||||||||
Additions to property, plant, equipment and mine development | (63.1) | (93.9) | |||||||||
Changes in accrued expenses related to capital expenditures | (9.7) | (4.1) | |||||||||
Proceeds from disposal of assets, net of receivables | 23.4 | 4.9 | |||||||||
Contributions to joint ventures | (276.0) | (244.5) | |||||||||
Distributions from joint ventures | 280.8 | 252.6 | |||||||||
Advances to related parties | (1.2) | (0.2) | |||||||||
Cash receipts from Middlemount Coal Pty Ltd and other related parties | 143.9 | 2.6 | |||||||||
Other, net | (3.6) | — | |||||||||
Net cash provided by (used in) investing activities | 94.5 | (82.6) | |||||||||
Cash Flows From Financing Activities | |||||||||||
Proceeds from long-term debt | 545.0 | — | |||||||||
Repayments of long-term debt | (654.8) | (83.1) | |||||||||
Payment of debt issuance and other deferred financing costs | (20.7) | (22.5) | |||||||||
Proceeds from common stock issuances, net of costs | 222.0 | 65.1 | |||||||||
Repurchase of employee common stock relinquished for tax withholding | (2.6) | (1.3) | |||||||||
Distributions to noncontrolling interests | (13.8) | (0.1) | |||||||||
Net cash provided by (used in) financing activities | 75.1 | (41.9) | |||||||||
Net change in cash, cash equivalents and restricted cash | 179.0 | (147.3) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 954.3 | 709.2 | |||||||||
Cash, cash equivalents and restricted cash at end of period (1) | $ | 1,133.3 | $ | 561.9 | |||||||
(1) The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at end of period” at June 30, 2022 | |||||||||||
Cash and cash equivalents | $ | 1,120.7 | |||||||||
Restricted cash included in “Investments and other assets” | 12.6 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,133.3 |
Peabody Energy Corporation Stockholders’ Equity | |||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||
December 31, 2016 - Predecessor | $ | — | $ | 0.2 | $ | 2,422.0 | $ | (371.8 | ) | $ | (1,399.5 | ) | $ | (477.0 | ) | $ | 7.6 | $ | 181.5 | ||||||||||||
Net (loss) income | — | — | — | — | (216.5 | ) | — | 4.8 | (211.7 | ) | |||||||||||||||||||||
Net realized losses on cash flow hedges (net of $9.1 net tax provision) | — | — | — | — | — | 18.6 | — | 18.6 | |||||||||||||||||||||||
Postretirement plans and workers’ compensation obligations (net of $2.5 net tax provision) | — | — | — | — | — | 4.4 | — | 4.4 | |||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 5.5 | — | 5.5 | |||||||||||||||||||||||
Share-based compensation for equity-classified awards | — | — | 1.9 | — | — | — | — | 1.9 | |||||||||||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | — | — | — | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (0.1 | ) | (0.1 | ) | |||||||||||||||||||||
Elimination of Predecessor equity | — | (0.2 | ) | (2,423.9 | ) | 371.9 | 1,616.0 | 448.5 | (12.3 | ) | — | ||||||||||||||||||||
April 1, 2017 - Predecessor | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Issuance of Successor equity | 1,305.4 | 0.7 | 1,774.9 | — | — | — | 50.9 | 3,131.9 | |||||||||||||||||||||||
April 2, 2017 - Successor | $ | 1,305.4 | $ | 0.7 | $ | 1,774.9 | $ | — | $ | — | $ | — | $ | 50.9 | $ | 3,131.9 | |||||||||||||||
Net income | — | — | — | — | 319.8 | — | 8.9 | 328.7 | |||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||||||||
Warrant conversions | — | 0.1 | (0.1 | ) | — | — | — | — | — | ||||||||||||||||||||||
Series A Convertible Preferred Stock conversions | (616.7 | ) | 0.2 | 640.0 | — | (23.5 | ) | — | — | — | |||||||||||||||||||||
Series A Convertible Preferred Stock dividends | 3.0 | — | (3.0 | ) | — | — | — | — | — | ||||||||||||||||||||||
Share-based compensation for equity-classified awards | — | — | 14.1 | — | — | — | — | 14.1 | |||||||||||||||||||||||
Common stock repurchases | — | — | — | (69.2 | ) | — | — | — | (69.2 | ) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (16.7 | ) | (16.7 | ) | |||||||||||||||||||||
September 30, 2017 - Successor | $ | 691.7 | $ | 1.0 | $ | 2,425.9 | $ | (69.2 | ) | $ | 296.3 | $ | 1.8 | $ | 43.1 | $ | 3,390.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Balance, beginning of period | $ | 1.9 | $ | 1.4 | $ | 1.8 | $ | 1.4 | |||||||||||||||
Common stock issuances, net of costs | — | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Balance, end of period | 1.9 | 1.5 | 1.9 | 1.5 | |||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Balance, beginning of period | 3,969.5 | 3,366.4 | 3,745.6 | 3,364.6 | |||||||||||||||||||
Share-based compensation for equity-classified awards | 3.4 | 2.1 | 5.4 | 3.9 | |||||||||||||||||||
Common stock issued in exchange for debt retirement | — | 30.5 | — | 30.5 | |||||||||||||||||||
Common stock issuances, net of costs | — | 64.8 | 221.9 | 64.8 | |||||||||||||||||||
Balance, end of period | 3,972.9 | 3,463.8 | 3,972.9 | 3,463.8 | |||||||||||||||||||
Treasury stock | |||||||||||||||||||||||
Balance, beginning of period | (1,372.3) | (1,369.5) | (1,370.3) | (1,368.9) | |||||||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | (0.6) | (0.7) | (2.6) | (1.3) | |||||||||||||||||||
Balance, end of period | (1,372.9) | (1,370.2) | (1,372.9) | (1,370.2) | |||||||||||||||||||
Accumulated deficit | |||||||||||||||||||||||
Balance, beginning of period | (1,032.7) | (1,353.4) | (913.2) | (1,273.3) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | 409.5 | (28.6) | 290.0 | (108.7) | |||||||||||||||||||
Balance, end of period | (623.2) | (1,382.0) | (623.2) | (1,382.0) | |||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||
Balance, beginning of period | 286.4 | 194.6 | 297.9 | 205.8 | |||||||||||||||||||
Postretirement plans (net of $0.0 tax provisions in each period) | (13.5) | (11.0) | (26.9) | (22.0) | |||||||||||||||||||
Foreign currency translation adjustment | (3.4) | (0.2) | (1.5) | (0.4) | |||||||||||||||||||
Balance, end of period | 269.5 | 183.4 | 269.5 | 183.4 | |||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Balance, beginning of period | 44.1 | 52.0 | 59.0 | 51.7 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 1.1 | 3.3 | — | 3.7 | |||||||||||||||||||
Distributions to noncontrolling interests | — | — | (13.8) | (0.1) | |||||||||||||||||||
Balance, end of period | 45.2 | 55.3 | 45.2 | 55.3 | |||||||||||||||||||
Total stockholders’ equity | $ | 2,293.4 | $ | 951.8 | $ | 2,293.4 | $ | 951.8 |
As of April 1, 2017 | Predecessor (a) | Effect of Plan (b) | Fresh Start Adjustments (c) | Successor | |||||||||||
(Dollars in millions) | |||||||||||||||
ASSETS | |||||||||||||||
Current assets | |||||||||||||||
Cash and cash equivalents | $ | 1,068.1 | $ | (14.4 | ) | (d) | $ | — | $ | 1,053.7 | |||||
Restricted cash | 80.7 | (54.7 | ) | (d) | — | 26.0 | |||||||||
Successor Notes issuance proceeds - restricted cash | 1,000.0 | (1,000.0 | ) | (d) | — | — | |||||||||
Accounts receivable, net | 312.1 | — | — | 312.1 | |||||||||||
Inventories | 250.8 | — | 70.1 | (k) | 320.9 | ||||||||||
Assets from coal trading activities, net | 0.6 | — | — | 0.6 | |||||||||||
Other current assets | 493.9 | (18.1 | ) | (e) | (333.0 | ) | (l) | 142.8 | |||||||
Total current assets | 3,206.2 | (1,087.2 | ) | (262.9 | ) | 1,856.1 | |||||||||
Property, plant, equipment and mine development, net | 8,653.9 | — | (3,461.4 | ) | (m) | 5,192.5 | |||||||||
Investments and other assets | 976.4 | 3.9 | (f) | 238.0 | (n) | 1,218.3 | |||||||||
Total assets | $ | 12,836.5 | $ | (1,083.3 | ) | $ | (3,486.3 | ) | $ | 8,266.9 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
Current liabilities | |||||||||||||||
Current portion of long-term debt | $ | 18.2 | $ | 9.5 | (g) | $ | — | $ | 27.7 | ||||||
Liabilities from coal trading activities, net | 0.7 | — | — | 0.7 | |||||||||||
Accounts payable and accrued expenses | 967.3 | 257.6 | (h) | 14.8 | (o) | 1,239.7 | |||||||||
Total current liabilities | 986.2 | 267.1 | 14.8 | 1,268.1 | |||||||||||
Long-term debt, less current portion | 950.5 | 903.2 | (g) | — | 1,853.7 | ||||||||||
Deferred income taxes | 179.2 | — | (177.8 | ) | (p) | 1.4 | |||||||||
Asset retirement obligations | 707.0 | — | (73.9 | ) | (q) | 633.1 | |||||||||
Accrued postretirement benefit costs | 753.9 | — | (6.9 | ) | (r) | 747.0 | |||||||||
Other noncurrent liabilities | 511.1 | — | 120.6 | (s) | 631.7 | ||||||||||
Total liabilities not subject to compromise | 4,087.9 | 1,170.3 | (123.2 | ) | 5,135.0 | ||||||||||
Liabilities subject to compromise | 8,416.7 | (8,416.7 | ) | (i) | — | — | |||||||||
Total liabilities | 12,504.6 | (7,246.4 | ) | (123.2 | ) | 5,135.0 | |||||||||
Stockholders’ equity | |||||||||||||||
Common Stock (Predecessor) | 0.2 | (0.2 | ) | (j) | — | — | |||||||||
Common Stock (Successor) | — | 0.7 | (b) | — | 0.7 | ||||||||||
Series A Preferred Stock (Successor) | — | 1,305.4 | (b) | — | 1,305.4 | ||||||||||
Additional paid-in capital (Predecessor) | 2,423.9 | (2,423.9 | ) | (j) | — | — | |||||||||
Additional paid-in capital (Successor) | — | 1,774.9 | (b) | — | 1,774.9 | ||||||||||
Treasury stock, at cost | (371.9 | ) | 371.9 | (j) | — | — | |||||||||
Accumulated deficit | (1,284.1 | ) | 5,134.3 | (j) | (3,850.2 | ) | (t) | — | |||||||
Accumulated other comprehensive loss | (448.5 | ) | — | 448.5 | (t) | — | |||||||||
Peabody Energy Corporation stockholders’ equity | 319.6 | 6,163.1 | (3,401.7 | ) | 3,081.0 | ||||||||||
Noncontrolling interests | 12.3 | — | 38.6 | (u) | 50.9 | ||||||||||
Total stockholders’ equity | 331.9 | 6,163.1 | (3,363.1 | ) | 3,131.9 | ||||||||||
Total liabilities and stockholders’ equity | $ | 12,836.5 | $ | (1,083.3 | ) | $ | (3,486.3 | ) | $ | 8,266.9 |
(Dollars in millions) | ||||
Liabilities subject to compromise | $ | 8,416.7 | ||
Less amounts issued to settle claims: | ||||
Successor Common Stock (at par) | (0.7 | ) | ||
Successor Series A Convertible Preferred Stock | (1,305.4 | ) | ||
Successor Additional paid-in capital | (1,774.9 | ) | ||
Issuance of Successor Notes | (1,000.0 | ) | ||
Issuance of Successor Term Loan | (950.0 | ) | ||
Cash payments and accruals for claims and professional fees | (336.4 | ) | ||
Other: | ||||
Write-off of Predecessor debt issuance costs, see also (e) below | (18.1 | ) | ||
Total pre-tax gain on plan effects, see also (j) below | $ | 3,031.2 |
(Dollars in millions) | ||||
Sources: | ||||
Private placement and rights offering | $ | 1,500.0 | ||
Net proceeds from Senior Secured Term Loan | 912.7 | |||
Escrowed interest from Successor Notes offering | 8.0 | |||
Net impact on collateral requirements | 11.6 | |||
Uses: | ||||
Payments to secured lenders | (3,489.2 | ) | ||
Professional fees | (8.3 | ) | ||
Securitization facility deferred financing costs | (3.9 | ) | ||
Total cash outflow at emergence | $ | (1,069.1 | ) |
Predecessor | ||||||
April 1, 2017 | December 31, 2016 | |||||
(Dollars in millions) | ||||||
Debt (1) | $ | 8,077.4 | $ | 8,080.3 | ||
Interest payable | 172.6 | 172.6 | ||||
Environmental liabilities | 61.9 | 61.9 | ||||
Trade payables | 55.2 | 58.4 | ||||
Postretirement benefit obligations (2) | 23.0 | 34.6 | ||||
Other accrued liabilities | 26.6 | 32.4 | ||||
Liabilities subject to compromise | $ | 8,416.7 | $ | 8,440.2 |
(Dollars in millions) | ||||
Total pre-tax gain on plan effects, see also (b) above | $ | 3,031.2 | ||
Cancellation of Predecessor Common Stock | 0.2 | |||
Cancellation of Predecessor Additional paid-in capital | 2,423.9 | |||
Cancellation of Predecessor Treasury stock | (371.9 | ) | ||
Successor debt issuance costs and other items, see also (f) and (g) above | 50.9 | |||
Net impact on accumulated deficit | $ | 5,134.3 |
Predecessor | Fresh Start Adjustments | Successor | ||||||||||
(Dollars in millions) | ||||||||||||
Land and coal interests | $ | 10,297.7 | $ | (6,511.8 | ) | $ | 3,785.9 | |||||
Buildings and improvements | 1,479.3 | (1,013.2 | ) | 466.1 | ||||||||
Machinery and equipment | 2,143.8 | (1,203.3 | ) | 940.5 | ||||||||
Less: Accumulated depreciation, depletion and amortization | (5,266.9 | ) | 5,266.9 | — | ||||||||
Net impact on accumulated deficit | $ | 8,653.9 | $ | (3,461.4 | ) | $ | 5,192.5 |
Predecessor | ||||||||||||
Three Months Ended September 30, 2016 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||
(Dollars in millions) | ||||||||||||
Gain on settlement of claims (per above) | $ | — | $ | (3,031.2 | ) | $ | — | |||||
Fresh start adjustments, net (per above) | — | 3,363.1 | — | |||||||||
Fresh start income tax adjustments, net | — | 253.9 | — | |||||||||
Loss on termination of derivative contracts | — | — | 75.2 | |||||||||
Professional fees | 31.1 | 42.5 | 52.7 | |||||||||
Accounts payable settlement gains | (0.5 | ) | (0.7 | ) | (0.7 | ) | ||||||
Interest income | (0.9 | ) | (0.4 | ) | (1.1 | ) | ||||||
Other | — | — | (1.0 | ) | ||||||||
Reorganization items, net | $ | 29.7 | $ | 627.2 | $ | 125.1 | ||||||
Cash paid for “Reorganization items, net” | $ | 30.7 | $ | 45.8 | $ | 30.7 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | Corporate and Other (1) | Consolidated | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Thermal coal | |||||||||||||||||||||||||||||||||||
Domestic | $ | 39.8 | $ | — | $ | 229.9 | $ | 222.8 | $ | — | $ | 492.5 | |||||||||||||||||||||||
Export | 314.9 | — | — | 1.0 | — | 315.9 | |||||||||||||||||||||||||||||
Total thermal | 354.7 | — | 229.9 | 223.8 | — | 808.4 | |||||||||||||||||||||||||||||
Metallurgical coal | |||||||||||||||||||||||||||||||||||
Export | — | 533.3 | — | — | — | 533.3 | |||||||||||||||||||||||||||||
Total metallurgical | — | 533.3 | — | — | — | 533.3 | |||||||||||||||||||||||||||||
Other (2) | 0.2 | 0.5 | (0.2) | 1.1 | (21.4) | (19.8) | |||||||||||||||||||||||||||||
Revenue | $ | 354.9 | $ | 533.8 | $ | 229.7 | $ | 224.9 | $ | (21.4) | $ | 1,321.9 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | Corporate and Other (1) | Consolidated | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Thermal coal | |||||||||||||||||||||||||||||||||||
Domestic | $ | 47.5 | $ | — | $ | 248.8 | $ | 160.0 | $ | — | $ | 456.3 | |||||||||||||||||||||||
Export | 146.4 | — | — | 1.2 | — | 147.6 | |||||||||||||||||||||||||||||
Total thermal | 193.9 | — | 248.8 | 161.2 | — | 603.9 | |||||||||||||||||||||||||||||
Metallurgical coal | |||||||||||||||||||||||||||||||||||
Export | — | 120.4 | — | — | — | 120.4 | |||||||||||||||||||||||||||||
Total metallurgical | — | 120.4 | — | — | — | 120.4 | |||||||||||||||||||||||||||||
Other (2) | 0.2 | 0.6 | (0.2) | 0.9 | (2.4) | (0.9) | |||||||||||||||||||||||||||||
Revenue | $ | 194.1 | $ | 121.0 | $ | 248.6 | $ | 162.1 | $ | (2.4) | $ | 723.4 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | Corporate and Other (1) | Consolidated | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Thermal coal | |||||||||||||||||||||||||||||||||||
Domestic | $ | 80.2 | $ | — | $ | 481.4 | $ | 422.7 | $ | — | $ | 984.3 | |||||||||||||||||||||||
Export | 525.4 | — | — | 1.0 | — | 526.4 | |||||||||||||||||||||||||||||
Total thermal | 605.6 | — | 481.4 | 423.7 | — | 1,510.7 | |||||||||||||||||||||||||||||
Metallurgical coal | |||||||||||||||||||||||||||||||||||
Export | — | 851.3 | — | — | — | 851.3 | |||||||||||||||||||||||||||||
Total metallurgical | — | 851.3 | — | — | — | 851.3 | |||||||||||||||||||||||||||||
Other (2) | 0.5 | 3.8 | (0.5) | 4.3 | (356.8) | (348.7) | |||||||||||||||||||||||||||||
Revenue | $ | 606.1 | $ | 855.1 | $ | 480.9 | $ | 428.0 | $ | (356.8) | $ | 2,013.3 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | Corporate and Other (1) | Consolidated | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Thermal coal | |||||||||||||||||||||||||||||||||||
Domestic | $ | 91.6 | $ | — | $ | 477.2 | $ | 306.8 | $ | — | $ | 875.6 | |||||||||||||||||||||||
Export | 278.3 | — | — | 1.2 | — | 279.5 | |||||||||||||||||||||||||||||
Total thermal | 369.9 | — | 477.2 | 308.0 | — | 1,155.1 | |||||||||||||||||||||||||||||
Metallurgical coal | |||||||||||||||||||||||||||||||||||
Export | — | 207.0 | — | — | — | 207.0 | |||||||||||||||||||||||||||||
Total metallurgical | — | 207.0 | — | — | — | 207.0 | |||||||||||||||||||||||||||||
Other (2) | 0.6 | 1.5 | (0.2) | 3.4 | 7.3 | 12.6 | |||||||||||||||||||||||||||||
Revenue | $ | 370.5 | $ | 208.5 | $ | 477.0 | $ | 311.4 | $ | 7.3 | $ | 1,374.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Unrealized loss on derivative contracts related to forecasted sales | $ | (24.5) | $ | (23.7) | $ | (325.5) | $ | (25.6) | |||||||||||||||
Realized loss on derivative contracts related to forecasted sales | (122.6) | (7.1) | (190.6) | (15.0) | |||||||||||||||||||
Revenue from physical sale of coal (3) | 122.0 | 23.2 | 143.3 | 41.1 | |||||||||||||||||||
Trading revenue | 0.3 | 1.4 | 10.4 | 0.7 | |||||||||||||||||||
Other (2) | 3.4 | 3.8 | 5.6 | 6.1 | |||||||||||||||||||
Total Corporate and Other | $ | (21.4) | $ | (2.4) | $ | (356.8) | $ | 7.3 |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Loss from discontinued operations, net of income taxes | $ | (3.7 | ) | $ | (38.1 | ) | $ | (6.4 | ) | $ | (16.2 | ) | $ | (44.5 | ) |
Successor | Predecessor | ||||||
September 30, 2017 | December 31, 2016 | ||||||
(Dollars in millions) | |||||||
Assets: | |||||||
Other current assets | $ | 0.2 | $ | 0.2 | |||
Investments and other assets | — | 15.9 | |||||
Total assets classified as discontinued operations | $ | 0.2 | $ | 16.1 | |||
Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 46.2 | $ | 55.9 | |||
Other noncurrent liabilities | 185.5 | 198.5 | |||||
Liabilities subject to compromise | — | 20.9 | |||||
Total liabilities classified as discontinued operations | $ | 231.7 | $ | 275.3 |
June 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Trade receivables, net | $ | 491.0 | $ | 307.0 | |||||||
Miscellaneous receivables, net | 39.4 | 43.5 | |||||||||
Accounts receivable, net | $ | 530.4 | $ | 350.5 |
Successor | Predecessor | |||||
September 30, 2017 | December 31, 2016 | |||||
(Dollars in millions) | ||||||
Materials and supplies | $ | 104.0 | $ | 104.5 | ||
Raw coal | 58.0 | 29.6 | ||||
Saleable coal | 145.7 | 69.6 | ||||
Total | $ | 307.7 | $ | 203.7 |
June 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Materials and supplies, net | $ | 116.9 | $ | 102.1 | |||||||
Raw coal | 63.4 | 54.6 | |||||||||
Saleable coal | 72.6 | 70.0 | |||||||||
Inventories, net | $ | 252.9 | $ | 226.7 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Asset Derivative | Liability Derivative | Asset Derivative | Liability Derivative | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Foreign currency option contracts | $ | 1.6 | $ | — | $ | 1.4 | $ | — | |||||||||||||||
Derivative contracts related to forecasted sales | 167.6 | (656.9) | 59.5 | (184.2) | |||||||||||||||||||
Financial trading contracts | 12.7 | — | 3.4 | — | |||||||||||||||||||
Total derivatives | 181.9 | (656.9) | 64.3 | (184.2) | |||||||||||||||||||
Effect of counterparty netting | (167.6) | 167.6 | (59.5) | 59.5 | |||||||||||||||||||
Variation margin (received) posted | (12.7) | 440.1 | (3.4) | 95.2 | |||||||||||||||||||
Net derivatives and variation margin as classified in the balance sheets | $ | 1.6 | $ | (49.2) | $ | 1.4 | $ | (29.5) | |||||||||||||||
Successor | ||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||
Financial Instrument | Income Statement Classification of (Losses) Gains | Total gain recognized in income | Gain realized in income on derivatives | Unrealized loss recognized in income on non- designated derivatives | ||||||||||
(Dollars in millions) | ||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | 5.6 | $ | 7.3 | $ | (1.7 | ) | ||||||
Total | $ | 5.6 | $ | 7.3 | $ | (1.7 | ) |
Predecessor | ||||||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||
Financial Instrument | Income Statement Classification of (Losses) Gains | Total loss recognized in income | Loss reclassified from other comprehensive income into income | (Loss) gain realized in income on derivatives | Unrealized gain (loss) recognized in income on non- designated derivatives | |||||||||||||
(Dollars in millions) | ||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | (19.4 | ) | $ | (19.4 | ) | $ | — | $ | — | |||||||
Foreign currency forward contracts | Operating costs and expenses | (28.0 | ) | (28.0 | ) | — | — | |||||||||||
Total | $ | (47.4 | ) | $ | (47.4 | ) | $ | — | $ | — |
Successor | ||||||||||||||
April 2 through September 30, 2017 | ||||||||||||||
Financial Instrument | Income Statement Classification of (Losses) Gains | Total gain recognized in income | Gain realized in income on derivatives | Unrealized gain recognized in income on non- designated derivatives | ||||||||||
(Dollars in millions) | ||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | 8.5 | $ | 7.0 | $ | 1.5 | |||||||
Total | $ | 8.5 | $ | 7.0 | $ | 1.5 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
Total (loss) gain recognized in income | (Loss) gain realized in income on derivatives | Unrealized loss recognized in income on derivatives | ||||||||||||||||||
Derivative Instrument | Classification | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | (7.5) | $ | (1.2) | $ | (6.3) | |||||||||||||
Derivative contracts related to forecasted sales | Revenue | (147.1) | (122.6) | (24.5) | ||||||||||||||||
Financial trading contracts | Revenue | 0.3 | 0.9 | (0.6) | ||||||||||||||||
Total | $ | (154.3) | $ | (122.9) | $ | (31.4) | ||||||||||||||
Three Months Ended June 30, 2021 (1) | ||||||||||||||||||||
Total (loss) gain recognized in income | Loss realized in income on derivatives | Unrealized (loss) gain recognized in income on derivatives | ||||||||||||||||||
Derivative Instrument | Classification | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | (1.2) | $ | — | $ | (1.2) | |||||||||||||
Derivative contracts related to forecasted sales | Revenue | (30.8) | (7.1) | (23.7) | ||||||||||||||||
Financial trading contracts | Revenue | 1.4 | (2.4) | 3.8 | ||||||||||||||||
Total | $ | (30.6) | $ | (9.5) | $ | (21.1) |
Predecessor | ||||||||||||||||||
January 1 through April 1, 2017 | ||||||||||||||||||
Financial Instrument | Income Statement Classification of (Losses) Gains | Total loss recognized in income | Loss reclassified from other comprehensive loss into income | (Loss) gain realized in income on derivatives | Unrealized gain (loss) recognized in income on non- designated derivatives | |||||||||||||
(Dollars in millions) | ||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | (11.0 | ) | $ | (11.0 | ) | $ | — | $ | — | |||||||
Foreign currency forward contracts | Operating costs and expenses | (16.6 | ) | (16.6 | ) | — | — | |||||||||||
Total | $ | (27.6 | ) | $ | (27.6 | ) | $ | — | $ | — |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Total (loss) gain recognized in income | (Loss) gain realized in income on derivatives | Unrealized (loss) gain recognized in income on derivatives | ||||||||||||||||||
Derivative Instrument | Classification | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | (5.2) | $ | (2.2) | $ | (3.0) | |||||||||||||
Derivative contracts related to forecasted sales | Revenue | (516.1) | (190.6) | (325.5) | ||||||||||||||||
Financial trading contracts | Revenue | 10.4 | 0.2 | 10.2 | ||||||||||||||||
Total | $ | (510.9) | $ | (192.6) | $ | (318.3) | ||||||||||||||
Six Months Ended June 30, 2021 (1) | ||||||||||||||||||||
Total (loss) gain recognized in income | Gain (loss) realized in income on derivatives | Unrealized (loss) gain recognized in income on derivatives | ||||||||||||||||||
Derivative Instrument | Classification | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Foreign currency option contracts | Operating costs and expenses | $ | (4.2) | $ | 4.6 | $ | (8.8) | |||||||||||||
Derivative contracts related to forecasted sales | Revenue | (40.6) | (15.0) | (25.6) | ||||||||||||||||
Financial trading contracts | Revenue | 0.7 | (0.1) | 0.8 | ||||||||||||||||
Total | $ | (44.1) | $ | (10.5) | $ | (33.6) |
Predecessor | ||||||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||
Financial Instrument | Income Statement Classification of (Losses) Gains | Total loss recognized in income | Loss reclassified from other comprehensive income into income (1) | (Loss) gain realized in income on derivatives | Unrealized gain (loss) recognized in income on non- designated derivatives | |||||||||||||
(Dollars in millions) | ||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | (78.3 | ) | $ | (66.4 | ) | $ | (11.9 | ) | $ | — | ||||||
Commodity swap contracts | Reorganization items, net | (38.8 | ) | — | (38.8 | ) | — | |||||||||||
Foreign currency forward contracts | Operating costs and expenses | (119.4 | ) | (122.1 | ) | 2.7 | — | |||||||||||
Foreign currency forward contracts | Reorganization items, net | (36.4 | ) | — | (36.4 | ) | — | |||||||||||
Total | $ | (272.9 | ) | $ | (188.5 | ) | $ | (84.4 | ) | $ | — |
Successor | |||||||||||||||
September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(Dollars in millions) | |||||||||||||||
Foreign currency contracts | $ | — | $ | 8.6 | $ | — | $ | 8.6 | |||||||
Total net financial assets | $ | — | $ | 8.6 | $ | — | $ | 8.6 |
June 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Foreign currency option contracts | $ | — | $ | 1.6 | $ | — | $ | 1.6 | |||||||||||||||
Derivative contracts related to forecasted sales | — | (489.3) | — | (489.3) | |||||||||||||||||||
Financial trading contracts | — | 12.7 | — | 12.7 | |||||||||||||||||||
Equity securities | — | — | 4.0 | 4.0 | |||||||||||||||||||
Total net (liabilities) assets | $ | — | $ | (475.0) | $ | 4.0 | $ | (471.0) | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Foreign currency option contracts | $ | — | $ | 1.4 | $ | — | $ | 1.4 | |||||||||||||||
Derivative contracts related to forecasted sales | — | (124.7) | — | (124.7) | |||||||||||||||||||
Financial trading contracts | — | 3.4 | — | 3.4 | |||||||||||||||||||
Equity securities | — | — | 4.0 | 4.0 | |||||||||||||||||||
Total net (liabilities) assets | $ | — | $ | (119.9) | $ | 4.0 | $ | (115.9) |
Successor | |||||||
September 30, 2017 | |||||||
Carrying Amount | Estimated Fair Value | ||||||
(Dollars in millions) | |||||||
Long-term debt | $ | 1,659.1 | $ | 1,744.3 |
Successor | Predecessor | Successor | Predecessor | ||||||||||||||
Trading Revenues (Losses) by Type of Instrument | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||
(Dollars in millions) | |||||||||||||||||
Futures, swaps and options | $ | (17.1 | ) | $ | (19.6 | ) | $ | (24.4 | ) | $ | (10.2 | ) | $ | (42.7 | ) | ||
Physical purchase/sale contracts | 36.5 | 22.3 | 49.0 | 25.2 | 59.2 | ||||||||||||
Total trading revenues | $ | 19.4 | $ | 2.7 | $ | 24.6 | $ | 15.0 | $ | 16.5 |
Affected Line Item in the Condensed Consolidated Balance Sheets | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Variation Margin Posted (1) | Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets | ||||||||||||
(Dollars in millions) | ||||||||||||||||
Successor | ||||||||||||||||
Fair Value as of September 30, 2017 | ||||||||||||||||
Assets from coal trading activities, net | $ | 127.1 | $ | (124.6 | ) | $ | — | $ | 2.5 | |||||||
Liabilities from coal trading activities, net | (157.5 | ) | 124.6 | 31.9 | (1.0 | ) | ||||||||||
Total, net | $ | (30.4 | ) | $ | — | $ | 31.9 | $ | 1.5 | |||||||
Predecessor | ||||||||||||||||
Fair Value as of December 31, 2016 | ||||||||||||||||
Assets from coal trading activities, net | $ | 191.2 | $ | (190.5 | ) | $ | — | $ | 0.7 | |||||||
Liabilities from coal trading activities, net | (249.1 | ) | 190.5 | 57.4 | (1.2 | ) | ||||||||||
Total, net | $ | (57.9 | ) | $ | — | $ | 57.4 | $ | (0.5 | ) |
Successor | |||||||||||||||
September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(Dollars in millions) | |||||||||||||||
Futures, swaps and options | $ | — | $ | 0.5 | $ | — | $ | 0.5 | |||||||
Physical purchase/sale contracts | — | 1.0 | — | 1.0 | |||||||||||
Total net financial assets | $ | — | $ | 1.5 | $ | — | $ | 1.5 |
Predecessor | |||||||||||||||
December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(Dollars in millions) | |||||||||||||||
Futures, swaps and options | $ | — | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||
Physical purchase/sale contracts | — | 0.7 | (1.1 | ) | (0.4 | ) | |||||||||
Total net financial assets (liabilities) | $ | — | $ | 0.6 | $ | (1.1 | ) | $ | (0.5 | ) |
June 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Total debt at par value | $ | 1,075.4 | $ | 1,173.2 | |||||||
Less: Unamortized debt issuance costs and original issue discount | (28.5) | (35.4) | |||||||||
Net carrying amount | $ | 1,046.9 | $ | 1,137.8 | |||||||
Estimated fair value | $ | 1,189.9 | $ | 1,136.5 |
Predecessor | Successor | Predecessor | ||||||||||||
Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | |||||||||||
(Dollars in millions) | ||||||||||||||
Beginning of period | $ | (1.1 | ) | $ | (0.7 | ) | $ | (1.1 | ) | $ | (15.6 | ) | ||
Transfers into Level 3 | 4.6 | — | — | 5.0 | ||||||||||
Transfers out of Level 3 | (11.1 | ) | 0.7 | 0.2 | (0.4 | ) | ||||||||
Total gains realized/unrealized: | ||||||||||||||
Included in earnings | 2.6 | — | 0.2 | 1.2 | ||||||||||
Sales | 0.1 | — | — | — | ||||||||||
Settlements | 4.2 | — | — | 9.1 | ||||||||||
End of period | $ | (0.7 | ) | $ | — | $ | (0.7 | ) | $ | (0.7 | ) |
June 30, 2022 | December 31, 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Land and coal interests | $ | 2,488.8 | $ | 2,494.1 | |||||||
Buildings and improvements | 593.2 | 550.8 | |||||||||
Machinery and equipment | 1,400.4 | 1,386.2 | |||||||||
Less: Accumulated depreciation, depletion and amortization | (1,625.8) | (1,480.5) | |||||||||
Property, plant, equipment and mine development, net | $ | 2,856.6 | $ | 2,950.6 |
Predecessor | Successor | Predecessor | ||||||||||||
Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | |||||||||||
(Dollars in millions) | ||||||||||||||
Changes in unrealized gains (losses) (1) | $ | 0.1 | $ | — | $ | 0.3 | $ | (0.1 | ) |
Percentage of | |||
Year of Expiration | Portfolio Total | ||
2017 | 15 | % | |
2018 | 82 | % | |
2019 | 3 | % | |
100 | % |
Debt Instrument (defined below, as applicable) | June 30, 2022 | December 31, 2021 | |||||||||
(Dollars in millions) | |||||||||||
6.000% Senior Secured Notes due March 2022 (2022 Notes) | $ | — | $ | 23.1 | |||||||
8.500% Senior Secured Notes due December 2024 (2024 Peabody Notes) | — | 62.6 | |||||||||
10.000% Senior Secured Notes due December 2024 (2024 Co-Issuer Notes) | 193.6 | 193.9 | |||||||||
Senior Secured Term Loan due 2024 (Co-Issuer Term Loans) | 138.8 | 206.0 | |||||||||
6.375% Senior Secured Notes due March 2025 (2025 Notes) | 77.5 | 334.9 | |||||||||
Senior Secured Term Loan due 2025, net of original issue discount (Senior Secured Term Loan) | 320.9 | 322.8 | |||||||||
3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes) | 320.0 | — | |||||||||
Finance lease obligations | 24.1 | 29.3 | |||||||||
Less: Debt issuance costs | (28.0) | (34.8) | |||||||||
1,046.9 | 1,137.8 | ||||||||||
Less: Current portion of long-term debt | 177.7 | 59.6 | |||||||||
Long-term debt | $ | 869.2 | $ | 1,078.2 |
Successor | |||||||||||
September 30, 2017 | |||||||||||
(Dollars in millions) | |||||||||||
Assets | Liabilities | Net Total | |||||||||
Coal supply agreements | $ | 231.6 | $ | (46.9 | ) | $ | 184.7 | ||||
Take-or-pay contracts | — | (108.4 | ) | (108.4 | ) | ||||||
Total | $ | 231.6 | $ | (155.3 | ) | $ | 76.3 | ||||
Balance sheet classification: | |||||||||||
Investments and other assets | $ | 231.6 | $ | — | $ | 231.6 | |||||
Accounts payable and accrued expenses | — | (35.7 | ) | (35.7 | ) | ||||||
Other noncurrent liabilities | — | (119.6 | ) | (119.6 | ) | ||||||
Total | $ | 231.6 | $ | (155.3 | ) | $ | 76.3 |
Successor | Predecessor | |||||
September 30, 2017 | December 31, 2016 | |||||
(Dollars in millions) | ||||||
Land and coal interests | $ | 3,819.7 | $ | 10,330.8 | ||
Buildings and improvements | 457.3 | 1,507.6 | ||||
Machinery and equipment | 1,077.4 | 2,130.2 | ||||
Less: Accumulated depreciation, depletion and amortization | (271.8 | ) | (5,191.9 | ) | ||
Total, net | $ | 5,082.6 | $ | 8,776.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Indebtedness | $ | 24.0 | $ | 31.5 | $ | 49.9 | $ | 73.1 | |||||||||||||||
Financial assurance instruments | 13.6 | 13.9 | 27.1 | 24.7 | |||||||||||||||||||
Interest expense | $ | 37.6 | $ | 45.4 | $ | 77.0 | $ | 97.8 | |||||||||||||||
Cash paid for interest | $ | 40.6 | $ | 48.0 | $ | 77.8 | $ | 104.3 | |||||||||||||||
Non-cash interest expense | $ | 5.2 | $ | 5.9 | $ | 9.0 | $ | 10.8 |
Successor | Predecessor | |||||
September 30, 2017 | December 31, 2016 | |||||
(Dollars in millions) | ||||||
6.00% Senior Secured Notes due March 2022 | $ | 500.0 | $ | — | ||
6.375% Senior Secured Notes due March 2025 | 500.0 | — | ||||
Senior Secured Term Loan due 2022 | 645.0 | — | ||||
2013 Revolver | — | 1,558.1 | ||||
2013 Term Loan Facility due September 2020 | — | 1,162.3 | ||||
6.00% Senior Notes due November 2018 | — | 1,518.8 | ||||
6.50% Senior Notes due September 2020 | — | 650.0 | ||||
6.25% Senior Notes due November 2021 | — | 1,339.6 | ||||
10.00% Senior Secured Second Lien Notes due March 2022 | — | 979.4 | ||||
7.875% Senior Notes due November 2026 | — | 247.8 | ||||
Convertible Junior Subordinated Debentures due December 2066 | — | 386.1 | ||||
Capital lease and other obligations | 84.0 | 20.1 | ||||
Less: Debt issuance costs | (69.9 | ) | (70.8 | ) | ||
1,659.1 | 7,791.4 | |||||
Less: Current portion of long-term debt | 47.1 | 20.2 | ||||
Less: Liabilities subject to compromise | — | 7,771.2 | ||||
Long-term debt | $ | 1,612.0 | $ | — |
Successor | Predecessor | Successor | Predecessor | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||
Service cost for benefits earned | $ | 0.5 | $ | 0.7 | $ | 1.1 | $ | 0.6 | $ | 2.0 | Service cost for benefits earned | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||
Interest cost on projected benefit obligation | 9.4 | 10.3 | 18.7 | 9.7 | 31.0 | Interest cost on projected benefit obligation | 5.4 | 5.1 | 10.7 | 10.2 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (11.2 | ) | (11.3 | ) | (22.4 | ) | (11.0 | ) | (33.9 | ) | Expected return on plan assets | (6.0) | (5.7) | (11.9) | (11.4) | ||||||||||||||||||||||||||
Amortization of prior service cost and net actuarial loss | — | 6.3 | — | 6.4 | 18.8 | ||||||||||||||||||||||||||||||||||||
Net periodic pension (income) cost | $ | (1.3 | ) | $ | 6.0 | $ | (2.6 | ) | $ | 5.7 | $ | 17.9 | |||||||||||||||||||||||||||||
Net periodic pension credit | Net periodic pension credit | $ | (0.6) | $ | (0.5) | $ | (1.2) | $ | (1.1) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Service cost for benefits earned | $ | 0.2 | $ | 0.3 | $ | 0.4 | $ | 0.5 | |||||||||||||||
Interest cost on accumulated postretirement benefit obligation | 1.8 | 2.9 | 3.5 | 5.8 | |||||||||||||||||||
Expected return on plan assets | (0.2) | (0.2) | (0.4) | (0.4) | |||||||||||||||||||
Amortization of prior service credit | (13.5) | (11.0) | (26.9) | (22.0) | |||||||||||||||||||
Net periodic postretirement benefit credit | $ | (11.7) | $ | (8.0) | $ | (23.4) | $ | (16.1) |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Service cost for benefits earned | $ | 2.3 | $ | 2.6 | $ | 4.6 | $ | 2.3 | $ | 7.8 | ||||||||
Interest cost on accumulated postretirement benefit obligation | 8.2 | 8.8 | 16.5 | 8.4 | 26.4 | |||||||||||||
Amortization of prior service cost and net actuarial loss | — | 2.4 | — | 3.2 | 7.1 | |||||||||||||
Net periodic postretirement benefit cost | $ | 10.5 | $ | 13.8 | $ | 21.1 | $ | 13.9 | $ | 41.3 |
Foreign Currency Translation Adjustment | Net Actuarial Loss Associated with Postretirement Plans and Workers’ Compensation Obligations | Prior Service Cost Associated with Postretirement Plans | Cash Flow Hedges | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Predecessor Company | ||||||||||||||||||||
December 31, 2016 | $ | (148.2 | ) | $ | (256.3 | ) | $ | 21.7 | $ | (94.2 | ) | $ | (477.0 | ) | ||||||
Reclassification from other comprehensive income to earnings | — | 5.8 | (1.4 | ) | 18.6 | 23.0 | ||||||||||||||
Current period change | 5.5 | — | — | — | 5.5 | |||||||||||||||
Fresh start reporting adjustment | 142.7 | 250.5 | (20.3 | ) | 75.6 | 448.5 | ||||||||||||||
April 1, 2017 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Successor Company | ||||||||||||||||||||
Current period change | 1.8 | — | — | — | 1.8 | |||||||||||||||
September 30, 2017 | $ | 1.8 | $ | — | $ | — | $ | — | $ | 1.8 |
Amount reclassified from accumulated other comprehensive income (loss) (1) | ||||||||||||
Predecessor | ||||||||||||
Details about accumulated other comprehensive income (loss) components | Three Months Ended September 30, 2016 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | Affected line item in the unaudited condensed consolidated statement of operations | ||||||||
(Dollars in millions) | ||||||||||||
Net actuarial loss associated with postretirement plans and workers’ compensation obligations: | ||||||||||||
Postretirement health care and life insurance benefits | $ | (5.2 | ) | $ | (5.5 | ) | $ | (15.4 | ) | Operating costs and expenses | ||
Defined benefit pension plans | (5.1 | ) | (5.3 | ) | (15.3 | ) | Operating costs and expenses | |||||
Defined benefit pension plans | (1.1 | ) | (1.0 | ) | (3.2 | ) | Selling and administrative expenses | |||||
Insignificant items | 3.0 | 2.7 | 8.8 | |||||||||
(8.4 | ) | (9.1 | ) | (25.1 | ) | Total before income taxes | ||||||
3.1 | 3.3 | 9.3 | Income tax benefit | |||||||||
$ | (5.3 | ) | $ | (5.8 | ) | $ | (15.8 | ) | Total after income taxes | |||
Prior service credit associated with postretirement plans: | ||||||||||||
Postretirement health care and life insurance benefits | $ | 2.8 | $ | 2.3 | $ | 8.3 | Operating costs and expenses | |||||
Defined benefit pension plans | (0.1 | ) | (0.1 | ) | (0.3 | ) | Operating costs and expenses | |||||
2.7 | 2.2 | 8.0 | Total before income taxes | |||||||||
(1.0 | ) | (0.8 | ) | (3.0 | ) | Income tax provision | ||||||
$ | 1.7 | $ | 1.4 | $ | 5.0 | Total after income taxes | ||||||
Cash flow hedges: | ||||||||||||
Foreign currency cash flow hedge contracts | $ | (28.0 | ) | $ | (16.6 | ) | $ | (122.1 | ) | Operating costs and expenses | ||
Fuel and explosives commodity swaps | (19.4 | ) | (11.0 | ) | (66.4 | ) | Operating costs and expenses | |||||
Insignificant items | (0.1 | ) | (0.1 | ) | (0.4 | ) | ||||||
(47.5 | ) | (27.7 | ) | (188.9 | ) | Total before income taxes | ||||||
17.6 | 9.1 | 69.9 | Income tax benefit | |||||||||
$ | (29.9 | ) | $ | (18.6 | ) | $ | (119.0 | ) | Total after income taxes |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
Basic EPS numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 291.5 | $ | (100.7) | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 1.1 | 3.3 | — | 3.7 | |||||||||||||||||||
Income (loss) from continuing operations attributable to common stockholders | 410.2 | (26.3) | 291.5 | (104.4) | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.7) | (2.3) | (1.5) | (4.3) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 409.5 | $ | (28.6) | $ | 290.0 | $ | (108.7) | |||||||||||||||
Diluted EPS numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 291.5 | $ | (100.7) | |||||||||||||||
Add: Tax adjusted interest expense related to 2028 Convertible Notes | 2.5 | — | 3.5 | — | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1.1 | 3.3 | — | 3.7 | |||||||||||||||||||
Income (loss) from continuing operations attributable to common stockholders | 412.7 | (26.3) | 295.0 | (104.4) | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.7) | (2.3) | (1.5) | (4.3) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 412.0 | $ | (28.6) | $ | 293.5 | $ | (108.7) | |||||||||||||||
EPS denominator: | |||||||||||||||||||||||
Weighted average shares outstanding — basic | 144.0 | 101.2 | 140.1 | 99.8 | |||||||||||||||||||
Dilutive impact of share-based compensation awards | 1.8 | — | 1.5 | — | |||||||||||||||||||
Dilutive impact of 2028 Convertible Notes | 16.1 | — | 10.9 | — | |||||||||||||||||||
Weighted average shares outstanding — diluted | 161.9 | 101.2 | 152.5 | 99.8 | |||||||||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 2.85 | $ | (0.26) | $ | 2.08 | $ | (1.05) | |||||||||||||||
Loss from discontinued operations | (0.01) | (0.02) | (0.01) | (0.04) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 2.84 | $ | (0.28) | $ | 2.07 | $ | (1.09) | |||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 2.55 | $ | (0.26) | $ | 1.93 | $ | (1.05) | |||||||||||||||
Loss from discontinued operations | (0.01) | (0.02) | — | (0.04) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 2.54 | $ | (0.28) | $ | 1.93 | $ | (1.09) |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
(In millions, except per share data) | ||||||||||||||||||
EPS numerator: | ||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 233.7 | $ | (97.7 | ) | $ | 335.1 | $ | (195.5 | ) | $ | (488.6 | ) | |||||
Less: Series A Convertible Preferred Stock dividends | 23.5 | — | 138.6 | — | — | |||||||||||||
Less: Net income attributable to noncontrolling interests | 5.1 | 1.8 | 8.9 | 4.8 | 3.5 | |||||||||||||
Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 205.1 | (99.5 | ) | 187.6 | (200.3 | ) | (492.1 | ) | ||||||||||
Less: Earnings allocated to participating securities | 51.6 | — | 50.6 | — | — | |||||||||||||
Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | 153.5 | (99.5 | ) | 137.0 | (200.3 | ) | (492.1 | ) | ||||||||||
Loss from discontinued operations, net of income taxes | (3.7 | ) | (38.1 | ) | (6.4 | ) | (16.2 | ) | (44.5 | ) | ||||||||
Less: Loss from discontinued operations allocated to participating securities | (0.9 | ) | — | (1.7 | ) | — | — | |||||||||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (2.8 | ) | (38.1 | ) | (4.7 | ) | (16.2 | ) | (44.5 | ) | ||||||||
Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) | $ | 150.7 | $ | (137.6 | ) | $ | 132.3 | $ | (216.5 | ) | $ | (536.6 | ) | |||||
EPS denominator: | ||||||||||||||||||
Weighted average shares outstanding — basic | 101.6 | 18.3 | 99.2 | 18.3 | 18.3 | |||||||||||||
Impact of dilutive securities | 1.5 | — | 1.0 | — | — | |||||||||||||
Weighted average shares outstanding — diluted (2) | 103.1 | 18.3 | 100.2 | 18.3 | 18.3 | |||||||||||||
Basic EPS attributable to common stockholders: | ||||||||||||||||||
Income (loss) from continuing operations | $ | 1.51 | $ | (5.44 | ) | $ | 1.38 | $ | (10.93 | ) | $ | (26.91 | ) | |||||
Loss from discontinued operations | (0.03 | ) | (2.09 | ) | (0.05 | ) | (0.88 | ) | (2.43 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 1.48 | $ | (7.53 | ) | $ | 1.33 | $ | (11.81 | ) | $ | (29.34 | ) | |||||
Diluted EPS attributable to common stockholders: | ||||||||||||||||||
Income (loss) from continuing operations | $ | 1.49 | $ | (5.44 | ) | $ | 1.37 | $ | (10.93 | ) | $ | (26.91 | ) | |||||
Loss from discontinued operations | (0.02 | ) | (2.09 | ) | (0.05 | ) | (0.88 | ) | (2.43 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 1.47 | $ | (7.53 | ) | $ | 1.32 | $ | (11.81 | ) | $ | (29.34 | ) |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
Revenues: | ||||||||||||||||||
Powder River Basin Mining | $ | 420.9 | $ | 419.6 | $ | 786.3 | $ | 394.3 | $ | 1,062.2 | ||||||||
Midwestern U.S. Mining | 207.7 | 211.0 | 402.6 | 193.2 | 599.6 | |||||||||||||
Western U.S. Mining | 155.7 | 162.4 | 281.1 | 149.7 | 387.0 | |||||||||||||
Australian Metallurgical Mining | 415.9 | 232.5 | 703.7 | 328.9 | 682.8 | |||||||||||||
Australian Thermal Mining | 265.8 | 197.9 | 505.0 | 224.8 | 561.4 | |||||||||||||
Trading and Brokerage | 19.4 | 2.7 | 24.6 | 15.0 | 16.5 | |||||||||||||
Corporate and Other | (8.2 | ) | (19.0 | ) | 32.2 | 20.3 | (35.0 | ) | ||||||||||
Total | $ | 1,477.2 | $ | 1,207.1 | $ | 2,735.5 | $ | 1,326.2 | $ | 3,274.5 | ||||||||
Adjusted EBITDA: | ||||||||||||||||||
Powder River Basin Mining | $ | 112.7 | $ | 123.9 | $ | 197.5 | $ | 91.7 | $ | 278.3 | ||||||||
Midwestern U.S. Mining | 49.5 | 59.1 | 96.0 | 50.0 | 172.4 | |||||||||||||
Western U.S. Mining | 34.5 | 34.3 | 79.4 | 50.0 | 83.2 | |||||||||||||
Australian Metallurgical Mining | 143.1 | (34.5 | ) | 215.0 | 109.6 | (121.0 | ) | |||||||||||
Australian Thermal Mining | 97.8 | 48.9 | 203.7 | 75.6 | 137.2 | |||||||||||||
Trading and Brokerage | 2.7 | (9.4 | ) | (2.4 | ) | 8.8 | (41.3 | ) | ||||||||||
Corporate and Other (1) | (29.0 | ) | (92.1 | ) | (60.1 | ) | (44.4 | ) | (270.8 | ) | ||||||||
Total | $ | 411.3 | $ | 130.2 | $ | 729.1 | $ | 341.3 | $ | 238.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Seaborne Thermal Mining | $ | 354.9 | $ | 194.1 | $ | 606.1 | $ | 370.5 | |||||||||||||||
Seaborne Metallurgical Mining | 533.8 | 121.0 | 855.1 | 208.5 | |||||||||||||||||||
Powder River Basin Mining | 229.7 | 248.6 | 480.9 | 477.0 | |||||||||||||||||||
Other U.S. Thermal Mining | 224.9 | 162.1 | 428.0 | 311.4 | |||||||||||||||||||
Corporate and Other | (21.4) | (2.4) | (356.8) | 7.3 | |||||||||||||||||||
Total | $ | 1,321.9 | $ | 723.4 | $ | 2,013.3 | $ | 1,374.7 | |||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||
Seaborne Thermal Mining | $ | 176.8 | $ | 71.4 | $ | 267.3 | $ | 99.9 | |||||||||||||||
Seaborne Metallurgical Mining | 299.7 | (26.4) | 480.7 | (48.8) | |||||||||||||||||||
Powder River Basin Mining | (2.0) | 45.5 | 5.6 | 75.6 | |||||||||||||||||||
Other U.S. Thermal Mining | 61.9 | 44.3 | 111.9 | 80.5 | |||||||||||||||||||
Corporate and Other | 41.4 | (12.7) | 39.8 | (24.0) | |||||||||||||||||||
Total | $ | 577.8 | $ | 122.1 | $ | 905.3 | $ | 183.2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 291.5 | $ | (100.7) | |||||||||||||||
Depreciation, depletion and amortization | 73.8 | 77.1 | 146.7 | 145.4 | |||||||||||||||||||
Asset retirement obligation expenses | 12.7 | 15.1 | 27.7 | 31.0 | |||||||||||||||||||
Restructuring charges | 0.2 | 2.1 | 1.8 | 4.2 | |||||||||||||||||||
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (0.6) | (0.5) | (1.2) | (2.0) | |||||||||||||||||||
Interest expense | 37.6 | 45.4 | 77.0 | 97.8 | |||||||||||||||||||
Net loss (gain) on early debt extinguishment | 2.3 | (11.8) | 25.8 | (15.3) | |||||||||||||||||||
Interest income | (0.9) | (1.3) | (1.4) | (2.8) | |||||||||||||||||||
Unrealized losses on derivative contracts related to forecasted sales | 24.5 | 23.7 | 325.5 | 25.6 | |||||||||||||||||||
Unrealized losses on foreign currency option contracts | 6.3 | 1.2 | 3.0 | 8.8 | |||||||||||||||||||
Take-or-pay contract-based intangible recognition | (0.7) | (1.1) | (1.4) | (2.2) | |||||||||||||||||||
Income tax provision (benefit) | 11.3 | (4.8) | 10.3 | (6.6) | |||||||||||||||||||
Adjusted EBITDA | $ | 577.8 | $ | 122.1 | $ | 905.3 | $ | 183.2 |
Successor | Predecessor | Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
(Dollars in millions) | ||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 233.7 | $ | (97.7 | ) | $ | 335.1 | $ | (195.5 | ) | $ | (488.6 | ) | |||||
Depreciation, depletion and amortization | 194.5 | 117.8 | 342.8 | 119.9 | 345.5 | |||||||||||||
Asset retirement obligation expenses | 11.3 | 12.7 | 22.3 | 14.6 | 37.3 | |||||||||||||
Selling and administrative expenses related to debt restructuring | — | — | — | — | 21.5 | |||||||||||||
Asset impairment | — | — | — | 30.5 | 17.2 | |||||||||||||
Change in deferred tax asset valuation allowance related to equity affiliates | (3.4 | ) | (0.6 | ) | (7.7 | ) | (5.2 | ) | (0.6 | ) | ||||||||
Interest expense | 42.4 | 58.5 | 83.8 | 32.9 | 243.7 | |||||||||||||
Loss on early debt extinguishment | 12.9 | — | 12.9 | — | — | |||||||||||||
Interest income | (2.0 | ) | (1.3 | ) | (3.5 | ) | (2.7 | ) | (4.0 | ) | ||||||||
Break fees related to terminated asset sales | — | — | (28.0 | ) | — | — | ||||||||||||
Unrealized losses (gains) on non-coal trading derivative contracts | 1.7 | — | (1.5 | ) | — | — | ||||||||||||
Unrealized losses (gains) on economic hedges | 10.8 | 21.9 | 1.4 | (16.6 | ) | 49.1 | ||||||||||||
Coal inventory revaluation | — | — | 67.3 | — | — | |||||||||||||
Take-or-pay contract-based intangible recognition | (6.5 | ) | — | (16.4 | ) | — | — | |||||||||||
Reorganization items, net | — | 29.7 | — | 627.2 | 125.1 | |||||||||||||
Income tax benefit | (84.1 | ) | (10.8 | ) | (79.4 | ) | (263.8 | ) | (108.2 | ) | ||||||||
Total Adjusted EBITDA | $ | 411.3 | $ | 130.2 | $ | 729.1 | $ | 341.3 | $ | 238.0 |
High | Low | Average | June 30, 2022 | July 29, 2022 | ||||||||||||||||||||||||||||
Premium HCC (1) | $ | 530.25 | $ | 302.00 | $ | 445.52 | $ | 302.00 | $ | 191.00 | ||||||||||||||||||||||
Premium PCI coal (1) | 517.25 | 275.50 | 419.63 | 275.50 | 182.50 | |||||||||||||||||||||||||||
Newcastle index thermal coal (1) | 436.07 | 271.05 | 372.90 | 390.68 | 420.88 | |||||||||||||||||||||||||||
API 5 index thermal coal (1) | 204.38 | 181.93 | 194.74 | 190.00 | 214.12 | |||||||||||||||||||||||||||
PRB 8,800 Btu/Lb coal (2) | 17.50 | 15.80 | 16.61 | 16.55 | 18.20 | |||||||||||||||||||||||||||
Illinois Basin 11,500 Btu/Lb coal (2) | 170.00 | 126.00 | 142.00 | 170.00 | 180.00 |
High | Low | Average | September 30, 2017 | |||||||||||||
Premium HCC | $ | 211.00 | $ | 151.50 | $ | 188.78 | $ | 187.25 | ||||||||
Premium PCI coal | $ | 128.55 | $ | 102.35 | $ | 116.75 | $ | 124.80 | ||||||||
Newcastle index thermal coal | $ | 100.30 | $ | 79.45 | $ | 93.23 | $ | 97.25 | ||||||||
PRB 8,800 Btu/Lb coal | $ | 11.90 | $ | 11.20 | $ | 11.62 | $ | 11.50 | ||||||||
Illinois Basin 11,500 Btu/Lb coal | $ | 35.00 | $ | 33.25 | $ | 34.45 | $ | 35.00 |
Three Month Comparison | 2017 | 2016 | ||||||||||
Successor | Predecessor | Increase (Decrease) | ||||||||||
Three Months Ended | to Volumes | |||||||||||
September 30 | Tons | % | ||||||||||
(Tons in millions) | ||||||||||||
Powder River Basin Mining | 33.7 | 33.0 | 0.7 | 2 | % | |||||||
Midwestern U.S. Mining | 4.9 | 4.9 | — | — | % | |||||||
Western U.S. Mining | 4.0 | 4.3 | (0.3 | ) | (7 | )% | ||||||
Australian Metallurgical Mining | 3.5 | 3.2 | 0.3 | 9 | % | |||||||
Australian Thermal Mining | 5.2 | 5.4 | (0.2 | ) | (4 | )% | ||||||
Total tons sold from mining segments | 51.3 | 50.8 | 0.5 | 1 | % | |||||||
Trading and Brokerage | 0.7 | 2.0 | (1.3 | ) | (65 | )% | ||||||
Total tons sold | 52.0 | 52.8 | (0.8 | ) | (2 | )% |
Three Months Ended June 30, | (Decrease) Increase to Volumes | Six Months Ended June 30, | (Decrease) Increase to Volumes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Tons | % | 2022 | 2021 | Tons | % | ||||||||||||||||||||||||||||||||||||||||
(Tons in millions) | (Tons in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | 4.0 | 4.1 | (0.1) | (2) | % | 7.8 | 8.2 | (0.4) | (5) | % | |||||||||||||||||||||||||||||||||||||
Seaborne Metallurgical Mining | 1.6 | 1.4 | 0.2 | 14 | % | 2.8 | 2.4 | 0.4 | 17 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin Mining | 18.5 | 22.5 | (4.0) | (18) | % | 39.1 | 43.2 | (4.1) | (9) | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal Mining | 4.4 | 3.9 | 0.5 | 13 | % | 8.6 | 7.8 | 0.8 | 10 | % | |||||||||||||||||||||||||||||||||||||
Total tons sold from mining segments | 28.5 | 31.9 | (3.4) | (11) | % | 58.3 | 61.6 | (3.3) | (5) | % | |||||||||||||||||||||||||||||||||||||
Corporate and Other | 0.1 | 0.9 | (0.8) | (89) | % | 0.2 | 1.4 | (1.2) | (86) | % | |||||||||||||||||||||||||||||||||||||
Total tons sold | 28.6 | 32.8 | (4.2) | (13) | % | 58.5 | 63.0 | (4.5) | (7) | % |
Nine Month Comparison | 2017 | 2016 | ||||||||||||||||
Successor | Predecessor | Combined | Predecessor | Increase (Decrease) | ||||||||||||||
April 2 through September 30 | January 1 through April 1 | Nine Months Ended | to Volumes | |||||||||||||||
September 30 | Tons | % | ||||||||||||||||
(Tons in millions) | ||||||||||||||||||
Powder River Basin Mining | 62.2 | 31.0 | 93.2 | 80.0 | 13.2 | 17 | % | |||||||||||
Midwestern U.S. Mining | 9.5 | 4.5 | 14.0 | 13.8 | 0.2 | 1 | % | |||||||||||
Western U.S. Mining | 7.2 | 3.4 | 10.6 | 10.0 | 0.6 | 6 | % | |||||||||||
Australian Metallurgical Mining | 5.5 | 2.2 | 7.7 | 10.1 | (2.4 | ) | (24 | )% | ||||||||||
Australian Thermal Mining | 9.8 | 4.6 | 14.4 | 15.8 | (1.4 | ) | (9 | )% | ||||||||||
Total tons sold from mining segments | 94.2 | 45.7 | 139.9 | 129.7 | 10.2 | 8 | % | |||||||||||
Trading and Brokerage | 1.4 | 0.4 | 1.8 | 5.4 | (3.6 | ) | (67 | )% | ||||||||||
Total tons sold | 95.6 | 46.1 | 141.7 | 135.1 | 6.6 | 5 | % |
Three Months Ended June 30, | Increase (Decrease) | Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Revenue per Ton - Mining Operations (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal | $ | 87.37 | $ | 46.92 | $ | 40.45 | 86 | % | $ | 77.52 | $ | 45.15 | $ | 32.37 | 72 | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical | 330.56 | 85.48 | 245.08 | 287 | % | 299.82 | 86.31 | 213.51 | 247 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin | 12.44 | 11.06 | 1.38 | 12 | % | 12.30 | 11.04 | 1.26 | 11 | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal | 51.40 | 40.70 | 10.70 | 26 | % | 49.96 | 39.75 | 10.21 | 26 | % | |||||||||||||||||||||||||||||||||||||
Costs per Ton - Mining Operations (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal | $ | 43.85 | $ | 29.61 | $ | 14.24 | 48 | % | $ | 43.33 | $ | 32.97 | $ | 10.36 | 31 | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical | 144.91 | 104.24 | 40.67 | 39 | % | 131.26 | 106.51 | 24.75 | 23 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin | 12.55 | 9.04 | 3.51 | 39 | % | 12.16 | 9.29 | 2.87 | 31 | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal | 37.25 | 29.57 | 7.68 | 26 | % | 36.90 | 29.47 | 7.43 | 25 | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA Margin per Ton - Mining Operations (1)(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal | $ | 43.52 | $ | 17.31 | $ | 26.21 | 151 | % | $ | 34.19 | $ | 12.18 | $ | 22.01 | 181 | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical | 185.65 | (18.76) | 204.41 | 1,090 | % | 168.56 | (20.20) | 188.76 | 934 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin | (0.11) | 2.02 | (2.13) | (105) | % | 0.14 | 1.75 | (1.61) | (92) | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal | 14.15 | 11.13 | 3.02 | 27 | % | 13.06 | 10.28 | 2.78 | 27 | % |
Three Month Comparison | 2017 | 2016 | |||||||||||||
Successor | Predecessor | ||||||||||||||
Three Months Ended | (Decrease) Increase | ||||||||||||||
September 30 | $ | % | |||||||||||||
Revenues per Ton - Mining Operations | |||||||||||||||
Powder River Basin | $ | 12.48 | $ | 12.73 | $ | (0.25 | ) | (2 | )% | ||||||
Midwestern U.S. | 42.52 | 43.02 | (0.50 | ) | (1 | )% | |||||||||
Western U.S. | 38.25 | 38.03 | 0.22 | 1 | % | ||||||||||
Australian Metallurgical | 119.55 | 71.34 | 48.21 | 68 | % | ||||||||||
Australian Thermal | 51.78 | 36.53 | 15.25 | 42 | % | ||||||||||
Operating Costs per Ton - Mining Operations (1) | |||||||||||||||
Powder River Basin | $ | 9.13 | $ | 8.97 | $ | 0.16 | 2 | % | |||||||
Midwestern U.S. | 32.39 | 30.96 | 1.43 | 5 | % | ||||||||||
Western U.S. | 29.77 | 30.00 | (0.23 | ) | (1 | )% | |||||||||
Australian Metallurgical | 78.42 | 81.93 | (3.51 | ) | (4 | )% | |||||||||
Australian Thermal | 32.72 | 27.50 | 5.22 | 19 | % | ||||||||||
Gross Margin per Ton - Mining Operations (1) | |||||||||||||||
Powder River Basin | $ | 3.35 | $ | 3.76 | $ | (0.41 | ) | (11 | )% | ||||||
Midwestern U.S. | 10.13 | 12.06 | (1.93 | ) | (16 | )% | |||||||||
Western U.S. | 8.48 | 8.03 | 0.45 | 6 | % | ||||||||||
Australian Metallurgical | 41.13 | (10.59 | ) | 51.72 | 488 | % | |||||||||
Australian Thermal | 19.06 | 9.03 | 10.03 | 111 | % |
Nine Month Comparison | 2017 | 2016 | |||||||||||||||||||||
Successor | Predecessor | Combined | Predecessor | ||||||||||||||||||||
April 2 through September 30 | January 1 through April 1 | Nine Months Ended | (Decrease) Increase | ||||||||||||||||||||
September 30 | $ | % | |||||||||||||||||||||
Revenues per Ton - Mining Operations | |||||||||||||||||||||||
Powder River Basin | $ | 12.65 | $ | 12.70 | $ | 12.67 | $ | 13.28 | $ | (0.61 | ) | (5 | )% | ||||||||||
Midwestern U.S. | 42.57 | 42.96 | 42.69 | 43.45 | (0.76 | ) | (2 | )% | |||||||||||||||
Western U.S. | 38.54 | 44.68 | 40.47 | 38.72 | 1.75 | 5 | % | ||||||||||||||||
Australian Metallurgical | 128.89 | 150.22 | 135.03 | 67.39 | 67.64 | 100 | % | ||||||||||||||||
Australian Thermal | 51.65 | 48.65 | 50.69 | 35.60 | 15.09 | 42 | ��% | ||||||||||||||||
Operating Costs per Ton - Mining Operations (1) | |||||||||||||||||||||||
Powder River Basin | $ | 9.47 | $ | 9.75 | $ | 9.57 | $ | 9.80 | $ | (0.23 | ) | (2 | )% | ||||||||||
Midwestern U.S. | 32.42 | 31.84 | 32.23 | 30.96 | 1.27 | 4 | % | ||||||||||||||||
Western U.S. | 27.65 | 29.76 | 28.31 | 30.39 | (2.08 | ) | (7 | )% | |||||||||||||||
Australian Metallurgical | 89.53 | 100.16 | 92.57 | 79.34 | 13.23 | 17 | % | ||||||||||||||||
Australian Thermal | 30.79 | 32.27 | 31.29 | 26.90 | 4.39 | 16 | % | ||||||||||||||||
Gross Margin per Ton - Mining Operations (1) | |||||||||||||||||||||||
Powder River Basin | $ | 3.18 | $ | 2.95 | $ | 3.10 | $ | 3.48 | $ | (0.38 | ) | (11 | )% | ||||||||||
Midwestern U.S. | 10.15 | 11.12 | 10.46 | 12.49 | (2.03 | ) | (16 | )% | |||||||||||||||
Western U.S. | 10.89 | 14.92 | 12.16 | 8.33 | 3.83 | 46 | % | ||||||||||||||||
Australian Metallurgical | 39.36 | 50.06 | 42.46 | (11.95 | ) | 54.41 | 455 | % | |||||||||||||||
Australian Thermal | 20.86 | 16.38 | 19.40 | 8.70 | 10.70 | 123 | % |
Three Months Ended June 30, | Increase (Decrease) to Revenue | Six Months Ended June 30, | Increase (Decrease) to Revenue | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | $ | 354.9 | $ | 194.1 | $ | 160.8 | 83 | % | $ | 606.1 | $ | 370.5 | $ | 235.6 | 64 | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical Mining | 533.8 | 121.0 | 412.8 | 341 | % | 855.1 | 208.5 | 646.6 | 310 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin Mining | 229.7 | 248.6 | (18.9) | (8) | % | 480.9 | 477.0 | 3.9 | 1 | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal Mining | 224.9 | 162.1 | 62.8 | 39 | % | 428.0 | 311.4 | 116.6 | 37 | % | |||||||||||||||||||||||||||||||||||||
Corporate and Other | (21.4) | (2.4) | (19.0) | (792) | % | (356.8) | 7.3 | (364.1) | (4,988) | % | |||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,321.9 | $ | 723.4 | $ | 598.5 | 83 | % | $ | 2,013.3 | $ | 1,374.7 | $ | 638.6 | 46 | % |
Three Month Comparison | 2017 | 2016 | |||||||||||||
Successor | Predecessor | Increase (Decrease) | |||||||||||||
Three Months Ended | to Revenues | ||||||||||||||
September 30 | $ | % | |||||||||||||
(Dollars in millions) | |||||||||||||||
Powder River Basin Mining | $ | 420.9 | $ | 419.6 | $ | 1.3 | — | % | |||||||
Midwestern U.S. Mining | 207.7 | 211.0 | (3.3 | ) | (2 | )% | |||||||||
Western U.S. Mining | 155.7 | 162.4 | (6.7 | ) | (4 | )% | |||||||||
Australian Metallurgical Mining | 415.9 | 232.5 | 183.4 | 79 | % | ||||||||||
Australian Thermal Mining | 265.8 | 197.9 | 67.9 | 34 | % | ||||||||||
Trading and Brokerage | 19.4 | 2.7 | 16.7 | 619 | % | ||||||||||
Corporate and Other | (8.2 | ) | (19.0 | ) | 10.8 | 57 | % | ||||||||
Total revenues | $ | 1,477.2 | $ | 1,207.1 | $ | 270.1 | 22 | % |
Nine Month Comparison | 2017 | 2016 | |||||||||||||||||||||
Successor | Predecessor | Combined | Predecessor | Increase (Decrease) | |||||||||||||||||||
April 2 through September 30 | January 1 through April 1 | Nine Months Ended | to Revenues | ||||||||||||||||||||
September 30 | $ | % | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Powder River Basin Mining | $ | 786.3 | $ | 394.3 | $ | 1,180.6 | $ | 1,062.2 | $ | 118.4 | 11 | % | |||||||||||
Midwestern U.S. Mining | 402.6 | 193.2 | 595.8 | 599.6 | (3.8 | ) | (1 | )% | |||||||||||||||
Western U.S. Mining | 281.1 | 149.7 | 430.8 | 387.0 | 43.8 | 11 | % | ||||||||||||||||
Australian Metallurgical Mining | 703.7 | 328.9 | 1,032.6 | 682.8 | 349.8 | 51 | % | ||||||||||||||||
Australian Thermal Mining | 505.0 | 224.8 | 729.8 | 561.4 | 168.4 | 30 | % | ||||||||||||||||
Trading and Brokerage | 24.6 | 15.0 | 39.6 | 16.5 | 23.1 | 140 | % | ||||||||||||||||
Corporate and Other | 32.2 | 20.3 | 52.5 | (35.0 | ) | 87.5 | 250 | % | |||||||||||||||
Total revenues | $ | 2,735.5 | $ | 1,326.2 | $ | 4,061.7 | $ | 3,274.5 | $ | 787.2 | 24 | % |
Three Months Ended June 30, | Increase (Decrease) to Segment Adjusted EBITDA | Six Months Ended June 30, | Increase (Decrease) to Segment Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | $ | 176.8 | $ | 71.4 | $ | 105.4 | 148 | % | $ | 267.3 | $ | 99.9 | $ | 167.4 | 168 | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical Mining | 299.7 | (26.4) | 326.1 | 1,235 | % | 480.7 | (48.8) | 529.5 | 1,085 | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin Mining | (2.0) | 45.5 | (47.5) | (104) | % | 5.6 | 75.6 | (70.0) | (93) | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal Mining | 61.9 | 44.3 | 17.6 | 40 | % | 111.9 | 80.5 | 31.4 | 39 | % | |||||||||||||||||||||||||||||||||||||
Corporate and Other | 41.4 | (12.7) | 54.1 | 426 | % | 39.8 | (24.0) | 63.8 | 266 | % | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 577.8 | $ | 122.1 | $ | 455.7 | 373 | % | $ | 905.3 | $ | 183.2 | $ | 722.1 | 394 | % |
Three Months Ended June 30, | Increase (Decrease) to Adjusted EBITDA | Six Months Ended June 30, | Increase (Decrease) to Adjusted EBITDA | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Middlemount (1) | $ | 48.9 | $ | (4.1) | $ | 53.0 | 1,293 | % | $ | 94.0 | $ | (6.4) | $ | 100.4 | 1,569 | % | |||||||||||||||||||||||||||||||
Resource management activities (2) | 13.8 | 3.9 | 9.9 | 254 | % | 17.3 | 4.3 | 13.0 | 302 | % | |||||||||||||||||||||||||||||||||||||
Selling and administrative expenses | (21.8) | (21.4) | (0.4) | (2) | % | (44.9) | (43.1) | (1.8) | (4) | % | |||||||||||||||||||||||||||||||||||||
Other items, net (3) | 0.5 | 8.9 | (8.4) | (94) | % | (26.6) | 21.2 | (47.8) | (225) | % | |||||||||||||||||||||||||||||||||||||
Corporate and Other Adjusted EBITDA | $ | 41.4 | $ | (12.7) | $ | 54.1 | 426 | % | $ | 39.8 | $ | (24.0) | $ | 63.8 | 266 | % |
Three Months Ended June 30, | Increase (Decrease) to Income | Six Months Ended June 30, | Increase (Decrease) to Income | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 577.8 | $ | 122.1 | $ | 455.7 | 373 | % | $ | 905.3 | $ | 183.2 | $ | 722.1 | 394 | % | |||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | (73.8) | (77.1) | 3.3 | 4 | % | (146.7) | (145.4) | (1.3) | (1) | % | |||||||||||||||||||||||||||||||||||||
Asset retirement obligation expenses | (12.7) | (15.1) | 2.4 | 16 | % | (27.7) | (31.0) | 3.3 | 11 | % | |||||||||||||||||||||||||||||||||||||
Restructuring charges | (0.2) | (2.1) | 1.9 | 90 | % | (1.8) | (4.2) | 2.4 | 57 | % | |||||||||||||||||||||||||||||||||||||
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | 0.6 | 0.5 | 0.1 | 20 | % | 1.2 | 2.0 | (0.8) | (40) | % | |||||||||||||||||||||||||||||||||||||
Interest expense | (37.6) | (45.4) | 7.8 | 17 | % | (77.0) | (97.8) | 20.8 | 21 | % | |||||||||||||||||||||||||||||||||||||
Net (loss) gain on early debt extinguishment | (2.3) | 11.8 | (14.1) | (119) | % | (25.8) | 15.3 | (41.1) | (269) | % | |||||||||||||||||||||||||||||||||||||
Interest income | 0.9 | 1.3 | (0.4) | (31) | % | 1.4 | 2.8 | (1.4) | (50) | % | |||||||||||||||||||||||||||||||||||||
Unrealized losses on derivative contracts related to forecasted sales | (24.5) | (23.7) | (0.8) | (3) | % | (325.5) | (25.6) | (299.9) | (1,171) | % | |||||||||||||||||||||||||||||||||||||
Unrealized losses on foreign currency option contracts | (6.3) | (1.2) | (5.1) | (425) | % | (3.0) | (8.8) | 5.8 | 66 | % | |||||||||||||||||||||||||||||||||||||
Take-or-pay contract-based intangible recognition | 0.7 | 1.1 | (0.4) | (36) | % | 1.4 | 2.2 | (0.8) | (36) | % | |||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | (11.3) | 4.8 | (16.1) | (335) | % | (10.3) | 6.6 | (16.9) | (256) | % | |||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 434.3 | 1,888 | % | $ | 291.5 | $ | (100.7) | $ | 392.2 | 389 | % |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Combined | Predecessor | ||||||||||||||||||||
Three Months Ended | April 2 through September 30 | January 1 through April 1 | Nine Months Ended | ||||||||||||||||||||||
September 30 | September 30 | ||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 149.6 | $ | (108.5 | ) | $ | 255.7 | $ | (459.3 | ) | $ | (203.6 | ) | $ | (596.8 | ) | |||||||||
Depreciation, depletion and amortization | (194.5 | ) | (117.8 | ) | (342.8 | ) | (119.9 | ) | (462.7 | ) | (345.5 | ) | |||||||||||||
Asset retirement obligation expenses | (11.3 | ) | (12.7 | ) | (22.3 | ) | (14.6 | ) | (36.9 | ) | (37.3 | ) | |||||||||||||
Selling and administrative expenses related to debt restructuring | — | — | — | — | — | (21.5 | ) | ||||||||||||||||||
Asset impairment | — | — | — | (30.5 | ) | (30.5 | ) | (17.2 | ) | ||||||||||||||||
Change in deferred tax asset valuation allowance related to equity affiliates | 3.4 | 0.6 | 7.7 | 5.2 | 12.9 | 0.6 | |||||||||||||||||||
Interest expense | (42.4 | ) | (58.5 | ) | (83.8 | ) | (32.9 | ) | (116.7 | ) | (243.7 | ) | |||||||||||||
Loss on early debt extinguishment | (12.9 | ) | — | (12.9 | ) | — | (12.9 | ) | — | ||||||||||||||||
Interest income | 2.0 | 1.3 | 3.5 | 2.7 | 6.2 | 4.0 | |||||||||||||||||||
Break fees related to terminated asset sales | — | — | 28.0 | — | 28.0 | — | |||||||||||||||||||
Unrealized (losses) gains on non-coal trading derivative contracts | (1.7 | ) | — | 1.5 | — | 1.5 | — | ||||||||||||||||||
Unrealized (losses) gains on economic hedges | (10.8 | ) | (21.9 | ) | (1.4 | ) | 16.6 | 15.2 | (49.1 | ) | |||||||||||||||
Coal inventory revaluation | — | — | (67.3 | ) | — | (67.3 | ) | — | |||||||||||||||||
Take-or-pay contract-based intangible recognition | 6.5 | — | 16.4 | — | 16.4 | — | |||||||||||||||||||
Reorganization items, net | — | (29.7 | ) | — | (627.2 | ) | (627.2 | ) | (125.1 | ) | |||||||||||||||
Adjusted EBITDA | $ | 411.3 | $ | 130.2 | $ | 729.1 | $ | 341.3 | $ | 1,070.4 | $ | 238.0 |
Three Month Comparison | 2017 | 2016 | (Decrease) Increase | ||||||||||||
Successor | Predecessor | to Segment Adjusted | |||||||||||||
Three Months Ended | EBITDA | ||||||||||||||
September 30 | $ | % | |||||||||||||
(Dollars in millions) | |||||||||||||||
Powder River Basin Mining | $ | 112.7 | $ | 123.9 | $ | (11.2 | ) | (9 | )% | ||||||
Midwestern U.S. Mining | 49.5 | 59.1 | (9.6 | ) | (16 | )% | |||||||||
Western U.S. Mining | 34.5 | 34.3 | 0.2 | 1 | % | ||||||||||
Australian Metallurgical Mining | 143.1 | (34.5 | ) | 177.6 | 515 | % | |||||||||
Australian Thermal Mining | 97.8 | 48.9 | 48.9 | 100 | % | ||||||||||
Trading and Brokerage | 2.7 | (9.4 | ) | 12.1 | 129 | % | |||||||||
Corporate and Other | (29.0 | ) | (92.1 | ) | 63.1 | 69 | % | ||||||||
Adjusted EBITDA | $ | 411.3 | $ | 130.2 | $ | 281.1 | 216 | % |
Nine Month Comparison | 2017 | 2016 | Increase (Decrease) | ||||||||||||||||||||
Successor | Predecessor | Combined | Predecessor | to Segment Adjusted | |||||||||||||||||||
April 2 through September 30 | January 1 through April 1 | Nine Months Ended | EBITDA | ||||||||||||||||||||
September 30 | $ | % | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Powder River Basin Mining | $ | 197.5 | $ | 91.7 | $ | 289.2 | $ | 278.3 | $ | 10.9 | 4 | % | |||||||||||
Midwestern U.S. Mining | 96.0 | 50.0 | 146.0 | 172.4 | (26.4 | ) | (15 | )% | |||||||||||||||
Western U.S. Mining | 79.4 | 50.0 | 129.4 | 83.2 | 46.2 | 56 | % | ||||||||||||||||
Australian Metallurgical Mining | 215.0 | 109.6 | 324.6 | (121.0 | ) | 445.6 | 368 | % | |||||||||||||||
Australian Thermal Mining | 203.7 | 75.6 | 279.3 | 137.2 | 142.1 | 104 | % | ||||||||||||||||
Trading and Brokerage | (2.4 | ) | 8.8 | 6.4 | (41.3 | ) | 47.7 | 115 | % | ||||||||||||||
Corporate and Other | (60.1 | ) | (44.4 | ) | (104.5 | ) | (270.8 | ) | 166.3 | 61 | % | ||||||||||||
Adjusted EBITDA | $ | 729.1 | $ | 341.3 | $ | 1,070.4 | $ | 238.0 | $ | 832.4 | 350 | % |
Three Month Comparison | 2017 | 2016 | |||||||||||||
Successor | Predecessor | (Decrease) Increase | |||||||||||||
Three Months Ended | to Income | ||||||||||||||
September 30 | Tons | $ | |||||||||||||
(Dollars in millions) | |||||||||||||||
Resource management activities (1) | $ | 0.4 | $ | 1.3 | $ | (0.9 | ) | (69 | )% | ||||||
Selling and administrative expenses (excluding debt restructuring) | (33.4 | ) | (32.1 | ) | (1.3 | ) | (4 | )% | |||||||
Restructuring charges | (1.1 | ) | (0.3 | ) | (0.8 | ) | (267 | )% | |||||||
Corporate hedging | 7.3 | (47.4 | ) | 54.7 | 115 | % | |||||||||
Other items, net (2) | (2.2 | ) | (13.6 | ) | 11.4 | 84 | % | ||||||||
Corporate and Other Adjusted EBITDA | $ | (29.0 | ) | $ | (92.1 | ) | $ | 63.1 | 69 | % |
Nine Month Comparison | 2017 | 2016 | |||||||||||||||||||||
Successor | Predecessor | Combined | Predecessor | (Decrease) Increase | |||||||||||||||||||
April 2 through September 30 | January 1 through April 1 | Nine Months Ended | to Income | ||||||||||||||||||||
September 30 | $ | % | |||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Resource management activities (1) | $ | 1.6 | $ | 2.9 | $ | 4.5 | $ | 11.3 | $ | (6.8 | ) | (60 | )% | ||||||||||
Selling and administrative expenses (excluding debt restructuring) | (67.8 | ) | (37.2 | ) | (105.0 | ) | (93.1 | ) | (11.9 | ) | (13 | )% | |||||||||||
Restructuring charges | (1.1 | ) | — | (1.1 | ) | (15.5 | ) | 14.4 | 93 | % | |||||||||||||
Corporate hedging | 6.9 | (27.6 | ) | (20.7 | ) | (197.8 | ) | 177.1 | 90 | % | |||||||||||||
UMWA voluntary employee beneficiary association settlement | — | — | — | 68.1 | (68.1 | ) | (100 | )% | |||||||||||||||
Gain on sale of interest in Dominion Terminal Associates | — | 19.7 | 19.7 | — | 19.7 | n.m. | |||||||||||||||||
Other items, net (2) | 0.3 | (2.2 | ) | (1.9 | ) | (43.8 | ) | 41.9 | 96 | % | |||||||||||||
Corporate and Other Adjusted EBITDA | $ | (60.1 | ) | $ | (44.4 | ) | $ | (104.5 | ) | $ | (270.8 | ) | $ | 166.3 | 61 | % |
Three Months Ended June 30, | Increase (Decrease) to Income | Six Months Ended June 30, | (Decrease) Increase to Income | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Seaborne Thermal Mining | $ | (26.2) | $ | (26.9) | $ | 0.7 | 3 | % | $ | (50.2) | $ | (48.0) | $ | (2.2) | (5) | % | |||||||||||||||||||||||||||||||
Seaborne Metallurgical Mining | (22.0) | (17.4) | (4.6) | (26) | % | (41.9) | (33.9) | (8.0) | (24) | % | |||||||||||||||||||||||||||||||||||||
Powder River Basin Mining | (9.3) | (10.3) | 1.0 | 10 | % | (19.8) | (19.9) | 0.1 | 1 | % | |||||||||||||||||||||||||||||||||||||
Other U.S. Thermal Mining | (13.7) | (16.0) | 2.3 | 14 | % | (29.4) | (33.2) | 3.8 | 11 | % | |||||||||||||||||||||||||||||||||||||
Corporate and Other | (2.6) | (6.5) | 3.9 | 60 | % | (5.4) | (10.4) | 5.0 | 48 | % | |||||||||||||||||||||||||||||||||||||
Total | $ | (73.8) | $ | (77.1) | $ | 3.3 | 4 | % | $ | (146.7) | $ | (145.4) | $ | (1.3) | (1) | % |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||||
Three Months Ended September 30 | April 2 through September 30 | January 1 through April 1 | Nine Months Ended September 30 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Powder River Basin Mining | $ | (57.4 | ) | $ | (33.5 | ) | $ | (95.6 | ) | $ | (32.0 | ) | $ | (90.2 | ) | ||||||
Midwestern U.S. Mining | (38.1 | ) | (12.9 | ) | (73.4 | ) | (13.3 | ) | (40.1 | ) | |||||||||||
Western U.S. Mining | (32.9 | ) | (11.2 | ) | (57.7 | ) | (23.6 | ) | (34.3 | ) | |||||||||||
Australian Metallurgical Mining | (37.1 | ) | (30.9 | ) | (64.3 | ) | (20.6 | ) | (90.3 | ) | |||||||||||
Australian Thermal Mining | (25.7 | ) | (26.2 | ) | (45.5 | ) | (24.0 | ) | (77.2 | ) | |||||||||||
Trading and Brokerage | (0.1 | ) | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Corporate and Other | (3.2 | ) | (3.1 | ) | (6.2 | ) | (6.4 | ) | (13.3 | ) | |||||||||||
Total | $ | (194.5 | ) | $ | (117.8 | ) | $ | (342.8 | ) | $ | (119.9 | ) | $ | (345.5 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Seaborne Thermal Mining | $ | 2.46 | $ | 2.47 | $ | 2.47 | $ | 2.17 | |||||||||||||||
Seaborne Metallurgical Mining | 3.42 | 1.03 | 2.85 | 1.02 | |||||||||||||||||||
Powder River Basin Mining | 0.32 | 0.24 | 0.32 | 0.24 | |||||||||||||||||||
Other U.S. Thermal Mining | 1.24 | 1.17 | 1.21 | 1.15 |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||||
Three Months Ended September 30 | April 2 through September 30 | January 1 through April 1 | Nine Months Ended September 30 | ||||||||||||||||||
Powder River Basin Mining | $ | 0.84 | $ | 0.69 | $ | 0.83 | $ | 0.69 | $ | 0.73 | |||||||||||
Midwestern U.S. Mining | 0.83 | 0.54 | 0.78 | 0.61 | 0.52 | ||||||||||||||||
Western U.S. Mining | 1.06 | 0.91 | 1.06 | 4.30 | 0.91 | ||||||||||||||||
Australian Metallurgical Mining | 0.66 | 4.29 | 0.68 | 4.72 | 4.24 | ||||||||||||||||
Australian Thermal Mining | 1.73 | 2.59 | 1.72 | 2.62 | 2.61 |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||||
Three Months Ended September 30 | April 2 through September 30 | January 1 through April 1 | Nine Months Ended September 30 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 149.6 | $ | (108.5 | ) | $ | 255.7 | $ | (459.3 | ) | $ | (596.8 | ) | ||||||||
Income tax benefit | (84.1 | ) | (10.8 | ) | (79.4 | ) | (263.8 | ) | (108.2 | ) | |||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 233.7 | $ | (97.7 | ) | $ | 335.1 | $ | (195.5 | ) | $ | (488.6 | ) |
Three Months Ended June 30, | Increase (Decrease) to Income | Six Months Ended June 30, | Increase (Decrease) to Income | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 434.3 | 1,888 | % | $ | 291.5 | $ | (100.7) | $ | 392.2 | 389 | % | |||||||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | (0.7) | (2.3) | 1.6 | 70 | % | (1.5) | (4.3) | 2.8 | 65 | % | |||||||||||||||||||||||||||||||||||||
Net income (loss) | 410.6 | (25.3) | 435.9 | 1,723 | % | 290.0 | (105.0) | 395.0 | 376 | % | |||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 1.1 | 3.3 | (2.2) | (67) | % | — | 3.7 | (3.7) | (100) | % | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 409.5 | $ | (28.6) | $ | 438.1 | 1,532 | % | $ | 290.0 | $ | (108.7) | $ | 398.7 | 367 | % |
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||||
Three Months Ended September 30 | April 2 through September 30 | January 1 through April 1 | Nine Months Ended September 30 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 233.7 | $ | (97.7 | ) | $ | 335.1 | $ | (195.5 | ) | $ | (488.6 | ) | ||||||||
Loss from discontinued operations, net of income taxes | (3.7 | ) | (38.1 | ) | (6.4 | ) | (16.2 | ) | (44.5 | ) | |||||||||||
Net income (loss) | 230.0 | (135.8 | ) | 328.7 | (211.7 | ) | (533.1 | ) | |||||||||||||
Less: Series A Convertible Preferred Stock dividends | 23.5 | — | 138.6 | — | — | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | 5.1 | 1.8 | 8.9 | 4.8 | 3.5 | ||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 201.4 | $ | (137.6 | ) | $ | 181.2 | $ | (216.5 | ) | $ | (536.6 | ) |
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30 | April 2 through September 30 | January 1 through April 1 | Nine Months Ended September 30 | Three Months Ended June 30, | Increase to EPS | Six Months Ended June 30, | Increase to EPS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 1.49 | $ | (5.44 | ) | $ | 1.37 | $ | (10.93 | ) | $ | (26.91 | ) | Income (loss) from continuing operations | $ | 2.55 | $ | (0.26) | $ | 2.81 | 1,081 | % | $ | 1.93 | $ | (1.05) | $ | 2.98 | 284 | % | ||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | (0.02 | ) | (2.09 | ) | (0.05 | ) | (0.88 | ) | (2.43 | ) | Loss from discontinued operations | (0.01) | (0.02) | 0.01 | 50 | % | — | (0.04) | 0.04 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 1.47 | $ | (7.53 | ) | $ | 1.32 | $ | (11.81 | ) | $ | (29.34 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders | Net income (loss) attributable to common stockholders | $ | 2.54 | $ | (0.28) | $ | 2.82 | 1,007 | % | $ | 1.93 | $ | (1.09) | $ | 3.02 | 277 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ | 411.3 | $ | (23.0) | $ | 291.5 | $ | (100.7) | |||||||||||||||
Depreciation, depletion and amortization | 73.8 | 77.1 | 146.7 | 145.4 | |||||||||||||||||||
Asset retirement obligation expenses | 12.7 | 15.1 | 27.7 | 31.0 | |||||||||||||||||||
Restructuring charges | 0.2 | 2.1 | 1.8 | 4.2 | |||||||||||||||||||
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (0.6) | (0.5) | (1.2) | (2.0) | |||||||||||||||||||
Interest expense | 37.6 | 45.4 | 77.0 | 97.8 | |||||||||||||||||||
Net loss (gain) on early debt extinguishment | 2.3 | (11.8) | 25.8 | (15.3) | |||||||||||||||||||
Interest income | (0.9) | (1.3) | (1.4) | (2.8) | |||||||||||||||||||
Unrealized losses on derivative contracts related to forecasted sales | 24.5 | 23.7 | 325.5 | 25.6 | |||||||||||||||||||
Unrealized losses on foreign currency option contracts | 6.3 | 1.2 | 3.0 | 8.8 | |||||||||||||||||||
Take-or-pay contract-based intangible recognition | (0.7) | (1.1) | (1.4) | (2.2) | |||||||||||||||||||
Income tax provision (benefit) | 11.3 | (4.8) | 10.3 | (6.6) | |||||||||||||||||||
Total Adjusted EBITDA | $ | 577.8 | $ | 122.1 | $ | 905.3 | $ | 183.2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Operating costs and expenses | $ | 825.6 | $ | 611.4 | $ | 1,524.6 | $ | 1,194.0 | |||||||||||||||
Unrealized losses on foreign currency option contracts | (6.3) | (1.2) | (3.0) | (8.8) | |||||||||||||||||||
Take-or-pay contract-based intangible recognition | 0.7 | 1.1 | 1.4 | 2.2 | |||||||||||||||||||
Net periodic benefit credit, excluding service cost | (12.3) | (8.7) | (24.5) | (17.4) | |||||||||||||||||||
Total Reporting Segment Costs | $ | 807.7 | $ | 602.6 | $ | 1,498.5 | $ | 1,170.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Seaborne Thermal Mining | $ | 178.1 | $ | 122.7 | $ | 338.8 | $ | 270.6 | |||||||||||||||
Seaborne Metallurgical Mining | 234.1 | 147.4 | 374.4 | 257.3 | |||||||||||||||||||
Powder River Basin Mining | 231.7 | 203.1 | 475.3 | 401.4 | |||||||||||||||||||
Other U.S. Thermal Mining | 163.0 | 117.8 | 316.1 | 230.9 | |||||||||||||||||||
Corporate and Other | 0.8 | 11.6 | (6.1) | 9.8 | |||||||||||||||||||
Total Reporting Segment Costs | $ | 807.7 | $ | 602.6 | $ | 1,498.5 | $ | 1,170.0 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | ||||||||||||||||||||
(Amounts in millions, except per ton data) | |||||||||||||||||||||||
Tons sold | 4.0 | 1.6 | 18.5 | 4.4 | |||||||||||||||||||
Revenue | $ | 354.9 | $ | 533.8 | $ | 229.7 | $ | 224.9 | |||||||||||||||
Reporting Segment Costs | 178.1 | 234.1 | 231.7 | 163.0 | |||||||||||||||||||
Adjusted EBITDA | $ | 176.8 | $ | 299.7 | $ | (2.0) | $ | 61.9 | |||||||||||||||
Revenue per Ton | $ | 87.37 | $ | 330.56 | $ | 12.44 | $ | 51.40 | |||||||||||||||
Costs per Ton | 43.85 | 144.91 | 12.55 | 37.25 | |||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 43.52 | $ | 185.65 | $ | (0.11) | $ | 14.15 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | ||||||||||||||||||||
(Amounts in millions, except per ton data) | |||||||||||||||||||||||
Tons sold | 4.1 | 1.4 | 22.5 | 3.9 | |||||||||||||||||||
Revenue | $ | 194.1 | $ | 121.0 | $ | 248.6 | $ | 162.1 | |||||||||||||||
Reporting Segment Costs | 122.7 | 147.4 | 203.1 | 117.8 | |||||||||||||||||||
Adjusted EBITDA | $ | 71.4 | $ | (26.4) | $ | 45.5 | $ | 44.3 | |||||||||||||||
Revenue per Ton | $ | 46.92 | $ | 85.48 | $ | 11.06 | $ | 40.70 | |||||||||||||||
Costs per Ton | 29.61 | 104.24 | 9.04 | 29.57 | |||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 17.31 | $ | (18.76) | $ | 2.02 | $ | 11.13 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | ||||||||||||||||||||
(Amounts in millions, except per ton data) | |||||||||||||||||||||||
Tons sold | 7.8 | 2.8 | 39.1 | 8.6 | |||||||||||||||||||
Revenue | $ | 606.1 | $ | 855.1 | $ | 480.9 | $ | 428.0 | |||||||||||||||
Reporting Segment Costs | 338.8 | 374.4 | 475.3 | 316.1 | |||||||||||||||||||
Adjusted EBITDA | $ | 267.3 | $ | 480.7 | $ | 5.6 | $ | 111.9 | |||||||||||||||
Revenue per Ton | $ | 77.52 | $ | 299.82 | $ | 12.30 | $ | 49.96 | |||||||||||||||
Costs per Ton | 43.33 | 131.26 | 12.16 | 36.90 | |||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 34.19 | $ | 168.56 | $ | 0.14 | $ | 13.06 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Seaborne Thermal Mining | Seaborne Metallurgical Mining | Powder River Basin Mining | Other U.S. Thermal Mining | ||||||||||||||||||||
(Amounts in millions, except per ton data) | |||||||||||||||||||||||
Tons sold | 8.2 | 2.4 | 43.2 | 7.8 | |||||||||||||||||||
Revenue | $ | 370.5 | $ | 208.5 | $ | 477.0 | $ | 311.4 | |||||||||||||||
Reporting Segment Costs | 270.6 | 257.3 | 401.4 | 230.9 | |||||||||||||||||||
Adjusted EBITDA | $ | 99.9 | $ | (48.8) | $ | 75.6 | $ | 80.5 | |||||||||||||||
Revenue per Ton | $ | 45.15 | $ | 86.31 | $ | 11.04 | $ | 39.75 | |||||||||||||||
Costs per Ton | 32.97 | 106.51 | 9.29 | 29.47 | |||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 12.18 | $ | (20.20) | $ | 1.75 | $ | 10.28 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Net cash provided by (used in) operating activities | $ | 9.4 | $ | (22.8) | |||||||
Net cash provided by (used in) investing activities | 94.5 | (82.6) | |||||||||
Free Cash Flow | $ | 103.9 | $ | (105.4) |
Successor | Predecessor | |||||
September 30, 2017 | December 31, 2016 | |||||
(Dollars in millions) | ||||||
6.00% Senior Secured Notes due March 2022 | $ | 500.0 | $ | — | ||
6.375% Senior Secured Notes due March 2025 | 500.0 | — | ||||
Senior Secured Term Loan due 2022 | 645.0 | — | ||||
2013 Revolver | — | 1,558.1 | ||||
2013 Term Loan Facility due September 2020 | — | 1,162.3 | ||||
6.00% Senior Notes due November 2018 | — | 1,518.8 | ||||
6.50% Senior Notes due September 2020 | — | 650.0 | ||||
6.25% Senior Notes due November 2021 | — | 1,339.6 | ||||
10.00% Senior Secured Second Lien Notes due March 2022 | — | 979.4 | ||||
7.875% Senior Notes due November 2026 | — | 247.8 | ||||
Convertible Junior Subordinated Debentures due December 2066 | — | 386.1 | ||||
Capital lease and other obligations | 84.0 | 20.1 | ||||
Less: Debt issuance costs | (69.9 | ) | (70.8 | ) | ||
1,659.1 | 7,791.4 | |||||
Less: Current portion of long-term debt | 47.1 | 20.2 | ||||
Less: Liabilities subject to compromise | — | 7,771.2 | ||||
Long-term debt | $ | 1,612.0 | $ | — |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Cash and cash equivalents | $ | 1,120.7 | $ | 954.3 | |||||||||||||
Credit facility availability | — | 15.3 | |||||||||||||||
Accounts receivable securitization program availability | 13.5 | 26.3 | |||||||||||||||
Total liquidity | $ | 1,134.2 | $ | 995.9 |
Debt Instrument (defined below, as applicable) | June 30, 2022 | December 31, 2021 | |||||||||
(Dollars in millions) | |||||||||||
6.000% Senior Secured Notes due March 2022 (2022 Notes) | $ | — | $ | 23.1 | |||||||
8.500% Senior Secured Notes due December 2024 (2024 Peabody Notes) | — | 62.6 | |||||||||
10.000% Senior Secured Notes due December 2024 (2024 Co-Issuer Notes) | 193.6 | 193.9 | |||||||||
Senior Secured Term Loan due 2024 (Co-Issuer Term Loans) | 138.8 | 206.0 | |||||||||
6.375% Senior Secured Notes due March 2025 (2025 Notes) | 77.5 | 334.9 | |||||||||
Senior Secured Term Loan due 2025, net of original issue discount (Senior Secured Term Loan) | 320.9 | 322.8 | |||||||||
3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes) | 320.0 | — | |||||||||
Finance lease obligations | 24.1 | 29.3 | |||||||||
Less: Debt issuance costs | (28.0) | (34.8) | |||||||||
1,046.9 | 1,137.8 | ||||||||||
Less: Current portion of long-term debt | 177.7 | 59.6 | |||||||||
Long-term debt | $ | 869.2 | $ | 1,078.2 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in millions) | |||||||||||
Net cash provided by (used in) operating activities | $ | 9.4 | $ | (22.8) | |||||||
Net cash provided by (used in) investing activities | 94.5 | (82.6) | |||||||||
Net cash provided by (used in) financing activities | 75.1 | (41.9) | |||||||||
Net change in cash, cash equivalents and restricted cash | 179.0 | (147.3) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 954.3 | 709.2 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,133.3 | $ | 561.9 | |||||||
Net cash provided by (used in) operating activities | $ | 9.4 | $ | (22.8) | |||||||
Net cash provided by (used in) investing activities | 94.5 | (82.6) | |||||||||
Free Cash Flow | $ | 103.9 | $ | (105.4) |
Reclamation | Health and welfare (1) | Contract performance (2) | Leased property and equipment | Other (3) | Total | ||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||
Surety bonds and bank guarantees | $ | 1,276.9 | $ | 40.5 | $ | 84.2 | $ | 35.0 | $ | 16.9 | $ | 1,453.5 | |||||||||||||||||||||||
Letters of credit outstanding under letter of credit facilities | 212.5 | 89.3 | 6.8 | 5.0 | — | 313.6 | |||||||||||||||||||||||||||||
Letters of credit outstanding under accounts receivable securitization program | 133.9 | 17.6 | 10.0 | — | — | 161.5 | |||||||||||||||||||||||||||||
1,623.3 | 147.4 | 101.0 | 40.0 | 16.9 | 1,928.6 | ||||||||||||||||||||||||||||||
Less: Letters of credit in support of surety bonds (4) | (339.5) | (30.3) | (2.3) | (1.2) | — | (373.3) | |||||||||||||||||||||||||||||
Less: Cash collateral in support of surety bonds (4) | (15.0) | — | — | — | — | (15.0) | |||||||||||||||||||||||||||||
Obligations supported, net | $ | 1,268.8 | $ | 117.1 | $ | 98.7 | $ | 38.8 | $ | 16.9 | $ | 1,540.3 |
Payments Due By Period | |||||||||||||||||||||||
Total | Three Months Ending December 31, 2017 | 2018-2019 | 2020-2021 | 2022-2023 | Subsequent to 2023 | ||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Long-term debt obligations (principal and interest) | $ | 2,176.4 | $ | 25.1 | $ | 204.5 | $ | 208.3 | $ | 1,198.7 | $ | 539.8 |
Successor | Predecessor | |||||||||
April 2 through September 30, 2017 | January 1 through April 1, 2017 | Nine Months Ended September 30, 2016 | ||||||||
(Dollars in millions) | ||||||||||
Net cash provided by (used in) operating activities | 330.3 | 214.0 | (276.8 | ) | ||||||
Net cash (used in) provided by investing activities | (34.9 | ) | 15.1 | (199.7 | ) | |||||
Net cash (used in) provided by financing activities | (424.1 | ) | (47.7 | ) | 1,383.0 | |||||
Net change in cash and cash equivalents | (128.7 | ) | 181.4 | 906.5 | ||||||
Cash and cash equivalents at beginning of period | 1,053.7 | 872.3 | 261.3 | |||||||
Cash and cash equivalents at end of period | $ | 925.0 | $ | 1,053.7 | $ | 1,167.8 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value that May Yet Be Used to Repurchase Shares Under the Publicly Announced Program (In millions) | ||||||||||||||||||||||
April 1 through April 30, 2022 | — | $ | — | — | $ | 160.5 | ||||||||||||||||||||
May 1 through May 31, 2022 | — | — | — | 160.5 | ||||||||||||||||||||||
June 1 through June 30, 2022 | 27,446 | 25.20 | — | 160.5 | ||||||||||||||||||||||
Total | 27,446 | 25.20 | — |
Period | Total Number of Shares Purchased (1) | Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value that May Yet Be Used to Repurchase Shares Under the Publicly Announced Program (In millions) | ||||||||||
July 1 through July 31, 2017 | 215 | $ | 27.09 | — | $ | 500.0 | ||||||||
August 1 through August 31, 2017 | 1,476,086 | 27.10 | 1,476,014 | 460.0 | ||||||||||
September 1 through September 30, 2017 | 989,306 | 29.53 | 987,977 | 430.8 | ||||||||||
Total | 2,465,607 | $ | 28.08 | 2,463,991 |
Exhibit No. | Description of Exhibit | |||||||
Inline XBRL Instance Document - the instance document does not appear in the interactive data file because XBRL tags are embedded within the Inline XBRL document | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File | |||||||
Filed herewith. |
PEABODY ENERGY CORPORATION | ||||||||||||||
Date: | By: | /s/ | ||||||||||||
Executive Vice President and Chief Financial Officer (On behalf of the registrant and as Principal Financial Officer) |