Document and Entity Information
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2015shares | |
Entity Information [Line Items] | |
Entity Registrant Name | PEABODY ENERGY CORP |
Entity Central Index Key | 1,064,728 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 18,500,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Sales | $ 1,277.4 | $ 1,550.5 | $ 3,922.9 | $ 4,619.3 |
Other revenues | 141.5 | 172.4 | 373.2 | 488.4 |
Total revenues | 1,418.9 | 1,722.9 | 4,296.1 | 5,107.7 |
Costs and expenses | ||||
Operating costs and expenses (exclusive of items shown separately below) | 1,254 | 1,453.3 | 3,774.4 | 4,315.7 |
Depreciation, depletion and amortization | 136 | 163.6 | 430.6 | 483.9 |
Asset retirement obligation expenses | 12.3 | 15 | 40.4 | 46.5 |
Selling and administrative expenses | 37.8 | 52.9 | 128.8 | 171.6 |
Restructuring charges | 1.8 | 0 | 23 | 0 |
Other operating (income) loss: | ||||
Net gain on disposal of assets | (7.9) | (13.9) | (20.2) | (25.9) |
Asset impairment | 0 | 0 | 900.8 | 0 |
Loss from equity affiliates | 5.3 | 15.8 | 12.3 | 44 |
Operating (loss) profit | (20.4) | 36.2 | (994) | 71.9 |
Interest expense | 118.5 | 114.5 | 344 | 321.4 |
Loss on early debt extinguishment | 0 | 0 | 67.8 | 1.6 |
Interest income | (1.4) | (3.7) | (6.6) | (11.7) |
Loss from continuing operations before income taxes | (137.5) | (74.6) | (1,399.2) | (239.4) |
Income tax provision (benefit) | 6.9 | 79.4 | (83.2) | 30.9 |
Loss from continuing operations, net of income taxes | (144.4) | (154) | (1,316) | (270.3) |
(Loss) income from discontinued operations, net of income taxes | (157.5) | 5 | (202.7) | 6 |
Net loss | (301.9) | (149) | (1,518.7) | (264.3) |
Less: Net income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Net loss attributable to common stockholders | $ (304.7) | $ (150.6) | $ (1,526.6) | $ (272.4) |
Loss from continuing operations: | ||||
Basic loss per share | $ (8.08) | $ (8.72) | $ (73.05) | $ (15.62) |
Diluted loss per share | (8.08) | (8.72) | (73.05) | (15.62) |
Net loss attributable to common stockholders: | ||||
Basic loss per share | (16.73) | (8.44) | (84.23) | (15.29) |
Diluted loss per share | (16.73) | (8.44) | (84.23) | (15.29) |
Dividends declared per share | $ 0 | $ 1.275 | $ 0.0750 | $ 3.825 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net loss | $ (301.9) | $ (149) | $ (1,518.7) | $ (264.3) |
Net change in unrealized gains (losses) on available-for-sale securities (net of respective net tax provision (benefit) of $0.0, ($0.2), $(0.1) and ($1.0)) | ||||
Net change in unrealized gains (losses) on available-for-sale securities (net of respective net tax provision (benefit) of $0.0, ($0.2), $(0.1) and ($1.0)) | 0.2 | (0.4) | 0.2 | (1.7) |
Net unrealized (losses) gains on cash flow hedges (net of respective net tax (benefit) provision of $(30.1), ($104.2), $49.8 and $1.9) | ||||
(Decrease) increase in fair value of cash flow hedges | (115.6) | (180.6) | (100.4) | 3.5 |
Reclassification for realized losses (gains) included in net loss | 68.9 | 3.4 | 183.9 | (1.6) |
Net unrealized (losses) gains on cash flow hedges | (46.7) | (177.2) | 83.5 | 1.9 |
Postretirement plans and workers' compensation obligations (net of respective net tax provision of $1.8, $4.0, $11.2 and $1.8) | ||||
Prior service cost for the period | 0 | 0 | 0 | (17.4) |
Amortization of actuarial loss and prior service cost included in net loss | 10.8 | 6.8 | 26.8 | 20.4 |
Postretirement plans and workers' compensation obligations | 10.8 | 6.8 | 26.8 | 3 |
Foreign currency translation adjustment | (15.3) | (36.8) | (41.5) | (10.4) |
Other comprehensive (loss) income, net of income taxes | (51) | (207.6) | 69 | (7.2) |
Comprehensive loss | (352.9) | (356.6) | (1,449.7) | (271.5) |
Less: Comprehensive income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Comprehensive loss attributable to common stockholders | $ (355.7) | $ (358.2) | $ (1,457.6) | $ (279.6) |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net change in unrealized gains (losses) on available-for-sale securities, net tax provision (benefit) | $ 0 | $ (0.2) | $ (0.1) | $ (1) |
Net unrealized (losses) gains on cash flow hedges, net tax (benefit) provision | (30.1) | (104.2) | 49.8 | 1.9 |
Postretirement plans and workers' compensation obligations, net tax provision | $ 1.8 | $ 4 | $ 11.2 | $ 1.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 334.3 | $ 298 |
Accounts receivable, net of allowance for doubtful accounts of $10.0 at September 30, 2015 and $5.8 at December 31, 2014 | 370 | 563.1 |
Inventories | 348.1 | 406.5 |
Assets from coal trading activities, net | 42.3 | 57.6 |
Deferred income taxes | 76.5 | 80 |
Other current assets | 382.4 | 305.8 |
Total current assets | 1,553.6 | 1,711 |
Property, plant, equipment and mine development, net | 9,475.4 | 10,577.3 |
Deferred income taxes | 1 | 0.7 |
Investments and other assets | 633.4 | 902.1 |
Total assets | 11,663.4 | 13,191.1 |
Current liabilities | ||
Current portion of long-term debt | 19.5 | 21.2 |
Liabilities from coal trading activities, net | 28.1 | 32.7 |
Accounts payable and accrued expenses | 1,468.6 | 1,809.2 |
Total current liabilities | 1,516.2 | 1,863.1 |
Long-term debt, less current portion | 6,282.4 | 5,965.6 |
Deferred income taxes | 101.1 | 89.1 |
Asset retirement obligations | 738.4 | 722.3 |
Accrued postretirement benefit costs | 782.1 | 781.9 |
Other noncurrent liabilities | 932.8 | 1,042.6 |
Total liabilities | 10,353 | 10,464.6 |
Stockholders' equity | ||
Additional paid-in capital | 2,406.6 | 2,386 |
Treasury stock, at cost — 0.8 shares as of September 30, 2015 and 0.9 shares as of December 31, 2014 | (371.6) | (467.1) |
(Accumulated deficit) retained earnings | (34) | 1,570.5 |
Accumulated other comprehensive loss | (695.8) | (764.8) |
Peabody Energy Corporation stockholders' equity | 1,305.4 | 2,724.8 |
Noncontrolling interests | 5 | 1.7 |
Total stockholders' equity | 1,310.4 | 2,726.5 |
Total liabilities and stockholders' equity | 11,663.4 | 13,191.1 |
Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred Stock | 0 | 0 |
Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred Stock | 0 | 0 |
Series Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock | 0 | 0 |
Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock | $ 0.2 | $ 0.2 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net loss | $ (1,518.7) | $ (264.3) |
Loss (income) from discontinued operations, net of income taxes | 202.7 | (6) |
Loss from continuing operations, net of income taxes | (1,316) | (270.3) |
Adjustments to reconcile loss from continuing operations, net of income taxes to net cash (used in) provided by operating activities: | ||
Depreciation, depletion and amortization | 430.6 | 483.9 |
Noncash interest expense | 22.9 | 17.7 |
Deferred income taxes | (53.7) | (44.3) |
Noncash share-based compensation | 20 | 35.8 |
Asset impairment | 900.8 | 0 |
Net gain on disposal of assets | (20.2) | (25.9) |
Loss from equity affiliates | 12.3 | 44 |
Gains on previously monetized foreign currency hedge positions | (14.9) | (106.7) |
Changes in current assets and liabilities: | ||
Accounts receivable | 190 | 142 |
Change in receivable from accounts receivable securitization program | (5) | (75) |
Inventories | 55.2 | 20.5 |
Net assets from coal trading activities | (17.4) | (14.6) |
Other current assets | 7.6 | 4.4 |
Accounts payable and accrued expenses | (322) | 76.2 |
Asset retirement obligations | 28.1 | 28.4 |
Accrued postretirement benefit costs | 14.2 | 12.7 |
Accrued pension costs | 21.1 | 14.6 |
Other, net | (15.6) | 2.4 |
Net cash (used in) provided by continuing operations | (62) | 345.8 |
Net cash used in discontinued operations | (28.6) | (95.7) |
Net cash (used in) provided by operating activities | (90.6) | 250.1 |
Cash Flows From Investing Activities | ||
Additions to property, plant, equipment and mine development | (76.9) | (107.5) |
Changes in accrued expenses related to capital expenditures | (14.5) | (22.8) |
Federal coal lease expenditures | (89.8) | (89.4) |
Proceeds from disposal of assets, net of notes receivable | 39.6 | 152.5 |
Purchases of debt and equity securities | (22.6) | (6) |
Proceeds from sales and maturities of debt and equity securities | 33.6 | 7.7 |
Contributions to joint ventures | (349.8) | (410.4) |
Distributions from joint ventures | 339.8 | 408.5 |
Advances to related parties | (3.6) | (19.7) |
Other, net | (2.1) | (2.5) |
Net cash used in investing activities | (146.3) | (89.6) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 975.7 | 1.1 |
Repayments of long-term debt | (666) | (15.6) |
Payment of deferred financing costs | (28.7) | (10.1) |
Dividends paid | (1.4) | (69.2) |
Restricted cash for distributions to noncontrolling interests | 0 | (42.5) |
Other, net | (6.4) | (1.7) |
Net cash provided by (used in) financing activities | 273.2 | (138) |
Net change in cash and cash equivalents | 36.3 | 22.5 |
Cash and cash equivalents at beginning of period | 298 | 444 |
Cash and cash equivalents at end of period | $ 334.3 | $ 466.5 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2014 | $ 2,726.5 | $ 0.2 | $ 2,386 | $ (467.1) | $ 1,570.5 | $ (764.8) | $ 1.7 |
Net (loss) income | (1,526.6) | 0 | 0 | 0 | (1,526.6) | 0 | 7.9 |
Net loss | (1,518.7) | ||||||
Net change in unrealized gains on available-for-sale securities (net of $0.1 net tax benefit) | 0.2 | 0 | 0 | 0 | 0 | 0.2 | 0 |
Net unrealized gains on cash flow hedges (net of $49.8 net tax provision) | 83.5 | 0 | 0 | 0 | 0 | 83.5 | 0 |
Postretirement plans and workers’ compensation obligations (net of $11.2 net tax provision) | 26.8 | 0 | 0 | 0 | 0 | 26.8 | 0 |
Foreign currency translation adjustment | (41.5) | 0 | 0 | 0 | 0 | (41.5) | 0 |
Dividends paid | (1.4) | 0 | 0 | 0 | (1.4) | 0 | 0 |
Share-based compensation for equity-classified awards | 18.6 | 0 | 18.6 | 0 | 0 | 0 | 0 |
Employee stock purchases | 3.4 | 0 | 3.4 | 0 | 0 | 0 | 0 |
Repurchase of employee common stock relinquished for tax withholding | (2) | 0 | 0 | (2) | 0 | 0 | 0 |
Defined contribution plan share contribution | 19.6 | 0 | (1.4) | 97.5 | (76.5) | 0 | 0 |
Consolidation of noncontrolling interests | 1.6 | 0 | 0 | 0 | 0 | 0 | 1.6 |
Distributions to noncontrolling interests | (6.2) | 0 | 0 | 0 | 0 | 0 | (6.2) |
Dividend payable to noncontrolling interests | 0 | ||||||
Ending Balance at Sep. 30, 2015 | $ 1,310.4 | $ 0.2 | $ 2,406.6 | $ (371.6) | $ (34) | $ (695.8) | $ 5 |
Condensed Consolidated Balance8
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Allowance for doubtful accounts | $ 10 | $ 5.8 |
Stockholders' equity | ||
Treasury Stock, shares | 0.8 | 0.9 |
Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10 | 10 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred Stock, shares authorized | 0.8 | 0.8 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Series Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 40 | 40 |
Common Stock, shares issued | 0 | 0 |
Common Stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 53.3 | 53.3 |
Common Stock, shares issued | 19.3 | 19 |
Common Stock, shares outstanding | 18.5 | 18.1 |
Consolidated Statement of Chan9
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net change in unrealized gains on available-for-sale securities, net tax benefit | $ 0 | $ (0.2) | $ (0.1) | $ (1) |
Net unrealized gains on cash flow hedges, net tax provision | (30.1) | (104.2) | 49.8 | 1.9 |
Postretirement plans and workers' compensation obligations, net tax provision | $ 1.8 | $ 4 | $ 11.2 | $ 1.8 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of Peabody Energy Corporation (the Company) and its affiliates. Interests in subsidiaries controlled by the Company are consolidated and any outside shareholder interests are reflected as noncontrolling interests, except when the Company has an undivided interest in an unincorporated joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenues and expenses of the jointly controlled entities within each applicable line item of the unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform with the 2015 presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation. Balance sheet information presented herein as of December 31, 2014 has been derived from the Company’s audited consolidated balance sheet at that date. The Company's results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2015 . Pursuant to the authorization provided at a special meeting of the Company's stockholders held on September 16, 2015, the Company completed a 1-for-15 reverse stock split of the shares of the Company’s common stock on September 30, 2015 (the Reverse Stock Split). As a result of the Reverse Stock Split, every 15 shares of issued and outstanding common stock were combined into one issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares that would otherwise have resulted from the Reverse Stock Split were paid in cash. The Reverse Stock Split reduced the number of shares of common stock outstanding from approximately 278 million shares to approximately 19 million shares. The number of authorized shares of common stock was also decreased from 800 million shares to 53.3 million shares. The Company's common stock began trading on a reverse stock split-adjusted basis on the New York Stock Exchange on October 1, 2015. All share and per share data included in this report has been retroactively restated to reflect the Reverse Stock Split. Since the par value of the common stock remained at $0.01 per share, the value for "Common stock" recorded to the Company's condensed consolidated balance sheets has been retroactively reduced to reflect the par value of restated outstanding shares, with a corresponding increase to "Additional paid-in capital." The Company has classified items within discontinued operations in the unaudited condensed consolidated financial statements for disposals (by sale or otherwise) that have occurred prior to January 1, 2015 when the operations and cash flows of a disposed component of the Company were eliminated from the ongoing operations of the Company as a result of the disposal and the Company no longer had any significant continuing involvement in the operation of that component. |
Newly Adopted Accounting Standa
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented Newly Adopted Accounting Standards Discontinued Operations. In April 2014, the Financial Accounting Standards Board (FASB) issued accounting guidance that raised the threshold for disposals to qualify as discontinued operations to a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. Such a strategic shift may include the disposal of (1) a major geographical area of operations, (2) a major line of business, (3) a major equity method investment or (4) other major parts of an entity. Provided that the major strategic shift criterion is met, the new guidance does allow entities to have significant continuing involvement and continuing cash flows with the discontinued operation, unlike prior U.S. GAAP. The new standard also requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The new guidance became effective prospectively for disposals that occur in interim and annual periods beginning on or after December 31, 2014 (January 1, 2015 for the Company). The adoption of the guidance beginning January 1, 2015 had no material effect on the Company's results of operations, financial condition, cash flows or financial statement presentation at that time. The ultimate impact on the Company's financial statements will depend on any prospective disposal activity. Accounting Standards Not Yet Implemented Revenue Recognition. In May 2014, the FASB issued a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The new standard provides a single principles-based, five-step model to be applied to all contracts with customers, which steps are to (1) identify the contract(s) with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when each performance obligation is satisfied. More specifically, revenue will be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The standard also requires entities to disclose sufficient qualitative and quantitative information to enable financial statement users to understand the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. Under the originally issued standard, the new guidance will be effective for interim and annual periods beginning after December 15, 2016 (January 1, 2017 for the Company). On July 9, 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year with early adoption permitted, but not before the original effective date. The standard allows for either a full retrospective adoption or a modified retrospective adoption. The Company is in the process of evaluating the impact that the adoption of this guidance will have on its results of operations, financial condition, cash flows and financial statement presentation. Going Concern. In August 2014, the FASB issued disclosure guidance that requires management to evaluate, at each annual and interim reporting period, whether substantial doubt exists about an entity's ability to continue as a going concern and, if applicable, to provide related disclosures. As outlined by that guidance, substantial doubt about an entity's ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or are available to be issued). The new guidance will be effective for annual reporting periods ending after December 15, 2016 (the year ending December 31, 2016 for the Company) and interim periods thereafter, with early adoption permitted. Deferred Financing Costs. On April 7, 2015, the FASB issued accounting guidance that requires deferred financing costs to be presented as a direct reduction from the related debt liability in the financial statements rather than as a separately recognized asset, as is the current requirement under U.S. GAAP. Under the new guidance, amortization of such costs will continue to be reported as interest expense. In August 2015, an update was issued that clarified that debt issuance costs associated with line-of-credit arrangements may continue to be reported as an asset. The new guidance will be effective for interim and annual periods beginning after December 15, 2015 (January 1, 2016 for the Company) and must be adopted on a retrospective basis. While the Company does not anticipate an impact to its results of operations, financial condition or cash flows in connection with the adoption of the guidance, there will be an impact on the presentation of the Company's condensed consolidated balance sheets. More specifically, the Company's condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 includes $75.9 million and $64.7 million , respectively, of deferred financing cost assets (excluding $20.9 million and $14.0 million , respectively, related to line-of-credit arrangements) that would, under the new guidance, be presented as a direct reduction to liabilities. |
Asset Impairment (Notes)
Asset Impairment (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | Asset Impairment The following costs are reflected in "Asset impairment" in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2015: Australian Metallurgical Mining Australian Thermal Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 527.0 $ 8.2 $ 182.2 $ 717.4 Equity method investments — — 183.4 183.4 Total $ 527.0 $ 8.2 $ 365.6 $ 900.8 Australian Metallurgical and Thermal Mining The Company generally does not view short-term declines in metallurgical and thermal coal prices in the markets in which it sells its products as an indicator of impairment. However, due to the severity of the decline in seaborne metallurgical and thermal coal pricing observed during the first half of 2015 and other adverse market conditions noted during that period that drove an unfavorable change in the expected timing of eventual seaborne market rebalancing, the Company concluded that indicators of impairment existed surrounding its Australian mining platform as of June 30, 2015. Accordingly, the Company reviewed its Australian mining assets for recoverability at that date. Based on that review, the Company determined that the carrying values of three of its active mines that produce metallurgical coal were not recoverable and correspondingly recognized an aggregate impairment charge of $230.5 million to write those assets down from their carrying value to their estimated fair value in the second quarter. Also during the second quarter of 2015, the Company reviewed its portfolio of mining tenements and surface lands to identify non-strategic assets that could be monetized. In connection with that review, certain of such assets were deemed to meet held-for-sale accounting criteria or were otherwise deemed more likely to generate cash flows through divestiture rather than development, with the long-term plans for certain adjacent assets also consequently affected. Accordingly, the Company recognized an aggregate impairment charge of $304.7 million to write down the targeted divestiture assets and abandoned assets from their carrying value to their estimated fair value. Corporate and Other Long-lived Assets. In connection with a similar review of the Company's asset portfolio conducted during the second quarter of 2015 to identify non-strategic domestic assets that could be monetized, the Company identified non-strategic, non-coal-supplying assets as held-for-sale rather than held-for-use as of June 30, 2015. Accordingly, the Company recognized an impairment charge of $182.2 million to write the assets down from their carrying value to estimated fair value. Equity Method Investments. Due to the impairment indicators noted above surrounding the Company's Australian platform, the Company similarly reviewed its total investment in Middlemount Coal Pty Ltd. (Middlemount), which owns the Middlemount Mine in Queensland, Australia, as of June 30, 2015. As a result of that review, the Company determined that the carrying value of its equity investment in Middlemount was other-than-temporarily impaired and recorded a charge of $46.6 million to write-off the investment. The Company, along with the other equity interest holder, also periodically makes loans to Middlemount pursuant to the related shareholders’ agreement for purposes of funding capital expenditures and working capital requirements. Prior to an impairment adjustment, the aggregate carrying value of such loans totaled $299.3 million . Of that amount, a total of $65.5 million (the Priority Loans) had seniority over the remainder (the Subordinated Loans) as of June 30, 2015. The Subordinated Loans are provided on an equal and shared basis with the other equity interest holder, and the Company's and the other equity interest holder's claims under the Subordinated Loans are on equal footing. The Company also reviewed the loans for impairment and recorded a charge of $136.8 million to write down the carrying value of the Subordinated Loans. The fair value estimates made during the Company's impairment assessments were determined in accordance with the methods outlined in Note 1. "Summary of Significant Accounting Policies" to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, except in certain instances where indicative bids were received related to non-strategic assets being marketed for divestiture. In those instances, the indicative bids were also considered in estimating fair value. The Company believes the impairment charges recorded during the nine months ended September 30, 2015 adequately address the realization risks disclosed in Note 3. "Asset Realization" to its Quarterly Report on Form 10-Q for the period ended March 31, 2015. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Discontinued operations include certain former Australian Thermal Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested legacy operations. Summarized Results of Discontinued Operations Results from discontinued operations were as follows during the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) (Loss) income from discontinued operations before income taxes $ (157.5 ) $ 7.6 $ (202.7 ) $ 8.6 Income tax provision — 2.6 — 2.6 (Loss) income from discontinued operations, net of income taxes $ (157.5 ) $ 5.0 $ (202.7 ) $ 6.0 Assets and Liabilities of Discontinued Operations The carrying amounts of assets and liabilities classified as discontinued operations included in the Company's condensed consolidated balance sheets were as follows: September 30, 2015 December 31, 2014 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.3 Investments and other assets 15.9 16.3 Total assets classified as discontinued operations $ 16.2 $ 16.6 Liabilities: Accounts payable and accrued expenses $ 78.2 $ 12.5 Other noncurrent liabilities 218.0 109.8 Total liabilities classified as discontinued operations $ 296.2 $ 122.3 Patriot-Related Matters. Refer to Note 19. "Matters Related to the Patriot Bankruptcy" for information surrounding charges recorded during the three and nine months ended September 30, 2015 associated with the bankruptcy of Patriot Coal Corporation and certain of its wholly-owned subsidiaries (Patriot). Wilkie Creek Mine. In December 2013, the Company ceased production and started reclamation of the Wilkie Creek Mine in Queensland, Australia. On June 30, 2014, Queensland Bulk Handling Pty Ltd (QBH) commenced litigation against Peabody (Wilkie Creek) Pty Limited, the indirect wholly-owned subsidiary of the Company that owns the Wilkie Creek Mine, alleging breach of a Coal Port Services Agreement (CPSA) between the parties. Included in "(Loss) income from discontinued operations, net of income taxes" for the nine months ended September 30, 2015 is a $7.6 million charge related to that litigation. Refer to Note 18. "Commitments and Contingencies" for additional information surrounding the QBH matter. In June 2015, the Company entered into an agreement to sell the Wilkie Creek Mine in exchange for potential cash proceeds of up to $20 million and the assumption of certain liabilities, including asset retirement obligations. That agreement was subsequently terminated in October 2015 in conjunction with entering into a new agreement with similar terms. The closing of the sale remains subject to certain conditions. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in available-for-sale securities at September 30, 2015 were as follows: Available-for-sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in millions) Noncurrent: Federal government securities $ 31.3 $ 0.2 $ — $ 31.5 U.S. corporate bonds 19.4 0.1 (0.1 ) 19.4 Total $ 50.7 $ 0.3 $ (0.1 ) $ 50.9 Investments in available-for-sale securities at December 31, 2014 were as follows: Available-for-sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in millions) Current: U.S. corporate bonds $ 11.2 $ — $ — $ 11.2 Noncurrent: Marketable equity securities 6.2 — — 6.2 Federal government securities 32.0 — — 32.0 U.S. corporate bonds 12.4 — — 12.4 Total $ 61.8 $ — $ — $ 61.8 The Company classifies its investments as short-term if, at the time of purchase, remaining maturities are greater than three months and up to one year. Such investments are included in "Other current assets" in the condensed consolidated balance sheets. Investments with remaining maturities of greater than one year are classified as long-term and are included in "Investments and other assets" in the condensed consolidated balance sheets. The Company’s previous investments in marketable equity securities consisted of an investment in Winsway Enterprises Holdings Limited. That investment was disposed of during the nine months ended September 30, 2015, resulting in an immaterial gain compared to the adjusted cost basis of the securities. Contractual maturities for available-for-sale investments in debt securities at September 30, 2015 were as shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities for available-for-sale debt securities Cost Fair Value (Dollars in millions) Due in one to five years $ 50.7 $ 50.9 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) Materials and supplies $ 121.2 $ 143.6 Raw coal 68.3 115.0 Saleable coal 158.6 147.9 Total $ 348.1 $ 406.5 Materials and supplies inventories presented above have been shown net of reserves of $4.8 million and $4.6 million as of September 30, 2015 and December 31, 2014 , respectively. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Measurements | Derivatives and Fair Value Measurements Risk Management — Non-Coal Trading Activities The Company is exposed to several risks in the normal course of business, including (1) foreign currency exchange rate risk for non-U.S. dollar expenditures and balances, (2) price risk on commodities produced by and utilized in the Company's mining operations and (3) interest rate risk that has been partially mitigated by fixed rates on long-term debt. The Company manages a portion of its commodity price risk related to the sale of coal (excluding coal trading activities) using long-term coal supply agreements (those with terms longer than one year), rather than using derivative instruments. Derivative financial instruments are, or have been, used to manage the Company's risk exposure to prices of certain commodities used in production, foreign currency exchange rates and, from time to time, interest rates (collectively referred to as "Corporate Hedging"). These risks are actively monitored for compliance with the Company's risk management policies. Foreign Currency Hedges. The Company is exposed to foreign currency exchange rate risk, primarily on Australian dollar expenditures made in its Australian mining platform. This risk has historically been managed using forward contracts and options designated as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted foreign currency expenditures. The Company intends to allow a substantial portion of its positions to settle without adding further positions of a comparable notional amount, but may, from time to time, continue to use forward contracts and options to hedge its foreign currency exchange rate risk. Diesel Fuel Hedges. The Company is exposed to commodity price risk associated with diesel fuel utilized in production in the U.S. and Australia. This risk is managed using derivatives, such as swaps or options, and to a lesser extent using cost pass-through contracts. The Company generally designates the swap contracts as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted diesel fuel purchases. Notional Amounts and Fair Value. The following summarizes the Company’s foreign currency and commodity positions at September 30, 2015 : Notional Amount by Year of Maturity Total 2015 2016 2017 Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,839.0 $ 309.0 $ 1,007.0 $ 523.0 Commodity Contracts Diesel fuel hedge contracts (million gallons) 180.3 31.5 89.5 59.3 Instrument Classification by Cash Flow Hedge Fair Value Hedge Economic Hedge Fair Value of Net Liability (Dollars in millions) Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,839.0 $ — $ — $ (293.5 ) Commodity Contracts Diesel fuel hedge contracts (million gallons) 180.3 — — (106.7 ) Based on the net fair value of the Company’s non-coal trading commodity contract hedge positions held in “Accumulated other comprehensive loss” at September 30, 2015 , the Company expects to reclassify net unrealized losses associated with the Company's diesel fuel hedge programs of approximately $68 million from comprehensive income into earnings over the next 12 months. Based on the net fair value of the Company's foreign currency hedge contract portfolio, the net loss expected to be reclassified from comprehensive income to earnings over the next 12 months associated with that hedge program is approximately $204 million . As these realized and unrealized gains and losses are associated with derivative instruments that represent hedges of forecasted transactions, the amounts reclassified to earnings are expected to partially offset the effect of any changes in the hedged exposure related to the underlying transactions, when realized. Hedge Ineffectiveness. A measure of ineffectiveness is inherent in hedging future diesel fuel purchases with derivative positions based on refined petroleum products as a result of location and/or product differences. Transportation surcharges, which may vary over time, for purchased diesel fuel in certain regions can also result in ineffectiveness, though such surcharges have historically changed infrequently and comprise a small portion of the total cost of delivered diesel. The Company’s derivative positions for the hedging of forecasted foreign currency expenditures contain a small measure of ineffectiveness due to timing differences between the hedge settlement and the purchase transaction, which could differ by less than a day and up to a maximum of 30 days. The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Loss reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (63.1 ) $ (31.9 ) $ (0.5 ) Foreign currency forward contracts Operating costs and expenses — (118.2 ) (84.5 ) — Total $ — $ (181.3 ) $ (116.4 ) $ (0.5 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $0.1 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Three Months Ended September 30, 2014 Financial Instrument Income Statement Classification Gains (Losses) - Realized Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives (effective portion) (Loss) gain reclassified from other comprehensive income into income (effective portion) (1) Loss reclassified from other comprehensive income into income (ineffective portion) (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (47.3 ) $ (1.0 ) $ (1.8 ) Foreign currency forward contracts Operating costs and expenses — (227.7 ) 9.6 — Total $ — $ (275.0 ) $ 8.6 $ (1.8 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $31.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Nine Months Ended September 30, 2015 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Gain reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (27.3 ) $ (89.0 ) $ 1.3 Foreign currency forward contracts Operating costs and expenses — (137.2 ) (238.9 ) — Total $ — $ (164.5 ) $ (327.9 ) $ 1.3 (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $14.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Nine Months Ended September 30, 2014 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives (Loss) gain recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Loss reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (38.1 ) $ (3.3 ) $ (1.0 ) Foreign currency forward contracts Operating costs and expenses — 48.7 (2.9 ) — Total $ — $ 10.6 $ (6.2 ) $ (1.0 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $106.7 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Cash Flow Presentation. The Company classifies the cash effects of its Corporate Hedging derivatives within the "Cash Flows From Operating Activities" section of the unaudited condensed consolidated statements of cash flows. Offsetting and Balance Sheet Presentation The Company's Corporate Hedging derivative financial instruments are transacted in over-the-counter (OTC) markets with financial institutions under International Swaps and Derivatives Association (ISDA) Master Agreements. Those agreements contain symmetrical default provisions which allow for the net settlement of amounts owed by either counterparty in the event of default or contract termination. The Company offsets its Corporate Hedging asset and liability derivative positions on a counterparty-by-counterparty basis in the condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Other current assets,” “Investments and other assets,” “Accounts payable and accrued expenses” and “Other noncurrent liabilities." Though the symmetrical default provisions associated with the Company's Corporate Hedging derivatives exist at the overall counterparty level across its foreign currency and diesel fuel hedging strategy derivative contract portfolios, the Company's accounting policy is to apply counterparty offsetting separately within those derivative contract portfolios for presentation in the condensed consolidated balance sheets because that application is more consistent with the fact that the Company generally net settles its Corporate Hedging derivatives with each counterparty by derivative contract portfolio on a routine basis. The classification and amount of Corporate Hedging derivative financial instruments presented on a gross and net basis as of September 30, 2015 and December 31, 2014 are presented in the tables that follow. Financial Instrument Fair Value of Liabilities Presented in the Condensed Consolidated Balance Sheet as of September 30, 2015 (1) (Dollars in millions) Current Liabilities: Commodity swap contracts $ 68.4 Foreign currency forward contracts 203.7 Total $ 272.1 Noncurrent Liabilities: Commodity swap contracts $ 38.3 Foreign currency forward contracts 89.8 Total $ 128.1 Financial Instrument Fair Value of Liabilities Presented in the Condensed Consolidated Balance Sheet as of December 31, 2014 (1) (Dollars in millions) Current Liabilities: Commodity swap contracts $ 100.1 Foreign currency forward contracts 241.0 Total $ 341.1 Noncurrent Liabilities: Commodity swap contracts $ 67.0 Foreign currency forward contracts 169.0 Total $ 236.0 (1) All commodity swap contracts and foreign currency forward contracts were in a liability position as of September 30, 2015 and December 31, 2014. The Company's Corporate Hedging derivative financial instruments are generally considered Swap Obligations, as that term is defined in the Company's secured credit agreement dated September 24, 2013 (as amended, the 2013 Credit Facility). Accordingly, such instruments, when in a liability position, are first lien obligations secured by the collateral and all of the property that is subject to liens under the 2013 Credit Facility. Refer to Note 12. "Long-term Debt" for additional information surrounding that collateral. See Note 8. "Coal Trading" for information on balance sheet offsetting related to the Company’s coal trading activities. Fair Value Measurements The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants. Financial Instruments Measured on a Recurring Basis. The following tables set forth the hierarchy of the Company’s net financial asset (liability) positions for which fair value is measured on a recurring basis: September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ 20.2 $ 30.7 $ — $ 50.9 Commodity swap contracts — — (106.7 ) (106.7 ) Foreign currency contracts — — (293.5 ) (293.5 ) Total net financial assets (liabilities) $ 20.2 $ 30.7 $ (400.2 ) $ (349.3 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ 26.1 $ 35.7 $ — $ 61.8 Commodity swap contracts — (167.1 ) — (167.1 ) Foreign currency contracts — (410.0 ) — (410.0 ) Total net financial assets (liabilities) $ 26.1 $ (541.4 ) $ — $ (515.3 ) For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes. In the case of certain debt securities, fair value is provided by a third-party pricing service. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities: • Investments in debt and equity securities: U.S. government securities and marketable equity securities are valued based on quoted prices in active markets (Level 1) and investment-grade corporate bonds and U.S. government agency securities are valued based on the various inputs listed above that may preclude the security from being measured using an identical asset in an active market (Level 2). • Commodity swap contracts — diesel fuel and explosives: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3. • Foreign currency forward and option contracts: valued utilizing inputs obtained in quoted public markets (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3. Foreign currency and commodity purchase/sale contracts include a credit valuation adjustment based on credit and non-performance risk (Level 3). The credit valuation adjustment has not historically had a material impact on the valuation of the contracts resulting in Level 2 classification. However, due to the Company's corporate credit rating downgrades in 2015, the credit valuation adjustments as of September 30, 2015 are considered to be significant unobservable inputs in the valuation of the contracts resulting in Level 3 classification. The following table summarizes the quantitative unobservable input utilized in the Company's internally-developed valuation models for foreign currency and commodity purchase/sale contracts classified as Level 3 as of September 30, 2015: Range Weighted Input Low High Average Credit and non-performance risk 26 % 39 % 31 % Significant increases or decreases in the credit and non-performance risk adjustment could result in a significantly higher or lower fair value measurement. The following table summarizes the changes related to the Company’s Corporate Hedging derivative financial instruments recurring Level 3 financial liabilities: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ — $ — $ — $ — $ — $ — Transfers into Level 3 76.0 259.8 335.8 76.0 259.8 335.8 Total net losses realized/unrealized: Included in earnings (0.5 ) — (0.5 ) (0.5 ) — (0.5 ) Included in other comprehensive income 63.1 118.2 181.3 63.1 118.2 181.3 Settlements (31.9 ) (84.5 ) (116.4 ) (31.9 ) (84.5 ) (116.4 ) End of period $ 106.7 $ 293.5 $ 400.2 $ 106.7 $ 293.5 $ 400.2 The Company had no transfers between Levels 1 and 2 or transfers out of Level 3 during the three and nine months ended September 30, 2015 or 2014 or transfers into Level 3 for the three and nine months ended September 30, 2014. Transfers into Level 3 of liabilities previously classified in Level 2 during the three and nine months ended September 30, 2015 were due to the relative value of unobservable inputs to the total fair value measurement of certain derivative contracts rising above the 10% threshold. The Company’s policy is to value all transfers between levels using the beginning of period valuation. The following table summarizes the changes in net unrealized losses relating to Level 3 financial liabilities held both as of the beginning and the end of the period: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Changes in net unrealized losses (1) $ 15.5 $ 52.9 $ 68.4 $ 15.5 $ 52.9 $ 68.4 (1) Within the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income for the periods presented, unrealized losses from Level 3 items are combined with unrealized gains and losses on positions classified in Level 1 or 2, as well as other positions that have been realized during the applicable periods. Other Financial Instruments. The Company used the following methods and assumptions in estimating fair values for other financial instruments as of September 30, 2015 and December 31, 2014 : • Cash and cash equivalents, accounts receivable, including those within the Company’s accounts receivable securitization program, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments. • Long-term debt fair value estimates are based on observed prices for securities with an active trading market when available (Level 2), and otherwise on estimated borrowing rates to discount the cash flows to their present value (Level 3). The carrying amounts and estimated fair values of the Company’s long-term debt are summarized as follows: September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in millions) Long-term debt $ 6,301.9 $ 2,126.3 $ 5,986.8 $ 5,227.9 Credit and Nonperformance Risk The fair value of the Company’s Corporate Hedging derivative assets and liabilities reflects adjustments for credit risk. The Company manages its counterparty risk through established credit standards, diversification of counterparties, utilization of investment grade commercial banks, adherence to established tenor limits based on counterparty creditworthiness and continuous monitoring of that creditworthiness. To reduce its credit exposure for these hedging activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties in the event of default. The Company also continually monitors counterparties for nonperformance risk, if present, on a case-by-case basis. |
Coal Trading
Coal Trading | 9 Months Ended |
Sep. 30, 2015 | |
Coal Trading [Abstract] | |
Coal Trading | Coal Trading The Company engages in the direct and brokered trading of coal and freight-related contracts (coal trading). Except those for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value. The Company includes instruments associated with coal trading transactions as a part of its trading book. Trading revenues from such transactions are recorded in “Other revenues” in the unaudited condensed consolidated statements of operations and include realized and unrealized gains and losses on derivative instruments, including those that arise from coal deliveries related to contracts accounted for on an accrual basis under the normal purchases and normal sales exception. Therefore, the Company has elected the trading exemption surrounding disclosure of its coal trading activities. Trading revenues recognized during the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Trading Revenues by Type of Instrument 2015 2014 2015 2014 (Dollars in millions) Commodity futures, swaps and options $ 47.7 $ 10.7 $ 89.4 $ 69.0 Physical commodity purchase/sale contracts (23.2 ) 4.3 (46.7 ) (22.7 ) Total trading revenues $ 24.5 $ 15.0 $ 42.7 $ 46.3 Risk Management Hedge Ineffectiveness. In some instances, the Company has designated an existing coal trading derivative as a hedge and, thus, the derivative has a non-zero fair value at hedge inception. The “off-market” nature of these derivatives, which is best described as an embedded financing element within the derivative, is a source of ineffectiveness. In other instances, the Company uses a coal trading derivative that settles at a different time, has different quality specifications or has a different location basis than the occurrence of the cash flow being hedged. These collectively yield ineffectiveness to the extent that the derivative hedge contract does not exactly offset changes in the fair value or expected cash flows of the hedged item. The gross fair value of coal trading positions designated as cash flow hedges of forecasted sales was an asset of $16.2 million and $44.3 million as of September 30, 2015 and December 31, 2014 , respectively. Based on the net fair value of the Company’s coal trading positions held in “Accumulated other comprehensive loss” at September 30, 2015 , unrealized gains to be reclassified from comprehensive income to earnings through the end of the year are expected to be approximately $16 million , at which point, all unrealized gains will have been reclassified. As these unrealized gains are associated with derivative instruments that represent hedges of forecasted transactions, the amounts reclassified to earnings may partially offset the effect of the realized underlying transactions in the unaudited condensed consolidated statements of operations. Offsetting and Balance Sheet Presentation The Company's coal trading assets and liabilities include financial instruments, such as swaps, futures and options, cleared through various commodities exchanges, which involve the daily net settlement of closed positions. The Company must post cash collateral, known as variation margin, on exchange-cleared positions that are in a net liability position and receives variation margin when in a net asset position. The Company also transacts in coal trading financial swaps and options through OTC markets with financial institutions and other non-financial trading entities under ISDA Master Agreements, which contain symmetrical default provisions. Certain of the Company's coal trading agreements with OTC counterparties also contain credit support provisions that may periodically require the Company to post, or entitle the Company to receive, initial and variation margin. Physical coal and freight-related purchase and sale contracts included in the Company's coal trading assets and liabilities are executed pursuant to master purchase and sale agreements that also contain symmetrical default provisions and allow for the netting and setoff of receivables and payables that arise during the same time period. The Company offsets its coal trading asset and liability derivative positions, and variation margin related to those positions, on a counterparty-by-counterparty basis in the condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Assets from coal trading activities, net” and “Liabilities from coal trading activities, net." The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of September 30, 2015 and December 31, 2014 is set forth below: 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 (held) posted (1) Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets (Dollars in millions) Fair Value as of September 30, 2015 Assets from coal trading activities, net $ 203.4 $ (123.4 ) $ (37.7 ) $ 42.3 Liabilities from coal trading activities, net (156.8 ) 123.4 5.3 (28.1 ) Total, net $ 46.6 $ — $ (32.4 ) $ 14.2 Fair Value as of December 31, 2014 Assets from coal trading activities, net $ 342.5 $ (248.3 ) $ (36.6 ) $ 57.6 Liabilities from coal trading activities, net (285.0 ) 248.3 4.0 (32.7 ) Total, net $ 57.5 $ — $ (32.6 ) $ 24.9 (1) A total of $0.7 million of the net variation margin held at September 30, 2015 related to cash flow hedges. See Note 7. "Derivatives and Fair Value Measurements" for information on balance sheet offsetting related to the Company’s Corporate Hedging activities. Fair Value Measurements The following tables set forth the hierarchy of the Company’s net financial asset (liability) coal trading positions for which fair value is measured on a recurring basis as of September 30, 2015 and December 31, 2014 : September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ (7.0 ) $ 19.0 $ — $ 12.0 Physical commodity purchase/sale contracts — 0.9 1.3 2.2 Total net financial (liabilities) assets $ (7.0 ) $ 19.9 $ 1.3 $ 14.2 December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ (0.2 ) $ 32.6 $ — $ 32.4 Physical commodity purchase/sale contracts — (9.6 ) 2.1 (7.5 ) Total net financial (liabilities) assets $ (0.2 ) $ 23.0 $ 2.1 $ 24.9 For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including U.S. interest rate curves; LIBOR yield curves; Chicago Mercantile Exchange (CME) Group, Intercontinental Exchange (ICE), LCH.Clearnet (formerly known as the London Clearing House), NOS Clearing ASA and Singapore Exchange (SGX) contract prices; broker quotes; published indices and other market quotes. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities: • Commodity futures, swaps and options: generally valued based on unadjusted quoted prices in active markets (Level 1) or a valuation that is corroborated by the use of market-based pricing (Level 2). • Physical commodity purchase/sale contracts: purchases and sales at locations with significant market activity corroborated by market-based information (Level 2). Physical commodity purchase/sale contracts transacted in less liquid markets or contracts, such as long-term arrangements with limited price availability, are classified in Level 3. Indicators of less liquid markets are those with periods of low trade activity or wide pricing spreads between broker quotes. The Company's risk management function, which is independent of the Company's commercial trading function, is responsible for valuation policies and procedures, with oversight from executive management. Generally, the Company's Level 3 instruments or contracts are valued using bid/ask price quotations and other market assessments obtained from multiple, independent third-party brokers or other transactional data incorporated into internally-generated discounted cash flow models. While the Company does not anticipate any decrease in the number of third-party brokers or market liquidity, the occurrence of such events could erode the quality of market information and therefore the valuation of its market positions. The Company's valuation techniques include basis adjustments to the foregoing price inputs for quality, such as heat rate and sulfur and ash content; location differentials, expressed as port and freight costs, and credit risk. The Company's risk management function independently validates the Company's valuation inputs, including unobservable inputs, with third-party information and settlement prices from other sources where available. A daily process is performed to analyze market price changes and changes to the portfolio. Further periodic validation occurs at the time contracts are settled with the counterparty. These valuation techniques have been consistently applied in all periods presented, and the Company believes it has obtained the most accurate information available for the types of derivative contracts held. The fair value of the Company's coal trading positions classified in Level 3, and changes thereto, was not material to the periods presented. Additionally, the Company did not have any significant transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2015 or 2014 , nor were there any transfers in or out of Level 3 during those periods. The Company’s policy is to value all transfers between levels using the beginning of period valuation. As of September 30, 2015 , the Company's trading portfolio was expected to have positive net cash realizations in 2015 and 2016, reaching substantial maturity in 2016 on a fair value basis. Credit and Nonperformance Risk. The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk. The Company’s exposure is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses. The Company’s policy is to independently evaluate each customer’s creditworthiness prior to entering into transactions and to regularly monitor the credit extended. If the Company engages in a transaction with a counterparty that does not meet its credit standards, the Company seeks to protect its position by requiring the counterparty to provide an appropriate credit enhancement. Also, when appropriate (as determined by its credit management function), the Company has taken steps to reduce its exposure to customers or counterparties whose credit has deteriorated and who may pose a higher risk of failure to perform under their contractual obligations. These steps include obtaining letters of credit or cash collateral (margin), requiring prepayments for shipments or the creation of customer trust accounts held for the Company’s benefit to serve as collateral in the event of a failure to pay or perform. To reduce its credit exposure related to trading and brokerage activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties and, to the extent required, the Company will post or receive margin amounts associated with exchange-cleared and certain OTC positions. The Company also continually monitors counterparty and contract nonperformance risk, if present, on a case-by-case basis. At September 30, 2015 , 86% of the Company’s credit exposure related to coal trading activities with investment grade counterparties, while 1% was with non-investment grade counterparties and 13% was with counterparties that are not rated. Performance Assurances and Collateral Certain of the Company’s derivative trading instruments require the parties to provide additional performance assurances whenever a material adverse event jeopardizes one party’s ability to perform under the instrument. If the Company was to sustain a material adverse event (using commercially reasonable standards), its counterparties could request collateralization on derivative trading instruments in net liability positions which, based on an aggregate fair value at September 30, 2015 and December 31, 2014 , would have amounted to collateral postings to counterparties of approximately $26 million and $31 million , respectively. As of September 30, 2015 and December 31, 2014 , no collateral was posted to counterparties for such positions. Certain of the Company’s other derivative trading instruments require the parties to provide additional performance assurances whenever a credit downgrade occurs below a certain level, as specified in each underlying contract. The terms of such derivative trading instruments typically require additional collateralization, which is commensurate with the severity of the credit downgrade. In 2015, each of the three agencies downgraded our corporate credit rating. The credit downgrades were, in part, due to continued weakness in seaborne coal prices. The Company was not required to post additional collateral as a direct result of these downgrades for its derivative trading instruments. Even if a credit downgrade were to have occurred below contractually specified levels, the Company’s additional collateral requirement owed to its counterparties for these derivative trading instruments would have been zero at September 30, 2015 and December 31, 2014 based on the aggregate fair value of all derivative trading instruments with such features. As of September 30, 2015 and December 31, 2014 , no collateral was posted to counterparties to support such derivative trading instruments. The Company is required to post variation margin on positions that are in a net liability position and is entitled to receive and hold variation margin on positions that are in a net asset position with an exchange and certain of its OTC derivative contract counterparties. At September 30, 2015 and December 31, 2014 , the Company held net variation margin of $32.4 million and $32.6 million , respectively. In addition to the requirements surrounding variation margin, the Company is required by the exchanges upon which it transacts and by certain of its OTC arrangements to post certain additional collateral, known as initial margin, which represents an estimate of potential future adverse price movements across the Company’s portfolio under normal market conditions. As of September 30, 2015 and December 31, 2014 , the Company had posted initial margin of $17.7 million and $15.2 million , respectively, which is reflected in “Other current assets” in the condensed consolidated balance sheets. The Company had posted $4.1 million of margin in excess of the required variation and initial margin as of September 30, 2015 , while it had posted $6.1 million of excess margin as of December 31, 2014 . |
Financing Receivables
Financing Receivables | 9 Months Ended |
Sep. 30, 2015 | |
Financing Receivables [Abstract] | |
Financing Receivables [Text Block] | Financing Receivables The Company's total financing receivables as of September 30, 2015 and December 31, 2014 consisted of the following: Balance Sheet Classification September 30, 2015 December 31, 2014 (Dollars in millions) Other current assets $ 24.6 $ — Investments and other assets 153.0 347.2 Total financing receivables $ 177.6 $ 347.2 The Company periodically assesses the collectability of accounts and loans receivable by considering factors such as specific evaluation of collectability, historical collection experience, the age of the receivable and other available evidence. Below is a description of the Company's financing receivables outstanding as of September 30, 2015 . Codrilla Mine Project. In 2011, a wholly-owned subsidiary of PEA-PCI, then Macarthur Coal Limited, completed the sale of a portion of its 85% interest in the Codrilla Mine Project to the other participants of the Coppabella Moorvale Joint Venture, afterward retaining 73.3% ownership.The final outstanding installment payment of 40% of the sale price is due upon the earlier of the mine's first coal shipment or a specified date. The sales agreement was amended in the second quarter of 2013 to delay the specified date from March 31, 2015 to June 30, 2016. There are currently no indications of impairment on the remaining installment and the Company expects to receive full payment by June 30, 2016. The remaining balance associated with these receivables totaled $24.6 million and $27.6 million at September 30, 2015 and December 31, 2014 , respectively, and was recorded in "Other current assets" and "Investments and other assets" in the condensed consolidated balance sheets, respectively. Middlemount. The Company periodically makes loans to Middlemount, in which the Company owns a 50% equity interest, pursuant to the related shareholders’ agreement for purposes of funding capital expenditures and working capital requirements. Middlemount is required to pay down the loans as excess cash is generated pursuant to its shareholders’ agreement. The Priority Loans bear interest at a rate equal to the monthly average 30-day Australian Bank Bill Swap Reference Rate plus 3.5% , while the Subordinated Loans presently do not bear interest. The loans expire on December 31, 2016. Based on the expected timing of repayment of these loans, which is projected to extend beyond the stated expiration date, the Company considers these loans to be of a long-term nature. As a result, (1) the foreign currency impact related to the shareholder loans is included in foreign currency translation adjustment in the condensed consolidated balance sheets and the unaudited condensed consolidated statements of comprehensive income and (2) interest income on the Priority Loans is recognized when cash is received. Refer to Note 3. "Asset Impairment" for background surrounding an impairment charge of $136.8 million recognized during the nine months ended September 30, 2015. The carrying value of these loans of $153.0 million and $319.6 million was reflected in "Investments and other assets" in the condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 , respectively. |
Property, Plant, Equipment and
Property, Plant, Equipment and Mine Development (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant, Equipment and Mine Development [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant, Equipment and Mine Development Property, plant, equipment and mine development, net, as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) Land and coal interests $ 10,637.5 $ 11,021.1 Buildings and improvements 1,536.9 1,569.1 Machinery and equipment 2,341.9 2,685.7 Less: Accumulated depreciation, depletion and amortization (5,040.9 ) (4,698.6 ) Total, net $ 9,475.4 $ 10,577.3 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s income tax provision of $6.9 million and $79.4 million for the three months ended September 30, 2015 and 2014, respectively, included a tax benefit of $0.8 million and $1.2 million related to the remeasurement of foreign income tax accounts for the same respective periods. The Company’s income tax benefit of $83.2 million and provision of $30.9 million for the nine months ended September 30, 2015 and 2014, respectively, included tax benefits of $1.0 million and $3.9 million related to the remeasurement of foreign income tax accounts, respectively. The Company's effective tax rate before remeasurement for the three and nine months ended September 30, 2015 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax expense more than offset by reductions from percentage depletion, foreign rate differential and changes in valuation allowance. The Company wrote-off deferred tax assets due to the repeal of the Australian Minerals Rent Resource Tax (MRRT) of $70.1 million and $16.1 million for the three and nine months ended September 30, 2014, respectively. The income tax expense and tax benefit recorded for the three and nine months ended September 30, 2015 are primarily comprised of a tax allocation to results from continuing operations related to the tax effects of items credited directly to "Other comprehensive income". Generally, the amount of tax provision or benefit allocated to continuing operations is determined without regard to the tax effects of other categories of income or loss, such as "Other comprehensive income." However, an exception applies in periods in which there is a year-to-date loss from continuing operations before taxes and income in other categories of earnings before taxes. Under this exception, and notwithstanding the continuing valuation allowance on the Company's net deferred tax assets in the U.S. and Australia, the tax provision is first allocated to the other categories of earnings and a related tax benefit is recorded in results from continuing operations. There was no similar activity recorded for the three or nine months ended September 30, 2014. During the three and nine months ended September 30, 2015, the Company decreased its unrecognized tax benefits, including interest and penalties related thereto, by $25.0 million due to finalization of IRS audits on the 2009 through 2013 tax years. |
Long-term Debt (Notes)
Long-term Debt (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Long-term Debt The Company’s total indebtedness as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) 2013 Term Loan Facility due September 2020 $ 1,167.4 $ 1,175.1 7.375% Senior Notes due November 2016 — 650.0 6.00% Senior Notes due November 2018 1,518.8 1,518.8 6.50% Senior Notes due September 2020 650.0 650.0 6.25% Senior Notes due November 2021 1,339.6 1,339.6 10.00% Senior Secured Second Lien Notes due March 2022 977.5 — 7.875% Senior Notes due November 2026 247.7 247.6 Convertible Junior Subordinated Debentures due December 2066 384.5 382.3 Capital lease obligations 15.7 22.2 Other 0.7 1.2 Total $ 6,301.9 $ 5,986.8 The carrying amounts of the 2013 Term Loan Facility due September 2020, the 10.00% Senior Secured Second Lien Notes due March 2022 (the Senior Secured Second Lien Notes), the 7.875% Senior Notes due November 2026 and the Convertible Junior Subordinated Debentures due December 2066 (the Debentures) have been presented above net of the respective unamortized original issue discounts. Other than as described in the following section, there were no significant changes to the Company's long-term debt subsequent to December 31, 2014 . Information regarding the Company's long-term debt is outlined in Note 12 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . 2013 Credit Facility Amendment On February 5, 2015, the Company entered into the Omnibus Amendment Agreement (the First Amendment) related to its 2013 Credit Facility. The 2013 Credit Facility provides for a $1.65 billion revolving credit facility (the 2013 Revolver) and a $1.20 billion term loan facility (the 2013 Term Loan Facility). The Company's obligations under the 2013 Credit Facility are guaranteed by the Company and substantially all of its domestic subsidiaries and are secured by (1) a pledge of 65% of the stock of Peabody Investments (Gibraltar) Limited, a holding company for the Company's Australian operations, (2) a pledge of the stock of Peabody IC Funding Corp., whose assets are substantially comprised of intercompany debt owed to it by Peabody IC Holdings, LLC, a holding company whose sole asset is intercompany debt, which had a book value of $5.4 billion at September 30, 2015, owed to it by the top-level Gibraltar subsidiary of the Company’s Australian platform, an entity which previously owed such debt directly to Peabody IC Funding Corp., and (3) after the effectiveness of the First Amendment, substantially all of the Company’s U.S. assets and 65% of the equity interests of its first-tier foreign subsidiaries, subject to certain exceptions. Under the 2013 Credit Facility, the amount of such obligations that are secured by Principal Property and Capital Stock (each as is defined in the indentures for the Company's 6.00% , 6.25% , 6.50% and 7.875% Senior Notes (collectively, the Senior Notes)) is limited in order for the Company to utilize the general liens basket in the Company's Senior Notes indentures. In addition to the pledge of certain collateral, among other things, the First Amendment: • amended the financial maintenance covenants to provide the Company with greater financial flexibility by lowering the minimum interest coverage ratio and increasing the maximum net secured first lien leverage ratio for the term of the 2013 Credit Facility; • amended the liens covenant to allow for second lien debt issuances, so long as the Company remains in compliance with the 2013 Credit Facility; • amended certain other negative covenants to (1) reduce the annual cash dividend payments basket to a maximum of $27.5 million (with carryforward permitted), (2) reduce the additional general restricted payments basket, which includes dividends, stock repurchases and certain investments, to a maximum of $100.0 million (though the Company may also make restricted payments using another basket whose size is based on, among other things, positive earnings during the term of the agreement) and (3) further limit the Company’s ability to incur liens, incur debt and make investments; and • provided for certain additional mandatory prepayments including with the net cash proceeds of certain asset sales, subject to customary reinvestment rights. The Company paid aggregate modification costs of $11.8 million related to the First Amendment during the nine months ended September 30, 2015 , which will be amortized over the remaining terms of the 2013 Revolver and the 2013 Term Loan Facility. Under the Credit Facility, the secured obligations include: term loans outstanding, revolver borrowings, letters of credit outstanding, and Swap Obligations and Cash Management Obligations, as defined in the Company's secured credit agreement dated September 24, 2013. Senior Secured Second Lien Notes Offering On March 16, 2015, the Company completed the offering of $1.0 billion aggregate principal amount of the Senior Secured Second Lien Notes. The notes were offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the Securities Act), and to non-U.S. persons in transactions outside the U.S. under Regulation S of the Securities Act. The Senior Secured Second Lien Notes are secured by a second-priority lien on all of the assets that secure the Company's obligations under the 2013 Credit Facility on a first-lien basis, subject to permitted liens and other limitations. The Company's Senior Secured Second Lien Notes indenture contains a limit, consistent with the 2013 Credit Facility, on the amount of debt that may be secured by Principal Property and Capital Stock. For purposes of calculating the Principal Property limit, 15% of Specified Consolidated Net Tangible Assets (as that term is used in the related indenture) was approximately $1.5 billion as of September 30, 2015 . Additionally, as of September 30, 2015 , the book value of Principal Property was approximately $3.0 billion , the book value of property that did not constitute Principal Property was approximately $2.4 billion and the book value of 65% of the capital stock in the Company's first-tier foreign subsidiaries and 65% of the capital stock in Peabody Investments (Gibraltar) Limited was approximately $2.9 billion . The Company used the net proceeds from the sale of the notes, in part, to fund the tender offer to purchase its 7.375% Senior Notes due November 2016 (the 2016 Senior Notes) and to redeem the aggregate principal amount of the 2016 Senior Notes that was not tendered in the tender offer. Additionally, the remaining proceeds were intended for general corporate purposes, which may include the payment of federal coal lease expenditures. The Company must pay interest on the notes semi-annually on March 15 and September 15 of each year until maturity on March 15, 2022. The Company may redeem the Senior Secured Second Lien Notes at any time on or after March 15, 2018 at the redemption prices specified in the related indenture and, prior to that date, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus a make whole premium, in addition to any accrued and unpaid interest. Prior to March 15, 2018, the Company may also redeem up to 35% of the aggregate principal amount of the Senior Secured Second Lien Notes with the net cash proceeds from certain equity offerings. The notes were issued at an issue price of 97.566% of principal amount, resulting in an original issue discount of $24.3 million that will be amortized through maturity. The Company also paid aggregate debt issuance costs of $16.9 million during the nine months ended September 30, 2015 related to the offering, which will also be amortized over the life of the Senior Secured Second Lien Notes. 2016 Senior Notes Tender Offer and Redemption Concurrently with the offering of the Senior Secured Second Lien Notes, the Company commenced a tender offer to repurchase the $650.0 million aggregate principal amount then outstanding of the 2016 Senior Notes. Consequently, the Company repurchased $566.9 million aggregate principal amount of the 2016 Senior Notes that were validly tendered and not validly withdrawn during March 2015. The Company redeemed the remaining $83.1 million aggregate principal amount of the 2016 Senior Notes on April 15, 2015. In connection with those repurchases, the Company recognized an aggregate loss on early debt extinguishment of $67.8 million in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2015 comprised of aggregate tender offer and make-whole premiums paid of $66.4 million and the non-cash write-off of associated unamortized debt issuance costs of $1.4 million . |
Pension and Postretirement Bene
Pension and Postretirement Benefit Costs | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension and Postretirement Benefit Costs [Text Block] | Pension and Postretirement Benefit Costs Net periodic pension cost included the following components: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Service cost for benefits earned $ 0.7 $ 0.6 $ 2.0 $ 1.6 Interest cost on projected benefit obligation 10.1 11.3 30.3 34.0 Expected return on plan assets (12.0 ) (13.6 ) (36.1 ) (40.7 ) Amortization of prior service cost and net actuarial loss 10.0 7.9 30.4 23.6 Net periodic pension cost $ 8.8 $ 6.2 $ 26.6 $ 18.5 Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company's agreement with the Pension Benefit Guaranty Corporation (PBGC). Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80% ). As of September 30, 2015, the Company's qualified plans were expected to be at or above the Pension Protection Act thresholds and will therefore avoid benefit restrictions and at-risk penalties for 2015. During the three and nine months ended September 30, 2015, the Company contributed $ 2.3 million and $ 4.5 million respectively, to its qualified pension plans. During the three and nine months ended September 30, 2015, the Company contributed $ 0.3 million and $ 1.0 million respectively to its non-qualified pension plans. The Company expects to contribute approximately $ 5.8 million to its pension plans to meet minimum funding requirements for its qualified plans and benefit payments for its non-qualified plans in 2015. Net periodic postretirement benefit cost included the following components: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Service cost for benefits earned $ 2.8 $ 3.1 $ 8.4 $ 9.2 Interest cost on accumulated postretirement benefit obligation 8.4 9.1 25.3 27.3 Amortization of prior service cost and net actuarial loss 4.6 3.9 13.6 11.8 Net periodic postretirement benefit cost $ 15.8 $ 16.1 $ 47.3 $ 48.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The following table sets forth the after-tax components of accumulated other comprehensive (loss) income and changes thereto recorded during the nine months ended September 30, 2015 : 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 Available-For-Sale Securities Total Accumulated Other Comprehensive (Loss) Income (Dollars in millions) December 31, 2014 $ (111.5 ) $ (317.5 ) $ 25.1 $ (360.9 ) $ — $ (764.8 ) Net change in fair value — — — (100.4 ) 0.2 (100.2 ) Reclassification from other comprehensive income to earnings — 30.3 (3.5 ) 183.9 — 210.7 Current period change (41.5 ) — — — — (41.5 ) September 30, 2015 $ (153.0 ) $ (287.2 ) $ 21.6 $ (277.4 ) $ 0.2 $ (695.8 ) The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive loss" into earnings during the three months ended September 30, 2015 and 2014: Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive (loss) income components Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 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 $ (6.3 ) $ (3.6 ) Operating costs and expenses Defined benefit pension plans (8.2 ) (6.2 ) Operating costs and expenses Defined benefit pension plans (1.6 ) (1.3 ) Selling and administrative expenses Insignificant items 2.0 1.0 (14.1 ) (10.1 ) Total before income taxes 1.6 3.7 Income tax benefit $ (12.5 ) $ (6.4 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 1.7 $ (0.3 ) Operating costs and expenses Defined benefit pension plans (0.2 ) (0.4 ) Operating costs and expenses 1.5 (0.7 ) Total before income taxes 0.2 0.3 Income tax benefit $ 1.7 $ (0.4 ) Total after income taxes Cash flow hedges: Foreign currency cash flow hedge contracts $ (84.5 ) $ 9.6 Operating costs and expenses Fuel and explosives commodity swaps (32.4 ) (2.8 ) Operating costs and expenses Coal trading commodity futures, swaps and options 13.2 (11.4 ) Other revenues Insignificant items (0.2 ) (0.1 ) (103.9 ) (4.7 ) Total before income taxes 35.0 1.3 Income tax benefit $ (68.9 ) $ (3.4 ) Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive loss" into earnings during the nine months ended September 30, 2015 and 2014: Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive (loss) income components Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 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 $ (18.7 ) $ (10.8 ) Operating costs and expenses Defined benefit pension plans (24.7 ) (18.6 ) Operating costs and expenses Defined benefit pension plans (5.0 ) (4.0 ) Selling and administrative expenses Insignificant items 6.0 3.0 (42.4 ) (30.4 ) Total before income taxes 12.1 11.3 Income tax benefit $ (30.3 ) $ (19.1 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 5.1 $ (1.0 ) Operating costs and expenses Defined benefit pension plans (0.7 ) (1.0 ) Operating costs and expenses 4.4 (2.0 ) Total before income taxes (0.9 ) 0.7 Income tax (provision) benefit $ 3.5 $ (1.3 ) Total after income taxes Cash flow hedges: Foreign currency forward contracts $ (238.9 ) $ (2.9 ) Operating costs and expenses Fuel and explosives commodity swaps (87.7 ) (4.3 ) Operating costs and expenses Coal trading commodity futures, swaps and options 35.6 9.4 Other revenues Insignificant items (0.5 ) (0.2 ) (291.5 ) 2.0 Total before income taxes 107.6 (0.4 ) Income tax benefit (provision) $ (183.9 ) $ 1.6 Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Other Events (Notes)
Other Events (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Other Events [Abstract] | |
Other Events [Text Block] | Other Events Organizational Realignment From time to time, the Company initiates restructuring activities in connection with its repositioning efforts to appropriately align its cost structure or optimize its coal production relative to prevailing global coal industry conditions. Costs associated with restructuring actions can include early mine closures, voluntary and involuntary workforce reductions, office closures and other related activities. Costs associated with restructuring activities are recognized in the period incurred. In 2015, the Company has eliminated corporate and regional staff positions in the U.S. and implemented workforce reductions of employee and contractor positions at multiple mines in Australia. Included in the Company's unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2015 were aggregate restructuring charges of $1.8 million and $23.0 million , respectively, primarily comprised of cash severance costs. Of that amount, $5.7 million remained accrued as of September 30, 2015, which is expected to be paid in the fourth quarter of 2015. Coal Supply Agreement During April 2014, the Company finalized pricing under a sales agreement for one of its Powder River Basin Mining segment customers. As a result of that agreement, the Company recognized additional contract revenue and sales-related expenses totaling $33.5 million and $6.4 million , respectively, during the nine months ended September 30, 2014. Divestitures As noted in Note 3. "Asset Impairment," the Company initiated a review of its asset portfolio during the second quarter of 2015. In connection with that review and related marketing and divestiture approval processes conducted during the period, certain assets were classified as held-for-sale. Subsequent to the related write-downs, these assets had an aggregate carrying value of approximately $125 million and were included in "Other current assets" in the Company's unaudited condensed consolidated balance sheet as of September 30, 2015. The results of operations and cash flows of such assets were not material to the consolidated financial statements for the periods presented in this report. In January 2014, the Company sold a non-strategic exploration tenement asset in Australia in exchange for cash proceeds of $62.6 million . The Company had previously recorded an impairment charge in December 2013 to write down the carrying value of that asset to its fair value. Accordingly, there was no gain or loss recognized on the disposal during the nine months ended September 30, 2014. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) Basic and diluted EPS are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s restricted stock awards are considered participating securities because holders are entitled to receive non-forfeitable dividends during the vesting term. Diluted EPS includes securities that could potentially dilute basic EPS during a reporting period, for which the Company includes the Debentures and share-based compensation awards. Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive. For all but the performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and purchased is included in the diluted share computation. For the Company’s performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted. For further discussion of the Company’s share-based compensation awards, see Note 18. "Share-Based Compensation" to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . A conversion of the Debentures may result in payment for any conversion value in excess of the principal amount of the Debentures in the Company’s common stock. For diluted EPS purposes, potential common stock is calculated based on whether the market price of the Company’s common stock at the end of each reporting period is in excess of the conversion price of the Debentures. For a full discussion of the conditions under which the Debentures may be converted, the conversion rate to common stock and the conversion price, see Note 12. "Long-term Debt" to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The effect of the Debentures was excluded from the calculation of diluted EPS for all periods presented herein because to do so would have been anti-dilutive for those periods. The computation of diluted EPS also excluded aggregate share-based compensation awards of approximately 0.3 million and 0.2 million for the three months ended September 30, 2015 and 2014 , respectively, and 0.3 million and 0.2 million for the nine months ended September 30, 2015 and 2014 , respectively, because to do so would have been anti-dilutive for those periods. Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company's average stock price during the applicable period. The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS. The number of shares and per share amounts for all periods presented below have been retroactively restated to reflect the Reverse Stock Split discussed in Note 1. "Basis of Presentation." Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In millions, except per share data) EPS numerator: Loss from continuing operations, net of income taxes $ (144.4 ) $ (154.0 ) $ (1,316.0 ) $ (270.3 ) Less: Net income attributable to noncontrolling interests 2.8 1.6 7.9 8.1 Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities (147.2 ) (155.6 ) (1,323.9 ) (278.4 ) Less: Earnings allocated to participating securities — 0.3 — 0.8 Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (147.2 ) (155.9 ) (1,323.9 ) (279.2 ) (Loss) income from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (157.5 ) 5.0 (202.7 ) 6.0 Net loss attributable to common stockholders, after earnings allocated to participating securities $ (304.7 ) $ (150.9 ) $ (1,526.6 ) $ (273.2 ) EPS denominator: Weighted average shares outstanding — basic and diluted 18.2 17.9 18.1 17.9 Basic and diluted EPS attributable to common stockholders: Loss from continuing operations $ (8.08 ) $ (8.72 ) $ (73.05 ) $ (15.62 ) (Loss) income from discontinued operations (8.65 ) 0.28 (11.18 ) 0.33 Net loss attributable to common stockholders $ (16.73 ) $ (8.44 ) $ (84.23 ) $ (15.29 ) |
Financial Instruments, Guarante
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial Instruments and Guarantees with Off-Balance-Sheet Risk | Financial Instruments, Guarantees with Off-Balance Sheet Risk and Other Guarantees In the normal course of business, the Company is a party to guarantees and financial instruments with off-balance-sheet risk, most of which are not reflected in the accompanying condensed consolidated balance sheets. Such financial instruments are valued based on the amount of exposure under the instrument and the likelihood of required performance. As of November 9, 2015, management does not expect any material losses to result from these guarantees or off-balance-sheet instruments. Financial Instruments with Off-Balance Sheet Risk As of September 30, 2015 , the Company had the following financial instruments with off-balance sheet risk: Reclamation Obligations Lease Obligations Workers’ Compensation Obligations Other (1) Total Letters of Credit in Support of Financial Instruments (Dollars in millions) Self bonding $ 1,470.0 $ — $ — $ — $ 1,470.0 $ — Surety bonds (2) 304.7 110.6 27.8 14.7 457.8 40.6 Bank guarantees 287.0 — — 79.1 366.1 81.2 Other letters of credit — — 38.8 139.9 178.7 — Total $ 2,061.7 $ 110.6 $ 66.6 $ 233.7 $ 2,472.6 $ 121.8 (1) Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $154.0 million in bank guarantees, letters of credit and surety bonds related to collateral for road maintenance, performance guarantees and other operations. (2) A total of $81.0 million of letters of credit issued as collateral to support surety bonds related to Patriot have been excluded from above as they no longer represent off-balance sheet obligations as discussed in Note 19. "Matters Related to the Patriot Bankruptcy". The Company owns a 37.5% interest in Dominion Terminal Associates, a partnership that operates a coal export terminal in Newport News, Virginia under a 30 -year lease that permits the partnership to purchase the terminal at the end of the lease term for a nominal amount. The partners have severally (but not jointly) agreed to make payments under various agreements which, in the aggregate, provide the partnership with sufficient funds to pay rents and to cover the principal and interest payments on the floating-rate industrial revenue bonds issued by the Peninsula Ports Authority, and which are supported by letters of credit from a commercial bank. As of September 30, 2015 , the Company’s maximum reimbursement obligation to the commercial bank was in turn supported by letters of credit totaling $42.7 million . The Company is party to an agreement with the PBGC and TXU Europe Limited, an affiliate of the Company’s former parent corporation, under which the Company is required to make special contributions to two of the Company’s defined benefit pension plans and to maintain a $37.0 million letter of credit in favor of the PBGC. If the Company or the PBGC gives notice of an intent to terminate one or more of the covered pension plans in which liabilities are not fully funded, or if the Company fails to maintain the letter of credit, the PBGC may draw down on the letter of credit and use the proceeds to satisfy liabilities under the Employee Retirement Income Security Act of 1974, as amended. The PBGC, however, is required to first apply amounts received from a $110.0 million guarantee in place from TXU Europe Limited in favor of the PBGC before it draws on the Company’s letter of credit. On November 19, 2002, TXU Europe Limited was placed under the administration process in the U.K. (a process similar to bankruptcy proceedings in the U.S.) and continues under this process as of September 30, 2015 . As a result of these proceedings, TXU Europe Limited may be liquidated or otherwise reorganized in such a way as to relieve it of its obligations under its guarantee. As of September 30, 2015 , the Company's wholly-owned captive insurance subsidiary was party to a letter of credit arrangement for $32.8 million in relation to certain of its workers' compensation and other insurance-related obligations whereby that subsidiary has pledged $46.9 million of its investments in debt securities as collateral. This arrangement reduces the letters of credit drawn on the Company's 2013 Credit Facility and effectively lowers the fees associated with the related letters of credit. Accounts Receivable Securitization The Company has an accounts receivable securitization program (securitization program) with a maximum capacity of $275.0 million through its wholly-owned, bankruptcy-remote subsidiary (Seller). At September 30, 2015 , the Company had $48.2 million remaining capacity available under the securitization program, net of outstanding letters of credit of $120.0 million and amounts drawn. Under the securitization program, the Company contributes trade receivables of most of the Company's U.S. subsidiaries on a revolving basis to the Seller, which then sells the receivables in their entirety to a consortium of unaffiliated asset-backed commercial paper conduits and banks (the Conduits). After the sale, the Company, as servicer of the assets, collects the receivables on behalf of the Conduits for a nominal servicing fee. The Company utilizes proceeds from the sale of its accounts receivable as an alternative to short-term borrowings under the 2013 Revolver portion of the Company’s 2013 Credit Facility, effectively managing its overall borrowing costs and providing an additional source of working capital. The securitization program will expire in April 2016. The Seller is a separate legal entity whose assets are available first and foremost to satisfy the claims of its creditors. Of the receivables sold to the Conduits, a portion of the amount due to the Seller is deferred until the ultimate collection of the underlying receivables. During the nine months ended September 30, 2015 , the Company received total consideration of $2,815.1 million related to accounts receivable sold under the securitization program, including $1,860.8 million of cash up front from the sale of the receivables, an additional $529.4 million of cash upon the collection of the underlying receivables and $173.5 million that had not been collected at September 30, 2015 and was recorded at carrying value, which approximates fair value. The reduction in accounts receivable as a result of securitization activity with the Conduits was $25.0 million and $30.0 million at September 30, 2015 and December 31, 2014 , respectively. The securitization activity has been reflected in the unaudited condensed consolidated statements of cash flows as an operating activity because both the cash received from the Conduits upon sale of the receivables as well as the cash received from the Conduits upon the ultimate collection of the receivables are not subject to significantly different risks given the short-term nature of the Company’s trade receivables. The Company recorded expense associated with securitization transactions of $0.5 million and $0.4 million for the three months ended September 30, 2015 and 2014 , respectively, and $1.3 million and $1.2 million for the nine months ended September 30, 2015 and 2014 , respectively. Other Included in "Other noncurrent liabilities" in the Company's condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 is a liability of $44.7 million , related to reclamation, bonding and mine closure commitments provided on behalf of a third-party coal producer associated with a 2007 purchase of coal reserves and surface lands in the Illinois Basin. The Company is the lessee under numerous equipment and property leases. It is common in such commercial lease transactions for the Company, as the lessee, to agree to indemnify the lessor for the value of the property or equipment leased, should the property be damaged or lost during the course of the Company’s operations. The Company expects that losses with respect to leased property, if any, would be covered by insurance (subject to deductibles). The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Aside from indemnification of the lessor for the value of the property leased, the Company’s maximum potential obligations under its leases are equal to the respective future minimum lease payments, and the Company assumes that no amounts could be recovered from third parties. The Company has provided financial guarantees under certain long-term debt agreements entered into by its subsidiaries and substantially all of the Company’s U.S. subsidiaries provide financial guarantees under long-term debt agreements entered into by the Company. The maximum amounts payable under the Company’s debt agreements are equal to the respective principal and interest payments of all secured obligations herein. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Unconditional Purchase Obligations As of September 30, 2015 , purchase commitments for capital expenditures were $28.6 million , all of which are obligated within the next 12 months. There were no other material changes to the Company’s commitments from the information provided in Note 24 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . Contingencies From time to time, the Company or its subsidiaries are involved in legal proceedings arising in the ordinary course of business or related to indemnities or historical operations. The Company believes it has recorded adequate reserves for these liabilities and that there is no individual case pending that is likely to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company discusses its significant legal proceedings below, including ongoing proceedings and those that impacted the Company's results of operations for the periods presented. Litigation Relating to Continuing Operations Peabody Monto Coal Pty Ltd, Monto Coal 2 Pty Ltd and Peabody Energy Australia PCI Pty Ltd (PEA-PCI). In October 2007, a statement of claim was delivered to Peabody Monto Coal Pty Ltd, a wholly-owned subsidiary of PEA-PCI, then Macarthur Coal Limited, and Monto Coal 2 Pty Ltd, an equity accounted investee, from the minority interest holders in the Monto Coal Joint Venture, alleging that Monto Coal 2 Pty Ltd breached the Monto Coal Joint Venture Agreement and Peabody Monto Coal Pty Ltd breached the Monto Coal Management Agreement. Peabody Monto Coal Pty Ltd is the manager of the Monto Coal Joint Venture pursuant to the Management Agreement. Monto Coal 2 Pty Ltd holds a 51% interest in the Monto Coal Joint Venture. The plaintiffs are Sanrus Pty Ltd, Edge Developments Pty Ltd and H&J Enterprises (Qld) Pty Ltd. An additional statement of claim was delivered to PEA-PCI in November 2010 from the same minority interest holders in the Monto Coal Joint Venture, alleging that PEA-PCI induced Monto Coal 2 Pty Ltd and Peabody Monto Coal Pty Ltd to breach the Monto Coal Joint Venture Agreement and the Monto Coal Management Agreement, respectively. The plaintiffs later amended their claim to allege damages for lost opportunities to sell their joint venture interest. These actions, which are pending before the Supreme Court of Queensland, Australia, seek damages from the three defendants collectively of amounts ranging from $15.6 million Australian dollars to $1.8 billion Australian dollars, plus interest and costs. The defendants dispute the claims and are vigorously defending their positions. Based on the Company's evaluation of the issues and their potential impact, the amount of any future loss cannot be reasonably estimated. Sumiseki Materials Co. Ltd. In 2010, Sumiseki Materials Co. Ltd. (Sumiseki), the Class B shareholder (noncontrolling interest holder) in Wambo Coal Pty Ltd (Wambo), an Australian subsidiary of the Company, filed a lawsuit against Wambo in the Supreme Court of New South Wales, Australia, alleging that it was entitled to certain dividends from Wambo (subject to limited exceptions) and requested payment of those dividends for periods from 2009 to 2012. In March 2013, the Supreme Court ruled Sumiseki was entitled to the disputed dividends (subject to limited exceptions). In May 2013, the Supreme Court issued finalized orders, which included the amounts due for the disputed dividends including interest. Wambo appealed the Supreme Court's decision to the New South Wales Court of Appeal and obtained a stay of the Supreme Court judgment. In accordance with the terms of the stay, Wambo posted security with the court in an interest-bearing trust account jointly operated by the parties. On September 17, 2014, the Court of Appeal upheld the Supreme Court's ruling (with a minor exception), finding Sumiseki was entitled to the disputed dividends plus interest and costs. In its ruling, the Court of Appeal noted that while payment of dividends is usually a matter for a company's directors, the Class B dividend is a mandatory dividend, regardless of any decision by the directors, and that the amount of the dividend is based on a percentage of the company's net profit, unless there is a legal prohibition that precludes the dividend being paid. Wambo filed an application for leave to appeal the ruling to the High Court of Australia, but the application was denied. Wambo has satisfied the terms of the Court of Appeal’s judgment, including the remittance of the restricted security previously posted with the court, and the litigation is over. Eagle Mining, LLC Arbitration. On May 3, 2013, Eagle Mining, LLC (Eagle) filed an arbitration demand against a Company subsidiary under a contract mining agreement, asserting various claims for damages. An arbitration hearing was held in January 2014 before a single arbitrator. As a result of the damages awarded to Eagle in arbitration, the Company recorded a charge of $15.6 million in "Operating costs and expenses" in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2014 to increase the associated liability accrual to $23.4 million . On April 18, 2014, the Company subsidiary filed a petition to partially vacate and modify the arbitration award in the United States District Court for the Southern District of West Virginia, Charleston Division. On July 29, 2015, the District Court issued a Memorandum Opinion and Order denying the petition to partially vacate and modify the arbitration award and granting Eagle’s motion to confirm the arbitration award. In September 2015, Eagle and the Company's subsidiary settled all claims and agreed to dismiss with prejudice all pending litigation between the parties. In connection with this settlement, the Company recorded a gain totaling $10.8 million in the three and nine months ended September 30, 2015 to reduce the accrued liability to the amount paid. The matter has concluded. Queensland Bulk Handling Pty Ltd. On June 30, 2014, QBH filed a statement of claim with the Supreme Court of Queensland, Australia, against Peabody (Wilkie Creek) Pty Limited, an indirect wholly-owned subsidiary of the Company, alleging breach of a CPSA between the parties. QBH originally sought damages of $113.1 million Australian dollars, plus interest and costs. However, it later altered its claim to seek a declaration that the Company subsidiary had exercised an option to renew the contract for a further term, and withdrew its claim for money damages. On February 27, 2015, the Supreme Court of Queensland, Australia ruled that QBH and the Company subsidiary were bound to enter into a new CPSA upon substantially the same terms as the 2009 CPSA between them. Under the 2009 CPSA, QBH provided services to Peabody (Wilkie Creek) Pty Limited for operations at the Wilkie Creek Mine, which was closed in 2013. The term of the potential new CPSA would commence January 1, 2015 and expire on December 31, 2026 and, assuming substantially the same contractual terms, would require annual minimum payments of approximately $11.8 million Australian dollars. The Company subsidiary appealed this ruling, which was heard by the Court of Appeal on July 30, 2015. On October 23, 2015, the appellate court upheld this ruling and dismissed the appeal. The Company subsidiary was ordered to pay QBH’s costs of the appeal. QBH has not responded to this ruling. The Company is evaluating the ruling and its options. While the ultimate impact of the litigation is subject to a wide range of uncertainty, the Company recognized a charge of $7.6 million to discontinued operations for the nine months ended September 30, 2015 . That amount represents the low end of the range of loss that the Company considers probable. It is reasonably possible that additional exposure may exist up to and including the aggregate annual minimum payments under the potential new CPSA noted above. Lori J. Lynn Class Action. On June 11, 2015, a former Peabody Investments Corp. (PIC) employee filed a putative class action lawsuit in the United States District Court, Eastern District of Missouri on behalf of three of the Company’s or its subsidiaries' 401(k) retirement plans and certain participants and beneficiaries of the plans. The lawsuit, which was brought against the Company, Peabody Holding Company, LLC (PHC), PIC and a number of the Company’s and PIC’s current and former executives and employees, alleges breach of fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA) relating to the offering of the Peabody Energy Stock Fund as an investment option in the 401(k) retirement plans. On September 8, 2015, the plaintiffs filed an amended complaint which, among other things, named a new plaintiff and named all of the current members and two former members of the board as defendants. The class period (December 2012 to present) remains unchanged. The defendants' response to the amended complaint is due November 6, 2015. The defendants dispute the allegations of the lawsuit and plan to vigorously defend their positions. Based on current information the Company believes these claims are likely to be finalized without a material adverse effect of its financial condition, results of operations or cash flows. Claims, Litigation and Settlements Relating to Indemnities or Historical Operations Environmental Claims and Litigation Arising From Historical, Non-Coal Producing Operations. Gold Fields Mining, LLC (Gold Fields) is a dormant, non-coal producing entity that was previously managed and owned by Hanson plc, the Company's predecessor owner. In a February 1997 spin-off, Hanson plc transferred ownership of Gold Fields to the Company despite the fact that Gold Fields had no ongoing operations and the Company had no prior involvement in its past operations. Gold Fields is currently one of the Company's subsidiaries. The Company indemnified TXU Group with respect to certain claims relating to the historical operations of a former affiliate of Gold Fields. Environmental claims for remediation, past costs, future costs, and/or natural resource damages have been asserted against Gold Fields related to historical activities of Gold Fields or a former affiliate. Gold Fields or the former affiliate has been named a potentially responsible party (PRP) at five national priority list sites based on the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). CERCLA claims were asserted at 13 additional sites, bringing the total to 18 , which have since been reduced to six by completion of work, settlement, transfer or regulatory inactivity. The number of CERCLA sites alone is not a relevant measure of liability because the nature and extent of environmental concerns and costs varies by site, as does the estimated share of responsibility relative to other PRPs for Gold Fields or the former affiliate. Undiscounted liabilities for environmental cleanup-related costs for all of the sites noted above were $64.3 million as of September 30, 2015 and $69.4 million as of December 31, 2014 , of which $14.4 million and $19.4 million was reflected as a current liability, respectively, in the condensed consolidated balance sheets as of those dates. These amounts represent those costs that the Company believes are probable and reasonably estimable. Significant uncertainty exists as to whether claims will be pursued against Gold Fields or the former affiliate in all cases, and where they are pursued, the amount and timing of the eventual costs and liabilities, which could be greater or less than the liabilities recorded in the condensed consolidated balance sheets. Changes to cost estimates associated with a particular site can occur for many reasons, including, but not limited to, the gathering of additional information at the site, the completion of the remedial design phase of the CERCLA remediation process, changes in anticipated remediation standards or labor and material costs or the reaching of a settlement agreement or consent order by the parties at the site. Based on the Company's evaluation of the issues and their potential impact, the total amount of any future loss cannot be reasonably estimated. However, based on current information, the Company believes these claims are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. Patriot-Related Matters. Refer to Note 19. "Matters Related to the Patriot Bankruptcy" for information surrounding the United Mine Workers of America (UMWA) 1974 Pension Plan litigation. Other In June 2007, the New York Office of the Attorney General (NYAG) served a letter and subpoena on the Company, seeking information and documents relating to the Company's disclosure to investors of risks associated with possible climate change and related legislation and regulations. The Company believes it has made full and proper disclosure of these potential risks. In late 2013, the NYAG submitted a letter to the Company requesting additional information and documents. On November 8, 2015, the NYAG and the Company entered into an agreement pursuant to which the Company agreed to make certain disclosures concerning the issues raised by the NYAG. In January 2013, the Securities and Exchange Commission (SEC) staff served a subpoena on the Company seeking information and documents relating to the development of Prairie State Energy Campus, a 1,600 megawatt coal-fueled electricity generation plant and adjacent coal mine in Illinois in which the Company owns a 5.06% undivided interest. The Company cooperated with the SEC's investigation and has not received any related communication from the SEC since August 2013. At times the Company becomes a party to other disputes, including those related to contract miner performance, claims, lawsuits, arbitration proceedings and administrative procedures in the ordinary course of business in the U.S., Australia and other countries where the Company does business. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. |
Matters Related to the Bankrupt
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Abstract] | |
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Table Text Block] | Matters Related to the Patriot Bankruptcy In 2012, Patriot and certain of its wholly owned subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code. In 2013, the Company entered into a definitive settlement agreement with Patriot and the UMWA, on behalf of itself, its represented Patriot employees and its represented Patriot retirees, to resolve all then disputed issues related to Patriot’s bankruptcy. In May 2015, Patriot again filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code in the Eastern District of Virginia and subsequently initiated a process to sell some or all of its assets to qualified bidders. On October 9, 2015, Patriot's bankruptcy court entered an order confirming Patriot's plan of reorganization, which provides, among other things, for the sale of substantially all of Patriot's assets to two different buyers. Credit Support As part of the 2013 definitive settlement agreement with Patriot and the UMWA, the Company has provided $121.5 million of credit support to Patriot, with $81.0 million in the form of surety bonds issued for the benefit of Patriot beneficiaries; $22.4 million in the form of letters of credit issued for the benefit of Patriot beneficiaries; and $18.1 million in the form of corporate guarantees to Patriot beneficiaries. Those surety bonds, corporate guarantees and letters of credit are excluded in the financial instruments with off-balance sheet risk table presented in Note 17. " Financial Instruments, Guarantees with Off-Balance Sheet Risk and Other Guarantees". A total of $35.3 million of the credit support relates to certain of Patriot’s Coal Act obligations that a subsidiary of the Company agreed to fund at the time of the Patriot spin-off pursuant to the Coal Act Liabilities Assumption Agreement. During the three months ended September 30, 2015 , $22.4 million of cash drawdowns were made by the beneficiaries of the letters of credit, leaving $99.1 million remaining as a liability on our condensed consolidated balance sheet as of September 30, 2015. Due to Patriot’s May 2015 bankruptcy filing, the Company recorded a net charge of $34.7 million to increase its liability related to the credit support to the estimated fair value of the portion of the credit support exposed to nonperformance by Patriot. That net charge included a $16.6 million correction of an error reflected in the nine months ended September 30, 2015 to derecognize a liability that had been previously recorded to the Company’s historical financial statements in 2014 and 2013. The Company reflected the correction as an out-of-period adjustment because it considers the impact of the error to be immaterial quantitatively and qualitatively to the total mix of information available in the Company’s 2015 and historical financial statements. Black Lung Occupational Disease Liabilities Patriot has federal and state black lung occupational disease liabilities related to workers employed in periods prior to Patriot’s spin-off from the Company in 2007. Upon spin-off, Patriot indemnified the Company against any claim relating to these liabilities, which amounted to approximately $150 million at that time. The indemnification included any claim made by the U.S. Department of Labor (DOL) against the Company with respect to these obligations as a potentially liable operator under the Federal Coal Mine Health and Safety Act of 1969. The definitive settlement agreement reached in 2013 included Patriot’s affirmance of all indemnities provided in the spin-off agreements, including the indemnity relating to such black lung liabilities. By statute, the Company remains secondarily liable for the black lung liabilities related to Patriot’s workers employed by former subsidiaries of the Company. Whether the Company will ultimately be required to fund certain of those obligations in the future as a result of Patriot’s May 2015 bankruptcy remains uncertain. The Company does believe that it is probable that it will be required to fund a portion of these obligations in the future and recorded a charge to "(Loss) income from discontinued operations, net of income taxes" of $126.0 million , net of $15.0 million previously accrued credit support related to Patriot's federal black lung obligations, during the three and nine months ended September 30, 2015. The liability recorded for black lung occupational disease liability is based on information provided by Patriot which the Company continues to evaluate. As a result of the complexity of this estimate and the limited amount of time the Company has had to evaluate the underlying data, this estimate may change in future periods. The amount of the Company's recorded liability reflects only Patriot workers employed by former subsidiaries of the Company that are presently retired, disabled or otherwise not actively employed, which the Company believes reflects the low end of the range of potential loss. The Company cannot reliably estimate the potential liabilities for Patriot's workers employed by former subsidiaries of the Company that are presently active in the workforce because of the potential for such workers to continue to work for another coal operator that is a going concern, including a potential buyer of Patriot's former operations. The Company estimates that the annual cash cost to fund these potential Black Lung liabilities will range between $10 million and $15 million . Combined Benefit Fund (Combined Fund) The Combined Fund was created by the Coal Act in 1992 as a multi-employer plan to provide health care benefits to a closed group of retirees who last worked prior to 1976, as well as orphaned beneficiaries of bankrupt companies who were receiving benefits as orphans prior to the passage of the Coal Act. No new retirees will be added to this group, which includes retirees formerly employed by certain Patriot subsidiaries and their predecessors. Former employers are required to contribute to the Combined Fund according to a formula. Under the terms of the Patriot spin-off, Patriot was primarily liable for the obligations of its subsidiaries to the Combined Fund, which obligations were actuarially estimated to be approximately $40 million at that time. To the extent that Patriot ceases to meet its obligations, we may be held responsible for these costs. The Company believes it is probable that it will be required to fund these obligations in the future and recorded a "(Loss) income from discontinued operations, net of income taxes" charge of $29.1 million during the three and nine months ended September 30, 2015 utilizing the best available actuarial information received prior to the issuance of these financial statements. The Company estimates that the annual cash cost to fund these potential Combined Fund liabilities will range between $2 million and $3 million in the near-term, with those premiums expected to decline over time because the fund is closed to new participants. VEBA Payments In connection with the 2013 definitive settlement agreement, the Company was required to provide total payments of $310.0 million , payable over four years through 2017, to partially fund the newly established voluntary employee beneficiary association (VEBA) and settle all Patriot and UMWA claims involving the Patriot bankruptcy. Those payments included an initial payment of $90.0 million made in January 2014, comprised of $70.0 million paid to Patriot and $20.0 million paid to the VEBA, and a payment of $75.0 million made in January 2015 to the VEBA. The settlement agreement also contemplates subsequent payments to be made to the VEBA of $75.0 million in 2016 and $70.0 million in 2017. As a result of Patriot’s failure to reimburse the Company for the draws on the credit support that the Company provided under the 2013 Settlement Agreement, Patriot has materially breached the 2013 Settlement Agreement. The Company and the UMWA disagree about the impact Patriot's breaches have on the Company's future obligations under the 2013 Settlement Agreement, including the payment of the two remaining VEBA payments. Accordingly, on August 28, 2015, the Company sought to-reopen Patriot’s first bankruptcy cases that were pending in the United States Bankruptcy Court for the Eastern District of Missouri (the “Missouri Bankruptcy Court”) for the limited purpose of having the Missouri Bankruptcy Court decide this issue. On October 9, 2015, the Missouri Bankruptcy Court granted the Company’s motion and ordered the Company to file its declaratory judgment action within 30 days. On October 9, 2015, the Company filed in the Missouri Bankruptcy Court a declaratory judgment action against the UMWA seeking a declaration that the Company’s obligations to make the final two VEBA payments are excused as a result of Patriot’s breaches of the agreement (the “Missouri Declaratory Judgment Action”). Patriot's appeal of the Missouri Bankruptcy Court's order was dismissed on October 26, 2015. On October 16, the UMWA filed a motion to withdraw the reference with respect to the Missouri Declaratory Judgment Action to the United States District Court for the Eastern District of Missouri, with the stated intent of thereafter seeking a transfer of the case ultimately to the United States Bankruptcy Court for the Eastern District of Virginia (the “Virginia Bankruptcy Court”) where Patriot’s second bankruptcy cases are pending. On October 23, 2015, the Company filed an objection to this motion. On October 19, 2015, Patriot and the UMWA filed a declaratory judgment action in the Virginia Bankruptcy Court (the "Virginia Declaratory Judgment Action") against the Company and one of its subsidiaries seeking, among other things, a declaration that the Company must make the remaining two VEBA payments notwithstanding Patriot’s breach of the 2013 Settlement Agreement. On November 3, 2015, Patriot and the UMWA filed a motion for a preliminary and permanent injunction to prevent the Company from proceeding with the Missouri Declaratory Judgment Action (the "Injunction Motion"). On November 4, 2015, the Company filed a motion to dismiss the Virginia Declaratory Judgment Action for lack of subject matter jurisdiction or, in the alternative, to transfer it to the Missouri Bankruptcy Court; the Company intends to vigorously oppose the Injunction Motion. Retiree Health Care Obligations for Certain Salaried Patriot Personnel In connection with the 2007 spin-off of Patriot from the Company, the Company and one of its subsidiaries entered into a Salaried Employee Liabilities Assumption Agreement (“SELAA”) pursuant to which its subsidiary agreed fund the healthcare benefits that Patriot was obligated to provide for a group of Patriot’s salaried retirees. On October 9, 2015, Patriot’s bankruptcy court entered an order approving a stipulation and settlement among the Company and its subsidiary, Patriot and its affiliates and the Official Committee of Retirees in Patriot’s chapter 11 cases (on behalf of itself and the retirees that it represents), pursuant to which, among other things, (i) the SELAA is terminated as of October 31, 2015; (ii) the Company and its subsidiary have agreed to pay a total of $16.1 million in five annual installments to a VEBA to be established by the Official Committee of Retirees; (iii) the Company agreed to pay $100,000 to the VEBA for its start-up and administrative costs; and (iv) the parties exchanged mutual releases. At September 30, 2015, the Company had $33.6 million accrued in relation to these obligations. UMWA 1974 Pension Plan (Plan) Litigation On July 16, 2015, a lawsuit was filed by the Plan, the UMWA 1974 Pension Trust (Trust) and the Trustees of the Plan and Trust (Trustees) in the United States District Court for the District of Columbia, against the Company, PHC, a subsidiary of the Company, and Arch Coal, Inc. (Arch). The plaintiffs are seeking, pursuant to ERISA and the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA), a declaratory judgment that the defendants are obligated to arbitrate any opposition to the Trustees’ determination that the defendants have statutory withdrawal liability as a result of the 2015 Patriot bankruptcy. The plaintiffs' July lawsuit claimed that the defendants' withdrawal liability will result in at least $767 million owed to the Plan. On October 29, 2015, the plaintiffs filed an amended complaint, alleging that the plaintiffs had determined that Peabody has $644.2 million and Arch has $299.8 million in withdrawal liabilities to the 1974 Pension Plan. Also on October 29, 2015, the Trustees issued a withdrawal liability assessment against the Company in the amount of $644.2 million (“October 29 Assessment”). The Trustees claim that a principal purpose of the Company’s 2007 spin-off of Patriot was to “evade or avoid” withdrawal liability to the Plan, and they assert that the Company is therefore liable for Patriot's withdrawal from the Plan due to Patriot terminating certain collective bargaining agreements with the UMWA eight years later, during its current bankruptcy proceeding. The October 29 Assessment does not contain the payment schedule required by ERISA. Instead, the Trustees assert that the Company was in default on the $644.2 million liability assessment as of the moment it was assessed. The Company and PHC dispute this withdrawal liability claim -- including the notion that the Company could be in default on the withdrawal liability assessment prior to being given an opportunity to make any payments on the assessment -- and are vigorously defending their positions. ERISA provides a process to adjudicate withdrawal liability disputes, which consists of administrative review by the Plan followed by arbitration, after which either side can appeal to the appropriate United States district court. The Company anticipates it will not have to make payments on the October 29 Assessment until an arbitrator issues a final decision in favor of the Trustees on the "evade or avoid" theory of liability. The Company also anticipates that during arbitration it will receive a decision on the legality of the Fund's determination that the Company was in default. The Company anticipates that as a consequence of such decision, the Fund will be required to issue it a payment schedule setting forth the annual payments required to pay the alleged withdrawal liability over time. If a payment schedule is issued, yet the underlying evade or avoid claim is not finally arbitrated to decision at least 15 months following the October 29 Assessment, the Company anticipates it would then have to post a bond or place into escrow an amount equal to one year's payment (up to $22.5 million ) toward the liability. The bond would remain in place until an arbitration decision is reached on the underlying withdrawal liability issue. If it is decided in the Company's favor, the Company will not owe any amounts to the Plan. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information During the second quarter of 2015, the Company elected a new chief executive officer, who is also considered the Company's chief operating decision maker (CODM). Due to that change, the Company updated its reportable segments to reflect the manner in which its new CODM views the Company's businesses for purposes of reviewing performance, allocating resources and assessing future prospects and strategic execution. The Company now reports its results of operations primarily through the following reportable segments: "Powder River Basin Mining," “Midwestern U.S. Mining," “Western U.S. Mining,” “Australian Metallurgical Mining," "Australian Thermal Mining," “Trading and Brokerage” and “Corporate and Other.” Prior period results have been recast for comparability. The principal business of the Company's mining segments in the U.S. is the mining, preparation and sale of thermal coal, sold primarily to electric utilities in the U.S. under long-term contracts, with a portion sold into the seaborne markets as market conditions warrant. The Company's Powder River Basin Mining operations consist of its mines in Wyoming. The mines in that segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances). The Company's Midwestern U.S. Mining operations reflect the Company’s Illinois and Indiana mining operations, which are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances). The Company's Western U.S. Mining operations reflect the aggregation of the Southwest and Colorado mining operations. The mines in that segment are characterized by a mix of surface and underground mining extraction processes, coal with a lower sulfur content and Btu and generally higher customer transportation costs (due to longer shipping distances). Geologically, the Company's Powder River Basin operations mine sub-bituminous coal deposits, its Midwestern operations mine bituminous coal deposits and its Western operations mine both bituminous and sub-bituminous coal deposits. The business of the Company's Australian operating platform is primarily export focused with customers spread across several countries, while a portion of the coal is sold within Australia. Generally, revenues from individual countries vary year by year based on electricity demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. The Company’s Australian Metallurgical Mining operations consist of mines in Queensland and New South Wales, Australia. The mines in that segment are characterized by both surface and underground extraction processes used to mine various qualities of metallurgical coal (low-sulfur, high Btu coal). The metallurgical coal qualities include hard coking coal, semi-hard coking coal, semi-soft coal and pulverized coal injection coal. The Company's Australian Thermal Mining operations predominantly consist of mines in New South Wales, Australia. The mines in that segment are characterized by both surface and underground extraction processes used to mine low-sulfur, high Btu thermal coal. The Company classifies its Australian mines within the Australian Metallurgical Mining or Australian Thermal Mining segments based on the primary customer base and coal reserve type of each mining operation. A small portion of the coal mined by the Australian Metallurgical Mining segment is of a thermal grade. Similarly, a small portion of the coal mined by the Australian Thermal Mining segment is of a metallurgical grade. Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions. The Company's Trading and Brokerage segment engages in the direct and brokered trading of coal and freight-related contracts through the trading and business offices. Coal brokering is conducted both as principal and agent in support of various coal production-related activities that may involve coal produced from our mines, coal sourcing arrangements with third-party mining companies or offtake agreements with other coal producers. The Trading and Brokerage segment also provides transportation-related services, which involves both financial derivative contracts and physical contracts. Collectively, coal and freight-related hedging activities include both economic hedging and, from time to time, cash flow hedging in support of our coal trading strategy. The Company's Corporate and Other segment includes selling and administrative expenses, corporate hedging activities, mining and export/transportation joint ventures, restructuring charges and activities associated with the optimization of our coal reserve and real estate holdings, minimum charges on certain transportation-related contracts, the closure of inactive mining sites and certain energy-related commercial matters. The Company’s CODM uses Adjusted EBITDA as the primary measure of segment profit and loss. The Company defines Adjusted EBITDA as (loss) income from continuing operations before deducting net interest expense (including gains and losses on early debt extinguishment or modification); income taxes; asset retirement obligation expenses; depreciation, depletion and amortization; asset impairment and mine closure costs; charges for the settlement of claims and litigation related to previously divested operations and changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates. Reportable segment results were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Revenues: Powder River Basin Mining $ 475.0 $ 472.1 $ 1,393.9 $ 1,438.1 Midwestern U.S. Mining 249.4 312.9 768.2 920.5 Western U.S. Mining 177.3 239.0 526.9 681.6 Australian Metallurgical Mining 280.4 398.7 924.6 1,189.1 Australian Thermal Mining 205.3 277.6 615.2 806.4 Trading and Brokerage 24.5 15.0 42.7 46.3 Corporate and Other 7.0 7.6 24.6 25.7 Total $ 1,418.9 $ 1,722.9 $ 4,296.1 $ 5,107.7 Adjusted EBITDA: Powder River Basin Mining $ 120.0 $ 114.5 $ 354.7 $ 382.3 Midwestern U.S. Mining 72.3 87.0 218.6 236.4 Western U.S. Mining 45.7 80.8 147.7 209.8 Australian Metallurgical Mining (15.4 ) (50.9 ) (2.2 ) (168.8 ) Australian Thermal Mining 49.4 60.3 153.9 204.5 Trading and Brokerage 29.4 3.3 30.4 7.7 Corporate and Other (172.4 ) (78.7 ) (521.5 ) (265.6 ) Total $ 129.0 $ 216.3 $ 381.6 $ 606.3 A reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Total Adjusted EBITDA $ 129.0 $ 216.3 $ 381.6 $ 606.3 Depreciation, depletion and amortization (136.0 ) (163.6 ) (430.6 ) (483.9 ) Asset impairment — — (900.8 ) — Asset retirement obligation expenses (12.3 ) (15.0 ) (40.4 ) (46.5 ) Change in deferred tax asset valuation allowance related to equity affiliates (0.4 ) — 0.4 — Amortization of basis difference related to equity affiliates (0.7 ) (1.5 ) (4.2 ) (4.0 ) Interest expense (118.5 ) (114.5 ) (344.0 ) (321.4 ) Loss on early debt extinguishment — — (67.8 ) (1.6 ) Interest income 1.4 3.7 6.6 11.7 Income tax (provision) benefit (6.9 ) (79.4 ) 83.2 (30.9 ) Loss from continuing operations, net of income taxes $ (144.4 ) $ (154.0 ) $ (1,316.0 ) $ (270.3 ) Asset details are included in the table below. Assets are reflected at the division level only for our mining segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company's CODM. Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis. September 30, 2015 December 31, 2014 (Dollars in millions) Total Assets U.S. Mining $ 4,085.4 $ 4,099.1 Australian Mining 5,576.0 6,623.9 Trading and Brokerage 271.5 300.7 Corporate and Other 1,730.5 2,167.4 Consolidated $ 11,663.4 $ 13,191.1 |
Supplemental Guarantor_Non-Guar
Supplemental Guarantor/Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Guarantor Non Guarantor Financial Information [Abstract] | |
Supplemental Guarantor Non Guarantor Financial Information Disclosure [Text Block] | Supplemental Guarantor/Non-Guarantor Financial Information In accordance with the indentures governing the Senior Notes, certain 100% owned U.S. subsidiaries of the Company (each, a Guarantor Subsidiary) have fully and unconditionally guaranteed the Senior Notes, on a joint and several basis. The indentures governing the Senior Notes contain customary exceptions under which a guarantee of a Guarantor Subsidiary will terminate, including (a) the release or discharge of the guarantee of the Company’s 2013 Credit Facility by such Guarantor Subsidiary, except a discharge or release by or as a result of payment under such guarantee, (b) a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor Subsidiary, and (c) the legal defeasance or discharge of the indentures. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management believes that such information is not material to the holders of the Senior Notes. The following historical financial statement information is provided for the Guarantor/Non-Guarantor Subsidiaries. Unaudited Supplemental Condensed Consolidating Statements of Operations Three Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 877.2 $ 555.9 $ (14.2 ) $ 1,418.9 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 116.8 667.0 484.4 (14.2 ) 1,254.0 Depreciation, depletion and amortization — 69.6 66.4 — 136.0 Asset retirement obligation expenses — 5.2 7.1 — 12.3 Selling and administrative expenses 6.5 28.6 2.7 — 37.8 Restructuring charges — 0.8 1.0 — 1.8 Other operating (income) loss: Net loss (gain) on disposal of assets 0.1 (6.6 ) (1.4 ) — (7.9 ) (Income) loss from equity affiliates and investment in subsidiaries (100.7 ) 1.8 3.5 100.7 5.3 Interest expense 120.4 1.6 2.3 (5.8 ) 118.5 Interest income (0.1 ) (2.8 ) (4.3 ) 5.8 (1.4 ) (Loss) income from continuing operations before income taxes (143.0 ) 112.0 (5.8 ) (100.7 ) (137.5 ) Income tax provision (benefit) 4.6 (114.9 ) 117.2 — 6.9 (Loss) income from continuing operations, net of income taxes (147.6 ) 226.9 (123.0 ) (100.7 ) (144.4 ) Loss from discontinued operations, net of income taxes (157.1 ) (0.3 ) (0.1 ) — (157.5 ) Net (loss) income (304.7 ) 226.6 (123.1 ) (100.7 ) (301.9 ) Less: Net income attributable to noncontrolling interests — — 2.8 — 2.8 Net (loss) income attributable to common stockholders $ (304.7 ) $ 226.6 $ (125.9 ) $ (100.7 ) $ (304.7 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (304.7 ) $ 226.6 $ (123.1 ) $ (100.7 ) $ (301.9 ) Other comprehensive (loss) income, net of income taxes (51.0 ) 12.0 (26.8 ) 14.8 (51.0 ) Comprehensive (loss) income (355.7 ) 238.6 (149.9 ) (85.9 ) (352.9 ) Less: Comprehensive income attributable to noncontrolling interests — — 2.8 — 2.8 Comprehensive (loss) income attributable to common stockholders $ (355.7 ) $ 238.6 $ (152.7 ) $ (85.9 ) $ (355.7 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Three Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 1,008.1 $ 731.1 $ (16.3 ) $ 1,722.9 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) (6.7 ) 758.2 718.1 (16.3 ) 1,453.3 Depreciation, depletion and amortization — 77.0 86.6 — 163.6 Asset retirement obligation expenses — 6.5 8.5 — 15.0 Selling and administrative expenses 12.0 36.4 4.5 — 52.9 Other operating (income) loss: Net gain on disposal of assets — (4.4 ) (9.5 ) — (13.9 ) Loss from equity affiliates and investment in subsidiaries 80.9 3.6 12.2 (80.9 ) 15.8 Interest expense 106.0 1.7 12.3 (5.5 ) 114.5 Interest income — (2.8 ) (6.4 ) 5.5 (3.7 ) (Loss) income from continuing operations before income taxes (192.2 ) 131.9 (95.2 ) 80.9 (74.6 ) Income tax (benefit) provision (41.1 ) 57.0 63.5 — 79.4 (Loss) income from continuing operations, net of income taxes (151.1 ) 74.9 (158.7 ) 80.9 (154.0 ) Income (loss) from discontinued operations, net of income taxes 0.5 (0.1 ) 4.6 — 5.0 Net (loss) income (150.6 ) 74.8 (154.1 ) 80.9 (149.0 ) Less: Net income attributable to noncontrolling interests — — 1.6 — 1.6 Net (loss) income attributable to common stockholders $ (150.6 ) $ 74.8 $ (155.7 ) $ 80.9 $ (150.6 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (150.6 ) $ 74.8 $ (154.1 ) $ 80.9 $ (149.0 ) Other comprehensive (loss) income, net of income taxes (207.6 ) 2.7 (6.7 ) 4.0 (207.6 ) Comprehensive (loss) income (358.2 ) 77.5 (160.8 ) 84.9 (356.6 ) Less: Comprehensive income attributable to noncontrolling interests — — 1.6 — 1.6 Comprehensive (loss) income attributable to common stockholders $ (358.2 ) $ 77.5 $ (162.4 ) $ 84.9 $ (358.2 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 2,627.1 $ 1,708.7 $ (39.7 ) $ 4,296.1 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 326.9 1,978.5 1,508.7 (39.7 ) 3,774.4 Depreciation, depletion and amortization — 213.1 217.5 — 430.6 Asset retirement obligation expenses — 17.2 23.2 — 40.4 Selling and administrative expenses 24.3 95.3 9.2 — 128.8 Restructuring charges (3.9 ) 11.0 15.9 — 23.0 Other operating (income) loss: Net gain on disposal of assets (2.3 ) (16.5 ) (1.4 ) — (20.2 ) Asset impairment — 182.2 718.6 — 900.8 Loss from equity affiliates and investment in subsidiaries 594.9 4.7 7.6 (594.9 ) 12.3 Interest expense 348.3 5.0 7.9 (17.2 ) 344.0 Loss on early debt extinguishment 67.8 — — — 67.8 Interest income (0.5 ) (8.6 ) (14.7 ) 17.2 (6.6 ) (Loss) income from continuing operations before income taxes (1,355.5 ) 145.2 (783.8 ) 594.9 (1,399.2 ) Income tax (benefit) provision (20.6 ) (177.2 ) 114.6 — (83.2 ) (Loss) income from continuing operations, net of income taxes (1,334.9 ) 322.4 (898.4 ) 594.9 (1,316.0 ) Loss from discontinued operations, net of income taxes (191.7 ) (2.2 ) (8.8 ) — (202.7 ) Net (loss) income (1,526.6 ) 320.2 (907.2 ) 594.9 (1,518.7 ) Less: Net income attributable to noncontrolling interests — — 7.9 — 7.9 Net (loss) income attributable to common stockholders $ (1,526.6 ) $ 320.2 $ (915.1 ) $ 594.9 $ (1,526.6 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (1,526.6 ) $ 320.2 $ (907.2 ) $ 594.9 $ (1,518.7 ) Other comprehensive income (loss), net of income taxes 69.0 30.3 (66.9 ) 36.6 69.0 Comprehensive (loss) income (1,457.6 ) 350.5 (974.1 ) 631.5 (1,449.7 ) Less: Comprehensive income attributable to noncontrolling interests — — 7.9 — 7.9 Comprehensive (loss) income attributable to common stockholders $ (1,457.6 ) $ 350.5 $ (982.0 ) $ 631.5 $ (1,457.6 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 2,989.5 $ 2,177.3 $ (59.1 ) $ 5,107.7 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 7.2 2,226.2 2,141.4 (59.1 ) 4,315.7 Depreciation, depletion and amortization — 230.4 253.5 — 483.9 Asset retirement obligation expenses — 22.1 24.4 — 46.5 Selling and administrative expenses 36.6 120.5 14.5 — 171.6 Other operating (income) loss: Net gain on disposal of assets — (16.3 ) (9.6 ) — (25.9 ) Loss from equity affiliates and investment in subsidiaries 45.7 6.3 37.7 (45.7 ) 44.0 Interest expense 317.3 5.0 15.4 (16.3 ) 321.4 Loss on early debt extinguishment 1.6 — — — 1.6 Interest income (0.2 ) (7.3 ) (20.5 ) 16.3 (11.7 ) (Loss) income from continuing operations before income taxes (408.2 ) 402.6 (279.5 ) 45.7 (239.4 ) Income tax (benefit) provision (134.1 ) 122.8 42.2 — 30.9 (Loss) income from continuing operations, net of income taxes (274.1 ) 279.8 (321.7 ) 45.7 (270.3 ) Income (loss) from discontinued operations, net of income taxes 1.7 (1.3 ) 5.6 — 6.0 Net (loss) income (272.4 ) 278.5 (316.1 ) 45.7 (264.3 ) Less: Net income attributable to noncontrolling interests — — 8.1 — 8.1 Net (loss) income attributable to common stockholders $ (272.4 ) $ 278.5 $ (324.2 ) $ 45.7 $ (272.4 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (272.4 ) $ 278.5 $ (316.1 ) $ 45.7 $ (264.3 ) Other comprehensive (loss) income, net of income taxes (7.2 ) 5.1 (22.6 ) 17.5 (7.2 ) Comprehensive (loss) income (279.6 ) 283.6 (338.7 ) 63.2 (271.5 ) Less: Comprehensive income attributable to noncontrolling interests — — 8.1 — 8.1 Comprehensive (loss) income attributable to common stockholders $ (279.6 ) $ 283.6 $ (346.8 ) $ 63.2 $ (279.6 ) Unaudited Supplemental Condensed Consolidating Balance Sheets September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 144.2 $ 0.3 $ 189.8 $ — $ 334.3 Accounts receivable, net 0.3 11.3 358.4 — 370.0 Receivables from affiliates, net 418.1 — — (418.1 ) — Inventories — 164.9 183.2 — 348.1 Assets from coal trading activities, net — 24.9 17.4 — 42.3 Deferred income taxes 36.7 36.4 3.4 — 76.5 Other current assets — 100.8 281.6 — 382.4 Total current assets 599.3 338.6 1,033.8 (418.1 ) 1,553.6 Property, plant, equipment and mine development, net — 4,710.5 4,764.9 — 9,475.4 Deferred income taxes — 63.0 — (62.0 ) 1.0 Investments and other assets 9,055.7 3.9 358.0 (8,784.2 ) 633.4 Notes receivable from affiliates, net — 1,615.7 — (1,615.7 ) — Total assets $ 9,655.0 $ 6,731.7 $ 6,156.7 $ (10,880.0 ) $ 11,663.4 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 12.0 $ 0.1 $ 7.4 $ — $ 19.5 Payables to affiliates, net — 356.6 61.5 (418.1 ) — Liabilities from coal trading activities, net — 5.9 22.2 — 28.1 Accounts payable and accrued expenses 522.6 560.6 385.4 — 1,468.6 Total current liabilities 534.6 923.2 476.5 (418.1 ) 1,516.2 Long-term debt, less current portion 6,273.6 6.3 2.5 — 6,282.4 Deferred income taxes 155.8 — 7.3 (62.0 ) 101.1 Notes payable to affiliates, net 1,032.5 — 583.2 (1,615.7 ) — Other noncurrent liabilities 353.1 1,705.8 394.4 — 2,453.3 Total liabilities 8,349.6 2,635.3 1,463.9 (2,095.8 ) 10,353.0 Peabody Energy Corporation stockholders’ equity 1,305.4 4,096.4 4,687.8 (8,784.2 ) 1,305.4 Noncontrolling interests — — 5.0 — 5.0 Total stockholders’ equity 1,305.4 4,096.4 4,692.8 (8,784.2 ) 1,310.4 Total liabilities and stockholders’ equity $ 9,655.0 $ 6,731.7 $ 6,156.7 $ (10,880.0 ) $ 11,663.4 Supplemental Condensed Consolidating Balance Sheets December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 188.7 $ 1.2 $ 108.1 $ — $ 298.0 Accounts receivable, net — 14.5 548.6 — 563.1 Receivables from affiliates, net 258.4 — 105.9 (364.3 ) — Inventories — 191.8 214.7 — 406.5 Assets from coal trading activities, net — 53.8 3.8 — 57.6 Deferred income taxes 64.5 8.6 6.9 — 80.0 Other current assets — 44.5 261.3 — 305.8 Total current assets 511.6 314.4 1,249.3 (364.3 ) 1,711.0 Property, plant, equipment and mine development, net — 5,005.2 5,572.1 — 10,577.3 Deferred income taxes — 8.2 — (7.5 ) 0.7 Investments and other assets 10,209.4 4.0 621.6 (9,932.9 ) 902.1 Notes receivable from affiliates, net — 1,655.7 — (1,655.7 ) — Total assets $ 10,721.0 $ 6,987.5 $ 7,443.0 $ (11,960.4 ) $ 13,191.1 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 12.0 $ 0.1 $ 9.1 $ — $ 21.2 Payables to affiliates, net — 364.3 — (364.3 ) — Liabilities from coal trading activities, net — 10.7 22.0 — 32.7 Accounts payable and accrued expenses 474.5 682.5 652.2 — 1,809.2 Total current liabilities 486.5 1,057.6 683.3 (364.3 ) 1,863.1 Long-term debt, less current portion 5,951.6 6.3 7.7 — 5,965.6 Deferred income taxes 90.5 — 6.1 (7.5 ) 89.1 Notes payable to affiliates, net 1,033.4 — 622.3 (1,655.7 ) — Other noncurrent liabilities 434.2 1,717.4 395.2 — 2,546.8 Total liabilities 7,996.2 2,781.3 1,714.6 (2,027.5 ) 10,464.6 Peabody Energy Corporation stockholders’ equity 2,724.8 4,206.2 5,726.7 (9,932.9 ) 2,724.8 Noncontrolling interests — — 1.7 — 1.7 Total stockholders’ equity 2,724.8 4,206.2 5,728.4 (9,932.9 ) 2,726.5 Total liabilities and stockholders’ equity $ 10,721.0 $ 6,987.5 $ 7,443.0 $ (11,960.4 ) $ 13,191.1 Unaudited Supplemental Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (649.0 ) $ 499.8 $ 87.2 $ (62.0 ) Net cash used in discontinued operations (23.2 ) (2.8 ) (2.6 ) (28.6 ) Net cash (used in) provided by operating activities (672.2 ) 497.0 84.6 (90.6 ) Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (55.0 ) (21.9 ) (76.9 ) Changes in accrued expenses related to capital expenditures — (3.4 ) (11.1 ) (14.5 ) Federal coal lease expenditures — (89.8 ) — (89.8 ) Proceeds from disposal of assets, net of notes receivable — 7.6 32.0 39.6 Purchases of debt and equity securities — — (22.6 ) (22.6 ) Proceeds from sales and maturities of debt and equity securities — — 33.6 33.6 Contributions to joint ventures — — (349.8 ) (349.8 ) Distributions from joint ventures — — 339.8 339.8 Advances to related parties — — (3.6 ) (3.6 ) Other, net — (2.4 ) 0.3 (2.1 ) Net cash used in investing activities — (143.0 ) (3.3 ) (146.3 ) Cash Flows From Financing Activities Proceeds from long-term debt 975.7 — — 975.7 Repayments of long-term debt (659.0 ) (0.1 ) (6.9 ) (666.0 ) Payment of deferred financing costs (28.7 ) — — (28.7 ) Dividends paid (1.4 ) — — (1.4 ) Other, net 1.4 (1.6 ) (6.2 ) (6.4 ) Transactions with affiliates, net 339.7 (353.2 ) 13.5 — Net cash provided by (used in) financing activities 627.7 (354.9 ) 0.4 273.2 Net change in cash and cash equivalents (44.5 ) (0.9 ) 81.7 36.3 Cash and cash equivalents at beginning of period 188.7 1.2 108.1 298.0 Cash and cash equivalents at end of period $ 144.2 $ 0.3 $ 189.8 $ 334.3 Unaudited Supplemental Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (286.9 ) $ 634.2 $ (1.5 ) $ 345.8 Net cash used in discontinued operations (72.1 ) (3.6 ) (20.0 ) (95.7 ) Net cash (used in) provided by operating activities (359.0 ) 630.6 (21.5 ) 250.1 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (57.8 ) (49.7 ) (107.5 ) Changes in accrued expenses related to capital expenditures — 0.9 (23.7 ) (22.8 ) Federal coal lease expenditures — (89.4 ) — (89.4 ) Proceeds from disposal of assets, net of notes receivable — 54.7 97.8 152.5 Purchases of debt and equity securities — — (6.0 ) (6.0 ) Proceeds from sales and maturities of debt and equity securities — — 7.7 7.7 Contributions to joint ventures — — (410.4 ) (410.4 ) Distributions from joint ventures — — 408.5 408.5 Advances to related parties — — (19.7 ) (19.7 ) Other, net — (3.6 ) 1.1 (2.5 ) Net cash (used in) provided by investing activities — (95.2 ) 5.6 (89.6 ) Cash Flows From Financing Activities Proceeds from long-term debt — — 1.1 1.1 Repayments of long-term debt (9.0 ) (0.1 ) (6.5 ) (15.6 ) Payment of deferred financing costs (10.1 ) — — (10.1 ) Dividends paid (69.2 ) — — (69.2 ) Restricted cash for distributions to noncontrolling interests — — (42.5 ) (42.5 ) Other, net 3.2 (1.6 ) (3.3 ) (1.7 ) Transactions with affiliates, net 460.8 (533.8 ) 73.0 — Net cash provided by (used in) financing activities 375.7 (535.5 ) 21.8 (138.0 ) Net change in cash and cash equivalents 16.7 (0.1 ) 5.9 22.5 Cash and cash equivalents at beginning of period 300.7 0.3 143.0 444.0 Cash and cash equivalents at end of period $ 317.4 $ 0.2 $ 148.9 $ 466.5 |
Derivatives and Fair Value Me31
Derivatives and Fair Value Measurements Fair value transfer timing policy (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Transfer Timing Policies (Policy) [Abstract] | |
Fair Value Transfer, Policy [Policy Text Block] | The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Asset Impairment (Tables)
Asset Impairment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Impairment Charges [Abstract] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The following costs are reflected in "Asset impairment" in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2015: Australian Metallurgical Mining Australian Thermal Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 527.0 $ 8.2 $ 182.2 $ 717.4 Equity method investments — — 183.4 183.4 Total $ 527.0 $ 8.2 $ 365.6 $ 900.8 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of discontinued operations [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) (Loss) income from discontinued operations before income taxes $ (157.5 ) $ 7.6 $ (202.7 ) $ 8.6 Income tax provision — 2.6 — 2.6 (Loss) income from discontinued operations, net of income taxes $ (157.5 ) $ 5.0 $ (202.7 ) $ 6.0 |
Assets and Liabilities of discontinued operations [Table Text Block] | September 30, 2015 December 31, 2014 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.3 Investments and other assets 15.9 16.3 Total assets classified as discontinued operations $ 16.2 $ 16.6 Liabilities: Accounts payable and accrued expenses $ 78.2 $ 12.5 Other noncurrent liabilities 218.0 109.8 Total liabilities classified as discontinued operations $ 296.2 $ 122.3 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in available-for-sale securities | Investments in available-for-sale securities at September 30, 2015 were as follows: Available-for-sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in millions) Noncurrent: Federal government securities $ 31.3 $ 0.2 $ — $ 31.5 U.S. corporate bonds 19.4 0.1 (0.1 ) 19.4 Total $ 50.7 $ 0.3 $ (0.1 ) $ 50.9 Investments in available-for-sale securities at December 31, 2014 were as follows: Available-for-sale securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in millions) Current: U.S. corporate bonds $ 11.2 $ — $ — $ 11.2 Noncurrent: Marketable equity securities 6.2 — — 6.2 Federal government securities 32.0 — — 32.0 U.S. corporate bonds 12.4 — — 12.4 Total $ 61.8 $ — $ — $ 61.8 |
Contractual maturities for available-for-sale investment in debt securities | Contractual maturities for available-for-sale investments in debt securities at September 30, 2015 were as shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Contractual maturities for available-for-sale debt securities Cost Fair Value (Dollars in millions) Due in one to five years $ 50.7 $ 50.9 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) Materials and supplies $ 121.2 $ 143.6 Raw coal 68.3 115.0 Saleable coal 158.6 147.9 Total $ 348.1 $ 406.5 |
Derivatives and Fair Value Me36
Derivatives and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Credit and non-performance risk, level 3 [Text Block] | The following table summarizes the quantitative unobservable input utilized in the Company's internally-developed valuation models for foreign currency and commodity purchase/sale contracts classified as Level 3 as of September 30, 2015: Range Weighted Input Low High Average Credit and non-performance risk 26 % 39 % 31 % |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the changes related to the Company’s Corporate Hedging derivative financial instruments recurring Level 3 financial liabilities: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ — $ — $ — $ — $ — $ — Transfers into Level 3 76.0 259.8 335.8 76.0 259.8 335.8 Total net losses realized/unrealized: Included in earnings (0.5 ) — (0.5 ) (0.5 ) — (0.5 ) Included in other comprehensive income 63.1 118.2 181.3 63.1 118.2 181.3 Settlements (31.9 ) (84.5 ) (116.4 ) (31.9 ) (84.5 ) (116.4 ) End of period $ 106.7 $ 293.5 $ 400.2 $ 106.7 $ 293.5 $ 400.2 |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the changes in net unrealized losses relating to Level 3 financial liabilities held both as of the beginning and the end of the period: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Commodity Contracts Foreign Currency Contracts Total Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Changes in net unrealized losses (1) $ 15.5 $ 52.9 $ 68.4 $ 15.5 $ 52.9 $ 68.4 |
Non Coal Trading [Member] | |
Derivative [Line Items] | |
Company's foreign currency and commodity positions | Notional Amounts and Fair Value. The following summarizes the Company’s foreign currency and commodity positions at September 30, 2015 : Notional Amount by Year of Maturity Total 2015 2016 2017 Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,839.0 $ 309.0 $ 1,007.0 $ 523.0 Commodity Contracts Diesel fuel hedge contracts (million gallons) 180.3 31.5 89.5 59.3 Instrument Classification by Cash Flow Hedge Fair Value Hedge Economic Hedge Fair Value of Net Liability (Dollars in millions) Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,839.0 $ — $ — $ (293.5 ) Commodity Contracts Diesel fuel hedge contracts (million gallons) 180.3 — — (106.7 ) |
Classification and amounts of pre-tax gains and losses related to the Company's non coal-trading hedges | The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives during the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, 2015 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Loss reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (63.1 ) $ (31.9 ) $ (0.5 ) Foreign currency forward contracts Operating costs and expenses — (118.2 ) (84.5 ) — Total $ — $ (181.3 ) $ (116.4 ) $ (0.5 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $0.1 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Three Months Ended September 30, 2014 Financial Instrument Income Statement Classification Gains (Losses) - Realized Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives (effective portion) (Loss) gain reclassified from other comprehensive income into income (effective portion) (1) Loss reclassified from other comprehensive income into income (ineffective portion) (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (47.3 ) $ (1.0 ) $ (1.8 ) Foreign currency forward contracts Operating costs and expenses — (227.7 ) 9.6 — Total $ — $ (275.0 ) $ 8.6 $ (1.8 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $31.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Nine Months Ended September 30, 2015 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives Loss recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Gain reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (27.3 ) $ (89.0 ) $ 1.3 Foreign currency forward contracts Operating costs and expenses — (137.2 ) (238.9 ) — Total $ — $ (164.5 ) $ (327.9 ) $ 1.3 (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $14.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Nine Months Ended September 30, 2014 Financial Instrument Income Statement Gain recognized in income on non-designated derivatives (Loss) gain recognized in other comprehensive income on derivatives Loss reclassified from other comprehensive income into income (1) Loss reclassified from other comprehensive income into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ — $ (38.1 ) $ (3.3 ) $ (1.0 ) Foreign currency forward contracts Operating costs and expenses — 48.7 (2.9 ) — Total $ — $ 10.6 $ (6.2 ) $ (1.0 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $106.7 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. |
Classification and amount of non-coal trading derivatives, gross and net basis | The classification and amount of Corporate Hedging derivative financial instruments presented on a gross and net basis as of September 30, 2015 and December 31, 2014 are presented in the tables that follow. Financial Instrument Fair Value of Liabilities Presented in the Condensed Consolidated Balance Sheet as of September 30, 2015 (1) (Dollars in millions) Current Liabilities: Commodity swap contracts $ 68.4 Foreign currency forward contracts 203.7 Total $ 272.1 Noncurrent Liabilities: Commodity swap contracts $ 38.3 Foreign currency forward contracts 89.8 Total $ 128.1 Financial Instrument Fair Value of Liabilities Presented in the Condensed Consolidated Balance Sheet as of December 31, 2014 (1) (Dollars in millions) Current Liabilities: Commodity swap contracts $ 100.1 Foreign currency forward contracts 241.0 Total $ 341.1 Noncurrent Liabilities: Commodity swap contracts $ 67.0 Foreign currency forward contracts 169.0 Total $ 236.0 (1) All commodity swap contracts and foreign currency forward contracts were in a liability position as of September 30, 2015 and December 31, 2014. |
Fair value measured on recurring basis of net financial assets and liabilities | Financial Instruments Measured on a Recurring Basis. The following tables set forth the hierarchy of the Company’s net financial asset (liability) positions for which fair value is measured on a recurring basis: September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ 20.2 $ 30.7 $ — $ 50.9 Commodity swap contracts — — (106.7 ) (106.7 ) Foreign currency contracts — — (293.5 ) (293.5 ) Total net financial assets (liabilities) $ 20.2 $ 30.7 $ (400.2 ) $ (349.3 ) December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ 26.1 $ 35.7 $ — $ 61.8 Commodity swap contracts — (167.1 ) — (167.1 ) Foreign currency contracts — (410.0 ) — (410.0 ) Total net financial assets (liabilities) $ 26.1 $ (541.4 ) $ — $ (515.3 ) |
Carrying amounts and estimated fair values of the Company's debt | The carrying amounts and estimated fair values of the Company’s long-term debt are summarized as follows: September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in millions) Long-term debt $ 6,301.9 $ 2,126.3 $ 5,986.8 $ 5,227.9 |
Coal Trading (Tables)
Coal Trading (Tables) - Coal Trading [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Coal Trading [Line Items] | |
Trading revenues by type of instrument | Trading revenues recognized during the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Trading Revenues by Type of Instrument 2015 2014 2015 2014 (Dollars in millions) Commodity futures, swaps and options $ 47.7 $ 10.7 $ 89.4 $ 69.0 Physical commodity purchase/sale contracts (23.2 ) 4.3 (46.7 ) (22.7 ) Total trading revenues $ 24.5 $ 15.0 $ 42.7 $ 46.3 |
Fair value of assets and liabilities from coal trading activities and related balance sheet offsetting disclosures | The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of September 30, 2015 and December 31, 2014 is set forth below: 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 (held) posted (1) Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets (Dollars in millions) Fair Value as of September 30, 2015 Assets from coal trading activities, net $ 203.4 $ (123.4 ) $ (37.7 ) $ 42.3 Liabilities from coal trading activities, net (156.8 ) 123.4 5.3 (28.1 ) Total, net $ 46.6 $ — $ (32.4 ) $ 14.2 Fair Value as of December 31, 2014 Assets from coal trading activities, net $ 342.5 $ (248.3 ) $ (36.6 ) $ 57.6 Liabilities from coal trading activities, net (285.0 ) 248.3 4.0 (32.7 ) Total, net $ 57.5 $ — $ (32.6 ) $ 24.9 (1) A total of $0.7 million of the net variation margin held at September 30, 2015 related to cash flow hedges. |
Fair value coal trading net assets (liabilities) measured on recurring basis | The following tables set forth the hierarchy of the Company’s net financial asset (liability) coal trading positions for which fair value is measured on a recurring basis as of September 30, 2015 and December 31, 2014 : September 30, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ (7.0 ) $ 19.0 $ — $ 12.0 Physical commodity purchase/sale contracts — 0.9 1.3 2.2 Total net financial (liabilities) assets $ (7.0 ) $ 19.9 $ 1.3 $ 14.2 December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ (0.2 ) $ 32.6 $ — $ 32.4 Physical commodity purchase/sale contracts — (9.6 ) 2.1 (7.5 ) Total net financial (liabilities) assets $ (0.2 ) $ 23.0 $ 2.1 $ 24.9 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company's total financing receivables as of September 30, 2015 and December 31, 2014 consisted of the following: Balance Sheet Classification September 30, 2015 December 31, 2014 (Dollars in millions) Other current assets $ 24.6 $ — Investments and other assets 153.0 347.2 Total financing receivables $ 177.6 $ 347.2 |
Property, Plant, Equipment an39
Property, Plant, Equipment and Mine Development (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant, Equipment and Mine Development, Net [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, equipment and mine development, net, as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) Land and coal interests $ 10,637.5 $ 11,021.1 Buildings and improvements 1,536.9 1,569.1 Machinery and equipment 2,341.9 2,685.7 Less: Accumulated depreciation, depletion and amortization (5,040.9 ) (4,698.6 ) Total, net $ 9,475.4 $ 10,577.3 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s total indebtedness as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (Dollars in millions) 2013 Term Loan Facility due September 2020 $ 1,167.4 $ 1,175.1 7.375% Senior Notes due November 2016 — 650.0 6.00% Senior Notes due November 2018 1,518.8 1,518.8 6.50% Senior Notes due September 2020 650.0 650.0 6.25% Senior Notes due November 2021 1,339.6 1,339.6 10.00% Senior Secured Second Lien Notes due March 2022 977.5 — 7.875% Senior Notes due November 2026 247.7 247.6 Convertible Junior Subordinated Debentures due December 2066 384.5 382.3 Capital lease obligations 15.7 22.2 Other 0.7 1.2 Total $ 6,301.9 $ 5,986.8 |
Pension and Postretirement Be41
Pension and Postretirement Benefit Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost included the following components: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Service cost for benefits earned $ 0.7 $ 0.6 $ 2.0 $ 1.6 Interest cost on projected benefit obligation 10.1 11.3 30.3 34.0 Expected return on plan assets (12.0 ) (13.6 ) (36.1 ) (40.7 ) Amortization of prior service cost and net actuarial loss 10.0 7.9 30.4 23.6 Net periodic pension cost $ 8.8 $ 6.2 $ 26.6 $ 18.5 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic postretirement benefit cost included the following components: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Service cost for benefits earned $ 2.8 $ 3.1 $ 8.4 $ 9.2 Interest cost on accumulated postretirement benefit obligation 8.4 9.1 25.3 27.3 Amortization of prior service cost and net actuarial loss 4.6 3.9 13.6 11.8 Net periodic postretirement benefit cost $ 15.8 $ 16.1 $ 47.3 $ 48.3 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
After-tax components of comprehensive Income (loss) | The following table sets forth the after-tax components of accumulated other comprehensive (loss) income and changes thereto recorded during the nine months ended September 30, 2015 : 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 Available-For-Sale Securities Total Accumulated Other Comprehensive (Loss) Income (Dollars in millions) December 31, 2014 $ (111.5 ) $ (317.5 ) $ 25.1 $ (360.9 ) $ — $ (764.8 ) Net change in fair value — — — (100.4 ) 0.2 (100.2 ) Reclassification from other comprehensive income to earnings — 30.3 (3.5 ) 183.9 — 210.7 Current period change (41.5 ) — — — — (41.5 ) September 30, 2015 $ (153.0 ) $ (287.2 ) $ 21.6 $ (277.4 ) $ 0.2 $ (695.8 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive loss" into earnings during the three months ended September 30, 2015 and 2014: Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive (loss) income components Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 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 $ (6.3 ) $ (3.6 ) Operating costs and expenses Defined benefit pension plans (8.2 ) (6.2 ) Operating costs and expenses Defined benefit pension plans (1.6 ) (1.3 ) Selling and administrative expenses Insignificant items 2.0 1.0 (14.1 ) (10.1 ) Total before income taxes 1.6 3.7 Income tax benefit $ (12.5 ) $ (6.4 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 1.7 $ (0.3 ) Operating costs and expenses Defined benefit pension plans (0.2 ) (0.4 ) Operating costs and expenses 1.5 (0.7 ) Total before income taxes 0.2 0.3 Income tax benefit $ 1.7 $ (0.4 ) Total after income taxes Cash flow hedges: Foreign currency cash flow hedge contracts $ (84.5 ) $ 9.6 Operating costs and expenses Fuel and explosives commodity swaps (32.4 ) (2.8 ) Operating costs and expenses Coal trading commodity futures, swaps and options 13.2 (11.4 ) Other revenues Insignificant items (0.2 ) (0.1 ) (103.9 ) (4.7 ) Total before income taxes 35.0 1.3 Income tax benefit $ (68.9 ) $ (3.4 ) Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive loss" into earnings during the nine months ended September 30, 2015 and 2014: Amount reclassified from accumulated other comprehensive loss (1) Details about accumulated other comprehensive (loss) income components Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 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 $ (18.7 ) $ (10.8 ) Operating costs and expenses Defined benefit pension plans (24.7 ) (18.6 ) Operating costs and expenses Defined benefit pension plans (5.0 ) (4.0 ) Selling and administrative expenses Insignificant items 6.0 3.0 (42.4 ) (30.4 ) Total before income taxes 12.1 11.3 Income tax benefit $ (30.3 ) $ (19.1 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 5.1 $ (1.0 ) Operating costs and expenses Defined benefit pension plans (0.7 ) (1.0 ) Operating costs and expenses 4.4 (2.0 ) Total before income taxes (0.9 ) 0.7 Income tax (provision) benefit $ 3.5 $ (1.3 ) Total after income taxes Cash flow hedges: Foreign currency forward contracts $ (238.9 ) $ (2.9 ) Operating costs and expenses Fuel and explosives commodity swaps (87.7 ) (4.3 ) Operating costs and expenses Coal trading commodity futures, swaps and options 35.6 9.4 Other revenues Insignificant items (0.5 ) (0.2 ) (291.5 ) 2.0 Total before income taxes 107.6 (0.4 ) Income tax benefit (provision) $ (183.9 ) $ 1.6 Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings allocation method utilized in the calculation of basic and diluted EPS | The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS. The number of shares and per share amounts for all periods presented below have been retroactively restated to reflect the Reverse Stock Split discussed in Note 1. "Basis of Presentation." Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In millions, except per share data) EPS numerator: Loss from continuing operations, net of income taxes $ (144.4 ) $ (154.0 ) $ (1,316.0 ) $ (270.3 ) Less: Net income attributable to noncontrolling interests 2.8 1.6 7.9 8.1 Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities (147.2 ) (155.6 ) (1,323.9 ) (278.4 ) Less: Earnings allocated to participating securities — 0.3 — 0.8 Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (147.2 ) (155.9 ) (1,323.9 ) (279.2 ) (Loss) income from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (157.5 ) 5.0 (202.7 ) 6.0 Net loss attributable to common stockholders, after earnings allocated to participating securities $ (304.7 ) $ (150.9 ) $ (1,526.6 ) $ (273.2 ) EPS denominator: Weighted average shares outstanding — basic and diluted 18.2 17.9 18.1 17.9 Basic and diluted EPS attributable to common stockholders: Loss from continuing operations $ (8.08 ) $ (8.72 ) $ (73.05 ) $ (15.62 ) (Loss) income from discontinued operations (8.65 ) 0.28 (11.18 ) 0.33 Net loss attributable to common stockholders $ (16.73 ) $ (8.44 ) $ (84.23 ) $ (15.29 ) |
Financial Instruments, Guaran44
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial instruments with off-balance sheet risk: | As of September 30, 2015 , the Company had the following financial instruments with off-balance sheet risk: Reclamation Obligations Lease Obligations Workers’ Compensation Obligations Other (1) Total Letters of Credit in Support of Financial Instruments (Dollars in millions) Self bonding $ 1,470.0 $ — $ — $ — $ 1,470.0 $ — Surety bonds (2) 304.7 110.6 27.8 14.7 457.8 40.6 Bank guarantees 287.0 — — 79.1 366.1 81.2 Other letters of credit — — 38.8 139.9 178.7 — Total $ 2,061.7 $ 110.6 $ 66.6 $ 233.7 $ 2,472.6 $ 121.8 (1) Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $154.0 million in bank guarantees, letters of credit and surety bonds related to collateral for road maintenance, performance guarantees and other operations. (2) A total of $81.0 million of letters of credit issued as collateral to support surety bonds related to Patriot have been excluded from above as they no longer represent off-balance sheet obligations as discussed in Note 19. "Matters Related to the Patriot Bankruptcy". |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reportable segment results | Reportable segment results were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Revenues: Powder River Basin Mining $ 475.0 $ 472.1 $ 1,393.9 $ 1,438.1 Midwestern U.S. Mining 249.4 312.9 768.2 920.5 Western U.S. Mining 177.3 239.0 526.9 681.6 Australian Metallurgical Mining 280.4 398.7 924.6 1,189.1 Australian Thermal Mining 205.3 277.6 615.2 806.4 Trading and Brokerage 24.5 15.0 42.7 46.3 Corporate and Other 7.0 7.6 24.6 25.7 Total $ 1,418.9 $ 1,722.9 $ 4,296.1 $ 5,107.7 Adjusted EBITDA: Powder River Basin Mining $ 120.0 $ 114.5 $ 354.7 $ 382.3 Midwestern U.S. Mining 72.3 87.0 218.6 236.4 Western U.S. Mining 45.7 80.8 147.7 209.8 Australian Metallurgical Mining (15.4 ) (50.9 ) (2.2 ) (168.8 ) Australian Thermal Mining 49.4 60.3 153.9 204.5 Trading and Brokerage 29.4 3.3 30.4 7.7 Corporate and Other (172.4 ) (78.7 ) (521.5 ) (265.6 ) Total $ 129.0 $ 216.3 $ 381.6 $ 606.3 |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes | A reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (Dollars in millions) Total Adjusted EBITDA $ 129.0 $ 216.3 $ 381.6 $ 606.3 Depreciation, depletion and amortization (136.0 ) (163.6 ) (430.6 ) (483.9 ) Asset impairment — — (900.8 ) — Asset retirement obligation expenses (12.3 ) (15.0 ) (40.4 ) (46.5 ) Change in deferred tax asset valuation allowance related to equity affiliates (0.4 ) — 0.4 — Amortization of basis difference related to equity affiliates (0.7 ) (1.5 ) (4.2 ) (4.0 ) Interest expense (118.5 ) (114.5 ) (344.0 ) (321.4 ) Loss on early debt extinguishment — — (67.8 ) (1.6 ) Interest income 1.4 3.7 6.6 11.7 Income tax (provision) benefit (6.9 ) (79.4 ) 83.2 (30.9 ) Loss from continuing operations, net of income taxes $ (144.4 ) $ (154.0 ) $ (1,316.0 ) $ (270.3 ) |
Schedule of Total Assets by Division [Table Text Block] | Asset details are included in the table below. Assets are reflected at the division level only for our mining segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company's CODM. Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis. September 30, 2015 December 31, 2014 (Dollars in millions) Total Assets U.S. Mining $ 4,085.4 $ 4,099.1 Australian Mining 5,576.0 6,623.9 Trading and Brokerage 271.5 300.7 Corporate and Other 1,730.5 2,167.4 Consolidated $ 11,663.4 $ 13,191.1 |
Supplemental Guarantor_Non-Gu46
Supplemental Guarantor/Non-Guarantor Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Consolidated Statements Of Operations [Table Text Block] | Unaudited Supplemental Condensed Consolidating Statements of Operations Three Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 877.2 $ 555.9 $ (14.2 ) $ 1,418.9 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 116.8 667.0 484.4 (14.2 ) 1,254.0 Depreciation, depletion and amortization — 69.6 66.4 — 136.0 Asset retirement obligation expenses — 5.2 7.1 — 12.3 Selling and administrative expenses 6.5 28.6 2.7 — 37.8 Restructuring charges — 0.8 1.0 — 1.8 Other operating (income) loss: Net loss (gain) on disposal of assets 0.1 (6.6 ) (1.4 ) — (7.9 ) (Income) loss from equity affiliates and investment in subsidiaries (100.7 ) 1.8 3.5 100.7 5.3 Interest expense 120.4 1.6 2.3 (5.8 ) 118.5 Interest income (0.1 ) (2.8 ) (4.3 ) 5.8 (1.4 ) (Loss) income from continuing operations before income taxes (143.0 ) 112.0 (5.8 ) (100.7 ) (137.5 ) Income tax provision (benefit) 4.6 (114.9 ) 117.2 — 6.9 (Loss) income from continuing operations, net of income taxes (147.6 ) 226.9 (123.0 ) (100.7 ) (144.4 ) Loss from discontinued operations, net of income taxes (157.1 ) (0.3 ) (0.1 ) — (157.5 ) Net (loss) income (304.7 ) 226.6 (123.1 ) (100.7 ) (301.9 ) Less: Net income attributable to noncontrolling interests — — 2.8 — 2.8 Net (loss) income attributable to common stockholders $ (304.7 ) $ 226.6 $ (125.9 ) $ (100.7 ) $ (304.7 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 2,989.5 $ 2,177.3 $ (59.1 ) $ 5,107.7 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 7.2 2,226.2 2,141.4 (59.1 ) 4,315.7 Depreciation, depletion and amortization — 230.4 253.5 — 483.9 Asset retirement obligation expenses — 22.1 24.4 — 46.5 Selling and administrative expenses 36.6 120.5 14.5 — 171.6 Other operating (income) loss: Net gain on disposal of assets — (16.3 ) (9.6 ) — (25.9 ) Loss from equity affiliates and investment in subsidiaries 45.7 6.3 37.7 (45.7 ) 44.0 Interest expense 317.3 5.0 15.4 (16.3 ) 321.4 Loss on early debt extinguishment 1.6 — — — 1.6 Interest income (0.2 ) (7.3 ) (20.5 ) 16.3 (11.7 ) (Loss) income from continuing operations before income taxes (408.2 ) 402.6 (279.5 ) 45.7 (239.4 ) Income tax (benefit) provision (134.1 ) 122.8 42.2 — 30.9 (Loss) income from continuing operations, net of income taxes (274.1 ) 279.8 (321.7 ) 45.7 (270.3 ) Income (loss) from discontinued operations, net of income taxes 1.7 (1.3 ) 5.6 — 6.0 Net (loss) income (272.4 ) 278.5 (316.1 ) 45.7 (264.3 ) Less: Net income attributable to noncontrolling interests — — 8.1 — 8.1 Net (loss) income attributable to common stockholders $ (272.4 ) $ 278.5 $ (324.2 ) $ 45.7 $ (272.4 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Three Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 1,008.1 $ 731.1 $ (16.3 ) $ 1,722.9 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) (6.7 ) 758.2 718.1 (16.3 ) 1,453.3 Depreciation, depletion and amortization — 77.0 86.6 — 163.6 Asset retirement obligation expenses — 6.5 8.5 — 15.0 Selling and administrative expenses 12.0 36.4 4.5 — 52.9 Other operating (income) loss: Net gain on disposal of assets — (4.4 ) (9.5 ) — (13.9 ) Loss from equity affiliates and investment in subsidiaries 80.9 3.6 12.2 (80.9 ) 15.8 Interest expense 106.0 1.7 12.3 (5.5 ) 114.5 Interest income — (2.8 ) (6.4 ) 5.5 (3.7 ) (Loss) income from continuing operations before income taxes (192.2 ) 131.9 (95.2 ) 80.9 (74.6 ) Income tax (benefit) provision (41.1 ) 57.0 63.5 — 79.4 (Loss) income from continuing operations, net of income taxes (151.1 ) 74.9 (158.7 ) 80.9 (154.0 ) Income (loss) from discontinued operations, net of income taxes 0.5 (0.1 ) 4.6 — 5.0 Net (loss) income (150.6 ) 74.8 (154.1 ) 80.9 (149.0 ) Less: Net income attributable to noncontrolling interests — — 1.6 — 1.6 Net (loss) income attributable to common stockholders $ (150.6 ) $ 74.8 $ (155.7 ) $ 80.9 $ (150.6 ) Unaudited Supplemental Condensed Consolidating Statements of Operations Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 2,627.1 $ 1,708.7 $ (39.7 ) $ 4,296.1 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 326.9 1,978.5 1,508.7 (39.7 ) 3,774.4 Depreciation, depletion and amortization — 213.1 217.5 — 430.6 Asset retirement obligation expenses — 17.2 23.2 — 40.4 Selling and administrative expenses 24.3 95.3 9.2 — 128.8 Restructuring charges (3.9 ) 11.0 15.9 — 23.0 Other operating (income) loss: Net gain on disposal of assets (2.3 ) (16.5 ) (1.4 ) — (20.2 ) Asset impairment — 182.2 718.6 — 900.8 Loss from equity affiliates and investment in subsidiaries 594.9 4.7 7.6 (594.9 ) 12.3 Interest expense 348.3 5.0 7.9 (17.2 ) 344.0 Loss on early debt extinguishment 67.8 — — — 67.8 Interest income (0.5 ) (8.6 ) (14.7 ) 17.2 (6.6 ) (Loss) income from continuing operations before income taxes (1,355.5 ) 145.2 (783.8 ) 594.9 (1,399.2 ) Income tax (benefit) provision (20.6 ) (177.2 ) 114.6 — (83.2 ) (Loss) income from continuing operations, net of income taxes (1,334.9 ) 322.4 (898.4 ) 594.9 (1,316.0 ) Loss from discontinued operations, net of income taxes (191.7 ) (2.2 ) (8.8 ) — (202.7 ) Net (loss) income (1,526.6 ) 320.2 (907.2 ) 594.9 (1,518.7 ) Less: Net income attributable to noncontrolling interests — — 7.9 — 7.9 Net (loss) income attributable to common stockholders $ (1,526.6 ) $ 320.2 $ (915.1 ) $ 594.9 $ (1,526.6 ) |
SupplementalCondensedConsolidatingStatementsOfComprehensiveIncomeLoss [Table Text Block] | Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (1,526.6 ) $ 320.2 $ (907.2 ) $ 594.9 $ (1,518.7 ) Other comprehensive income (loss), net of income taxes 69.0 30.3 (66.9 ) 36.6 69.0 Comprehensive (loss) income (1,457.6 ) 350.5 (974.1 ) 631.5 (1,449.7 ) Less: Comprehensive income attributable to noncontrolling interests — — 7.9 — 7.9 Comprehensive (loss) income attributable to common stockholders $ (1,457.6 ) $ 350.5 $ (982.0 ) $ 631.5 $ (1,457.6 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (272.4 ) $ 278.5 $ (316.1 ) $ 45.7 $ (264.3 ) Other comprehensive (loss) income, net of income taxes (7.2 ) 5.1 (22.6 ) 17.5 (7.2 ) Comprehensive (loss) income (279.6 ) 283.6 (338.7 ) 63.2 (271.5 ) Less: Comprehensive income attributable to noncontrolling interests — — 8.1 — 8.1 Comprehensive (loss) income attributable to common stockholders $ (279.6 ) $ 283.6 $ (346.8 ) $ 63.2 $ (279.6 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (304.7 ) $ 226.6 $ (123.1 ) $ (100.7 ) $ (301.9 ) Other comprehensive (loss) income, net of income taxes (51.0 ) 12.0 (26.8 ) 14.8 (51.0 ) Comprehensive (loss) income (355.7 ) 238.6 (149.9 ) (85.9 ) (352.9 ) Less: Comprehensive income attributable to noncontrolling interests — — 2.8 — 2.8 Comprehensive (loss) income attributable to common stockholders $ (355.7 ) $ 238.6 $ (152.7 ) $ (85.9 ) $ (355.7 ) Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (150.6 ) $ 74.8 $ (154.1 ) $ 80.9 $ (149.0 ) Other comprehensive (loss) income, net of income taxes (207.6 ) 2.7 (6.7 ) 4.0 (207.6 ) Comprehensive (loss) income (358.2 ) 77.5 (160.8 ) 84.9 (356.6 ) Less: Comprehensive income attributable to noncontrolling interests — — 1.6 — 1.6 Comprehensive (loss) income attributable to common stockholders $ (358.2 ) $ 77.5 $ (162.4 ) $ 84.9 $ (358.2 ) |
Supplemental Consolidated Balance Sheets [Table Text Block] | Unaudited Supplemental Condensed Consolidating Balance Sheets September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 144.2 $ 0.3 $ 189.8 $ — $ 334.3 Accounts receivable, net 0.3 11.3 358.4 — 370.0 Receivables from affiliates, net 418.1 — — (418.1 ) — Inventories — 164.9 183.2 — 348.1 Assets from coal trading activities, net — 24.9 17.4 — 42.3 Deferred income taxes 36.7 36.4 3.4 — 76.5 Other current assets — 100.8 281.6 — 382.4 Total current assets 599.3 338.6 1,033.8 (418.1 ) 1,553.6 Property, plant, equipment and mine development, net — 4,710.5 4,764.9 — 9,475.4 Deferred income taxes — 63.0 — (62.0 ) 1.0 Investments and other assets 9,055.7 3.9 358.0 (8,784.2 ) 633.4 Notes receivable from affiliates, net — 1,615.7 — (1,615.7 ) — Total assets $ 9,655.0 $ 6,731.7 $ 6,156.7 $ (10,880.0 ) $ 11,663.4 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 12.0 $ 0.1 $ 7.4 $ — $ 19.5 Payables to affiliates, net — 356.6 61.5 (418.1 ) — Liabilities from coal trading activities, net — 5.9 22.2 — 28.1 Accounts payable and accrued expenses 522.6 560.6 385.4 — 1,468.6 Total current liabilities 534.6 923.2 476.5 (418.1 ) 1,516.2 Long-term debt, less current portion 6,273.6 6.3 2.5 — 6,282.4 Deferred income taxes 155.8 — 7.3 (62.0 ) 101.1 Notes payable to affiliates, net 1,032.5 — 583.2 (1,615.7 ) — Other noncurrent liabilities 353.1 1,705.8 394.4 — 2,453.3 Total liabilities 8,349.6 2,635.3 1,463.9 (2,095.8 ) 10,353.0 Peabody Energy Corporation stockholders’ equity 1,305.4 4,096.4 4,687.8 (8,784.2 ) 1,305.4 Noncontrolling interests — — 5.0 — 5.0 Total stockholders’ equity 1,305.4 4,096.4 4,692.8 (8,784.2 ) 1,310.4 Total liabilities and stockholders’ equity $ 9,655.0 $ 6,731.7 $ 6,156.7 $ (10,880.0 ) $ 11,663.4 Supplemental Condensed Consolidating Balance Sheets December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 188.7 $ 1.2 $ 108.1 $ — $ 298.0 Accounts receivable, net — 14.5 548.6 — 563.1 Receivables from affiliates, net 258.4 — 105.9 (364.3 ) — Inventories — 191.8 214.7 — 406.5 Assets from coal trading activities, net — 53.8 3.8 — 57.6 Deferred income taxes 64.5 8.6 6.9 — 80.0 Other current assets — 44.5 261.3 — 305.8 Total current assets 511.6 314.4 1,249.3 (364.3 ) 1,711.0 Property, plant, equipment and mine development, net — 5,005.2 5,572.1 — 10,577.3 Deferred income taxes — 8.2 — (7.5 ) 0.7 Investments and other assets 10,209.4 4.0 621.6 (9,932.9 ) 902.1 Notes receivable from affiliates, net — 1,655.7 — (1,655.7 ) — Total assets $ 10,721.0 $ 6,987.5 $ 7,443.0 $ (11,960.4 ) $ 13,191.1 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 12.0 $ 0.1 $ 9.1 $ — $ 21.2 Payables to affiliates, net — 364.3 — (364.3 ) — Liabilities from coal trading activities, net — 10.7 22.0 — 32.7 Accounts payable and accrued expenses 474.5 682.5 652.2 — 1,809.2 Total current liabilities 486.5 1,057.6 683.3 (364.3 ) 1,863.1 Long-term debt, less current portion 5,951.6 6.3 7.7 — 5,965.6 Deferred income taxes 90.5 — 6.1 (7.5 ) 89.1 Notes payable to affiliates, net 1,033.4 — 622.3 (1,655.7 ) — Other noncurrent liabilities 434.2 1,717.4 395.2 — 2,546.8 Total liabilities 7,996.2 2,781.3 1,714.6 (2,027.5 ) 10,464.6 Peabody Energy Corporation stockholders’ equity 2,724.8 4,206.2 5,726.7 (9,932.9 ) 2,724.8 Noncontrolling interests — — 1.7 — 1.7 Total stockholders’ equity 2,724.8 4,206.2 5,728.4 (9,932.9 ) 2,726.5 Total liabilities and stockholders’ equity $ 10,721.0 $ 6,987.5 $ 7,443.0 $ (11,960.4 ) $ 13,191.1 |
Supplemental Consolidated Statements Of Cash Flows [Table Text Block] | Unaudited Supplemental Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (649.0 ) $ 499.8 $ 87.2 $ (62.0 ) Net cash used in discontinued operations (23.2 ) (2.8 ) (2.6 ) (28.6 ) Net cash (used in) provided by operating activities (672.2 ) 497.0 84.6 (90.6 ) Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (55.0 ) (21.9 ) (76.9 ) Changes in accrued expenses related to capital expenditures — (3.4 ) (11.1 ) (14.5 ) Federal coal lease expenditures — (89.8 ) — (89.8 ) Proceeds from disposal of assets, net of notes receivable — 7.6 32.0 39.6 Purchases of debt and equity securities — — (22.6 ) (22.6 ) Proceeds from sales and maturities of debt and equity securities — — 33.6 33.6 Contributions to joint ventures — — (349.8 ) (349.8 ) Distributions from joint ventures — — 339.8 339.8 Advances to related parties — — (3.6 ) (3.6 ) Other, net — (2.4 ) 0.3 (2.1 ) Net cash used in investing activities — (143.0 ) (3.3 ) (146.3 ) Cash Flows From Financing Activities Proceeds from long-term debt 975.7 — — 975.7 Repayments of long-term debt (659.0 ) (0.1 ) (6.9 ) (666.0 ) Payment of deferred financing costs (28.7 ) — — (28.7 ) Dividends paid (1.4 ) — — (1.4 ) Other, net 1.4 (1.6 ) (6.2 ) (6.4 ) Transactions with affiliates, net 339.7 (353.2 ) 13.5 — Net cash provided by (used in) financing activities 627.7 (354.9 ) 0.4 273.2 Net change in cash and cash equivalents (44.5 ) (0.9 ) 81.7 36.3 Cash and cash equivalents at beginning of period 188.7 1.2 108.1 298.0 Cash and cash equivalents at end of period $ 144.2 $ 0.3 $ 189.8 $ 334.3 Unaudited Supplemental Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (286.9 ) $ 634.2 $ (1.5 ) $ 345.8 Net cash used in discontinued operations (72.1 ) (3.6 ) (20.0 ) (95.7 ) Net cash (used in) provided by operating activities (359.0 ) 630.6 (21.5 ) 250.1 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (57.8 ) (49.7 ) (107.5 ) Changes in accrued expenses related to capital expenditures — 0.9 (23.7 ) (22.8 ) Federal coal lease expenditures — (89.4 ) — (89.4 ) Proceeds from disposal of assets, net of notes receivable — 54.7 97.8 152.5 Purchases of debt and equity securities — — (6.0 ) (6.0 ) Proceeds from sales and maturities of debt and equity securities — — 7.7 7.7 Contributions to joint ventures — — (410.4 ) (410.4 ) Distributions from joint ventures — — 408.5 408.5 Advances to related parties — — (19.7 ) (19.7 ) Other, net — (3.6 ) 1.1 (2.5 ) Net cash (used in) provided by investing activities — (95.2 ) 5.6 (89.6 ) Cash Flows From Financing Activities Proceeds from long-term debt — — 1.1 1.1 Repayments of long-term debt (9.0 ) (0.1 ) (6.5 ) (15.6 ) Payment of deferred financing costs (10.1 ) — — (10.1 ) Dividends paid (69.2 ) — — (69.2 ) Restricted cash for distributions to noncontrolling interests — — (42.5 ) (42.5 ) Other, net 3.2 (1.6 ) (3.3 ) (1.7 ) Transactions with affiliates, net 460.8 (533.8 ) 73.0 — Net cash provided by (used in) financing activities 375.7 (535.5 ) 21.8 (138.0 ) Net change in cash and cash equivalents 16.7 (0.1 ) 5.9 22.5 Cash and cash equivalents at beginning of period 300.7 0.3 143.0 444.0 Cash and cash equivalents at end of period $ 317.4 $ 0.2 $ 148.9 $ 466.5 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation text (Details) - $ / shares shares in Millions | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | |
Stockholders' Equity, Reverse Stock Split | Pursuant to the authorization provided at a special meeting of the Company's stockholders held on September 16, 2015, the Company completed a 1-for-15 reverse stock split of the shares of the Company’s common stock on September 30, 2015 (the Reverse Stock Split). As a result of the Reverse Stock Split, every 15 shares of issued and outstanding common stock were combined into one issued and outstanding share of Common Stock, without any change in the par value per share. | |
Common Stock [Member] | ||
Stock Issued, Shares, Reverse Stock Splits | 278 | |
Common Stock, shares issued | 19 | 19.3 |
Stock Authorized, Shares, Reverse Stock Splits | 800 | |
Common Stock, shares authorized | 53.3 | 53.3 |
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Newly Adopted Accounting Stan48
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented Accounting Standards Not Yet Implemented (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounting Policies Not Yet Implemented [Abstract] [Abstract] | ||
Deferred financing costs assets, aggregate | $ 75.9 | $ 64.7 |
Line of Credit, Current | $ 20.9 | $ 14 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Asset Impairment | ||||
Long-lived assets | $ 717.4 | |||
Equity method investment | 183.4 | |||
Asset Impairment | $ 0 | $ 0 | 900.8 | $ 0 |
Loans Receivable, Net [Abstract] | ||||
Due from Affiliates | 299.3 | 299.3 | ||
Australian Metallurgical Mining [Member] | ||||
Asset Impairment | ||||
Long-lived assets | 527 | |||
Equity method investment | 0 | |||
Asset Impairment | 527 | |||
Impairment of Long-Lived Assets Held-for-use | 230.5 | |||
Australian Thermal Mining [Member] | ||||
Asset Impairment | ||||
Long-lived assets | 8.2 | |||
Equity method investment | 0 | |||
Asset Impairment | 8.2 | |||
Corporate and Other [Member] | ||||
Asset Impairment | ||||
Long-lived assets | 182.2 | |||
Equity method investment | 183.4 | |||
Asset Impairment | 365.6 | |||
Impairment of Long-Lived Assets to be Disposed of | 182.2 | |||
Australian Held for Sale [Member] | ||||
Asset Impairment | ||||
Impairment of Long-Lived Assets to be Disposed of | 304.7 | |||
Investments [Member] | ||||
Asset Impairment | ||||
Equity method investment | 46.6 | |||
Loans [Member] | ||||
Asset Impairment | ||||
Equity method investment | 136.8 | |||
Priority Loans [Member] | ||||
Loans Receivable, Net [Abstract] | ||||
Due from Affiliates | $ 65.5 | $ 65.5 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) income from discontinued operations before income taxes | $ (157.5) | $ 7.6 | $ (202.7) | $ 8.6 | |
Income tax provision | 0 | 2.6 | 0 | 2.6 | |
(Loss) income from discontinued operations, net of income taxes | (157.5) | $ 5 | (202.7) | $ 6 | |
Other current assets | 0.3 | 0.3 | $ 0.3 | ||
Investments and other assets | 15.9 | 15.9 | 16.3 | ||
Total assets classified as discontinued operations | 16.2 | 16.2 | 16.6 | ||
Accounts payable and accrued expenses | 78.2 | 78.2 | 12.5 | ||
Other noncurrent liabilities | 218 | 218 | 109.8 | ||
Total liabilities classified as discontinued operations | 296.2 | 296.2 | $ 122.3 | ||
Wilkie Creek [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Litigation reserve, amount | 7.6 | 7.6 | |||
Wilkie Creek [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Potential cash proceeds from divestiture of asset | $ 20 | $ 20 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-Sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | $ 50.7 | $ 61.8 |
Available-for-Sale Securities, Gross Unrealized Gain | 0.3 | 0 |
Available-for-Sale Securities, Gross Unrealized Loss | (0.1) | 0 |
Available-for-Sale Securities | 50.9 | 61.8 |
Current [Member] | U.S. corporate bonds [Member] | ||
Schedule of Available-for-Sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 11.2 | |
Available-for-Sale Securities, Gross Unrealized Gain | 0 | |
Available-for-Sale Securities, Gross Unrealized Loss | 0 | |
Available-for-Sale Securities | 11.2 | |
Noncurrent [Member] | Marketable equity securities [Member] | ||
Schedule of Available-for-Sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 6.2 | |
Available-for-Sale Securities, Gross Unrealized Gain | 0 | |
Available-for-Sale Securities, Gross Unrealized Loss | 0 | |
Available-for-Sale Securities | 6.2 | |
Noncurrent [Member] | Federal government securities [Member] | ||
Schedule of Available-for-Sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 31.3 | 32 |
Available-for-Sale Securities, Gross Unrealized Gain | 0.2 | 0 |
Available-for-Sale Securities, Gross Unrealized Loss | 0 | 0 |
Available-for-Sale Securities | 31.5 | 32 |
Noncurrent [Member] | U.S. corporate bonds [Member] | ||
Schedule of Available-for-Sale Securities | ||
Available-for-sale Securities, Amortized Cost Basis | 19.4 | 12.4 |
Available-for-Sale Securities, Gross Unrealized Gain | 0.1 | 0 |
Available-for-Sale Securities, Gross Unrealized Loss | (0.1) | 0 |
Available-for-Sale Securities | 19.4 | 12.4 |
Fair Value, Measurements, Recurring [Member] | ||
Schedule of Available-for-Sale Securities | ||
Available-for-Sale Securities | $ 50.9 | $ 61.8 |
Investments (Details 1)
Investments (Details 1) - Debt Securities [Member] $ in Millions | Sep. 30, 2015USD ($) |
Contractual Maturities for Available-for-sale investment in debt securities | |
Available-for-Sale Securities, at cost due in one to five years | $ 50.7 |
Available-for-Sale Securities, Due in one to five years at fair value | $ 50.9 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories [Line Items] | ||
Materials and supplies | $ 121.2 | $ 143.6 |
Raw coal | 68.3 | 115 |
Saleable coal | 158.6 | 147.9 |
Total | $ 348.1 | $ 406.5 |
Inventories Details Textuals (D
Inventories Details Textuals (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Reserve for materials and supplies [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Materials and supplies reserves | $ 4.8 | $ 4.6 |
Derivatives and Fair Value Me55
Derivatives and Fair Value Measurements (Details) gal in Millions, AUD in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015AUDgal | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($)gal | |
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Timing differences between the hedge settlement and the purchase transaction | Less than a day and up to a maximum of 30 days | ||
Foreign currency forward contract [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (A$ millions) | AUD | AUD 1,839 | ||
2015 (A$ millions) | AUD | 309 | ||
2016 (A$ millions) | AUD | 1,007 | ||
2017 (A$ millions) | AUD | 523 | ||
Fair Value Net Liability | $ | $ (293.5) | ||
Foreign currency forward contract [Member] | Cash flow hedges [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (A$ millions) | AUD | 1,839 | ||
Foreign currency forward contract [Member] | Fair value hedge [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (A$ millions) | AUD | 0 | ||
Foreign currency forward contract [Member] | Economic hedge [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (A$ millions) | AUD | AUD 0 | ||
Diesel fuel hedge contracts [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (gallons) | gal | 180.3 | 180.3 | |
2015 (gallons) | gal | 31.5 | 31.5 | |
2016 (gallons) | gal | 89.5 | 89.5 | |
2017 (gallons) | gal | 59.3 | 59.3 | |
Fair Value Net Liability | $ | $ (106.7) | ||
Diesel fuel hedge contracts [Member] | Cash flow hedges [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (gallons) | gal | 180.3 | 180.3 | |
Diesel fuel hedge contracts [Member] | Fair value hedge [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (gallons) | gal | 0 | 0 | |
Diesel fuel hedge contracts [Member] | Economic hedge [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Total (gallons) | gal | 0 | 0 | |
Scenario, Forecast [Member] | Foreign currency forward contract [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Net loss to be reclassified from accumulated other comprehensive loss to earnings over the next 12 months | $ | $ 204 | ||
Scenario, Forecast [Member] | Diesel fuel hedge contracts [Member] | |||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | |||
Net loss to be reclassified from accumulated other comprehensive loss to earnings over the next 12 months | $ | $ 68 |
Derivatives and Fair Value Me56
Derivatives and Fair Value Measurements (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 400.2 | $ 400.2 | $ 0 | $ 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 335.8 | 335.8 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 68.4 | 68.4 | ||||||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0.1 | $ 31.9 | 14.9 | $ 106.7 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.5) | (0.5) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 181.3 | 181.3 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (116.4) | (116.4) | ||||||||
Operating costs and expenses [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Gain recognized in income on non-designated derivatives | 0 | 0 | 0 | 0 | ||||||
Operating costs and expenses [Member] | Cash flow hedges [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
(Loss) gain recognized in other comprehensive income on derivatives (effective portion) | (181.3) | (275) | (164.5) | 10.6 | ||||||
(Loss) gain reclassified from other comprehensive income into income (effective portion) | (116.4) | [1] | 8.6 | [2] | (327.9) | [3] | (6.2) | [4] | ||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | (0.5) | (1.8) | 1.3 | (1) | ||||||
Commodity swap contracts [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 106.7 | 106.7 | 0 | 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 76 | 76 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 15.5 | 15.5 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.5) | (0.5) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 63.1 | 63.1 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (31.9) | (31.9) | ||||||||
Commodity swap contracts [Member] | Operating costs and expenses [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Gain recognized in income on non-designated derivatives | 0 | 0 | 0 | 0 | ||||||
Commodity swap contracts [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
(Loss) gain recognized in other comprehensive income on derivatives (effective portion) | (63.1) | (47.3) | (27.3) | (38.1) | ||||||
(Loss) gain reclassified from other comprehensive income into income (effective portion) | (31.9) | [1] | (1) | [2] | (89) | [3] | (3.3) | [4] | ||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | (0.5) | (1.8) | 1.3 | (1) | ||||||
Foreign currency forward contract [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 293.5 | 293.5 | $ 0 | $ 0 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 259.8 | 259.8 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 52.9 | 52.9 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 118.2 | 118.2 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (84.5) | (84.5) | ||||||||
Foreign currency forward contract [Member] | Operating costs and expenses [Member] | Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Gain recognized in income on non-designated derivatives | 0 | 0 | 0 | 0 | ||||||
Foreign currency forward contract [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
(Loss) gain recognized in other comprehensive income on derivatives (effective portion) | (118.2) | (227.7) | (137.2) | 48.7 | ||||||
(Loss) gain reclassified from other comprehensive income into income (effective portion) | (84.5) | [1] | 9.6 | [2] | (238.9) | [3] | (2.9) | [4] | ||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Risk Level, Low [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 26.00% | 26.00% | ||||||||
Risk Level, High [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 39.00% | 39.00% | ||||||||
Weighted Average [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 31.00% | 31.00% | ||||||||
[1] | Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $0.1 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. | |||||||||
[2] | Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $31.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. | |||||||||
[3] | Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $14.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. | |||||||||
[4] | Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $106.7 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. |
Derivatives and Fair Value Me57
Derivatives and Fair Value Measurements (Details 2) - Net amounts presented in the condensed consolidated balance sheet [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative liabilities, current | [1] | $ 272.1 | $ 341.1 |
Derivative liabilities, noncurrent | [1] | 128.1 | 236 |
Commodity swap contracts [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities, current | [1] | 68.4 | 100.1 |
Derivative liabilities, noncurrent | [1] | 38.3 | 67 |
Foreign currency forward contract [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities, current | [1] | 203.7 | 241 |
Derivative liabilities, noncurrent | [1] | $ 89.8 | $ 169 |
[1] | All commodity swap contracts and foreign currency forward contracts were in a liability position as of September 30, 2015 and December 31, 2014. |
Derivatives and Fair Value Me58
Derivatives and Fair Value Measurements (Details 3) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | $ 50.9 | $ 61.8 |
Foreign currency forward contract [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (293.5) | |
Diesel fuel hedge contracts [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (106.7) | |
Fair Value, Measurements, Recurring [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 50.9 | 61.8 |
Total net financial assets (liabilities) | (349.3) | (515.3) |
Fair Value, Measurements, Recurring [Member] | Commodity swap contracts [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (106.7) | (167.1) |
Fair Value, Measurements, Recurring [Member] | Foreign currency forward contract [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (293.5) | (410) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 20.2 | 26.1 |
Total net financial assets (liabilities) | 20.2 | 26.1 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity swap contracts [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign currency forward contract [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 30.7 | 35.7 |
Total net financial assets (liabilities) | 30.7 | (541.4) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity swap contracts [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | (167.1) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign currency forward contract [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | (410) |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 0 | 0 |
Total net financial assets (liabilities) | (400.2) | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity swap contracts [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (106.7) | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign currency forward contract [Member] | ||
Fair value of financial asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | $ (293.5) | $ 0 |
Derivatives and Fair Value Me59
Derivatives and Fair Value Measurements (Details 4) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Level 1 to Level 2 transfers | $ 0 | $ 0 | |
Level 2 to Level 1 transfers | 0 | $ 0 | |
Carrying value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, carrying value | 6,301.9 | $ 5,986.8 | |
Estimated fair value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | $ 2,126.3 | $ 5,227.9 |
Coal Trading (Details)
Coal Trading (Details) - Coal Trading [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Total trading revenues | $ 24.5 | $ 15 | $ 42.7 | $ 46.3 | ||
Coal trading derivative instruments and balance sheet offsetting disclosures: | ||||||
Assets from coal trading activities, gross amounts of recognized assets | 203.4 | 203.4 | $ 342.5 | |||
Liabilities from coal trading activities, gross amounts of recognized liabilities | (156.8) | (156.8) | (285) | |||
Assets and (liabilities) from coal trading activities, net amounts recognized before the application of variation margin | 46.6 | 46.6 | 57.5 | |||
Gross amounts of coal trading liabilities offset against associated coal trading assets | (123.4) | (123.4) | (248.3) | |||
Gross amounts of coal trading assets offset against associated coal trading liabilities | 123.4 | 123.4 | 248.3 | |||
Net coal trading (liabilities) assets offset against associated assets (liabilities) | 0 | 0 | 0 | |||
Variation margin held offset against assets from coal trading activities | [1] | (37.7) | (37.7) | (36.6) | ||
Variation margin posted offset against liabilities from coal trading activities | [1] | 5.3 | 5.3 | 4 | ||
Net variation margin (held) posted | [1] | (32.4) | (32.4) | (32.6) | ||
Assets from coal trading activities, net | 42.3 | 42.3 | 57.6 | |||
Liabilities from coal trading activities, net | (28.1) | (28.1) | (32.7) | |||
Net assets (liabilities) from coal trading activities | 14.2 | 14.2 | $ 24.9 | |||
Commodity futures, swaps and options [Member] | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Total trading revenues | 47.7 | 10.7 | 89.4 | 69 | ||
Physical commodity purchase / sale contracts [Member] | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Total trading revenues | (23.2) | $ 4.3 | (46.7) | $ (22.7) | ||
Cash Flow Hedging [Member] | ||||||
Coal trading derivative instruments and balance sheet offsetting disclosures: | ||||||
Net variation margin (held) posted | $ (0.7) | $ (0.7) | ||||
[1] | A total of $0.7 million of the net variation margin held at September 30, 2015 related to cash flow hedges. |
Coal Trading (Details 1)
Coal Trading (Details 1) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Coal Trading (Textuals) [Abstract] | ||||
Fair value hierarchy transfers from Level 1 to Level 2 | $ 0 | $ 0 | ||
Fair value hierarchy transfers from Level 2 to Level 1 | 0 | $ 0 | ||
Coal Trading [Member] | ||||
Coal Trading (Textuals) [Abstract] | ||||
Cash flow hedge derivative instrument assets at fair value | 16.2 | $ 44.3 | ||
Fair value hierarchy transfers from Level 1 to Level 2 | 0 | 0 | ||
Fair value hierarchy transfers from Level 2 to Level 1 | 0 | 0 | ||
Fair value hierarchy transfers into (out of) Level 3 | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ||||
Commodity futures, swaps and options | 12 | 32.4 | ||
Physical commodity purchase/sale contracts | 2.2 | (7.5) | ||
Total net financial (liabilities) assets | 14.2 | 24.9 | ||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ||||
Commodity futures, swaps and options | (7) | (0.2) | ||
Physical commodity purchase/sale contracts | 0 | 0 | ||
Total net financial (liabilities) assets | (7) | (0.2) | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ||||
Commodity futures, swaps and options | 19 | 32.6 | ||
Physical commodity purchase/sale contracts | 0.9 | (9.6) | ||
Total net financial (liabilities) assets | 19.9 | 23 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ||||
Commodity futures, swaps and options | 0 | 0 | ||
Physical commodity purchase/sale contracts | 1.3 | 2.1 | ||
Total net financial (liabilities) assets | $ 1.3 | $ 2.1 | ||
Scenario, Forecast [Member] | Coal Trading [Member] | ||||
Coal Trading (Textuals) [Abstract] | ||||
Expected amount of gains to be realized over the next 12 months in accumulated other comprehensive loss | $ 16 |
Coal Trading (Details 2)
Coal Trading (Details 2) - Coal Trading [Member] - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Concentration Risk [Line Items] | |||
Potential collateralization that may be requested by counterparties related to material adverse event | $ 26 | $ 31 | |
Margin posted to counterparties related to material adverse event | 0 | 0 | |
Additional potential collateral requirements for a credit downgrade | 0 | 0 | |
Margin posted to counterparties related to credit rating | 0 | 0 | |
Total asset (liabilities) from coal trading activities, net | [1] | (32.4) | (32.6) |
Initial margin posted | 17.7 | 15.2 | |
Margin in excess of the exchange-required variation and initial margin | $ 4.1 | $ 6.1 | |
External Credit Rating, Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 86.00% | ||
External Credit Rating, Non Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% | ||
Non Rated [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Cash Flow Hedging [Member] | |||
Concentration Risk [Line Items] | |||
Total asset (liabilities) from coal trading activities, net | $ (0.7) | ||
[1] | A total of $0.7 million of the net variation margin held at September 30, 2015 related to cash flow hedges. |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2011 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other current assets | $ 382.4 | $ 382.4 | $ 305.8 | |||
Asset impairment | $ 0 | $ 0 | $ 900.8 | $ 0 | ||
Codrilla Mine Project [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of ownership before selldown | 85.00% | |||||
Percentage of agreed sale price as final installment payment due | 40.00% | 40.00% | ||||
Middlemount Mine [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Basis spread over Australian Bank Bill Swap Reference Rate | 3.50% | |||||
Asset impairment | $ 136.8 | |||||
Financing Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other current assets | $ 24.6 | 24.6 | 0 | |||
Investments and other assets | 153 | 153 | 347.2 | |||
Total financing receivables | 177.6 | 177.6 | 347.2 | |||
Financing Receivable [Member] | Codrilla Mine Project [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Other current assets | 24.6 | 24.6 | ||||
Investments and other assets | 27.6 | |||||
Financing Receivable [Member] | Middlemount Mine [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Investments and other assets | $ 153 | $ 153 | $ 319.6 | |||
Codrilla Mine Project [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of undivided interests acquired | 73.30% |
Property, Plant, Equipment an64
Property, Plant, Equipment and Mine Development (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant, Equipment and Mine Development, Net [Line Items] | ||
Land and coal interests | $ 10,637.5 | $ 11,021.1 |
Buildings and improvements | 1,536.9 | 1,569.1 |
Machinery and equipment | 2,341.9 | 2,685.7 |
Less: Accumulated depreciation, depletion and amortization | (5,040.9) | (4,698.6) |
Total, net | $ 9,475.4 | $ 10,577.3 |
Income Taxes Details Textuals (
Income Taxes Details Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes | ||||
Income tax provision (benefit) | $ 6.9 | $ 79.4 | $ (83.2) | $ 30.9 |
Remeasurement benefit related to foreign income tax accounts | 0.8 | 1.2 | 1 | 3.9 |
Unrecognized Tax Benefits | $ 25 | $ 25 | ||
Australian Minerals and Resource Rent Tax [Member] | ||||
Income Taxes | ||||
Income Tax Expense, Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 70.1 | $ 16.1 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 15.7 | $ 22.2 |
Other | 0.7 | 1.2 |
2013 Term Loan Facility due September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,167.4 | 1,175.1 |
7.375% Senior Notes due November 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 650 |
6.00% Senior Notes due November 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,518.8 | 1,518.8 |
6.50% Senior Notes due September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 650 | 650 |
6.25% Senior Notes due November 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,339.6 | 1,339.6 |
10.00% Senior Secured Second Lien Notes Due March 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 977.5 | 0 |
7.875% Senior Notes due November 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 247.7 | 247.6 |
Convertible Junior Subordinated Debentures due December 2066 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 384.5 | 382.3 |
Carrying value | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 6,301.9 | $ 5,986.8 |
Long-term Debt Textuals (Detail
Long-term Debt Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Apr. 15, 2015 | Mar. 16, 2015 | Feb. 05, 2015 | Sep. 24, 2013 | |
Debt Instrument [Line Items] | ||||||||
Loss on early debt extinguishment | $ 0 | $ 0 | $ 67.8 | $ 1.6 | ||||
10.00% Senior Secured Second Lien Notes Due March 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 10.00% | 10.00% | ||||||
Percent of Company Stock Pledged | 65.00% | 65.00% | ||||||
Percentage of Equity Interests of Foreign Subsidiaries | 65.00% | 65.00% | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||
Percent of Specified Consolidated Net Tangible Assets | 15.00% | 15.00% | ||||||
Value of Specified Consolidated Net Tangible Assets | $ 1,500 | $ 1,500 | ||||||
Principal Property, Book Value | 3,000 | 3,000 | ||||||
Property Not Constituting Principal Property, Book Value | 2,400 | 2,400 | ||||||
Amount of Equity Interests of Foreign Subsidiaries and Company Stock Pledged, Book Value | 2,900 | $ 2,900 | ||||||
Redemption price of bonds as percentage of principal amount plus a make whole premium and any accrued unpaid interest to the redemption date | 100.00% | |||||||
Redeemable Percent of the Aggregate Principal Amount of the Second Lien Notes | 35.00% | |||||||
Debt Instrument Issue Price Percentage | 97.566% | |||||||
Debt Instrument, Unamortized Discount | $ 24.3 | $ 24.3 | ||||||
Debt Issuance Cost | $ 16.9 | |||||||
7.875% Senior Notes due November 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 7.875% | 7.875% | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit agreement borrowing capacity | $ 1,650 | $ 1,650 | ||||||
2013 Term Loan Facility due September 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit agreement borrowing capacity | 1,200 | 1,200 | ||||||
2013 Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percent of Company Stock Pledged | 65.00% | |||||||
Intercompany Loans | $ 5,400 | 5,400 | ||||||
Percentage of Equity Interests of Foreign Subsidiaries | 65.00% | |||||||
Line Of Credit Facility Annual Dividend Threshold | 27.5 | |||||||
Line of Credit Facility General Restricted Payments | 100 | |||||||
Payments of Debt Restructuring Costs | $ 11.8 | |||||||
6.00% Senior Notes due November 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 6.00% | 6.00% | ||||||
6.25% Senior Notes due November 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 6.25% | 6.25% | ||||||
6.50% Senior Notes due September 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 6.50% | 6.50% | ||||||
7.375% Senior Notes due November 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate - percentage | 7.375% | 7.375% | ||||||
Debt Instrument, Repurchase Face Amount | $ 650 | $ 650 | ||||||
Debt Instrument, Repurchased Amount | $ 566.9 | 566.9 | ||||||
Debt Instrument Redemption Amount | $ 83.1 | |||||||
Loss on early debt extinguishment | 67.8 | |||||||
Tender Offer Premiums Paid on the 2016 Senior Notes Repurchase | 66.4 | |||||||
Write-off of Associated Unamortized Debt Issuance Costs | $ 1.4 |
Pension and Postretirement Be68
Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | |
Pension Plans, Defined Benefit [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | $ 0.7 | $ 0.6 | $ 2 | $ 1.6 | |
Interest cost on projected or accumulated postretirement benefit obligation | 10.1 | 11.3 | 30.3 | 34 | |
Expected return on plan assets | (12) | (13.6) | (36.1) | (40.7) | |
Amortization of prior service cost and net actuarial loss | 10 | 7.9 | 30.4 | 23.6 | |
Net periodic pension or postretirement benefit cost | $ 8.8 | 6.2 | $ 26.6 | 18.5 | |
Funding threshhold | 80.00% | 80.00% | |||
Employer contributions to pension plan | $ 2.3 | $ 4.5 | |||
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | |||||
Components of net periodic benefit cost | |||||
Employer contributions to pension plan | 0.3 | 1 | |||
Other Postretirement Benefit Plan [Member] | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | 2.8 | 3.1 | 8.4 | 9.2 | |
Interest cost on projected or accumulated postretirement benefit obligation | 8.4 | 9.1 | 25.3 | 27.3 | |
Amortization of prior service cost and net actuarial loss | 4.6 | 3.9 | 13.6 | 11.8 | |
Net periodic pension or postretirement benefit cost | $ 15.8 | $ 16.1 | $ 47.3 | $ 48.3 | |
Scenario, Forecast [Member] | Pension Plans, Defined Benefit [Member] | |||||
Components of net periodic benefit cost | |||||
Estimated contribution in 2015 to pension plan | $ 5.8 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accumulated other comprehensive income [Line Items] | |||||
Foreign Currency Translation Adjustment | $ (153) | $ (153) | $ (111.5) | ||
Foreign Currency Translation Adjustment, Net change in fair value | 0 | ||||
Foreign Currency Translation Adjustment, Reclassification from other comprehensive income to earnings | 0 | ||||
Foreign Currency Translation Adjustment, Current period change | (15.3) | $ (36.8) | (41.5) | $ (10.4) | |
Net Actuarial Loss Associated With Postretirement Plans And Workers' Compensation Obligation Net Of Tax | (287.2) | (287.2) | (317.5) | ||
Net actuarial loss associated with postretirement plans and workers' compensation obligations, Net change in fair value | 0 | ||||
Net actuarial loss associated with postretirement plans and workers' compensation obligations, Reclassification from other comprehensive income to earnings | 12.5 | 6.4 | 30.3 | 19.1 | |
Net actuarial loss associated with postretirement plans and workers' compensation obligations, Current period change | 0 | ||||
Prior Service Cost Associated with Postretirement Plans | 21.6 | 21.6 | 25.1 | ||
Prior service cost associated with postretirement plans, Net change in fair value | 0 | ||||
Prior service cost associated with postretirement plans, Reclassification from other comprehensive income to earnings | (1.7) | 0.4 | (3.5) | 1.3 | |
Prior service cost associated with postretirement plans, Current period change | 0 | 0 | 0 | (17.4) | |
Cash Flow Hedges | (277.4) | (277.4) | (360.9) | ||
Cash flow hedges, Net change in fair value | (115.6) | (180.6) | (100.4) | 3.5 | |
Cash flow hedges, Reclassification from other comprehensive income to earnings | 68.9 | 3.4 | 183.9 | (1.6) | |
Cash flow hedges, Current period change | 0 | ||||
Available-For-Sale Securities | 0.2 | 0.2 | 0 | ||
Available-For-Sale Securities, Net change in fair value | 0.2 | ||||
Available-for-sale securities, Reclassification from other comprehensive income to earnings | 0 | ||||
Available-for-sale securities, Current period charge | 0 | ||||
Total Accumulated Other Comprehensive (Loss) Income | (695.8) | (695.8) | $ (764.8) | ||
Total Accumulated Other Comprehensive (Loss) Income, Net change in fair value | (100.2) | ||||
Total Accumulated Other Comprehensive (Loss) Income, Reclassification from other comprehensive income to earnings | 210.7 | ||||
Total Accumulated Other Comprehensive (Loss) Income, Current period change | (41.5) | ||||
Net actuarial loss postretirement health care and life insurance benefits operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (6.3) | (3.6) | (18.7) | (10.8) | |
Net actuarial loss defined benefit pension plans operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (8.2) | (6.2) | (24.7) | (18.6) | |
Net actuarial loss defined benefit pension plans selling and administrative expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (1.6) | (1.3) | (5) | (4) | |
Net actuarial loss insignificant items [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 2 | 1 | 6 | 3 | |
Net actuarial loss associated with postretirement plans total before income taxes [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (14.1) | (10.1) | (42.4) | (30.4) | |
Net actuarial (loss) gain associated with postretirement plans and workers compensation obligations income tax benefit [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 1.6 | 3.7 | 12.1 | 11.3 | |
Prior service cost postretirement plans postretirement health care and life insurance benefits operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 1.7 | (0.3) | 5.1 | (1) | |
Prior service cost defined benefit pension plans operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (0.2) | (0.4) | (0.7) | (1) | |
Prior service cost associated with postretirement plans total before income taxes [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 1.5 | (0.7) | 4.4 | (2) | |
Prior service cost associated with postretirement plans income tax benefit (provision) [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 0.2 | 0.3 | (0.9) | 0.7 | |
Cash flow hedges foreign currency cash flow hedge contracts operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (84.5) | 9.6 | (238.9) | (2.9) | |
Cash flow hedges fuel and explosives commodity swaps operating costs and expenses [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (32.4) | (2.8) | (87.7) | (4.3) | |
Cash flow hedges coal trading commodity futures, swaps and options other revenues [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 13.2 | (11.4) | 35.6 | 9.4 | |
Cash flow hedges insignificant items [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (0.2) | (0.1) | (0.5) | (0.2) | |
Cash flow hedges total before income taxes [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (103.9) | (4.7) | (291.5) | 2 | |
Cash flow hedges income tax benefit (provision) [Member] | |||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ 35 | $ 1.3 | $ 107.6 | $ (0.4) |
Other Events (Details)
Other Events (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Commercial Events [Line Items] | |||||
Restructuring charges | $ 1,800,000 | $ 0 | $ 23,000,000 | $ 0 | |
Restructuring Reserve | 5,700,000 | 5,700,000 | |||
Held for sale, aggregate carrying value | $ 125,000,000 | 125,000,000 | |||
Proceeds from sale of nonstrategic assets | 39,600,000 | 152,500,000 | |||
Nonstrategic Australian mining tenement [Member] | |||||
Other Commercial Events [Line Items] | |||||
Proceeds from sale of nonstrategic assets | $ 62,600,000 | ||||
Gain (loss) on sale of nonstrategic asset | $ 0 | ||||
Positive Outcome of Litigation [Member] | Western U.S. Mining Segment Customer | |||||
Other Commercial Events [Line Items] | |||||
Contracts Revenue | $ 33,500,000 | $ 6,400,000 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Earnings per Share (EPS) (Textuals) [Abstract] | |||||
Antidilutive shares excluded from EPS calculation | 0.3 | 0.2 | 0.3 | 0.2 | |
EPS numerator: | |||||
Loss from continuing operations, net of income taxes | $ (144.4) | $ (154) | $ (1,316) | $ (270.3) | |
Less: Net income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 | |
Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | (147.2) | (155.6) | (1,323.9) | (278.4) | |
Less: Earnings allocated to participating securities | 0 | 0.3 | 0 | 0.8 | |
Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities | (147.2) | (155.9) | (1,323.9) | (279.2) | |
(Loss) income from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (157.5) | 5 | (202.7) | 6 | |
Net loss attributable to common stockholders, after earnings allocated to participating securities | $ (304.7) | $ (150.9) | $ (1,526.6) | $ (273.2) | |
EPS denominator: | |||||
Weighted Average Number of Shares Outstanding, Basic | 18.2 | 17.9 | 18.1 | 17.9 | |
Weighted Average Number of Shares Outstanding, Diluted | 18.2 | 17.9 | 18.1 | 17.9 | |
Basic EPS attributable to common stockholders: | |||||
Loss from continuing operations | $ (8.08) | $ (8.72) | $ (73.05) | $ (15.62) | |
(Loss) income from discontinued operations | (8.65) | 0.28 | (11.18) | 0.33 | |
Net loss attributable to common stockholders | (16.73) | (8.44) | (84.23) | (15.29) | |
Diluted EPS attributable to common stockholders: | |||||
Loss from continuing operations | (8.08) | (8.72) | (73.05) | (15.62) | |
(Loss) income from discontinued operations | (8.65) | 0.28 | (11.18) | 0.33 | |
Net loss attributable to common stockholders | (16.73) | $ (8.44) | (84.23) | $ (15.29) | |
Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Common Stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Financial Instruments, Guaran72
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | $ 2,472.6 | $ 2,472.6 | ||||
Letters of credit outstanding, amount | 120 | 120 | ||||
Amount in bank guarantees, letters of credit and surety bonds related to collateral for road maintenance, performance guarantees and other operations | 154 | 154 | ||||
Amount in letters of credit issued as collateral to support Patriot surety bonds | 81 | 81 | ||||
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Textuals) [Abstract] | ||||||
Letter of credit arrangement for workers compensation | 32.8 | 32.8 | ||||
Collateral for letter of credit related to workers compensation | 46.9 | 46.9 | ||||
Maximum capacity of the securitization program | 275 | 275 | ||||
Amount available under the securitization program | 48.2 | 48.2 | ||||
Total consideration received by Company related to accounts receivable sold under securitization program | 2,815.1 | |||||
Cash up front from sale of receivables | 1,860.8 | |||||
Additional cash upon collection of underlying receivables | 529.4 | |||||
Non-collected receivables | 173.5 | 173.5 | ||||
Reduction in accounts receivable as a result of securitization activity | 25 | 25 | $ 30 | |||
Expense associated with securitization transactions | 0.5 | $ 0.4 | 1.3 | $ 1.2 | ||
DTA and PBGC | ||||||
Guarantee Obligations [Line Items] | ||||||
Letters of credit outstanding, amount | $ 79.7 | $ 79.7 | ||||
Dominion Terminal Associates Partnership | ||||||
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Textuals) [Abstract] | ||||||
Ownership Percentage in DTA | 37.50% | 37.50% | ||||
DTA lease term (years) | 30 | 30 | ||||
Maximum reimbursement obligation to commercial bank related to Dominion Terminals Associates | $ 42.7 | $ 42.7 | ||||
Pension Plans Agreement With PBGC and TXU Europe | ||||||
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Textuals) [Abstract] | ||||||
Defined benefit pension plans requiring special contributions | 2 | 2 | ||||
Letter of credit maintained by the Company in favor of the PBGC | $ 37 | $ 37 | ||||
Guarantee in place from TXU Europe Limited | 110 | 110 | ||||
Reclamation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 2,061.7 | 2,061.7 | ||||
Lease Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 110.6 | 110.6 | ||||
Workers' Compensation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 66.6 | 66.6 | ||||
Other | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [1] | 233.7 | 233.7 | |||
Financial Standby Letter of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 121.8 | 121.8 | ||||
Self bonding | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 1,470 | 1,470 | ||||
Self bonding | Reclamation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 1,470 | 1,470 | ||||
Self bonding | Lease Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Self bonding | Workers' Compensation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Self bonding | Other | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [1] | 0 | 0 | |||
Self bonding | Financial Standby Letter of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Surety bonds | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 457.8 | 457.8 | ||||
Surety bonds | Reclamation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 304.7 | 304.7 | ||||
Surety bonds | Lease Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 110.6 | 110.6 | ||||
Surety bonds | Workers' Compensation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 27.8 | 27.8 | ||||
Surety bonds | Other | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [1] | 14.7 | 14.7 | |||
Surety bonds | Financial Standby Letter of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [2] | 40.6 | 40.6 | |||
Bank guarantees | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 366.1 | 366.1 | ||||
Bank guarantees | Reclamation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 287 | 287 | ||||
Bank guarantees | Lease Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Bank guarantees | Workers' Compensation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Bank guarantees | Other | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [1] | 79.1 | 79.1 | |||
Bank guarantees | Financial Standby Letter of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 81.2 | 81.2 | ||||
Standby Letters of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 178.7 | 178.7 | ||||
Standby Letters of Credit [Member] | Reclamation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Standby Letters of Credit [Member] | Lease Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Standby Letters of Credit [Member] | Workers' Compensation Obligations | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 38.8 | 38.8 | ||||
Standby Letters of Credit [Member] | Other | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | [1] | 139.9 | 139.9 | |||
Standby Letters of Credit [Member] | Financial Standby Letter of Credit [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Financial instruments with off-balance sheet risk | 0 | 0 | ||||
Performance guarantee for third-party coal producer | ||||||
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Textuals) [Abstract] | ||||||
Carrying amount of guarantee liability for reclamation and bonding commitments | $ (44.7) | $ (44.7) | $ (44.7) | |||
[1] | Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $154.0 million in bank guarantees, letters of credit and surety bonds related to collateral for road maintenance, performance guarantees and other operations. | |||||
[2] | A total of $81.0 million of letters of credit issued as collateral to support surety bonds related to Patriot have been excluded from above as they no longer represent off-balance sheet obligations as discussed in Note 19. "Matters Related to the Patriot Bankruptcy". |
Commitments and Contingencies (
Commitments and Contingencies (Details 1) $ in Millions | Sep. 30, 2015USD ($) |
Capital Addition Purchase Commitments [Member] | |
Long-term Purchase Commitment [Line Items] | |
Purchase commitments for capital expenditures | $ 28.6 |
Commitments and Contingencies74
Commitments and Contingencies (Details 2) AUD in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2015AUDmWsites | Sep. 30, 2015USD ($)mWsites | Sep. 30, 2014AUD | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Prarie State Energy Campus [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Capacity of new electricity generation project | mW | 1,600 | 1,600 | ||||
Undivided interest percent of new electricity generation project | 5.06% | 5.06% | ||||
Monto Coal Pty Limited [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Ownership percentage in subsidiaries | 51.00% | 51.00% | ||||
Loss Contingency Damages Sought Minimum | AUD | AUD 15.6 | |||||
Loss Contingency Damages Sought Value Max | AUD | 1,800 | |||||
Eagle Mining [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Additional charge recorded as a result of the damages awarded to Eagle in arbitration | $ 15.6 | |||||
Loss Contingency Accrual | $ 23.4 | |||||
Gain Related to Litigation Settlement | $ 10.8 | $ 10.8 | ||||
Wilkie Creek [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Damages sought | AUD | AUD 113.1 | |||||
Potential Annual Payments Awarded | AUD | AUD 11.8 | |||||
Charge to discontinued operations | 7.6 | |||||
Litigation reserve, amount | 7.6 | $ 7.6 | ||||
Oklahoma Lead Litigation [Member] | ||||||
Loss Contingency [Abstract] | ||||||
Number of national priority list sites based on the Superfund Amendments and Reauthorization Act of 1986 at which Gold Fields or the former affiliate, has been named a potentially responsible party (PRP) | sites | 5 | 5 | ||||
Number of additional national priority list sites in which CERCLA claims were asserted | sites | 13 | 13 | ||||
Total number of national priority list sites | sites | 18 | 18 | ||||
Reduced number of national priority list sites due to completion of work, transfer or regulatory inactivity | sites | 6 | 6 | ||||
Undiscounted environmental clean-up liabilities, total | 64.3 | $ 64.3 | $ 69.4 | |||
Undiscounted environmental clean-up liabilities, current | $ 14.4 | $ 14.4 | $ 19.4 |
Matters Related to the Bankru75
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 48 Months Ended | |||||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2014USD ($) | Oct. 31, 2007USD ($) | |
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Total credit support to Patriot | $ 121,500,000 | $ 121,500,000 | |||||||||
Credit support in the form of surety bonds related to Patriot's Coal Act obligations | 35,300,000 | 35,300,000 | |||||||||
Credit support to Patriot net letters of credit | 99,100,000 | 99,100,000 | |||||||||
Charge to Patriot credit support | 34,700,000 | ||||||||||
Correction of error in Patriot credit support liability | 16,600,000 | 16,600,000 | |||||||||
Potential exposure from Patriot bankruptcy | 150,000,000 | 150,000,000 | |||||||||
Charge related to Patriot credit support | $ (157,500,000) | $ 7,600,000 | (202,700,000) | $ 8,600,000 | |||||||
Black Lung Liability Future Cost, Lower Estimate | 10,000,000 | ||||||||||
Black Lung Liability Future Costs, Upper Estimate | 15,000,000 | ||||||||||
Estimated fund obligations | $ 40,000,000 | ||||||||||
Combined Benefit Fund Lower Estimate | 2,000,000 | ||||||||||
Combined Benefit Fund Upper Estimate | $ 3,000,000 | ||||||||||
Number of VEBA payments from Patriot settlement | 4 | 4 | |||||||||
Initial payment based on the negotiated settlement | $ 90,000,000 | ||||||||||
Payment to Patriot based on the construct of the negotiated settlement | $ 70,000,000 | ||||||||||
Payment to the VEBA based on the construct of the negotiated settlement | $ 16,100,000 | $ 20,000,000 | |||||||||
Number of remaining VEBA payments | 2 | 2 | |||||||||
Number of annual payments to VEBA | 5 | 5 | |||||||||
VEBA start up costs | $ 100,000 | ||||||||||
Accrued liabilities related to Patriot | $ 33,600,000 | $ 33,600,000 | |||||||||
Number of days to file declaratory judgment | 30 | 30 | |||||||||
Withdrawal liability related to pension plan | $ 767,000,000 | $ 767,000,000 | |||||||||
Peabody's share of the withdrawal liability related to the pension plan as estimated by the plaintiffs | 644,200,000 | 644,200,000 | |||||||||
Arch's share of the withdrawal liability related to the pension plan as estimated by the plaintiffs | 299,800,000 | 299,800,000 | |||||||||
Pension Plan Annual Cost Estimate | 22,500,000 | ||||||||||
Scenario, Forecast [Member] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Funding of the newly established VEBA | $ 310,000,000 | ||||||||||
Payment to the VEBA based on the construct of the negotiated settlement | $ 70,000,000 | $ 75,000,000 | $ 75,000,000 | ||||||||
Surety Bond [Member] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Total credit support to Patriot | 81,000,000 | 81,000,000 | |||||||||
Standby Letters of Credit [Member] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Total credit support to Patriot | 22,400,000 | 22,400,000 | |||||||||
Corporate Guarantees [Member] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Total credit support to Patriot | $ 18,100,000 | 18,100,000 | |||||||||
Patriot Black Lung [Domain] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Charge related to Patriot credit support | 126,000,000 | ||||||||||
Previously accrued credit support | 15,000,000 | ||||||||||
UMWA combined benefit fund [Domain] | |||||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||||
Charge related to Patriot credit support | $ 29,100,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 11,663.4 | $ 11,663.4 | $ 13,191.1 | ||
Reportable segment results | |||||
Revenues | 1,418.9 | $ 1,722.9 | 4,296.1 | $ 5,107.7 | |
Adjusted EBITDA | 129 | 216.3 | 381.6 | 606.3 | |
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | |||||
Depreciation, depletion and amortization | (136) | (163.6) | (430.6) | (483.9) | |
Asset impairment | 0 | 0 | (900.8) | 0 | |
Asset retirement obligation expenses | (12.3) | (15) | (40.4) | (46.5) | |
Amortization of basis difference related to equity affiliates | (0.7) | (1.5) | (4.2) | (4) | |
Interest expense | (118.5) | (114.5) | (344) | (321.4) | |
Loss on early debt extinguishment | 0 | 0 | (67.8) | (1.6) | |
Interest income | 1.4 | 3.7 | 6.6 | 11.7 | |
Income tax (provision) benefit | (6.9) | (79.4) | 83.2 | (30.9) | |
Loss from continuing operations, net of income taxes | (144.4) | (154) | (1,316) | (270.3) | |
Powder River Basin Mining [Member] | |||||
Reportable segment results | |||||
Revenues | 475 | 472.1 | 1,393.9 | 1,438.1 | |
Adjusted EBITDA | 120 | 114.5 | 354.7 | 382.3 | |
Midwestern U.S. Mining [Member] | |||||
Reportable segment results | |||||
Revenues | 249.4 | 312.9 | 768.2 | 920.5 | |
Adjusted EBITDA | 72.3 | 87 | 218.6 | 236.4 | |
Western U.S. Mining [Member] | |||||
Reportable segment results | |||||
Revenues | 177.3 | 239 | 526.9 | 681.6 | |
Adjusted EBITDA | 45.7 | 80.8 | 147.7 | 209.8 | |
Australian Metallurgical Mining [Member] | |||||
Reportable segment results | |||||
Revenues | 280.4 | 398.7 | 924.6 | 1,189.1 | |
Adjusted EBITDA | (15.4) | (50.9) | (2.2) | (168.8) | |
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | |||||
Asset impairment | (527) | ||||
Australian Thermal Mining [Member] | |||||
Reportable segment results | |||||
Revenues | 205.3 | 277.6 | 615.2 | 806.4 | |
Adjusted EBITDA | 49.4 | 60.3 | 153.9 | 204.5 | |
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | |||||
Asset impairment | (8.2) | ||||
Trading and Brokerage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 271.5 | 271.5 | 300.7 | ||
Reportable segment results | |||||
Revenues | 24.5 | 15 | 42.7 | 46.3 | |
Adjusted EBITDA | 29.4 | 3.3 | 30.4 | 7.7 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 1,730.5 | 1,730.5 | 2,167.4 | ||
Reportable segment results | |||||
Revenues | 7 | 7.6 | 24.6 | 25.7 | |
Adjusted EBITDA | (172.4) | (78.7) | (521.5) | (265.6) | |
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | |||||
Asset impairment | (365.6) | ||||
U.S. Mining Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 4,085.4 | 4,085.4 | 4,099.1 | ||
Australian Mining [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 5,576 | 5,576 | $ 6,623.9 | ||
Middlemount Mine [Member] | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | |||||
Change in deferred tax asset valuation allowance related to equity affiliates | $ (0.4) | $ 0 | $ 0.4 | $ 0 |
Supplemental Guarantor_Non-Gu77
Supplemental Guarantor/Non-Guarantor Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Total revenues | $ 1,418.9 | $ 1,722.9 | $ 4,296.1 | $ 5,107.7 |
Operating costs and expenses (exclusive of items shown separately below) | 1,254 | 1,453.3 | 3,774.4 | 4,315.7 |
Depreciation, depletion and amortization | 136 | 163.6 | 430.6 | 483.9 |
Asset retirement obligation expenses | 12.3 | 15 | 40.4 | 46.5 |
Selling and administrative expenses | 37.8 | 52.9 | 128.8 | 171.6 |
Restructuring charges | 1.8 | 0 | 23 | 0 |
Other operating (income) loss: | ||||
Net (gain) loss on disposal of assets | (7.9) | (13.9) | (20.2) | (25.9) |
Asset impairment | 0 | 0 | 900.8 | 0 |
Loss (income) from equity affiliates and investment in subsidiaries | 5.3 | 15.8 | 12.3 | 44 |
Interest expense | 118.5 | 114.5 | 344 | 321.4 |
Loss on early debt extinguishment | 0 | 0 | 67.8 | 1.6 |
Interest income | (1.4) | (3.7) | (6.6) | (11.7) |
(Loss) income from continuing operations before income taxes | (137.5) | (74.6) | (1,399.2) | (239.4) |
Income tax provision (benefit) | 6.9 | 79.4 | (83.2) | 30.9 |
(Loss) income from continuing operations, net of income taxes | (144.4) | (154) | (1,316) | (270.3) |
(Loss) income from discontinued operations, net of income taxes | (157.5) | 5 | (202.7) | 6 |
Net (loss) income | (301.9) | (149) | (1,518.7) | (264.3) |
Less: Net income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Net (loss) income attributable to common stockholders | (304.7) | (150.6) | (1,526.6) | (272.4) |
Other comprehensive income (loss), net of income taxes | (51) | (207.6) | 69 | (7.2) |
Comprehensive (loss) income | (352.9) | (356.6) | (1,449.7) | (271.5) |
Less: Comprehensive income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Comprehensive (loss) income attributable to common stockholders | (355.7) | (358.2) | (1,457.6) | (279.6) |
Parent Company [Member] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses (exclusive of items shown separately below) | 116.8 | (6.7) | 326.9 | 7.2 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Asset retirement obligation expenses | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 6.5 | 12 | 24.3 | 36.6 |
Restructuring charges | 0 | (3.9) | ||
Other operating (income) loss: | ||||
Net (gain) loss on disposal of assets | 0.1 | 0 | (2.3) | 0 |
Asset impairment | 0 | |||
Loss (income) from equity affiliates and investment in subsidiaries | (100.7) | 80.9 | 594.9 | 45.7 |
Interest expense | 120.4 | 106 | 348.3 | 317.3 |
Loss on early debt extinguishment | 67.8 | 1.6 | ||
Interest income | (0.1) | 0 | (0.5) | (0.2) |
(Loss) income from continuing operations before income taxes | (143) | (192.2) | (1,355.5) | (408.2) |
Income tax provision (benefit) | 4.6 | (41.1) | (20.6) | (134.1) |
(Loss) income from continuing operations, net of income taxes | (147.6) | (151.1) | (1,334.9) | (274.1) |
(Loss) income from discontinued operations, net of income taxes | (157.1) | 0.5 | (191.7) | 1.7 |
Net (loss) income | (304.7) | (150.6) | (1,526.6) | (272.4) |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | (304.7) | (150.6) | (1,526.6) | (272.4) |
Other comprehensive income (loss), net of income taxes | (51) | (207.6) | 69 | (7.2) |
Comprehensive (loss) income | (355.7) | (358.2) | (1,457.6) | (279.6) |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive (loss) income attributable to common stockholders | (355.7) | (358.2) | (1,457.6) | (279.6) |
Guarantor Subsidiaries [Member] | ||||
Total revenues | 877.2 | 1,008.1 | 2,627.1 | 2,989.5 |
Operating costs and expenses (exclusive of items shown separately below) | 667 | 758.2 | 1,978.5 | 2,226.2 |
Depreciation, depletion and amortization | 69.6 | 77 | 213.1 | 230.4 |
Asset retirement obligation expenses | 5.2 | 6.5 | 17.2 | 22.1 |
Selling and administrative expenses | 28.6 | 36.4 | 95.3 | 120.5 |
Restructuring charges | 0.8 | 11 | ||
Other operating (income) loss: | ||||
Net (gain) loss on disposal of assets | (6.6) | (4.4) | (16.5) | (16.3) |
Asset impairment | 182.2 | |||
Loss (income) from equity affiliates and investment in subsidiaries | 1.8 | 3.6 | 4.7 | 6.3 |
Interest expense | 1.6 | 1.7 | 5 | 5 |
Loss on early debt extinguishment | 0 | 0 | ||
Interest income | (2.8) | (2.8) | (8.6) | (7.3) |
(Loss) income from continuing operations before income taxes | 112 | 131.9 | 145.2 | 402.6 |
Income tax provision (benefit) | (114.9) | 57 | (177.2) | 122.8 |
(Loss) income from continuing operations, net of income taxes | 226.9 | 74.9 | 322.4 | 279.8 |
(Loss) income from discontinued operations, net of income taxes | (0.3) | (0.1) | (2.2) | (1.3) |
Net (loss) income | 226.6 | 74.8 | 320.2 | 278.5 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | 226.6 | 74.8 | 320.2 | 278.5 |
Other comprehensive income (loss), net of income taxes | 12 | 2.7 | 30.3 | 5.1 |
Comprehensive (loss) income | 238.6 | 77.5 | 350.5 | 283.6 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive (loss) income attributable to common stockholders | 238.6 | 77.5 | 350.5 | 283.6 |
Non-Guarantor Subsidiaries [Member] | ||||
Total revenues | 555.9 | 731.1 | 1,708.7 | 2,177.3 |
Operating costs and expenses (exclusive of items shown separately below) | 484.4 | 718.1 | 1,508.7 | 2,141.4 |
Depreciation, depletion and amortization | 66.4 | 86.6 | 217.5 | 253.5 |
Asset retirement obligation expenses | 7.1 | 8.5 | 23.2 | 24.4 |
Selling and administrative expenses | 2.7 | 4.5 | 9.2 | 14.5 |
Restructuring charges | 1 | 15.9 | ||
Other operating (income) loss: | ||||
Net (gain) loss on disposal of assets | (1.4) | (9.5) | (1.4) | (9.6) |
Asset impairment | 718.6 | |||
Loss (income) from equity affiliates and investment in subsidiaries | 3.5 | 12.2 | 7.6 | 37.7 |
Interest expense | 2.3 | 12.3 | 7.9 | 15.4 |
Loss on early debt extinguishment | 0 | 0 | ||
Interest income | (4.3) | (6.4) | (14.7) | (20.5) |
(Loss) income from continuing operations before income taxes | (5.8) | (95.2) | (783.8) | (279.5) |
Income tax provision (benefit) | 117.2 | 63.5 | 114.6 | 42.2 |
(Loss) income from continuing operations, net of income taxes | (123) | (158.7) | (898.4) | (321.7) |
(Loss) income from discontinued operations, net of income taxes | (0.1) | 4.6 | (8.8) | 5.6 |
Net (loss) income | (123.1) | (154.1) | (907.2) | (316.1) |
Less: Net income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Net (loss) income attributable to common stockholders | (125.9) | (155.7) | (915.1) | (324.2) |
Other comprehensive income (loss), net of income taxes | (26.8) | (6.7) | (66.9) | (22.6) |
Comprehensive (loss) income | (149.9) | (160.8) | (974.1) | (338.7) |
Less: Comprehensive income attributable to noncontrolling interests | 2.8 | 1.6 | 7.9 | 8.1 |
Comprehensive (loss) income attributable to common stockholders | (152.7) | (162.4) | (982) | (346.8) |
Eliminations [Member] | ||||
Total revenues | (14.2) | (16.3) | (39.7) | (59.1) |
Operating costs and expenses (exclusive of items shown separately below) | (14.2) | (16.3) | (39.7) | (59.1) |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Asset retirement obligation expenses | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Restructuring charges | 0 | 0 | ||
Other operating (income) loss: | ||||
Net (gain) loss on disposal of assets | 0 | 0 | 0 | 0 |
Asset impairment | 0 | |||
Loss (income) from equity affiliates and investment in subsidiaries | 100.7 | (80.9) | (594.9) | (45.7) |
Interest expense | (5.8) | (5.5) | (17.2) | (16.3) |
Loss on early debt extinguishment | 0 | 0 | ||
Interest income | 5.8 | 5.5 | 17.2 | 16.3 |
(Loss) income from continuing operations before income taxes | (100.7) | 80.9 | 594.9 | 45.7 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations, net of income taxes | (100.7) | 80.9 | 594.9 | 45.7 |
(Loss) income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net (loss) income | (100.7) | 80.9 | 594.9 | 45.7 |
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | (100.7) | 80.9 | 594.9 | 45.7 |
Other comprehensive income (loss), net of income taxes | 14.8 | 4 | 36.6 | 17.5 |
Comprehensive (loss) income | (85.9) | 84.9 | 631.5 | 63.2 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive (loss) income attributable to common stockholders | $ (85.9) | $ 84.9 | $ 631.5 | $ 63.2 |
Supplemental Guarantor_Non-Gu78
Supplemental Guarantor/Non-Guarantor Financial Information (Details 1) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 334.3 | $ 298 | $ 466.5 | $ 444 |
Accounts receivable, net | 370 | 563.1 | ||
Receivables from affiliates, net | 0 | 0 | ||
Inventories | 348.1 | 406.5 | ||
Assets from coal trading activities, net | 42.3 | 57.6 | ||
Deferred income taxes | 76.5 | 80 | ||
Other current assets | 382.4 | 305.8 | ||
Total current assets | 1,553.6 | 1,711 | ||
Property, plant, equipment and mine development, net | 9,475.4 | 10,577.3 | ||
Deferred income taxes | 1 | 0.7 | ||
Investments and other assets | 633.4 | 902.1 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 11,663.4 | 13,191.1 | ||
Current liabilities | ||||
Current portion of long-term debt | 19.5 | 21.2 | ||
Payables to affiliates, net | 0 | 0 | ||
Liabilities from coal trading activities, net | 28.1 | 32.7 | ||
Accounts payable and accrued expenses | 1,468.6 | 1,809.2 | ||
Total current liabilities | 1,516.2 | 1,863.1 | ||
Long-term debt, less current portion | 6,282.4 | 5,965.6 | ||
Deferred income taxes | 101.1 | 89.1 | ||
Notes payable to affiliates, net | 0 | 0 | ||
Other noncurrent liabilities | 2,453.3 | 2,546.8 | ||
Total liabilities | 10,353 | 10,464.6 | ||
Peabody Energy Corporation stockholders' equity | 1,305.4 | 2,724.8 | ||
Noncontrolling interests | 5 | 1.7 | ||
Total stockholders' equity | 1,310.4 | 2,726.5 | ||
Total liabilities and stockholders' equity | 11,663.4 | 13,191.1 | ||
Parent Company [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 144.2 | 188.7 | 317.4 | 300.7 |
Accounts receivable, net | 0.3 | 0 | ||
Receivables from affiliates, net | 418.1 | 258.4 | ||
Inventories | 0 | 0 | ||
Assets from coal trading activities, net | 0 | 0 | ||
Deferred income taxes | 36.7 | 64.5 | ||
Other current assets | 0 | 0 | ||
Total current assets | 599.3 | 511.6 | ||
Property, plant, equipment and mine development, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Investments and other assets | 9,055.7 | 10,209.4 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 9,655 | 10,721 | ||
Current liabilities | ||||
Current portion of long-term debt | 12 | 12 | ||
Payables to affiliates, net | 0 | 0 | ||
Liabilities from coal trading activities, net | 0 | 0 | ||
Accounts payable and accrued expenses | 522.6 | 474.5 | ||
Total current liabilities | 534.6 | 486.5 | ||
Long-term debt, less current portion | 6,273.6 | 5,951.6 | ||
Deferred income taxes | 155.8 | 90.5 | ||
Notes payable to affiliates, net | 1,032.5 | 1,033.4 | ||
Other noncurrent liabilities | 353.1 | 434.2 | ||
Total liabilities | 8,349.6 | 7,996.2 | ||
Peabody Energy Corporation stockholders' equity | 1,305.4 | 2,724.8 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 1,305.4 | 2,724.8 | ||
Total liabilities and stockholders' equity | 9,655 | 10,721 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0.3 | 1.2 | 0.2 | 0.3 |
Accounts receivable, net | 11.3 | 14.5 | ||
Receivables from affiliates, net | 0 | 0 | ||
Inventories | 164.9 | 191.8 | ||
Assets from coal trading activities, net | 24.9 | 53.8 | ||
Deferred income taxes | 36.4 | 8.6 | ||
Other current assets | 100.8 | 44.5 | ||
Total current assets | 338.6 | 314.4 | ||
Property, plant, equipment and mine development, net | 4,710.5 | 5,005.2 | ||
Deferred income taxes | 63 | 8.2 | ||
Investments and other assets | 3.9 | 4 | ||
Notes receivable from affiliates, net | 1,615.7 | 1,655.7 | ||
Total assets | 6,731.7 | 6,987.5 | ||
Current liabilities | ||||
Current portion of long-term debt | 0.1 | 0.1 | ||
Payables to affiliates, net | 356.6 | 364.3 | ||
Liabilities from coal trading activities, net | 5.9 | 10.7 | ||
Accounts payable and accrued expenses | 560.6 | 682.5 | ||
Total current liabilities | 923.2 | 1,057.6 | ||
Long-term debt, less current portion | 6.3 | 6.3 | ||
Deferred income taxes | 0 | 0 | ||
Notes payable to affiliates, net | 0 | 0 | ||
Other noncurrent liabilities | 1,705.8 | 1,717.4 | ||
Total liabilities | 2,635.3 | 2,781.3 | ||
Peabody Energy Corporation stockholders' equity | 4,096.4 | 4,206.2 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 4,096.4 | 4,206.2 | ||
Total liabilities and stockholders' equity | 6,731.7 | 6,987.5 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 189.8 | 108.1 | $ 148.9 | $ 143 |
Accounts receivable, net | 358.4 | 548.6 | ||
Receivables from affiliates, net | 0 | 105.9 | ||
Inventories | 183.2 | 214.7 | ||
Assets from coal trading activities, net | 17.4 | 3.8 | ||
Deferred income taxes | 3.4 | 6.9 | ||
Other current assets | 281.6 | 261.3 | ||
Total current assets | 1,033.8 | 1,249.3 | ||
Property, plant, equipment and mine development, net | 4,764.9 | 5,572.1 | ||
Deferred income taxes | 0 | 0 | ||
Investments and other assets | 358 | 621.6 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 6,156.7 | 7,443 | ||
Current liabilities | ||||
Current portion of long-term debt | 7.4 | 9.1 | ||
Payables to affiliates, net | 61.5 | 0 | ||
Liabilities from coal trading activities, net | 22.2 | 22 | ||
Accounts payable and accrued expenses | 385.4 | 652.2 | ||
Total current liabilities | 476.5 | 683.3 | ||
Long-term debt, less current portion | 2.5 | 7.7 | ||
Deferred income taxes | 7.3 | 6.1 | ||
Notes payable to affiliates, net | 583.2 | 622.3 | ||
Other noncurrent liabilities | 394.4 | 395.2 | ||
Total liabilities | 1,463.9 | 1,714.6 | ||
Peabody Energy Corporation stockholders' equity | 4,687.8 | 5,726.7 | ||
Noncontrolling interests | 5 | 1.7 | ||
Total stockholders' equity | 4,692.8 | 5,728.4 | ||
Total liabilities and stockholders' equity | 6,156.7 | 7,443 | ||
Reclassifications/Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Receivables from affiliates, net | (418.1) | (364.3) | ||
Inventories | 0 | 0 | ||
Assets from coal trading activities, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (418.1) | (364.3) | ||
Property, plant, equipment and mine development, net | 0 | 0 | ||
Deferred income taxes | (62) | (7.5) | ||
Investments and other assets | (8,784.2) | (9,932.9) | ||
Notes receivable from affiliates, net | (1,615.7) | (1,655.7) | ||
Total assets | (10,880) | (11,960.4) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Payables to affiliates, net | (418.1) | (364.3) | ||
Liabilities from coal trading activities, net | 0 | 0 | ||
Accounts payable and accrued expenses | 0 | 0 | ||
Total current liabilities | (418.1) | (364.3) | ||
Long-term debt, less current portion | 0 | 0 | ||
Deferred income taxes | (62) | (7.5) | ||
Notes payable to affiliates, net | (1,615.7) | (1,655.7) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total liabilities | (2,095.8) | (2,027.5) | ||
Peabody Energy Corporation stockholders' equity | (8,784.2) | (9,932.9) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (8,784.2) | (9,932.9) | ||
Total liabilities and stockholders' equity | $ (10,880) | $ (11,960.4) |
Supplemental Guarantor_Non-Gu79
Supplemental Guarantor/Non-Guarantor Financial Information (Details 2) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net cash (used in) provided by continuing operations | $ (62) | $ 345.8 |
Net cash used in discontinued operations | (28.6) | (95.7) |
Net cash (used in) provided by operating activities | (90.6) | 250.1 |
Cash Flows From Investing Activities | ||
Additions to property, plant, equipment and mine development | (76.9) | (107.5) |
Changes in accrued expenses related to capital expenditures | (14.5) | (22.8) |
Federal coal lease expenditures | (89.8) | (89.4) |
Proceeds from disposal of assets, net of notes receivable | 39.6 | 152.5 |
Purchases of debt and equity securities | (22.6) | (6) |
Proceeds from sales and maturities of debt and equity securities | 33.6 | 7.7 |
Contributions to joint ventures | (349.8) | (410.4) |
Distributions from joint ventures | 339.8 | 408.5 |
Advances to related parties | (3.6) | (19.7) |
Other, net | (2.1) | (2.5) |
Net cash (used in) provided by investing activities | (146.3) | (89.6) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 975.7 | 1.1 |
Repayments of long-term debt | (666) | (15.6) |
Payment of deferred financing costs | (28.7) | (10.1) |
Dividends paid | (1.4) | (69.2) |
Restricted cash for distributions to noncontrolling interests | 0 | (42.5) |
Other, net | (6.4) | (1.7) |
Transactions with affiliates, net | 0 | 0 |
Net cash provided by (used in) financing activities | 273.2 | (138) |
Net change in cash and cash equivalents | 36.3 | 22.5 |
Cash and cash equivalents at beginning of period | 298 | 444 |
Cash and cash equivalents at end of period | 334.3 | 466.5 |
Parent Company [Member] | ||
Cash Flows From Operating Activities | ||
Net cash (used in) provided by continuing operations | (649) | (286.9) |
Net cash used in discontinued operations | (23.2) | (72.1) |
Net cash (used in) provided by operating activities | (672.2) | (359) |
Cash Flows From Investing Activities | ||
Additions to property, plant, equipment and mine development | 0 | 0 |
Changes in accrued expenses related to capital expenditures | 0 | 0 |
Federal coal lease expenditures | 0 | 0 |
Proceeds from disposal of assets, net of notes receivable | 0 | 0 |
Purchases of debt and equity securities | 0 | 0 |
Proceeds from sales and maturities of debt and equity securities | 0 | 0 |
Contributions to joint ventures | 0 | 0 |
Distributions from joint ventures | 0 | 0 |
Advances to related parties | 0 | 0 |
Other, net | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 975.7 | 0 |
Repayments of long-term debt | (659) | (9) |
Payment of deferred financing costs | (28.7) | (10.1) |
Dividends paid | (1.4) | (69.2) |
Restricted cash for distributions to noncontrolling interests | 0 | |
Other, net | 1.4 | 3.2 |
Transactions with affiliates, net | 339.7 | 460.8 |
Net cash provided by (used in) financing activities | 627.7 | 375.7 |
Net change in cash and cash equivalents | (44.5) | 16.7 |
Cash and cash equivalents at beginning of period | 188.7 | 300.7 |
Cash and cash equivalents at end of period | 144.2 | 317.4 |
Guarantor Subsidiaries [Member] | ||
Cash Flows From Operating Activities | ||
Net cash (used in) provided by continuing operations | 499.8 | 634.2 |
Net cash used in discontinued operations | (2.8) | (3.6) |
Net cash (used in) provided by operating activities | 497 | 630.6 |
Cash Flows From Investing Activities | ||
Additions to property, plant, equipment and mine development | (55) | (57.8) |
Changes in accrued expenses related to capital expenditures | (3.4) | 0.9 |
Federal coal lease expenditures | (89.8) | (89.4) |
Proceeds from disposal of assets, net of notes receivable | 7.6 | 54.7 |
Purchases of debt and equity securities | 0 | 0 |
Proceeds from sales and maturities of debt and equity securities | 0 | 0 |
Contributions to joint ventures | 0 | 0 |
Distributions from joint ventures | 0 | 0 |
Advances to related parties | 0 | 0 |
Other, net | (2.4) | (3.6) |
Net cash (used in) provided by investing activities | (143) | (95.2) |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 0 | 0 |
Repayments of long-term debt | (0.1) | (0.1) |
Payment of deferred financing costs | 0 | 0 |
Dividends paid | 0 | 0 |
Restricted cash for distributions to noncontrolling interests | 0 | |
Other, net | (1.6) | (1.6) |
Transactions with affiliates, net | (353.2) | (533.8) |
Net cash provided by (used in) financing activities | (354.9) | (535.5) |
Net change in cash and cash equivalents | (0.9) | (0.1) |
Cash and cash equivalents at beginning of period | 1.2 | 0.3 |
Cash and cash equivalents at end of period | 0.3 | 0.2 |
Non-Guarantor Subsidiaries [Member] | ||
Cash Flows From Operating Activities | ||
Net cash (used in) provided by continuing operations | 87.2 | (1.5) |
Net cash used in discontinued operations | (2.6) | (20) |
Net cash (used in) provided by operating activities | 84.6 | (21.5) |
Cash Flows From Investing Activities | ||
Additions to property, plant, equipment and mine development | (21.9) | (49.7) |
Changes in accrued expenses related to capital expenditures | (11.1) | (23.7) |
Federal coal lease expenditures | 0 | 0 |
Proceeds from disposal of assets, net of notes receivable | 32 | 97.8 |
Purchases of debt and equity securities | (22.6) | (6) |
Proceeds from sales and maturities of debt and equity securities | 33.6 | 7.7 |
Contributions to joint ventures | (349.8) | (410.4) |
Distributions from joint ventures | 339.8 | 408.5 |
Advances to related parties | (3.6) | (19.7) |
Other, net | 0.3 | 1.1 |
Net cash (used in) provided by investing activities | (3.3) | 5.6 |
Cash Flows From Financing Activities | ||
Proceeds from long-term debt | 0 | 1.1 |
Repayments of long-term debt | (6.9) | (6.5) |
Payment of deferred financing costs | 0 | 0 |
Dividends paid | 0 | 0 |
Restricted cash for distributions to noncontrolling interests | (42.5) | |
Other, net | (6.2) | (3.3) |
Transactions with affiliates, net | 13.5 | 73 |
Net cash provided by (used in) financing activities | 0.4 | 21.8 |
Net change in cash and cash equivalents | 81.7 | 5.9 |
Cash and cash equivalents at beginning of period | 108.1 | 143 |
Cash and cash equivalents at end of period | $ 189.8 | $ 148.9 |
Supplemental Guarantor_Non-Gu80
Supplemental Guarantor/Non-Guarantor Financial Information Textuals (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Percent of ownership of certain U.S. subsidiaries that fully and unconditionally guarantee the Senior Notes | 100.00% |