Document and Entity Information
Document and Entity Information Document Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | PEABODY ENERGY CORP | ||
Entity Central Index Key | 1,064,728 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 18,538,665 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0.6 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Sales | $ 5,138.3 | $ 6,132.7 | $ 6,380 |
Other revenues | 470.9 | 659.5 | 633.7 |
Total revenues | 5,609.2 | 6,792.2 | 7,013.7 |
Costs and expenses | |||
Operating costs and expenses (exclusive of items shown separately below) | 5,007.7 | 5,716.9 | 5,729.1 |
Depreciation, depletion and amortization | 572.2 | 655.7 | 740.3 |
Asset retirement obligation expenses | 45.5 | 81 | 66.5 |
Selling and administrative expenses | 176.4 | 227.1 | 244.2 |
Restructuring and pension settlement charges | 23.5 | 26 | 11.9 |
Other operating (income) loss: | |||
Net gain on disposal of assets | (45) | (41.4) | (52.6) |
Asset impairment | 1,277.8 | 154.4 | 528.3 |
Settlement charges related to the Patriot bankruptcy | 0 | 0 | 30.6 |
Loss from equity affiliates | 15.9 | 107.6 | 40.2 |
Operating loss | (1,464.8) | (135.1) | (324.8) |
Interest expense | 465.4 | 426.6 | 408.3 |
Loss on early debt extinguishment | 67.8 | 1.6 | 16.9 |
Interest income | (7.7) | (15.4) | (15.7) |
Loss from continuing operations before income taxes | (1,990.3) | (547.9) | (734.3) |
Income tax provision (benefit) | (176.4) | 201.2 | (448.3) |
Loss from continuing operations, net of income taxes | (1,813.9) | (749.1) | (286) |
Loss from discontinued operations, net of income taxes | (175) | (28.2) | (226.6) |
Net loss | (1,988.9) | (777.3) | (512.6) |
Less: Net income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 |
Net loss attributable to common stockholders | $ (1,996) | $ (787) | $ (524.9) |
Loss From Continuing Operations | |||
Basic loss per share | $ (100.34) | $ (42.52) | $ (16.80) |
Diluted loss per share | (100.34) | (42.52) | (16.80) |
Net Loss Attributable to Common Stockholders | |||
Basic loss per share | (109.98) | (44.09) | (29.53) |
Diluted loss per share | (109.98) | (44.09) | (29.53) |
Dividends declared per share | $ 0.075 | $ 5.100 | $ 5.100 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (470.2) | $ (301.9) | $ (1,043.5) | $ (173.3) | $ (513) | $ (149) | $ (71.2) | $ (44.1) | $ (1,988.9) | $ (777.3) | $ (512.6) |
Net change in unrealized (losses) gains on available-for-sale securities (net of respective tax (benefit) provision of ($0.1), ($0.5) and $0.5) | |||||||||||
Unrealized holding losses on available-for-sale securities | 0 | (3.7) | (12.3) | ||||||||
Reclassification for realized losses included in net loss | 0 | 2.9 | 12.8 | ||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | (0.8) | 0.5 | ||||||||
Net unrealized gains (losses) on cash flow hedges (net of respective tax provision (benefit) of $72.2, ($54.6) and ($300.0)) | |||||||||||
Decrease in fair value of cash flow hedges | (131.3) | (195) | (333.6) | ||||||||
Reclassification for realized losses (gains) included in net loss | 251.7 | (10.2) | (209.6) | ||||||||
Net unrealized gains (losses) on cash flow hedges | 120.4 | (205.2) | (543.2) | ||||||||
Postretirement plans and workers' compensation obligations (net of respective tax provision (benefit) of $36.2, $(10.3) and $121.7) | |||||||||||
Prior service credit (cost) for the period | 10.4 | 11.4 | (1.4) | ||||||||
Net actuarial gain (loss) for the period | 18.1 | (142.7) | 110.9 | ||||||||
Amortization of actuarial loss and prior service cost included in net loss | 31.9 | 32.7 | 95.7 | ||||||||
Postretirement plans and workers' compensation obligations | 60.4 | (98.6) | 205.2 | ||||||||
Foreign currency translation adjustment | (34.9) | (41) | (92.7) | ||||||||
Other comprehensive income (loss), net of income taxes | 145.9 | (345.6) | (430.2) | ||||||||
Comprehensive loss | (1,843) | (1,122.9) | (942.8) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||
Comprehensive loss attributable to common stockholders | $ (1,850.1) | $ (1,132.6) | $ (955.1) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 6.6 | $ 5.8 |
Current assets | ||
Cash and cash equivalents | 261.3 | 298 |
Accounts receivable, net of allowance for doubtful accounts of $6.6 at December 31, 2015 and $5.8 at December 31, 2014 | 228.8 | 563.1 |
Inventories | 307.8 | 406.5 |
Assets from coal trading activities, net | 23.5 | 57.6 |
Deferred income taxes | 53.5 | 80 |
Other current assets | 503.1 | 305.8 |
Total current assets | 1,378 | 1,711 |
Property, plant, equipment and mine development, net | 9,258.5 | 10,577.3 |
Deferred income taxes | 2.2 | 0.7 |
Investments and other assets | 382.6 | 902.1 |
Total assets | 11,021.3 | 13,191.1 |
Current liabilities | ||
Current portion of long-term debt | 5,930.4 | 21.2 |
Liabilities from coal trading activities, net | 15.6 | 32.7 |
Accounts payable and accrued expenses | 1,446.3 | 1,809.2 |
Total current liabilities | 7,392.3 | 1,863.1 |
Long-term debt, less current portion | 385.2 | 5,965.6 |
Deferred income taxes | 69.1 | 89.1 |
Asset retirement obligations | 686.6 | 722.3 |
Accrued postretirement benefit costs | 722.9 | 781.9 |
Other noncurrent liabilities | 846.7 | 1,042.6 |
Total liabilities | 10,102.8 | 10,464.6 |
Stockholders' equity | ||
Additional paid-in capital | 2,410.7 | 2,386 |
Treasury stock, at cost - 0.8 shares as of December 31, 2015 and 0.9 shares as of December 31, 2014 | (371.7) | (467.1) |
(Accumulated deficit) retained earnings | (503.4) | 1,570.5 |
Accumulated other comprehensive loss | (618.9) | (764.8) |
Peabody Energy Corporation's stockholders' equity | 916.9 | 2,724.8 |
Noncontrolling interests | 1.6 | 1.7 |
Total stockholders' equity | 918.5 | 2,726.5 |
Total liabilities and stockholders' equity | 11,021.3 | 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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net loss | $ (1,988.9) | $ (777.3) | $ (512.6) |
Loss from discontinued operations, net of income taxes | 175 | 28.2 | 226.6 |
Loss from continuing operations, net of income taxes | (1,813.9) | (749.1) | (286) |
Adjustments to reconcile loss from continuing operations, net of income taxes to net cash (used in) provided by operating activities: | |||
Depreciation, depletion and amortization | 572.2 | 655.7 | 740.3 |
Noncash interest expense | 30.6 | 23.6 | 32 |
Deferred income taxes | (107.6) | 231.9 | (434.1) |
Share-based Compensation, Total | 28.2 | 46.8 | 50.9 |
Asset impairment | 1,277.8 | 154.4 | 528.3 |
Settlement charges related to the Patriot bankruptcy | 0 | 0 | 30.6 |
Net gain on disposal of assets | (45) | (41.4) | (52.6) |
Loss from equity affiliates | 15.9 | 107.6 | 40.2 |
Gains on previously monetized foreign currency hedge positions | (14.9) | (136.9) | 0 |
Changes in current assets and liabilities: | |||
Accounts receivable | 188 | 55.4 | 104.8 |
Change in receivable from accounts receivable securitization program | 138.5 | (70) | 75 |
Inventories | 96.2 | 104.9 | 39.9 |
Net assets from coal trading activities | (27.3) | (10.1) | (83.7) |
Other current assets | 14.8 | 7.7 | 3.1 |
Accounts payable and accrued expenses | (381.7) | (29.2) | (108.9) |
Asset retirement obligations | 23.9 | 60.3 | 45.5 |
Workers' compensation obligations | (4.2) | 2.2 | 7.3 |
Accrued postretirement benefit costs | 18.7 | 9.6 | 17 |
Accrued pension costs | 29.6 | 28.3 | 51.8 |
Other, net | (20.9) | (10.7) | (21.3) |
Net cash provided by continuing operations | 18.9 | 441 | 780.1 |
Net cash used in discontinued operations | (33.3) | (104.4) | (57.7) |
Net cash provided by operating activities | (14.4) | 336.6 | 722.4 |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | (126.8) | (194.4) | (328.4) |
Changes in accrued expenses related to capital expenditures | (9.2) | (16.6) | (120.7) |
Federal coal lease expenditures | (277.2) | (276.7) | (276.8) |
Proceeds from disposal of assets, net of notes receivable | 70.4 | 203.7 | 178.3 |
Purchases of debt and equity securities | (28.8) | (15.1) | (22.8) |
Proceeds from sales and maturities of debt and equity securities | 90.3 | 13.5 | 22.9 |
Maturity of short-term investments | 0 | 0 | 4.8 |
Contributions to joint ventures | (425.4) | (529.8) | (671.7) |
Distributions from joint ventures | 422.6 | 534.2 | 722.9 |
Advances to related parties | (3.7) | (33.7) | (42.1) |
Repayment of loans from related parties | 0.9 | 5.4 | 25.2 |
Other, net | (3.1) | (5) | (5.8) |
Net cash used in continuing operations | (290) | (314.5) | (514.2) |
Net cash used in discontinued operations | 0 | 0 | (1.5) |
Net cash used in investing activities | (290) | (314.5) | (515.7) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 975.7 | 1.1 | 1,188 |
Repayments of long-term debt | (671.3) | (21) | (1,390.2) |
Payment of deferred financing costs | (28.7) | (10.1) | (22.8) |
Dividends paid | (1.4) | (92.3) | (91.7) |
Restricted cash for distributions to noncontrolling interests | 0 | (42.5) | 0 |
Other, net | (6.6) | (3.3) | (4.8) |
Net cash used in financing activities | 267.7 | (168.1) | (321.5) |
Net change in cash and cash equivalents | (36.7) | (146) | (114.8) |
Cash and cash equivalents at beginning of year | 298 | 444 | 558.8 |
Cash and cash equivalents at end of year | $ 261.3 | $ 298 | $ 444 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] | Equity Award |
Beginning Balance at Dec. 31, 2012 | $ 4,938.8 | $ 0.2 | $ 2,288.9 | $ (461.6) | $ 3,066.4 | $ 11 | $ 33.9 | |
Net loss | (512.6) | |||||||
Net loss attributable to common stockholders | (524.9) | (524.9) | ||||||
Less: Net income attributable to noncontrolling interests | 12.3 | 12.3 | ||||||
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | 0.5 | 0.5 | ||||||
Net unrealized gains (losses) on cash flow hedges | (543.2) | (543.2) | ||||||
Postretirement plans and workers' compensation obligations | 205.2 | 205.2 | ||||||
Foreign currency translation adjustment | (92.7) | (92.7) | ||||||
Dividends paid | (91.7) | (91.7) | ||||||
Noncash share-based compensation | 50.9 | 50.9 | $ 50.9 | |||||
Excess (write-off) tax benefits related to share-based compensation | (4.5) | (4.5) | ||||||
Stock options exercised | 1 | 1 | ||||||
Employee stock purchases | 6.3 | 6.3 | ||||||
Repurchase of employee common stock relinquished for tax withholding | (3.1) | 0 | (3.1) | |||||
Distributions to noncontrolling interests | (7) | (7) | ||||||
Ending Balance at Dec. 31, 2013 | 3,947.9 | 0.2 | 2,342.6 | (464.7) | 2,449.8 | (419.2) | 39.2 | |
Net loss | (777.3) | |||||||
Net loss attributable to common stockholders | (787) | (787) | ||||||
Less: Net income attributable to noncontrolling interests | 9.7 | 9.7 | ||||||
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | (0.8) | (0.8) | ||||||
Net unrealized gains (losses) on cash flow hedges | (205.2) | (205.2) | ||||||
Postretirement plans and workers' compensation obligations | (98.6) | (98.6) | ||||||
Foreign currency translation adjustment | (41) | (41) | ||||||
Dividends paid | (92.3) | (92.3) | ||||||
Noncash share-based compensation | 46.1 | 46.1 | 46.1 | |||||
Excess (write-off) tax benefits related to share-based compensation | (8.3) | 0 | (8.3) | 0 | 0 | 0 | 0 | |
Stock options exercised | 0.5 | 0.5 | ||||||
Employee stock purchases | 5.1 | 5.1 | ||||||
Repurchase of employee common stock relinquished for tax withholding | (2.4) | (2.4) | ||||||
Distributions to noncontrolling interests | (4.7) | (4.7) | ||||||
Dividend payable to noncontrolling interests | (42.5) | (42.5) | ||||||
Ending Balance at Dec. 31, 2014 | 2,726.5 | 0.2 | 2,386 | (467.1) | 1,570.5 | (764.8) | 1.7 | |
Net loss | (1,988.9) | |||||||
Net loss attributable to common stockholders | (1,996) | (1,996) | ||||||
Less: Net income attributable to noncontrolling interests | 7.1 | 7.1 | ||||||
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | 0 | |||||||
Net unrealized gains (losses) on cash flow hedges | 120.4 | 120.4 | ||||||
Postretirement plans and workers' compensation obligations | 60.4 | 60.4 | ||||||
Foreign currency translation adjustment | (34.9) | (34.9) | ||||||
Dividends paid | (1.4) | (1.4) | ||||||
Noncash share-based compensation | 26.2 | $ 26.2 | ||||||
Excess (write-off) tax benefits related to share-based compensation | 0 | |||||||
Stock options exercised | (4) | (3.5) | (0.5) | |||||
Consolidation of noncontrolling interests | 1.6 | 0 | 0 | 0 | 0 | 0 | 1.6 | |
Employee stock purchases | 3.4 | 3.4 | ||||||
Repurchase of employee common stock relinquished for tax withholding | (2.1) | (2.1) | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 19.6 | 0 | (1.4) | 97.5 | (76.5) | 0 | 0 | |
Distributions to noncontrolling interests | (6.3) | 0 | 0 | 0 | 0 | 0 | (6.3) | |
Dividend payable to noncontrolling interests | (2) | 0 | 0 | 0 | 0 | 0 | (2) | |
Ending Balance at Dec. 31, 2015 | $ 918.5 | $ 0.2 | $ 2,410.7 | $ (371.7) | $ (503.4) | $ (618.9) | $ 1.6 |
Comprehensive Income Parentheti
Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net change in unrealized (losses) gains on available-for-sale securities, tax (benefit) provision | $ (0.1) | $ (0.5) | $ 0.5 |
Net unrealized (losses) gains on cash flow hedges, tax benefit | 72.2 | (54.6) | (300) |
Postretirement plans and workers' compensation obligations, tax (benefit) provision | $ 36.2 | $ (10.3) | $ 121.7 |
Balance Sheet Parenthetical (Pa
Balance Sheet Parenthetical (Parentheticals) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Allowance for Doubtful Accounts Receivable, Current | $ 6.6 | $ 5.8 |
Stockholders' equity | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 53.3 | |
Common Stock, shares outstanding | 18.5 | 18.1 |
Treasury Stock, shares | 0.8 | 0.9 |
Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred Stock, Par or Stated 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 or Stated 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 or Stated 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 |
Stockholders' Equity Parentheti
Stockholders' Equity Parenthetical (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Parenthetical [Abstract] | |||
Net change in unrealized (losses) gains on available-for-sale securities, tax (benefit) provision | $ (0.1) | $ (0.5) | $ 0.5 |
Net unrealized (losses) gains on cash flow hedges, tax benefit | 72.2 | (54.6) | (300) |
Postretirement plans and workers' compensation obligations, tax (benefit) provision | $ 36.2 | $ (10.3) | $ 121.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies Discussion | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies Discussion | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Peabody Energy Corporation (the Company) and its affiliates. Interests in subsidiaries controlled by the Company are consolidated with any outside shareholder interests 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 consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain amounts from prior years have been reclassified to conform with the 2015 presentation. 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 audited 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. Description of Business The Company is engaged in the mining of thermal coal for sale primarily to electric utilities and metallurgical coal for sale to industrial customers. The Company’s mining operations are located in the United States (U.S.) and Australia, including an equity-affiliate mining operation in Australia. The Company also markets and brokers coal from other coal producers, both as principal and agent, and trades coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, the United Kingdom and the U.S. (listed alphabetically). The Company’s other energy-related commercial activities include participating in operations of a mine-mouth coal-fueled generating plant, managing its coal reserve and real estate holdings, evaluating Btu Conversion projects and supporting the development of clean coal technologies. Going Concern, Liquidity and Management's Plan As of December 31, 2015, the Company’s available liquidity was $1.2 billion , which was substantially comprised of $940.0 million available for borrowing under a $1.65 billion revolving credit facility (the 2013 Revolver, as more fully described in Note 12. "Long-term Debt") and $261.3 million of cash and cash equivalents. During February 2016, the Company borrowed the maximum amount available under the 2013 Revolver for general corporate purposes. As of March 11, 2016, our available liquidity declined to $0.9 billion , which consisted primarily of cash and cash equivalents. The Company incurred a substantial loss from operations and had negative cash flows from operating activities for the year ended December 31, 2015. The Company's current operating plan indicates that it will continue to incur losses from operations and generate negative cash flows from operating activities. These projections and certain liquidity risks raise substantial doubt about whether the Company will meet its obligations as they become due within one year after the date of this report. The Company also elected to exercise the 30-day grace period with respect to a $21.1 million semi-annual interest payment due March 15, 2016 on its 6.50% Senior Notes due September 2020 and a $50.0 million semi-annual interest payment due March 15, 2016 on its 10.00% Senior Secured Second Lien Notes due March 2022, as provided for in the indentures governing these notes. Failure to pay these interest amounts on March 15, 2016 is not immediately an event of default under the indentures governing the Notes, but would become an event of default if the payment is not made within 30 days of such date. As a result of these factors, as well as the continued uncertainty around global coal fundamentals, the stagnated economic growth of certain major coal-importing nations, and the potential for significant additional regulatory requirements imposed on coal producers, among other matters, there exists substantial doubt whether the Company will be able to continue as a going concern. The accompanying consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about our ability to continue as a going concern, other than the reclassification of certain long-term debt and the related debt issuance costs to current liabilities and current assets, respectively. The report from the Company's independent registered public accounting firm on its consolidated financial statements included herein includes an uncertainty paragraph that summarizes the salient facts or conditions that raise substantial doubt about the Company's ability to continue as a going concern. The Company is currently exploring alternatives for other sources of capital for ongoing liquidity needs and transactions to enhance its ability to comply with the financial covenants under its 2013 Credit Facility. The Company is working to improve its operating performance and its cash, liquidity and financial position. This includes: pursuing the sale of non-strategic surplus land and coal reserves as well as existing mines, particularly the sale of the Company's El Segundo and Lee Ranch coal mines and related assets located in New Mexico and its Twentymile Mine in Colorado; continuing to drive cost improvements across the company, attempting to negotiate alternative payment terms with creditors; maintaining its current level of self-bonding and/or replacing self-bonding with other financial instruments on reasonable terms; evaluating potential debt buybacks, debt exchanges and new financing to improve its liquidity and reduce its financial obligations; and obtaining waivers of going concern and financial covenant violations under the 2013 Credit Facility. The Company has engaged financial and other advisors to assist in those efforts. However, there can be no assurance that management’s plan to improve the Company’s operating performance and financial position will be successful or that the Company will be able to obtain additional financing on commercially reasonable terms or at all. As a result, the Company’s liquidity and ability to timely pay its obligations when due could be adversely affected. Furthermore, the Company’s creditors may resist renegotiation or lengthening of payment and other terms, or could seek shorter payment terms, through legal action or otherwise. If the Company is not able to timely, successfully or efficiently implement the strategies that it is pursuing to improve its operating performance and financial position, obtain alternative sources of capital or otherwise meet its liquidity needs, the Company may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code. The 2013 Credit Facility and the indentures governing our 6.00% , 6.25% , 6.50% and 7.875% Senior Notes and our Senior Secured Second Lien Notes and the instruments governing our capital leases include cross-acceleration provisions, whereby the debt owing under such agreements would be accelerated upon certain events, include a failure by us to service the debt in accordance with the relevant agreement. The 2013 Credit Facility and its governing documents contain covenants that, among other things, require the Company to furnish audited financial statements as soon as available, but in any event within 90 days after the fiscal year end without a "going concern" uncertainty paragraph in the auditor's opinion. The consolidated financial statements for the year ended December 31, 2015 included herein contain such a paragraph. In addition, the Company currently anticipates that its reported Adjusted EBITDA and other sources of earnings or adjustments used to calculate Consolidated EBITDA (if such other sources of earnings or adjustments do not include the proceeds of certain targeted asset sales) will fall below its Consolidated Net Cash Interest Charges during 2016, and it anticipates it will not comply with its financial covenants as of March 31, 2016. Absent waivers or cures, non-compliance with such covenants would constitute a default under the 2013 Credit Facility. It is possible the Compa ny could obtain waivers from its lenders; however, since there is substantial doubt about whether the Company will meet its obligations as they become due within one year after the date of issuance of this report, the Company has classified debt that could become accelerated as current in the consolidated financial statements as of December 31, 2015. To the extent that the lenders demand payment, the Company will then write-off any remaining original issue discounts and any unamortized debt issuance costs related to the debt, which totaled $75.9 million at December 31, 2015. 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 audited consolidated balance sheets as of December 31, 2015 and 2014 includes $74.4 million and $64.7 million , respectively, of deferred financing cost assets (excluding $20.4 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. Inventory. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value“, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable value). The guidance does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The new guidance will be effective prospectively for annual periods beginning after December 15, 2016 (January 1, 2017 for the Company), and interim periods therein, with early adoption permitted.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. Business Combinations. In September 2015, in the interest of simplification, the FASB issued new guidance which requires that measurement period adjustments be recognized in the reporting period in which the adjustment amount is determined. Before the new guidance, an acquirer was required to adjust such provisional amounts by restating prior period financial statements as long as the information necessary to complete the measurement was received within the measurement period. The new standard should be applied prospectively to measurement period adjustments that occur after the effective date. The new standard is effective for interim and annual reporting periods ending after December 15, 2015 and interim periods beginning after December 15, 2017, with early adoption permitted. The impact to the Company's financial statements will depend on any acquisition activity that occurs subsequent to adoption in 2016. Income Taxes. In November 2015, the FASB issued accounting guidance that requires entities to classify all deferred tax assets and liabilities, along with any related valuation allowance as noncurrent on the balance sheet. Under the new guidance, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The new guidance will be effective prospectively or retrospectively for annual periods beginning after December 15, 2016 and interim periods therein, with early adoption permitted. 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. Lease accounting. In February 2016, FASB issued accounting guidance that will require a lessee to recognize in is balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for leases with lease terms of more than 12 months. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Additional qualitative disclosures along with specific quantitative disclosures will also be required. The new guidance will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018 (January 1, 2019 for the Company), with early adoption permitted. Upon adoption, the Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. 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. Sales The Company’s revenue from coal sales is realized and earned when risk of loss passes to the customer. Under the typical terms of the Company’s coal supply agreements, title and risk of loss transfer to the customer at the mine or port, where coal is loaded to the transportation source(s) that serves each of the Company’s mines. The Company incurs certain “add-on” taxes and fees on coal sales. Reported coal sales include taxes and fees charged by various federal and state governmental bodies and the freight charged on destination customer contracts. Other Revenues "Other revenues" include net revenues from coal trading activities as discussed in Note 7. "Coal Trading," as well as coal sales revenues that were derived from the Company’s mining operations and sold through the Company’s coal trading business. Also included are revenues from customer contract-related payments, royalties related to coal lease agreements, sales agency commissions, farm income, property and facility rentals and generation development activities. Royalty income generally results from the lease or sublease of mineral rights to third parties, with payments based upon a percentage of the selling price or an amount per ton of coal produced. Discontinued Operations and Assets Held for Sale The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. Refer to Note 3. "Discontinued Operations" for additional details related to discontinued operations. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less . Inventories Coal is reported as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer. Coal inventory is valued at the lower of average cost or market. Coal inventory costs include labor, supplies, equipment (including depreciation thereto) and operating overhead and other related costs incurred at or on behalf of the mining location. Market represents the estimated net realizable value of the inventory, which considers the projected future sales price of the particular coal product, less applicable selling costs, and, in the case of raw coal, estimated remaining processing costs. The valuation of coal inventory is subject to several additional estimates, including those related to ground and aerial surveys used to measure quantities and processing recovery rates. Materials and supplies inventory is valued at the lower of average cost or market, less a reserve for obsolete or surplus items. This reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. Investments in Marketable Securities The Company’s short-term investments in marketable securities, which are included in "Other current assets" in the consolidated balance sheets, are defined as those investments with original maturities upon purchase of greater than three months and up to one year. Long-term investments, which are included in "Investments and other assets" in the consolidated balance sheets, are defined as those investments with original maturities upon purchase of greater than one year. The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale at the time of purchase and reevaluates such designation periodically. Such investments are classified as held-to-maturity when the Company has the intent and ability to hold the securities to maturity. Investments in debt securities not classified as held-to-maturity and investments in marketable equity securities are classified as available-for-sale. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of income taxes, generally reported in “Accumulated other comprehensive loss” in the consolidated balance sheets. Realized gains and losses, determined on a specific identification method, are included in “Interest income” in the consolidated statements of operations. At each reporting date, the Company performs separate evaluations of its marketable securities to determine if any unrealized losses present are other-than-temporary. Such evaluations involve the consideration of several factors, including, but not limited to, the length of time the market value has been less than cost, the financial condition and near-term prospects of the issuer of the securities and whether the Company has the positive intent and ability to hold the securities until recovery. No such impairment losses were recorded during the year ended December 31, 2015. Refer to Note 2. "Asset Impairment" and Note 5. "Investments" for details regarding other-than-temporary impairment losses of $4.7 million and $21.5 million recognized during the years ended December 31, 2014 and 2013, respectively, related to the Company's marketable equity securities holdings. Property, Plant, Equipment and Mine Development Property, plant, equipment and mine development are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Capitalized interest in 2015 , 2014 and 2013 was immaterial. Expenditures which extend the useful lives of existing plant and equipment assets are capitalized. Maintenance and repairs are charged to operating costs as incurred. Costs incurred to develop coal mines or to expand the capacity of operating mines are capitalized. Costs incurred to maintain current production capacity at a mine are charged to operating costs as incurred. Costs to acquire computer hardware and the development and/or purchase of software for internal use are capitalized and depreciated over the estimated useful lives. Coal reserves are recorded at cost, or at fair value in the case of nonmonetary exchanges, of reserves or business acquisitions. Depletion of coal reserves and amortization of advance royalties is computed using the units-of-production method utilizing only proven and probable reserves (as adjusted for recoverability factors) in the depletion base. Mine development costs are principally amortized over the estimated lives of the mines using the straight-line method. Depreciation of plant and equipment is computed using the straight-line method over the shorter of the asset's estimated useful life or the life of the mine. The estimated useful lives by category of assets are as follows: Years Building and improvements 1 to 32 Machinery and equipment 1 to 32 Leasehold improvements Shorter of Useful Life or Remaining Life of Lease Equity and Cost Method Investments The Company accounts for its investments in less than majority owned corporate joint ventures under either the equity or cost method. The Company applies the equity method to investments in joint ventures when it has the ability to exercise significant influence over the operating and financial policies of the joint venture. Investments accounted for under the equity method are initially recorded at cost and any difference between the cost of the Company’s investment and the underlying equity in the net assets of the joint venture at the investment date is amortized over the lives of the related assets that gave rise to the difference. The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “Loss from equity affiliates.” Similarly, the Company's pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S. dollar is reported in the consolidated balance sheet as a component of "Accumulated other comprehensive loss," with periodic changes thereto reflected in the consolidated statements of comprehensive income. The Company monitors its equity and cost method investments for indicators that a decrease in investment value has occurred that is other than temporary. Examples of such indicators include a sustained history of operating losses and adverse changes in earnings and cash flow outlook. In the absence of quoted market prices for an investment, discounted cash flow projections are used to assess fair value, the underlying assumptions to which are generally considered unobservable Level 3 inputs under the fair value hierarchy. If the fair value of an investment is determined to be below its carrying value and that loss in fair value is deemed other than temporary, an impairment loss is recognized. Refer to Note 2. "Asset Impairment" and Note 5. "Investments" for details regarding other-than-temporary impairment losses of $276.5 million and $43.2 million recorded during the years ended December 31, 2015 and 2013, respectively, related to certain of the Company's equity and cost method investments. No such impairment losses were recorded during the year ended December 31, 2014. Asset Retirement Obligations The Company’s asset retirement obligation (ARO) liabilities primarily consist of spending estimates for surface land reclamation and support facilities at both surface and underground mines in accordance with applicable reclamation laws in the U.S. and Australia as defined by each mining permit. The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering calculations of the amount and timing of the future cash spending for a third party to perform the required work. Spending estimates are escalated for inflation and then discounted at the credit-adjusted, risk-free rate. The Company records an ARO asset associated with the discounted liability for final reclamation and mine closure. The obligation and corresponding asset are recognized in the period in which the liability is incurred. The ARO asset is amortized on the units-of-production method over its expected life and the ARO liability is accreted to the projected spending date. As changes in estimates occur (such as mine plan revisions, changes in estimated costs or changes in timing of the performance of reclamation activities), the revisions to the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate. The Company also recognizes an obligation for contemporaneous reclamation liabilities incurred as a result of surface mining. Contemporaneous reclamation consists primarily of grading, topsoil replacement and re-vegetation of backfilled pit areas. Contingent Liabilities From time to time, the Company is subject to legal and environmental matters related to its continuing and discontinued operations and certain historical, non-coal producing operations. In connection with such matters, the Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses. A determination of the amount of reserves required for these matters is made after considerable analysis of each individual issue. The Company accrues for legal and environmental matters within "Operating costs and expenses" when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company provides disclosure surrounding loss contingencies when it believes that it is at least reasonably possible that a material loss may be incurred or an exposure to loss in excess of amounts already accrued may exist. Adjustments to contingent liabilities are made when additional information becomes available that affects the amount of estimated loss, which information may include changes in facts and circumstances, changes in interpretations of law in the relevant courts, the results of new or updated environmental remediation cost studies and the ongoing consideration of trends in environmental remediation costs. Accrued contingent liabilities exclude claims against third parties and are not discounted. The current portion of these accruals is included in “Accounts payables and accrued expenses” and the long-term portion is included in “Other noncurrent liabilities” in the consolidated balance sheets. In general, legal fees related to environmental remediation an |
Asset Impairment and Mine Closu
Asset Impairment and Mine Closure Costs | 12 Months Ended |
Dec. 31, 2015 | |
Asset Impairment and Mine Closure Costs [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Asset Impairment Year Ended December 31, 2015 The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2015: Reportable Segment Australian Metallurgical Mining Australian Thermal Mining Midwestern U.S. Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 675.2 $ 17.5 $ 40.2 $ 268.4 $ 1,001.3 Equity method investment — — — 276.5 276.5 Total $ 675.2 $ 17.5 $ 40.2 $ 544.9 $ 1,277.8 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 2015 and other adverse market conditions noted during the year 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 and December 31, 2015. Accordingly, the Company reviewed its Australian mining assets for recoverability at those dates and determined that the carrying values of three of its active mines that produce metallurgical coal were not recoverable and recognized impairment charges of $230.5 million and $144.5 million during the three-month periods ended June 30, 2015 and December 31, 2015, respectively, to write those assets down to their estimated fair value. Also during 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 $317.7 million to write down the targeted divestiture assets and abandoned assets to their estimated fair value. Midwestern U.S. Mining The Company identified indicators of impairment to be present for one of its inactive surface mines due to the property no longer being part of the Company's long-term mining plan as a result of the decline in thermal coal prices and a lack of observed interest from potential buyers in acquiring the asset. Accordingly, the Company recognized an impairment charge of $30.5 million to write down the asset to its estimated fair value. The Company generally does not view short-term declines in 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 thermal coal pricing observed during 2015 and other adverse market conditions noted during 2015, the Company identified indicators of impairment to be present for one of its Midwestern U.S. Mining assets. Due to the adverse conditions, the Company's long-term mining plan changed and the asset was no longer part of the long-term mining plan. Accordingly, the Company recognized an impairment charge of $9.7 million to write down the asset to its estimated fair value. Corporate and Other Long-lived Assets. In connection with a similar review of the Company's asset portfolio conducted during 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 December 31, 2015. Accordingly, the Company recognized an impairment charge of $182.2 million to write the assets down to estimated fair value. The Company also identified indicators of impairment to be present for several of its non-strategic undeveloped coal properties due to properties that are no longer part of the Company's long-term mining plan as a result of the decline in thermal coal prices and a lack of observed interest from potential buyers in acquiring those assets. Accordingly, the Company recognized an aggregate impairment charge of $86.2 million to write down the assets to their estimated fair value. Equity Method Investment. Due to the impairment indicators noted above surrounding the Company's Australian platform, the Company similarly reviewed its total investment in Middlemount, which owns the Middlemount Mine in Queensland, Australia, as of December 31, 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. The Company reviewed the loans for impairment and recorded a charge of $229.9 million to write down the full carrying value of the Subordinated Loans. 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 has Priority Loans of $65.2 million which have seniority over the fully impaired Subordinated Loans. The Priority Loans were not impaired as of December 31, 2015 as the Company had the intent and ability to hold the loans to payoff and Middlemount had sufficient assets to settle. 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", 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. Risks and Uncertainties The Company's mining and exploration assets and mining-related investments may be adversely affected by numerous uncertain factors that may cause the Company to be unable to recover all or a portion of the carrying value of those assets. The Company generally does not view short-term declines in thermal and metallurgical coal prices in the markets in which it sells its products as an indicator of impairment. However, the Company generally views a sustained trend (for example, over periods exceeding one year) of adverse coal market pricing or unfavorable changes thereto as a potential indicator of impairment. Because of the volatile and cyclical nature of U.S. and international seaborne coal markets, it is reasonably possible that prices in those market segments may decrease and/or fail to improve in the near term, which, absent sufficient mitigation such as an offsetting reduction in the Company's operating costs, may result in the need for future adjustments to the carrying value of the Company's long-lived mining assets and mining-related investments. The Company's assets whose recoverability and values are most sensitive to near-term pricing include certain Australian metallurgical and thermal assets for which impairment charges were recorded in 2015 and certain U.S. coal properties being leased to unrelated mining companies under agreements that require royalties to be paid as the coal is mined. Such assets had an aggregate carrying value of $186.1 million as of December 31, 2015. The Company conducted a review of those assets for recoverability as of December 31, 2015 and determined that, other than the charges described above, no further impairment charge was necessary as of that date. Year Ended December 31, 2014 The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2014: Reportable Segment Australian Metallurgical Mining Australian Thermal Mining Western U.S. Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 66.7 $ 11.9 $ 2.7 $ 68.4 $ 149.7 Marketable securities — — — 4.7 4.7 Total $ 66.7 $ 11.9 $ 2.7 $ 73.1 $ 154.4 Australian Metallurgical and Thermal Mining In 2014, the Company observed continued weakness in seaborne metallurgical and thermal coal pricing that has persisted longer than the Company previously anticipated and, accordingly, conducted a review of its Australian Metallurgical Mining and Australian Thermal Mining segment assets for recoverability. Based on that evaluation, the following Australian segments were impacted as follows: Australian Metallurgical Mining. The Company determined that the carrying value of one of its active surface mines and a non-strategic undeveloped coal property were not recoverable and correspondingly recognized an aggregate impairment charge of $66.7 million to write those assets down from their carrying value to their estimated fair value. In addition to the impairment indicators surrounding the segment, the fair value of the impaired surface mining operation was affected by a short remaining economic life compared to those of other operations and the incremental cost associated with utilizing a contractor to operate the mine. Australian Thermal Mining. The Company determined that the carrying values of a non-strategic undeveloped coal property was not recoverable and correspondingly recognized an aggregate impairment charge of $11.9 million to write those assets down from its carrying value to their estimated fair value. Corporate and Other. The Company also identified indicators of impairment to be present in 2014 for certain assets in its Corporate and Other segment. Those assets were certain non-strategic undeveloped coal properties in Indiana and Colorado that were found to be impaired due to a lack of observed interest from potential buyers in acquiring those assets, properties that are no longer part of the Company's long-term mining plan and, in the case of certain of the assets, an election by the Company to terminate or allow the lapse of mining-related leases. The Company determined the carrying value of those holdings to not be recoverable and recognized an aggregate impairment charge of $68.4 million to write down the carrying value of the related properties. Marketable Securities Refer to Note 5. "Investments" for additional details surrounding an other-than-temporary impairment charge of $4.7 million recorded during the fourth quarter of 2014 related to the Company's investment in the marketable equity securities of Winsway Enterprises Holdings Limited (Winsway), formally referred to as Winsway Coking Coal Holdings Limited. Year Ended December 31, 2013 The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2013: Reportable Segment Australian Metallurgical Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 390.8 $ 72.8 $ 463.6 Equity method investment — 43.2 $ 43.2 Marketable securities — 21.5 $ 21.5 Total $ 390.8 $ 137.5 $ 528.3 Australian Metallurgical Mining In 2013, the Company determined that the long-lived assets of one of its active surface mines, one of its surface mining development projects that the Company instead decided to pursue as an underground operation and an exploration tenement were not recoverable, in whole or in part, and correspondingly recognized an aggregate impairment charge of $390.8 million to write each of those assets down from its carrying value to its estimated fair value. In addition to weakness in seaborne metallurgical and thermal coal pricing, the fair value of the impaired surface mining operation was affected by a short remaining economic life compared to those of other operations and site-specific adverse changes in 2013 surrounding realized coal quality yields, contractor performance and contract mining terms, the latter of which were amended during the fourth quarter of that period. With respect to the exploration tenement, the Company determined the fair value of that asset based on an indicative sale offer received in December 2013, which constituted a Level 2 input under the fair value hierarchy. That sale was executed in January 2014, as described further in Note 20. "Resource Management and Other Commercial Events." Corporate and Other Long-lived Assets. In December 2013, contract mining at a coal reserve property in the Eastern U.S. substantially ended upon completion of mining within the existing permit area and new permits were not obtained for the remaining reserves at that property due to new permitting conditions that the Company deemed unacceptable and projected poor near-term economic performance. As a result of that decision and a lack of observed interest from certain financial and strategic buyers in acquiring the remaining coal reserves, the Company recorded an impairment charge of $66.3 million to write down the carrying value of the related reserves. Also, in connection with a review of its portfolio of surface land and coal reserve holdings, the Company determined the carrying value of one of its coal reserve holdings leased to a third-party underground miner to not be fully recoverable and recognized an impairment charge of $6.5 million to write down the carrying value of those reserves to their estimated fair value. Equity Method Investment. Refer to Note 5. "Investments" for additional details surrounding an other-than-temporary impairment charge of $43.2 million recognized in 2013 associated with the Company's 50% equity interest in Middlemount. Marketable Securities. Refer to Note 5. "Investments" for additional details surrounding an other-than-temporary impairment charge of $21.5 million recorded during the second quarter of 2013 related to the Company's investment in Winsway marketable equity securities. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Discontinued operations include former Australian Thermal Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested legacy operations, including Patriot Coal Corporation and certain of its wholly-owned subsidiaries (Patriot). Summarized Results of Discontinued Operations Results from discontinued operations were as follows during the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 (Dollars in millions) Loss from discontinued operations before income taxes $ (182.2 ) $ (23.8 ) $ (329.7 ) Income tax (provision) benefit 7.2 (4.4 ) 103.1 Loss from discontinued operations, net of income taxes $ (175.0 ) $ (28.2 ) $ (226.6 ) There were no significant revenues from discontinued operations during the years ended December 31, 2015 and 2014. Total revenues associated with discontinued operations amounted to $136.5 million during the year ended December 31, 2013. Assets and Liabilities of Discontinued Operations Assets and liabilities classified as discontinued operations included in the Company's consolidated balance sheets were as follows: December 31, 2015 2014 (Dollars in millions) Assets: Other current assets $ 3.1 $ 0.3 Investments and other assets 13.2 16.3 Total assets classified as discontinued operations $ 16.3 $ 16.6 Liabilities: Accounts payable and accrued expenses $ 60.0 $ 12.5 Other noncurrent liabilities 203.7 109.8 Total liabilities classified as discontinued operations $ 263.7 $ 122.3 Patriot-Related Matters. Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" for information surrounding charges recorded during the year ended December 31, 2015 associated with the bankruptcy of 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 year ended December 31, 2015 is a $9.7 million charge related to that litigation. Refer to Note 24. "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. 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 material conditions, including without limitation the purchaser’s ability to obtain financing for the transaction and negotiation of satisfactory port access arrangements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of December 31, 2015 and December 31, 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Materials and supplies $ 115.9 $ 143.6 Raw coal 75.9 115.0 Saleable coal 116.0 147.9 Total $ 307.8 $ 406.5 Materials and supplies inventories presented above have been shown net of reserves of $4.7 million and $4.6 million as of December 31, 2015 and 2014 , respectively. |
Investments Investments (Notes)
Investments Investments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments Investments in Marketable Securities Investments in available-for-sale securities were liquidated prior to December 31, 2015 . 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 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 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 year ended December 31, 2015, resulting in a less than $0.1 million gain compared to the adjusted cost basis of the securities. Proceeds from sales and maturities of available-for-sale debt securities amounted to $90.3 million , $13.5 million and $22.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company realized zero net gains associated with those sales and maturities during the years ended December 31, 2015 and 2014 and $0.2 million during the year ended December 31, 2013. At each reporting date, the Company performs separate evaluations of debt and equity securities to determine if any unrealized losses are other-than-temporary. Given the duration and severity of the market losses incurred and in certain historical periods in connection with Winsway's credit downgrades, the Company recognized other-than-temporary impairment losses of $4.7 million , and $21.5 million during the fourth quarter of 2014 and second quarter of 2013, respectively, each time resetting the cost basis of the Company's investment. In November 2012, the Company purchased $4.8 million of time deposits denominated in Chinese Renminbi with six month maturities. Proceeds from the maturity of those investments amounted to $4.8 million in the year ended December 31, 2013. The Company had no held-to-maturity securities at December 31, 2015 and 2014. Equity Method Investments The Company’s equity method investments include its joint venture interest in Middlemount, which was acquired in connection with the 2011 acquisition of PEA-PCI (formerly Macarthur Coal Limited), in addition to certain other equity method investments. The table below summarizes the book value of those investments, which is reported in “Investments and other assets” in the consolidated balance sheets, and the related loss from equity affiliates: Book Value at December 31, Loss from Equity Affiliates for the Year Ended December 31, 2015 2014 2015 2014 2013 (Dollars in millions) Equity interest in Middlemount Coal Pty Ltd $ — $ 58.0 $ 7.0 $ 98.5 $ 33.5 Other equity method investments 4.7 7.3 8.9 9.1 6.7 Total equity method investments $ 4.7 $ 65.3 $ 15.9 $ 107.6 $ 40.2 During the years ended December 31, 2015 , 2014 and 2013 , Middlemount generated revenues of approximately $160 million , $165 million and $157 million (on a 50% basis). During the year ended December 31, 2015 , due to sustained weakness in seaborne metallurgical coal prices that had persisted longer than the Company had previously anticipated, a history of operating losses at the mine and the magnitude of the difference between the estimated fair value and the carrying value of its equity investment, the Company determined the carrying value of its equity investment in Middlemount to be other-than-temporarily impaired. Correspondingly, the Company recorded an impairment charge of $46.6 million to write down the carrying value of its equity investment. The Company determined its Subordinated Loans to Middlemount were also fully impaired resulting in an additional impairment charge of $229.9 million . A total impairment charge related to Middlemount of $276.5 million was reflected in "Asset impairment" in the consolidated statement of operations for year ended December 31, 2015. Refer to Note 2. "Asset Impairment" for additional background surrounding the impairment charge recognized in 2015. At December 31, 2015, the Company had priority loans related to Middlemount with a carrying value of $65.2 million reflected in "Investments and other assets". Refer to Note 8. "Financing Receivables" for additional background on the Company's loans with Middlemount as of December 31, 2015. In 2014, the Company recorded to "Loss from equity affiliates" its pro-rata share of a valuation allowance of $52.3 million on Middlemount's Australian net deferred tax assets. Based on a Middlemount's history of operating losses driven by sustained weakness in seaborne metallurgical coal prices, and considering available sources of taxable income, it was determined in 2014 that the net deferred tax assets are no longer considered more likely than not of being realized. There is no remaining unamortized basis difference as of December 31, 2015 between the amount at which the Company's equity investment in Middlemount is carried and the amount of underlying equity in net assets of Middlemount. Middlemount had current assets, noncurrent assets, current liabilities and noncurrent liabilities of $31.7 million , $348.0 million , $362.2 million and $10.5 million , respectively, as of December 31, 2015 and $27.8 million , $424.4 million , $382.9 million and $11.3 million , respectively, as of December 31, 2014 (on a 50% basis). In addition to its equity method investment, the Company periodically makes loans to Middlemount pursuant to the related shareholders' agreement. Refer to Note 8. "Financing Receivables" for additional details surrounding those loans. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives and Fair Value Measurements [Abstract] | |
Derivatives and Fair Value [Text Block] | 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. 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 through the use of derivatives, such as swaps or options, and to a lesser extent through the use of 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 December 31, 2015 : Notional Amount by Year of Maturity Total 2016 2017 Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,530.0 $ 1,007.0 $ 523.0 Commodity Contracts Diesel fuel hedge contracts (million gallons) 148.8 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) $ 1,530.0 $ — $ — $ (200.7 ) Commodity Contracts Diesel fuel hedge contracts (million gallons) 148.8 — — (123.7 ) Based on the net fair value of the Company’s non-coal trading commodity contract hedge positions held in “Accumulated other comprehensive loss” at December 31, 2015 , the Company expects to reclassify net unrealized losses associated with the Company’s diesel fuel hedge programs of approximately $86 million from comprehensive income into earnings over the next 12 months. Based on net unrealized losses associated with the Company's foreign currency hedge contract portfolio, partially offset by unrecognized realized gains related to foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012 held in "Accumulated other comprehensive loss" at December 31, 2015 , the net loss expected to be reclassified from comprehensive income to earnings over the next 12 months associated with that hedge program is approximately $146 million . The actual amounts that will impact earnings will exclude the reserve within accumulated other comprehensive income associated with credit and non-performance risk. 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 transaction, 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 non-coal trading hedges during the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 Income Statement Classification Loss recognized in other comprehensive income on derivative (effective portion) Loss reclassified from other comprehensive income into income (effective portion) (1) Gain reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (77.0 ) $ (122.0 ) $ 1.6 Foreign currency forward contracts Operating costs and expenses (122.0 ) (316.4 ) — Total $ (199.0 ) $ (438.4 ) $ 1.6 (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. Year Ended December 31, 2014 Income Statement Classification Loss recognized in other comprehensive income on derivative (effective portion) Loss reclassified from other comprehensive income into income (effective portion) (1) Loss reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (194.5 ) $ (20.6 ) $ (1.7 ) Foreign currency forward contracts Operating costs and expenses (100.9 ) (27.3 ) — Total $ (295.4 ) $ (47.9 ) $ (1.7 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $136.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Year Ended December 31, 2013 Income Statement Classification Gains (Losses) - Realized Gain (loss) recognized in other comprehensive income on derivative (effective portion) Gain reclassified from other comprehensive income into income (effective portion) Loss reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ 12.5 $ 11.9 $ (0.5 ) Foreign currency forward contracts Operating costs and expenses (597.8 ) 162.4 — Total $ (585.3 ) $ 174.3 $ (0.5 ) Cash Flow Presentation. The Company classifies the cash effects of its non-coal trading derivatives within the "Cash Flows From Operating Activities" section of the consolidated statements of cash flows during the period of settlement for those instruments. In November 2012, with the Australian dollar trading at elevated levels against the U.S. dollar, the Company terminated certain of its Australian dollar forward contracts in exchange for aggregate realized cash proceeds of $151.8 million . Prior to discontinuation, those contracts comprised an aggregate notional amount of $1.9 billion originally contracted for settlement during 2014 and 2015 and were designated as cash flow hedges of Australian dollar expenditures forecasted to occur at those times. Upon termination, the Company executed at-market Australian dollar forward contracts with notional amounts and forward settlement dates identical to the terminated contracts and designated those replacement contracts as cash flow hedges of the anticipated future Australian dollar expenditures previously hedged by the terminated contracts. Because those forecasted expenditures remained probable of occurring upon termination, the Company continued to reflect the effective portion of the realized gains on the terminated forward contracts in "Accumulated other comprehensive loss." During the year ended December 31, 2014, the Company reclassified $136.9 million of those gains from "Accumulated other comprehensive loss" into earnings, with the remaining $14.9 million reclassified during the year ended December 31, 2015. Offsetting and Balance Sheet Presentation The Company's non-coal trading 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 non-coal trading 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 non-coal trading derivatives exist at the overall counterparty level across its foreign currency and diesel fuel hedging strategy derivative contract portfolios, it is the Company's accounting policy 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 non-coal trading derivatives with each counterparty by derivative contract portfolio on a routine basis. The classification and amount of non-coal trading derivative financial instruments presented on a gross and net basis as of December 31, 2015 and 2014 are presented in the table that follows. Fair Value of Liabilities Presented in the Consolidated Balance Sheet as of December 31, 2015 (1) Fair Value of Liabilities Presented in the Consolidated Balance Sheet as of December 31, 2014 (1) Financial Instrument Current Liabilities: Commodity swap contracts $ 86.1 $ 100.1 Foreign currency forward contracts 145.6 241.0 Total $ 231.7 $ 341.1 Noncurrent Liabilities: Commodity swap contracts $ 37.6 $ 67.0 Foreign currency forward contracts 55.1 169.0 Total $ 92.7 $ 236.0 (1) All commodity swap contracts and foreign currency forward contracts were in a liability position as of December 31, 2015 and 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 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 7. "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 (liability) asset positions for which fair value is measured on a recurring basis: December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ — $ — $ — $ — Commodity swap contracts — — (123.7 ) (123.7 ) Foreign currency forward contracts — — (200.7 ) (200.7 ) Total net financial liabilities $ — $ — $ (324.4 ) $ (324.4 ) 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 forward 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 (greater than 10% of fair value), 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 December 31, 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 December 31, 2015: Range Weighted Input Low High Average Credit and non-performance risk 26 % 36 % 30 % 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: Year Ended December 31, 2015 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ — $ — $ — Transfers into Level 3 76.0 259.8 335.8 Total net losses realized/unrealized: Included in earnings (0.2 ) — (0.2 ) Included in other comprehensive income 112.8 103.0 215.8 Settlements (64.9 ) (162.1 ) (227.0 ) End of period $ 123.7 $ 200.7 $ 324.4 The Company had no transfers between Levels 1 and 2 or transfers out of Level 3 during the year ended December 31, 2015 and 2014 or transfers into Level 3 for the year ended December 31, 2014. Transfers into Level 3 of liabilities previously classified in Level 2 during the year ended December 31, 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: Year Ended December 31, 2015 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Changes in net unrealized losses (1) $ 56.7 $ 31.7 $ 88.4 (1) Within the consolidated statements of operations and 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 following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of December 31, 2015 and 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: December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in millions) Long-term debt $ 6,315.6 $ 1,372.7 $ 5,986.8 $ 5,227.9 Credit and Nonperformance Risk The fair value of the Company’s non-coal trading 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 continual 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. The Company performed an assessment of its own nonperformance risk in light of the three rating agencies downgrading the Company's corporate credit rating during 2015 and declining financial results. The Company determined its hedging relationships were expected to be "highly effective" throughout 2015 based on its quarterly assessments. However, as a result of a deterioration in the Company's credit profile, the Company could no longer assert, as of December 31, 2015, that its hedging relationships were expected to be "highly effective" at offseting the changes in the anticipated exposure of the hedged item. Therefore, previous fair value adjustments recorded in Accumulated Other Comprehensive Loss will be frozen until the underlying transaction impacts the Company's earnings and subsequent fair value adjustments will be recorded directly to income. |
Coal Trading
Coal Trading | 12 Months Ended |
Dec. 31, 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 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 years ended December 31, 2015 , 2014 and 2013 were as follows: Year Ended December 31, Trading Revenues by Type of Instrument 2015 2014 2013 (Dollars in millions) Commodity futures, swaps and options $ 107.3 $ 92.3 $ 183.9 Physical commodity purchase/sale contracts (64.5 ) (33.9 ) (117.9 ) Total trading revenues $ 42.8 $ 58.4 $ 66.0 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 Company had no coal trading positions designated as cash flow hedges of forecasted sales as of December 31, 2015 , while the gross fair value of coal trading positions designated as cash flow hedges of forecasted sales was an asset of $44.3 million as of December 31, 2014 . 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 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 December 31, 2015 and 2014 is set forth below: Affected line item in the consolidated balance sheets Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Variation margin (held) posted (1) Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets (Dollars in millions) Fair Value as of December 31, 2015 Assets from coal trading activities, net $ 128.6 $ (87.3 ) $ (17.8 ) $ 23.5 Liabilities from coal trading activities, net (110.0 ) 87.3 7.1 (15.6 ) Total, net $ 18.6 $ — $ (10.7 ) $ 7.9 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) $0.8 million and none of the net variation margin held at December 31, 2015 and 2014 , respectively, related to cash flow hedges. See Note 6. "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 December 31, 2015 and 2014 : December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ — $ 3.3 $ — $ 3.3 Physical commodity purchase/sale contracts — 20.2 (15.6 ) 4.6 Total net financial (liabilities) assets $ — $ 23.5 $ (15.6 ) $ 7.9 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) except when credit and non-performance risk is considered to be a significant input (greater than 10% of fair value), then the company classifies as Level 3. Physical 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 December 31, 2015 are considered to be significant unobservable inputs in the valuation of the contracts resulting in Level 3 classification. The Company had transfers into Level 3 of liabilities previously classified in Level 2 during the year ended December 31, 2015 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 had no transfers between Levels 1 and 2 or transfers out of Level 3 during the year ended December 31, 2015 or 2014 or transfers into Level 3 for the year ended December 31, 2014. 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 following table summarizes the quantitative unobservable inputs utilized in the Company's internally-developed valuation models for physical commodity purchase/sale contracts classified as Level 3 as of December 31, 2015 : Range Weighted Input Low High Average Quality adjustments 1 % 13 % 4 % Location differentials 11 % 11 % 11 % Credit and non-performance risk 26 % 26 % 26 % Significant increases or decreases in the inputs in isolation could result in a significantly higher or lower fair value measurement. The unobservable inputs do not have a direct interrelationship; therefore, a change in one unobservable input would not necessarily correspond with a change in another unobservable input. The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Beginning of period $ 2.1 $ 2.1 $ 5.2 Transfers into Level 3 (4.4 ) — — Total gains realized/unrealized: Included in earnings (10.1 ) 6.7 0.3 Purchases (0.5 ) — — Sales (0.1 ) — — Settlements (2.6 ) (6.7 ) (3.4 ) End of period $ (15.6 ) $ 2.1 $ 2.1 The Company had no transfers between Levels 1 and 2 or transfers out of Level 3 during the year ended December 31, 2015, 2014 or 2013 or transfers into Level 3 for the years ended December 31, 2014 and 2013. Transfers into Level 3 of liabilities previously classified in Level 2 during the year ended December 31, 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) gains relating to Level 3 net financial assets held both as of the beginning and the end of the period: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Changes in unrealized (losses) gains (1) $ (6.2 ) $ 2.1 $ (0.4 ) (1) Within the consolidated statements of operations and consolidated statements of comprehensive income for the periods presented, unrealized gains and 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. As of December 31, 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. As of December 31, 2015 , the timing of the estimated future realization of the value of the Company’s trading portfolio, on a cumulative cash basis, was as follows: Percentage of Year of Expiration Portfolio Total 2016 109 % 2017 (11 )% 2018 2 % 100 % 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. As of December 31, 2015 , 70% of the Company’s credit exposure related to coal trading activities with investment grade counterparties, while 14% was with non-investment grade counterparties and 16% 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 December 31, 2015 and 2014 , would have amounted to collateral postings to counterparties of approximately $21 million and $31 million , respectively. As of December 31, 2015 and 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. During 2015, each of the three agencies downgraded the Company's 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 those 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 December 31, 2015 and 2014 based on the aggregate fair value of all derivative trading instruments with such features. As of December 31, 2015 and 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 December 31, 2015 and 2014 , the Company held net variation margin of $10.7 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 December 31, 2015 and 2014 , the Company had posted initial margin of $9.2 million and $15.2 million , respectively, which is reflected in “Other current assets” in the consolidated balance sheets. The Company had posted $0.7 million of margin in excess of the required variation and initial margin as of December 31, 2015 , while it had posted $6.1 million of excess margin as of December 31, 2014 . |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivables | Financing Receivables The Company's total financing receivables as of December 31, 2015 and 2014 consisted of the following: Balance Sheet Classification December 31, 2015 December 31, 2014 (Dollars in millions) Other current assets $ 20.0 $ — Investments and other assets 65.2 347.2 Total financing receivables $ 85.2 $ 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 December 31, 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, resulting in an adjustment to the discounted value of the note receivable in the amount of $1.6 million . This adjustment was recorded as a reduction to "Interest income" in the consolidated statements of operations for the year ended December 31, 2013. 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 $20.0 million and $27.6 million at December 31, 2015 and 2014 , respectively, and was recorded in "Other current assets" and "Investments and other assets" in the consolidated balance sheets, respectively. Middlemount Mine. 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% and 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 consolidated balance sheets and the consolidated statements of comprehensive income and (2) interest income on the Priority Loans is recognized when cash is received. Refer to Note 2. "Asset Impairment" for background surrounding the impairment charge recognized in 2015 related to Middlemount. The carrying value of the loans of $65.2 million and $319.6 million was reflected in "Investments and other assets" in the consolidated balance sheets as of December 31, 2015 and 2014 , respectively. |
Property, Plant, Equipment and
Property, Plant, Equipment and Mine Development (Notes) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and December 31, 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Land and coal interests $ 10,503.7 $ 11,021.1 Buildings and improvements 1,506.0 1,569.1 Machinery and equipment 2,280.4 2,685.7 Less: Accumulated depreciation, depletion and amortization (5,031.6 ) (4,698.6 ) Total, net $ 9,258.5 $ 10,577.3 The net book value of coal reserves totaled $5.7 billion as of December 31, 2015 and $6.2 billion as of December 31, 2014 , which excludes the carrying value of acquired interests in mineral rights at certain Australian exploration properties of $1.2 billion and $1.3 billion , respectively. The coal reserves include mineral rights for leased coal interests and advance royalties that had a net book value of $4.6 billion as of December 31, 2015 and $5.0 billion as of December 31, 2014 . The remaining net book value of coal reserves of $1.1 billion at December 31, 2015 and $1.2 billion at December 31, 2014 relates to coal reserves held by fee ownership. Amounts attributable to coal reserves at properties where the Company was not currently engaged in mining operations or leasing to third parties and, therefore, the coal reserves were not currently being depleted, was $1.7 billion as of December 31, 2015 and $2.1 billion as of December 31, 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loss from continuing operations before income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) U.S. $ (515.9 ) $ 268.9 $ 220.6 Non-U.S. (1,474.4 ) (816.8 ) (954.9 ) Total $ (1,990.3 ) $ (547.9 ) $ (734.3 ) Total income tax (benefit) provision for the years ended December 31, 2015, 2014 and 2013 consisted of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Current: U.S. federal $ (71.9 ) $ 27.1 $ (47.9 ) Non-U.S. 3.7 (61.1 ) 38.4 State (0.6 ) 3.3 (4.7 ) Total current (68.8 ) (30.7 ) (14.2 ) Deferred: U.S. federal (117.4 ) 111.0 4.8 Non-U.S. 15.7 122.3 (440.3 ) State (5.9 ) (1.4 ) 1.4 Total deferred (107.6 ) 231.9 (434.1 ) Total income tax (benefit) provision $ (176.4 ) $ 201.2 $ (448.3 ) The following is a reconciliation of the expected statutory federal income tax benefit to the Company’s income tax (benefit) provision for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Expected income tax benefit at U.S. federal statutory rate $ (696.6 ) $ (191.7 ) $ (257.0 ) Changes in valuation allowance, income tax 462.0 569.4 (29.4 ) Changes in tax reserves (21.4 ) (81.5 ) 8.8 Excess depletion (53.7 ) (65.3 ) (72.7 ) Foreign earnings repatriation — (71.4 ) — Foreign earnings provision differential 146.5 28.8 62.7 General business tax credits (15.7 ) (19.2 ) (18.9 ) Minerals resource rent tax, net of federal tax — 16.1 (87.4 ) Remeasurement of foreign income tax accounts (0.5 ) (2.7 ) (44.3 ) State income taxes, net of federal tax benefit (20.1 ) (2.3 ) (0.2 ) Other, net 23.1 21.0 (9.9 ) Total income tax (benefit) provision $ (176.4 ) $ 201.2 $ (448.3 ) Certain reconciliation items included in the above table exclude the remeasurement of foreign income tax accounts as these foreign currency effects are separately presented. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Deferred tax assets: Tax credits and loss carryforwards $ 1,817.4 $ 1,723.5 Accrued postretirement benefit obligations 372.4 372.3 Asset retirement obligations 160.9 167.0 Employee benefits 69.6 70.7 Payable to voluntary employee beneficiary association for certain Patriot retirees (1) 52.9 79.2 Hedge activities 26.6 44.2 Environmental contingencies — 29.9 Deferred revenue — 29.1 Financial guarantees 16.9 16.9 Workers’ compensation obligations 13.7 6.2 Other 66.7 50.5 Total gross deferred tax assets 2,597.1 2,589.5 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 966.6 1,223.4 Unamortized discount on Convertible Junior Subordinated Debentures 130.3 131.0 Investments and other assets 70.1 73.4 Other — 1.1 Total gross deferred tax liabilities 1,167.0 1,428.9 Valuation allowance, income tax (1,447.3 ) (1,169.0 ) Net deferred tax liability $ (17.2 ) $ (8.4 ) Deferred taxes are classified as follows: Current deferred income taxes $ 49.7 $ 80.0 Noncurrent deferred income taxes (66.9 ) (88.4 ) Net deferred tax liability $ (17.2 ) $ (8.4 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. The Company's tax credits and tax effected loss carryforwards included U.S. alternative minimum tax (AMT) credits of $272.5 million , foreign tax credits of $247.0 million , tax general business credits of $105.4 million , U.S. capital losses of $65.9 million , federal net operating loss (NOL) carryforwards of $9.9 million , state NOL carryforwards of $41.3 million , charitable contribution carryforwards of $0.9 million and foreign NOL carryforwards of $1,074.5 million as of December 31, 2015. The AMT credits and foreign NOLs have no expiration date. The federal NOLs expire in 2036. The U.S. capital losses and state NOLs begin to expire in 2017 and 2018, respectively. The foreign tax credits and general business credits begin to expire in 2020 and 2027, respectively. In assessing the near-term use of NOLs and tax credits and corresponding valuation allowance adjustments, the Company evaluated the expected level of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in carryback years. During the year ended December 31, 2015, the Company continued to record valuation allowance against net deferred tax asset positions in the U.S. and Australia of $177.0 million and $101.3 million , respectively. Recognition of those valuation allowances was driven by recent cumulative book losses, as determined by considering all sources of available income (including items classified as discontinued operations or recorded directly to "Accumulated other comprehensive loss"), which limited the Company’s ability to look to future taxable income in assessing the realizability of the related assets. Of the $177.0 million increase in U.S. valuation allowance during the year ended December 31, 2015, $182.7 million and $(5.7) million were reflected in "Income tax (benefit) provision" and "Accumulated other comprehensive loss," respectively. Unrecognized Tax Benefits Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2015 and 2014: December 31, 2015 2014 (Dollars in millions) Accounts payable and accrued expenses $ — $ — Deferred income taxes 7.9 6.2 Other noncurrent liabilities 11.7 34.7 Net unrecognized tax benefits $ 19.6 $ 40.9 Gross unrecognized tax benefits $ 22.9 $ 44.5 The amount of the Company's gross unrecognized tax benefits decreased by $21.6 million since January 1, 2015 due to the finalization of IRS audits on the 2009 through 2013 tax years, offset by additions for current positions. The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate was $19.6 million and $40.9 million at December 31, 2015 and 2014, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Balance at beginning of period $ 44.5 $ 143.9 $ 122.8 Additions for current year tax positions 2.3 12.0 6.3 (Reductions) additions for prior year tax positions (23.5 ) — 63.8 Reductions for settlements with tax authorities (0.4 ) (111.4 ) — Reductions for expirations of statutes of limitations — — (49.0 ) Balance at end of period $ 22.9 $ 44.5 $ 143.9 The Company recognizes interest and penalties related to unrecognized tax benefits in its income tax provision. The Company reversed gross interest and penalties of $2.1 million , $8.0 million and $36.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company had $0.4 million and $3.4 million of accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2015 and 2014, respectively. The Company expects that during the next twelve months there will be no changes to its net unrecognized tax benefits due to potential audit settlements and the expiration of statutes of limitations. Tax Returns Subject to Examination The IRS completed its audit of 2009 through 2013 income tax years. The Company's state income tax returns for the tax years 1999 and thereafter remain potentially subject to examination by various state taxing authorities due to NOL carryforwards. The ATO completed its audit of the Company's Australian income tax returns for the tax years 2004 through 2009 as well as its review of the tax years 2010 through 2012. Australian income tax returns for tax years 2010 through 2013 continue to be subject to potential examinations by the ATO. Foreign Earnings The Company had immaterial undistributed earnings of foreign subsidiaries as of December 31, 2015. Historically, the Company has not provided for deferred taxes on undistributed earnings because such earnings are considered to be indefinitely reinvested outside of the U.S. Tax Payments and Refunds The following table summarizes the Company’s income tax (refunds) payments, net for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (Dollars in millions) U.S. — federal $ (38.1 ) $ (7.7 ) $ (0.8 ) U.S. — state and local 0.4 (6.8 ) 2.9 Non-U.S. 11.9 (2.2 ) 79.8 Total income tax (refunds) payments, net $ (25.8 ) $ (16.7 ) $ 81.9 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: December 31, 2015 2014 (Dollars in millions) Trade accounts payable $ 333.3 $ 461.7 Commodity and foreign currency hedge contracts 231.7 341.1 Other accrued expenses 225.8 298.8 Accrued payroll and related benefits 191.9 268.7 Accrued taxes other than income 135.9 175.3 Payable to voluntary employee beneficiary association for certain Patriot retirees (1) 75.0 75.0 Accrued interest 68.8 48.4 Accrued royalties 41.0 61.5 Asset retirement obligations 25.5 30.2 Accrued environmental cleanup-related costs 23.9 19.4 Accrued health care insurance 15.8 2.4 Workers’ compensation obligations 8.6 10.9 Income taxes payable 6.8 3.3 Other 2.3 — — Liabilities associated with discontinued operations 60.0 12.5 Total accounts payable and accrued expenses $ 1,446.3 $ 1,809.2 (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Long-term Debt The Company’s total indebtedness as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) 2013 Term Loan Facility due September 2020 $ 1,164.9 $ 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 978.4 — — 7.875% Senior Notes due November 2026 247.7 247.6 Convertible Junior Subordinated Debentures due December 2066 385.2 382.3 Capital lease obligations 30.3 22.2 Other 0.7 1.2 Total $ 6,315.6 $ 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 December 2026 and the Convertible Junior Subordinated Debentures due December 2066 (the Debentures) have been presented above net of the respective unamortized original issue discounts. As described in Note 1. "Summary of Significant Accounting Policies", the Company has classified as current all of its long-term debt with the exception of the Debentures as of December 31, 2015. 2013 Credit Facility On September 24, 2013, the Company entered into a secured credit agreement (as amended, the 2013 Credit Facility), which 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). In connection with the closing of the 2013 Credit Facility, the Company borrowed $1.19 billion under the 2013 Term Loan Facility, net of original issue discount of $12.0 million that will be amortized over its seven-year term, and transferred $94.7 million of existing letters of credit from its unsecured credit agreement dated as of June 18, 2010 (as amended, the 2010 Credit Agreement). The 2013 Revolver commitment will mature on September 24, 2018, or on August 15, 2018 if the Company’s 6.00% Senior Notes due 2018 are still in existence on such date. The 2013 Term Loan Facility matures on September 24, 2020. The Company capitalized total deferred financing costs of $18.3 million and $10.1 million related to the 2013 Revolver and 2013 Term Loan Facility, respectively, to be amortized over the respective five- and seven-year terms of those facilities. Proceeds of the 2013 Term Loan Facility were used primarily to pay off amounts outstanding under the 2010 Credit Agreement and the Company's unsecured credit agreement dated October 28, 2011 (as amended), which had then-outstanding principal amounts of $301.8 million and $862.5 million , respectively. The Company recognized expense of $11.5 million on the write-off of previously deferred financing costs related to those facilities during the year ended December 31, 2013, which was classified in "Interest expense" in the consolidated statement of operations. All borrowings under the 2013 Credit Facility (other than swingline borrowings and borrowings denominated in currencies other than U.S. dollars) bear interest, at the Company’s option, at either a base rate (subject to a floor of 2.00% for borrowings under the 2013 Term Loan Facility) or a eurocurrency rate (subject to a floor of 1.00% for borrowings under the 2013 Term Loan Facility), each as defined in the 2013 Credit Facility, plus: (1) in the case of the 2013 Term Loan Facility, a margin of 2.25% and 3.25% per year for borrowings bearing interest at the base rate and the eurocurrency rate, respectively; or (2) in the case of the 2013 Revolver, a margin dependent on the Company's consolidated net leverage ratio, as defined in the 2013 Credit Facility, ranging from 0.75% to 1.50% and 1.75% to 2.50% per year for borrowings bearing interest at the base rate and eurocurrency rate, respectively. As of December 31, 2015 the Company had $1,164.9 million outstanding under the 2013 Term Loan Facility with an interest rate payable of LIBOR (with a floor of 1.00% ) plus 3.25% , or 4.25% in total. The Company pays a usage-dependent commitment fee under the 2013 Revolver, which is dependent upon the Company's consolidated net leverage ratio, as defined in the 2013 Credit Facility, and ranges from 0.375% to 0.500% of the available unused commitment. In addition, the Company pays a letter of credit fee, which is also dependent upon the Company's leverage ratio and ranges from 1.75% to 2.50% per year of the undrawn amount of each letter of credit, and a fronting fee equal to 0.125% per year of the face amount drawn under each letter of credit. The 2013 Term Loan Facility is subject to quarterly amortization of 0.25% per quarter that commenced on October 1, 2013, with the final payment of all amounts outstanding (including accrued interest) being due on September 24, 2020. Subject to customary reinvestment rights, the 2013 Credit Facility is subject to mandatory prepayment and permanent commitment reduction provisions. These provisions include a requirement to prepay the loans with total net proceeds from certain asset sales exceeding $500 million in the aggregate, including certain asset sales by domestic unrestricted subsidiaries or domestic joint ventures of 50% or more of their assets or equity individually or in the aggregate exceeding $200 million . To the extent that mandatory prepayments and or permanent commitment reductions are required, prepayments shall be applied to prepay the term loan borrowings and, once no term loan borrowings are outstanding, the revolving commitments shall be permanently reduced by an amount that depends on the amount of revolving commitments in existence at the time of such reduction. Under the 2013 Revolver, the Company must comply with two financial covenants on a quarterly basis, which are a maximum net secured first lien leverage ratio and a minimum interest coverage ratio. The Company's Consolidated Net Secured First Lien Leverage Ratio was approximately 1.6 to 1.0 and the Consolidated Interest Coverage Ratio was approximately 1.3 to 1.0 , in each case, as of December 31, 2015. The Company was in compliance with those covenants as of December 31, 2015 . The Company is permitted to pay dividends, buy and sell assets and make redemptions or repurchases of capital stock, subject to restrictions imposed by the 2013 Credit Facility. That agreement also imposes certain restrictions on the Company's ability to incur liens, incur debt, make investments (including acquisitions), engage in fundamental changes such as mergers and dissolutions, dispose of assets, change the nature of its business, enter into transactions with affiliates, enter into agreements that restrict the Company's ability to make dividends or distributions, enter into agreements with negative pledge clauses, make dividends from the top-level Gibraltar holding company of the Company's Australian operations to the Company's domestic subsidiaries in an amount in excess of $500 million per year and incur liens securing indebtedness on the Company’s “Principal Property” and “Capital Stock” (as such quoted terms are used in the Company’s Senior Notes indentures). It also contains customary events of default. The agreement generally does not restrict the intercompany loans and advances, provided that certain of such loans and advances are subordinated to the Company’s and its subsidaries obligations under the 2013 Credit Facility. As of December 31, 2015 , the Company had no borrowings under the 2013 Revolver, but had $710.0 million of letters of credit outstanding. The remaining capacity under the 2013 Revolver at December 31, 2015 was $940.0 million . The interest rate payable on the 2013 Revolver was LIBOR plus 2.25% , or 2.67% at December 31, 2015 . During February 2016, the Company borrowed the maximum amount available under the 2013 Revolver, leaving no remaining capacity. 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 Australian operations of the Company, (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 $5.5 billion at December 31, 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 described below, 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 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 for the Company to utilize the general liens basket in the Company’s Senior Notes indentures. On February 5, 2015, the Company entered into the Omnibus Amendment Agreement (the First Amendment) related to its 2013 Credit Facility. 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 covenants in 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 amount 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 year ended December 31, 2015 , which will be amortized over the remaining terms of the 2013 Revolver and the 2013 Term Loan Facility. Under the 2013 Credit Facility, the secured obligations include: term loans outstanding, revolver borrowings, letters of credit outstanding, Swap Obligations and Cash Management Obligations, each as defined in the 2013 Credit Facility. 6.00%, 6.25%, 6.50% and 7.875% Senior Notes (collectively the Senior Notes) The Senior Notes are senior unsecured obligations and rank senior in right of payment to any subordinated indebtedness; equally in right of payment with any senior indebtedness; are effectively junior in right of payment to the Company’s secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and effectively junior to all the indebtedness and other liabilities of its subsidiaries that do not guarantee the notes. The Senior Notes are jointly and severally guaranteed by nearly all of the Company’s domestic subsidiaries, as defined in the note indentures. The note indentures contain covenants that, among other things, limit the Company’s ability to create liens and enter into sale and lease-back transactions. The Senior Notes are redeemable at a redemption price equal to 100% of the principal amount of the notes being redeemed plus a make-whole premium and any accrued unpaid interest to the redemption date. If the Company experiences specific kinds of changes in control and the credit rating assigned to the Senior Notes declines below specified levels within 90 days of that time, holders of such notes have the right to require the Company to repurchase their notes at a repurchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of repurchase. Interest payments on the Senior Notes are scheduled to occur each year as follows: Senior Notes Interest Payment Dates 6.00% Senior Notes May 15 and November 15 6.25% Senior Notes May 15 and November 15 6.50% Senior Notes March 15 and September 15 7.875% Senior Notes May 1 and November 1 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, 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. 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. The remaining proceeds were used for general corporate purposes. 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 year ended December 31, 2015 related to the offering, which will also be amortized over the term 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 the tender offer. 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 consolidated statement of operations for the year ended December 31, 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 . Convertible Junior Subordinated Debentures As of December 31, 2015 , the Company had $732.5 million aggregate principal outstanding of Debentures that generally require interest to be paid semiannually at a rate of 4.75% per year. The Debentures are convertible at any time on or prior to December 15, 2036 if any of the following conditions occur: (1) the Company’s closing common stock price exceeds 140% of the then applicable conversion price for the Debentures (currently $1,200.23 per share) for at least 20 of the final 30 trading days in any quarter; (2) a notice of redemption is issued with respect to the Debentures; (3) a change of control, as defined in the indenture governing the Debentures; (4) satisfaction of certain trading price conditions; and (5) other specified corporate transactions described in the indenture governing the Debentures. In addition, the Debentures are convertible at any time after December 15, 2036 to December 15, 2041, the scheduled maturity date. In the case of conversion following a notice of redemption or upon a non-stock change of control, as defined in the indenture governing the Debentures, holders may convert their Debentures into cash in the amount of the principal amount of their Debentures and shares of the Company’s common stock for any conversion value in excess of the principal amount. In all other conversion circumstances, holders will receive perpetual preferred stock (see Note 17. "Stockholders' Equity") with a liquidation preference equal to the principal amount of their Debentures, and any conversion value in excess of the principal amount will be settled with the Company’s common stock. As a result of the Patriot spin-off, the conversion rate was adjusted. The conversion rate has also been adjusted when there has been a change in the Company’s dividend distribution rate. The current conversion rate is 1.1664 shares of common stock per $1,000 principal amount of Debentures effective October 1, 2015. This adjusted conversion rate represents a conversion price of $857.30 . Between December 20, 2011 and December 19, 2036, the Company may redeem the Debentures, in whole or in part, if for at least 20 out of the 30 consecutive trading days immediately prior to the date on which notice of redemption is given , the Company’s closing common stock price has exceeded 130% of the then applicable conversion price for the Debentures (currently $1,114.50 per share). On or after December 20, 2036, whether or not the redemption condition is satisfied, the Company may redeem the Debentures, in whole or in part. The Company may not redeem any Debentures unless (1) all accrued and unpaid interest on the Debentures has been paid in full on or prior to the redemption date and (2) if any perpetual preferred stock is outstanding, the Company has first given notice to redeem the perpetual preferred stock in the same proportion as the redemption of the Debentures. Any redemption of the Debentures will be at a cash redemption price of 100% of the principal amount of the Debentures to be redeemed, plus accrued and unpaid interest to the date of redemption. On December 15, 2041, the scheduled maturity date, the Company is required to use commercially reasonable efforts, subject to the occurrence of a market disruption event, as defined in the indenture governing the Debentures, to issue securities of equivalent equity content in an amount sufficient to pay the principal amount of the Debentures, together with accrued and unpaid interest. At the final maturity date of the Debentures on December 15, 2066, the entire principal amount will become due and payable, together with accrued and unpaid interest. In connection with the issuance of the Debentures, the Company entered into a Capital Replacement Covenant (the CRC). Pursuant to the CRC, the Company covenanted for the benefit of holders of covered debt, as defined in the CRC (currently the Company’s 7.875% Senior Notes, issued in an aggregate principal amount of $250.0 million ), that neither the Company nor any of its subsidiaries shall repay, redeem or repurchase all or any part of the Debentures on or after December 15, 2041 and prior to December 15, 2046, except to the extent that the total repayment, redemption or repurchase price does not exceed the sum of: (1) 400% of the Company’s net cash proceeds from the sale of its common stock and rights to acquire its common stock (including common stock issued pursuant to the Company’s dividend reinvestment plan or employee benefit plans); (2) the Company’s net cash proceeds from the sale of its mandatorily convertible preferred stock, as defined in the CRC, or debt exchangeable for equity, as defined in the CRC; and (3) the Company’s net cash proceeds from the sale of other replacement capital securities, as defined in the CRC, in each case, during the six months prior to the notice date for the relevant payment, redemption or repurchase. The Debentures are unsecured obligations of the Company, ranking junior to all existing and future senior and subordinated debt (excluding trade accounts payable or accrued liabilities arising in the ordinary course of business) except for any future debt that ranks equal to or junior to the Debentures. The Debentures rank equal in right of payment with the Company’s obligations to trade creditors. In addition, the Debentures are effectively subordinated to all indebtedness of the Company’s subsidiaries. The indenture governing the Debentures places no limitation on the amount of additional indebtedness that the Company or any of the Company’s subsidiaries may incur. In June 2014, the Company received sufficient consents from holders of the Debentures to amend the related indenture and eliminate the provisions relating to the mandatory and optional deferral of interest, thereby providing the Company greater financial and operational flexibility and increased ease of administration with respect to the Debentures. After receiving those consents, the Company entered into a supplemental indenture reflecting the amendments, which binds all holders of the Debentures. The eliminated provisions related to the mandatory deferral of interest (1) required that the Company defer interest payments on the Debentures under specified circumstances unless it obtained funds for those payments through the sale of qualifying warrants or qualifying preferred stock, (2) subject to limitations, required that the Company obtain the necessary funds through such a sale, and (3) prohibited the Company from making certain distributions (including dividends) with respect to its capital stock during any mandatory extension period (as defined in the original indenture governing the Debentures) and until the Company paid all accrued but unpaid interest on the Debentures. The eliminated provisions related to the optional deferral of interest allowed the Company to defer interest payments on the Debentures at its discretion, in certain circumstances. Holders of the Debentures that validly consented to the amendments received a consent fee of $15.00 per $1,000 principal amount of the Debentures. The Company paid aggregate consent fees of $10.1 million in June 2014 in connection with the Debentures consent solicitation, which will be amortized over the remaining term of the Debentures. Additionally, the Company incurred $1.6 million in fees to third parties related to the consent solicitation and supplemental indenture, which were classified in "Loss on early debt extinguishment" in the consolidated statement of operations for the year ended December 31, 2014. The Company accounts for the liability and equity components of the Debentures in a manner that reflects the nonconvertible debt borrowing rate when recognizing interest cost in subsequent periods. The following table illustrates the carrying amount of the equity and debt components of the Debentures: December 31, 2015 2014 (Dollars in millions) Carrying amount of the equity component $ 215.4 $ 215.4 Principal amount of the liability component $ 732.5 $ 732.5 Unamortized discount (347.3 ) (350.2 ) Net carrying amount $ 385.2 $ 382.3 The following table illustrates the effective interest rate and the interest expense related to the Debentures: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Effective interest rate 4.9 % 4.9 % 4.9 % Interest expense — contractual interest coupon $ 34.8 $ 34.8 $ 34.8 Interest expense — amortization of debt discount 2.9 2.6 2.3 The remaining period over which the discount will be amortized is 26 years as of December 31, 2015 . Capital Lease Obligations Refer to Note 13. "Leases" for additional information associated with the Company's capital leases, which pertain to the financing of mining equipment used in operations. Debt Maturities, Interest Paid and Financing Costs The aggregate amounts of long-term debt maturities (including unamortized debt discounts) subsequent to December 31, 2015 , including capital lease obligations, were as follows: Year of Maturity (Dollars in millions) 2016 $ 5,930.4 2017 — 2018 — 2019 — 2020 — 2021 and thereafter 385.2 Total $ 6,315.6 Interest paid on long-term debt was $414.2 million , $404.4 million and $388.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Financing costs incurred with the issuance of the Company’s debt are being amortized to interest expense over the remaining term of the associated debt. The remaining balance at December 31, 2015 was $94.8 million , of which $70.6 million will be amortized to interest expense over the next five years. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Leases The Company leases equipment and facilities under various noncancelable lease agreements. Certain lease agreements are subject to the restrictive covenants of the Company's credit facilities and include cross-acceleration provisions, under which the lessor could require certain remedies including, but not limited to, immediate recovery of the present value of any remaining lease payments. Rental expense under operating leases, including expense related to short-term operating leases, was $290.1 million , $306.0 million and $305.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. One of the Company's operating lease agreements for underground mining equipment in Australia entered into in 2013 requires contingent rent to be paid only if and when certain coal is mined at a specified margin as defined in the agreements. There was no contingent expense related to that arrangement for the years ended December 31, 2015, 2014 and 2013. The gross value of property, plant, and equipment under capital leases was $125.6 million and $175.1 million as of December 31, 2015 and 2014, respectively, related primarily to the leasing of mining equipment. The accumulated depreciation for these items was $111.4 million and $138.4 million at December 31, 2015 and 2014 , respectively, and changes thereto have been included in "Depreciation, depletion and amortization" in the consolidated statements of operations. The Company also leases coal reserves under agreements that require royalties to be paid as the coal is mined. Certain agreements also require minimum annual royalties to be paid regardless of the amount of coal mined during the year. Total royalty expense was $444.5 million , $507.8 million and $546.0 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. A substantial amount of the coal mined by the Company is produced from mineral reserves leased from the owner. One of the major lessors is the U.S. government, from which the Company leases substantially all of the coal it mines in Wyoming under terms set by Congress and administered by the U.S. Bureau of Land Management. These leases are generally for an initial term of ten years but may be extended by diligent development and mining of the reserves until all economically recoverable reserves are depleted. The Company has met the diligent development requirements for substantially all of these federal leases either directly through production, by including the lease as a part of a logical mining unit with other leases upon which development has occurred, or by paying an advance royalty in lieu of continued operations. Annual production on these federal leases must total at least 1.0% of the leased reserve or the original amount of coal in the entire logical mining unit in which the leased reserve resides. In addition, royalties are payable monthly at a rate of 12.5% of the gross realization from the sale of the coal mined using surface mining methods and at a rate of 8.0% of the gross realization for coal produced using underground mining methods. The Company also leases coal reserves in Arizona from The Navajo Nation and the Hopi Tribe under leases that are administered by the U.S. Department of the Interior. These leases expire upon exhaustion of the leased reserves or upon the permanent ceasing of all mining activities on the related reserves as a whole. The royalty rates are also generally based upon a percentage of the gross realization from the sale of coal. These rates are subject to redetermination every ten years under the terms of the leases. The remainder of the leased coal is generally leased from state governments, land holding companies and various individuals. The duration of these leases varies greatly. Typically, the lease terms are automatically extended as long as active mining continues. Royalty payments are generally based upon a specified rate per ton or a percentage of the gross realization from the sale of the coal. Mining and exploration in Australia is generally conducted under leases, licenses or permits granted by state governments. Mining and exploration licenses and their associated environmental protection approvals contain conditions relating to such matters as minimum annual expenditures, environmental compliance, restoration and rehabilitation. Royalties are paid to the state government as a percentage of the sales price (less certain allowable deductions in some cases). Generally landowners do not own the mineral rights or have the ability to grant rights to mine those minerals. These rights are retained by state governments. Compensation is often payable to landowners, occupiers and Aboriginal traditional owners with residual native title rights and interests for the loss of access to the land from the proposed mining activities. The amount and type of compensation and the ability to proceed to grant of a mining tenement may be determined by agreement or court determination, as provided by law. Future minimum lease and royalty payments as of December 31, 2015 are as follows: Capital Leases Operating Leases Coal Lease and Royalty Obligations Year Ending December 31, (Dollars in millions) 2016 $ 12.9 $ 191.5 $ 254.3 2017 7.3 173.8 20.3 2018 8.8 109.4 19.9 2019 0.5 64.2 19.4 2020 0.5 23.4 18.9 2021 and thereafter 10.1 36.5 30.8 Total minimum lease payments 40.1 $ 598.8 $ 363.6 Less interest 9.8 Present value of minimum capital lease payments $ 30.3 As of December 31, 2015 , certain of the Company’s coal lease obligations were secured by outstanding surety bonds totaling $110.5 million . |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Reconciliations of the Company’s asset retirement obligations are as follows: December 31, 2015 2014 (Dollars in millions) Balance at beginning of year $ 752.5 $ 712.8 Liabilities incurred or acquired 1.3 22.7 Liabilities settled or disposed (53.3 ) (19.7 ) Accretion expense 42.7 39.3 Revisions to estimates (31.1 ) (2.6 ) Balance at end of year $ 712.1 $ 752.5 Less: Current portion (included in "Accounts payable and accrued expenses") 25.5 30.2 Noncurrent obligation (included in "Asset Retirement Obligations") 686.6 722.3 Balance at end of year — active locations $ 656.8 $ 676.2 Balance at end of year — closed or inactive locations $ 55.3 $ 76.3 In 2014, the Company recognized an asset retirement obligation of $22.2 million due to the nonperformance of a contract miner at a coal reserve property in the Eastern U.S. Because mining operations have ceased at that operation, a corresponding charge was recorded to “Asset retirement obligation expenses” in the consolidated statement of operations for the year ended December 31, 2014. During 2015, the Company sold its interests in the coal reserve property, with the buyer assuming the related asset retirement obligation. The Company recorded a gain of $9.6 million in connection with the transaction. The credit-adjusted, risk-free interest rates were 50.83% , 6.82% , and 6.44% at December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 and 2014 , the Company had $609.4 million and $645.0 million , respectively, in surety bonds and bank guarantees outstanding to secure reclamation obligations. The amount of reclamation self-bonding in certain states in which the Company qualifies was $1,430.8 million and $1,361.4 million as of December 31, 2015 and 2014 , respectively. Additionally, the Company had $126.6 million and $17.6 million , respectively, of letters of credit in support of reclamation obligations as of December 31, 2015 and 2014. |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Postretirement Health Care and LIfe Insurance Benefits [Abstract] | |
Postretirement Health Care and Life Insurance Benefits | Postretirement Health Care and Life Insurance Benefits The Company currently provides health care and life insurance benefits to qualifying salaried and hourly retirees and their dependents from benefit plans established by the Company. Plan coverage for health benefits is provided to future hourly and salaried retirees in accordance with the applicable plan document. Life insurance benefits are provided to future hourly retirees in accordance with the applicable labor agreement. Net periodic postretirement benefit cost included the following components: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost for benefits earned $ 11.2 $ 12.2 $ 15.8 Interest cost on accumulated postretirement benefit obligation 33.8 36.4 41.8 Amortization of prior service (credit) cost (6.8 ) 1.3 (1.7 ) Amortization of actuarial loss 24.9 14.5 24.1 Settlement related to the Patriot bankruptcy (1) — — 63.2 Special termination benefits (2) — 1.6 0.9 Net periodic postretirement benefit cost $ 63.1 $ 66.0 $ 144.1 (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. (2) Reflected in "Restructuring and pension settlement charges" in the consolidated statement of operations for the year ended December 31, 2014. The following includes pre-tax amounts recorded in "Accumulated other comprehensive loss": Year Ended December 31, 2015 2014 2013 (Dollars in millions) Net actuarial (gain) loss arising during year $ (35.1 ) $ 115.8 $ (24.3 ) Prior service credit arising during year — (18.0 ) — Amortization: Actuarial loss (24.9 ) (14.5 ) (24.1 ) Prior service credit (cost) 6.8 (1.3 ) 1.7 Settlement related to the Patriot bankruptcy: (1) Actuarial loss — — (61.3 ) Prior service cost (16.6 ) — (1.9 ) Total recorded in other comprehensive (income) loss $ (69.8 ) $ 82.0 $ (109.9 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. The Company amortizes actuarial gain and loss using a 0% corridor with an amortization period that covers the average future working lifetime of active employees ( 10.49 years and 11.00 years at January 1, 2016 and 2015 , respectively). The estimated net actuarial loss and prior service credit that will be amortized from accumulated other comprehensive (loss) income into net periodic postretirement benefit cost during the year ending December 31, 2016 are $20.4 million and $11.0 million , respectively. The following table sets forth the plans' funded status reconciled with the amounts shown in the consolidated balance sheets: December 31, 2015 2014 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 839.1 $ 735.4 Service cost 11.2 12.2 Interest cost 33.8 36.4 Participant contributions 1.7 2.2 Plan changes (1) (16.6 ) (18.0 ) Benefits paid (46.5 ) (46.5 ) Actuarial (gain) loss (2) (35.1 ) 115.8 Settlement related to the Patriot bankruptcy (3) (15.2 ) — Special termination benefits — 1.6 Other 3.7 — — Accumulated postretirement benefit obligation at end of period 776.1 839.1 Change in plan assets: Fair value of plan assets at beginning of period — — Employer contributions 44.8 44.3 Participant contributions 1.7 2.2 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (46.5 ) (46.5 ) Fair value of plan assets at end of period — — Funded status at end of year (776.1 ) (839.1 ) Less: Current portion (included in "Accounts payable and accrued expenses") 53.2 57.2 Noncurrent obligation (included in "Accrued postretirement benefit costs") $ (722.9 ) $ (781.9 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to the reduction in the benefit obligation for 2015. In 2014, the Company made various plan changes that became effective January 1, 2015 for certain plan participants designed to bring consistency amongst the various retiree medical programs which resulted in a $45.4 million reduction to the benefit obligation. In addition, the Company made a plan change effective April 1, 2014 for certain plan participants' benefits no longer funded through a Medicare Advantage Program which resulted in a $27.6 million increase to the benefit obligation. The plan changes will not affect participant benefits. (2) In 2014, the Company reviewed its demographic assumptions (including mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $63 million . (3) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2015 2014 Discount rate 4.50 % 4.10 % Measurement date December 31, 2015 December 31, 2014 The weighted-average assumptions used to determine net periodic benefit cost during each year were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 4.10 % 4.90 % 4.21 % Measurement date December 31, 2014 December 31, 2013 December 31, 2012 The following presents information about the assumed health care cost trend rate: Year Ended December 31, 2015 2014 Pre-Medicare: Health care cost trend rate assumed for next year 6.60 % 7.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2021 2021 Post-Medicare: Health care cost trend rate assumed for next year 5.80 % 6.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2021 2021 Assumed health care cost trend rates have a significant effect on the expense and liability amounts reported for health care plans. A one-percentage-point change in the assumed health care cost trend would have the following effects: One Percentage- Point Increase One Percentage- Point Decrease (Dollars in millions) Effect on total service and interest cost components (1) $ 3.8 $ (3.4 ) Effect on total postretirement benefit obligation (1) $ 71.3 $ (62.3 ) (1) In addition to the effect on total service and interest cost components of expense, changes in trend rates would also increase or decrease the actuarial gain or loss amortization expense component. The impact on actuarial gain or loss amortization would approximate the increase or decrease in the obligation divided by 10.49 years at January 1, 2016. Plan Assets The Company’s postretirement benefit plans are unfunded. Estimated Future Benefit Payments The following benefit payments (net of retiree contributions), which reflect expected future service, as appropriate, are expected to be paid by the Company: Postretirement Benefits (Dollars in millions) 2016 $ 53.2 2017 55.2 2018 56.7 2019 57.7 2020 58.1 Years 2021-2025 291.8 |
Pension and Savings Plans
Pension and Savings Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Savings Plans [Abstract] | |
Pension and Savings Plans | Pension and Savings Plans One of the Company’s subsidiaries, Peabody Investments Corp. (PIC), sponsors a defined benefit pension plan covering certain U.S. salaried employees and eligible hourly employees at certain PIC subsidiaries (the Peabody Plan). A subsidiary of PIC also has a defined benefit pension plan covering eligible employees who are represented by the United Mine Workers of America (UMWA) under the Western Surface Agreement (the Western Plan). PIC also sponsors an unfunded supplemental retirement plan to provide senior management with benefits in excess of limits under the federal tax law (collectively, the Plans). Effective May 31, 2008, the Peabody Plan was frozen in its entirety for both participation and benefit accrual purposes. The Company adopted an enhanced savings plan contribution structure in lieu of benefits formerly accrued under the Peabody Plan. In August 2014, the Company announced a program to offer voluntary lump-sum pension payout to eligible former salaried employees in the Peabody Plan that settled the Company’s obligation to them. The program provided participants with a one-time choice of electing to receive a lump-sum settlement of their pension benefit. As part of this voluntary lump-sum program, the Company settled $41.7 million of its pension obligations for U.S. salaried retirees and former salaried employees in the Peabody Plan with an equal amount paid from plan assets. As a result, the Company recorded a settlement charge of $8.7 million reflecting the accelerated recognition of unamortized actuarial losses in the Peabody Plan proportionate to the obligation that was settled. The settlement charge was reflected in “Restructuring and pension settlement charges” on the consolidated statement of operations with a corresponding reduction in “Accumulated other comprehensive loss” on the consolidated balance sheet. Net periodic pension cost included the following components: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost for benefits earned $ 2.7 $ 2.1 $ 2.2 Interest cost on projected benefit obligation 40.4 45.4 42.2 Expected return on plan assets (48.2 ) (54.3 ) (59.5 ) Amortization of prior service cost 1.0 1.3 1.0 Amortization of net actuarial losses 39.6 30.2 65.7 Settlement charge — 8.7 — Total net periodic pension cost $ 35.5 $ 33.4 $ 51.6 The following includes pre-tax amounts recorded in "Accumulated other comprehensive loss": Year Ended December 31, 2015 2014 2013 (Dollars in millions) Net actuarial loss (gain) arising during year $ 30.6 $ 79.2 $ (133.8 ) Prior service cost arising during year — — 2.2 Amortization: Net actuarial loss (39.6 ) (30.2 ) (65.7 ) Prior service cost (1.0 ) (1.3 ) (1.0 ) Settlement charge — (8.7 ) — Total recorded in other comprehensive (income) loss $ (10.0 ) $ 39.0 $ (198.3 ) The Company amortizes actuarial gain and loss using a 5% corridor with a five -year amortization period. The estimated net actuarial loss and prior service cost that will be amortized from "Accumulated other comprehensive loss" into net periodic pension cost during the year ending December 31, 2016 are $24.7 million and $0.3 million , respectively. The following summarizes the change in benefit obligation, change in plan assets and funded status of the Plans: December 31, 2015 2014 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 1,002.5 $ 947.3 Service cost 2.7 2.1 Interest cost 40.4 45.4 Benefits paid (62.6 ) (57.2 ) Actuarial (gain) loss (1) (43.7 ) 106.6 Settlement — (41.7 ) Projected benefit obligation at end of period 939.3 1,002.5 Change in plan assets: Fair value of plan assets at beginning of period 839.8 851.4 Actual (loss) return on plan assets (26.1 ) 81.7 Employer contributions 6.2 5.6 Benefits paid (62.6 ) (57.2 ) Settlement — (41.7 ) Fair value of plan assets at end of period 757.3 839.8 Funded status at end of year $ (182.0 ) $ (162.7 ) Amounts recognized in the consolidated balance sheets: Current obligation (included in "Accounts payable and accrued expenses") $ (1.6 ) $ (1.7 ) Noncurrent obligation (included in "Other noncurrent liabilities") (180.4 ) (161.0 ) Net amount recognized $ (182.0 ) $ (162.7 ) (1) During 2014, the Company reviewed its demographic assumptions (such as mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $36 million . The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2015 2014 Discount rate 4.55 % 4.15 % Measurement date December 31, 2015 December 31, 2014 The weighted-average assumptions used to determine net periodic benefit cost during each year were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 4.15 % 4.95 % 4.10 % Expected long-term return on plan assets 6.25 % 6.85 % 7.75 % Measurement date December 31, 2014 December 31, 2013 December 31, 2012 The expected rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. Effective January 1, 2016, the Company lowered its expected rate of return on plan assets from 6.25% to 6.00% , reflecting the impact of the Company's asset allocation and capital market expectations. The projected benefit obligation and the accumulated benefit obligation exceeded plan assets for all plans as of December 31, 2015 and 2014 . The accumulated benefit obligation for all plans was $939.3 million and $1,002.5 million as of December 31, 2015 and 2014 , respectively. Assets of the Plans Assets of the PIC Master Trust (the Master Trust) are invested in accordance with investment guidelines established by the Peabody Plan Retirement Committee and the Peabody Western Plan Retirement Committee (collectively, the Retirement Committees) after consultation with outside investment advisors and actuaries. The asset allocation targets have been set with the expectation that the assets of the Master Trust will be managed with an appropriate level of risk to fund each Plan's expected liabilities. To determine the appropriate target asset allocations, the Retirement Committees consider the demographics of each Plan's participants, the funded status of each Plan, the business and financial profile of the Company and other associated risk preferences. These allocation targets are reviewed by the Retirement Committees on a regular basis and revised as necessary. The Retirement Committees have developed and implemented a dynamic asset-liability management investment strategy (the Dynamic Investment Strategy) designed to reduce each Plan's funded status volatility risk as funded status increases resulting from changes in liabilities due to discount rates and other factors, investment returns and funding contributions. The Dynamic Investment Strategy adjusts allocations between return-seeking (i.e., equities and other similar investments) and liability hedging (i.e., fixed income duration and spread exposure) portfolios in a pre-established manner, with changes triggered when the Plans reach certain funded status thresholds. As of December 31, 2015 and 2014, the Master Trust investment portfolio reflected the Company's target asset mix of 31% and 35% equity securities, respectively, and 69% and 65% fixed income investments, respectively. Master Trust assets also include funds invested in various real estate properties representing approximately 3% and 4% of total Master Trust assets as of December 31, 2015 and 2014, respectively. The Retirement Committees' intention is to liquidate these real estate holdings when allowable per the terms of the limited partnership agreements. Generally, dissolution and liquidation of the limited partnerships is required before the Master Trust’s real estate holdings can be liquidated and is estimated to occur at various times through 2021. Assets of the Master Trust are either under active management by third-party investment advisors or in index funds, all of which are selected and monitored by the Retirement Committees. Specific investment guidelines have been established by the Retirement Committees for each major asset class including performance benchmarks, allowable and prohibited investment types and concentration limits. In general, investment guidelines do not permit leveraging the assets held in the Master Trust. However, investment managers may employ various strategies and derivative instruments in establishing overall portfolio characteristics consistent with the guidelines and investment objectives established by the Retirement Committees for their portfolios. Equity investment guidelines do not permit entering into put or call options (except as deemed appropriate to manage currency risk), and futures contracts are permitted only to the extent necessary to facilitate liquidity management. Fixed income investment guidelines only allow for exchange-traded derivatives if the investment manager deems the derivative vehicle to be more attractive than a similar direct investment in an underlying cash market or to manage the duration of the fixed income portfolio. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. U.S. equity securities. The Master Trust invests in U.S. equity securities for growth and diversification. Investment vehicles include a mutual fund (benchmarked against the performance of the S&P 500 Index) that invests in large-cap publicly traded common stocks and a common/collective trust (benchmarked against the performance of the Russell 2000 Index) that invests in small-cap publicly traded common stocks. The mutual fund, which is traded on a national securities exchange in an active market, is valued using daily publicly quoted net asset value (NAV) prices and accordingly classified within Level 1 of the valuation hierarchy. The common/collective trust (CCT), which is not publicly traded on a national securities exchange, is valued using a NAV that is based on a derived price in an active market and accordingly classified within Level 2 of the valuation hierarchy. U.S. equity securities are not subject to liquidity redemption restrictions. International equity securities. The Master Trust invests in international equity securities for growth and diversification. Investment vehicles include a CCT that invests in publicly traded non-U.S. equity securities (the Equity CCT) and another CCT (benchmarked against the performance of the MSCI Emerging Markets Index) that primarily invests in equity index securities of companies in global emerging markets (the Equity Index CCT), collectively, the CCTs. Equity and equity index securities within both CCTs are valued using the closing price reported by their primary stock exchange and translated at each valuation date from local currency into U.S. dollars based on independently published currency exchange rates. The NAV is determined in U.S. dollars and calculated as of the last business day of each month for the Equity CCT and daily for the Equity Index CCT. Both CCTs are classified within the Level 2 valuation hierarchy since NAV is based on a derived price in an active market and is not traded on a national securities exchange. Redemptions for both CCTs are at NAV. Equity CCT redemptions can only occur on the first business day of each month subject to a notification period and minimum withdrawal limits. Equity Index CCT redemptions can occur daily. Debt securities. The Master Trust invests in debt securities for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities. Investment vehicles include U.S. government and agency securities, investment-grade corporate bonds, U.S. municipal bonds, non-U.S. government bonds and an institutional mutual fund that holds a diversified portfolio of long-duration corporate fixed income investments. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. If fair value is based on quoted prices in active markets and traded on a national securities exchange, debt securities are classified within the Level 1 valuation hierarchy; otherwise, debt securities are classified within the Level 2 valuation hierarchy. NAV for the institutional mutual fund is calculated daily in actively traded markets and is classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the fund is not traded on a national securities exchange. Debt securities are not subject to liquidity redemption restrictions. Short-term investments. The Master Trust invests in short-term investments to manage liquidity required for payment of participant benefits and certain administrative fees. Investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature; an institutional mutual fund that consists of a diversified portfolio of liquid, short-term instruments of varying maturities; and various exchange-traded derivative instruments consisting of futures and interest rate swap agreements used to manage the duration of certain liability-hedging investments. The non-interest bearing cash fund is classified within the Level 1 valuation hierarchy. The institutional mutual fund is classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the fund is not traded on a national securities exchange. Exchange traded derivatives, such as options and futures, for which market quotations are readily available, are valued at the last reported sale price or official closing price on the primary market or exchange on which they are traded and are classified within the Level 1 valuation hierarchy. Short-term investments are not subject to liquidity redemption restrictions. Interests in real estate. The Master Trust invests in real estate interests for diversification. Investments in real estate represent interests in several limited partnerships, which invest in various real estate properties. Interests in real estate are valued using various methodologies, including independent third party appraisals; fair value measurements are not developed by the Company. For some investments, little market activity may exist and determination of fair value is then based on the best information available in the circumstances. This involves a significant degree of judgment by taking into consideration a combination of internal and external factors. Accordingly, interests in real estate are classified within the Level 3 valuation hierarchy. Some limited partnerships issue dividends to their investors in the form of cash distributions that the Plans invest elsewhere within the Master Trust. Certain interests in real estate are subject to liquidity redemption restrictions and voluntary redemptions are generally not permitted. Upon liquidation of the limited partnerships, redemptions will generally be in the form of cash distributions and invested elsewhere within the Master Trust. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy: December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 107.1 $ 40.2 $ — $ 147.3 International equity securities — 57.1 — 57.1 U.S. debt securities 26.8 26.6 — 53.4 International debt securities — 15.0 — 15.0 Corporate debt securities — 443.1 — 443.1 Short-term investments 18.2 0.2 — 18.4 Interests in real estate — — 23.0 23.0 Total assets at fair value $ 152.1 $ 582.2 $ 23.0 $ 757.3 December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 141.7 $ 48.6 $ — $ 190.3 International equity securities — 69.8 — 69.8 U.S. debt securities 25.3 29.1 — 54.4 International debt securities — 23.5 — 23.5 Corporate debt securities — 447.8 — 447.8 Short-term investments 17.5 6.3 — 23.8 Interests in real estate — — 30.2 30.2 Total assets at fair value $ 184.5 $ 625.1 $ 30.2 $ 839.8 The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments: Year Ended December 31, 2015 2014 (Dollars in millions) Balance, beginning of year $ 30.2 $ 29.9 Realized gains 3.2 0.2 Unrealized gains relating to investments still held at the reporting date 0.2 4.9 Purchases, sales and settlements, net (10.6 ) (4.8 ) Balance, end of year $ 23.0 $ 30.2 Contributions Annual contributions to 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% ). During the year ended December 31, 2015, the Company contributed $4.5 million and $1.7 million , respectively, to its qualified and non-qualified pension plans. As of December 31, 2015, the Company's qualified plans are expected to be at or above the Pension Protection Act thresholds and will therefore avoid benefit restrictions and at-risk penalties for 2016. On November 2, 2015, the Bipartisan Budget Act of 2015 (BBA15) was signed into law, which extends pension funding stabilization provisions that were part of the Highway and Transportation Funding Act of 2014 (HATFA) and the Moving Ahead for Progress in the 21 st Century Act of 2012 (MAP-21). Under BBA15, the pension funding stabilization provisions temporarily increased the interest rates used to determine pension liabilities for purposes of minimum funding requirements through 2020. Similar to MAP-21, BBA15 is not expected to change the Company's total required cash contributions over the long term, but is expected to reduce the Company's required cash contributions through 2020 if current interest rate levels persist. Based upon minimum funding requirements in accordance with HATFA and BBA15, the Company expects to contribute approximately $2.2 million to its pension plans to meet minimum funding requirements for its qualified plans and benefit payments for its non-qualified plans in 2016. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company's benefit obligation: Pension Benefits (Dollars in millions) 2016 $ 62.8 2017 63.4 2018 64.0 2019 64.0 2020 65.6 Years 2021-2025 325.2 Defined Contribution Plans The Company sponsors employee retirement accounts under two 401(k) plans for eligible U.S. employees. The Company matches voluntary contributions to each plan up to specified levels. The expense for these plans was $22.0 million , $44.7 million and $46.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. A performance contribution feature in one of the plans allows for additional contributions from the Company based upon meeting specified Company performance targets. Performance contributions paid during the years ended December 31, 2015 , 2014 and 2013 were $19.5 million , $18.3 million and $16.5 million , respectively. The performance contribution was paid in Peabody Energy Corporation common stock for the year ended December 31, 2015 and cash for the years ended December 31, 2014 and 2013, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock 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). Refer to Note 1. "Summary of Significant Accounting Policies" for additional details surrounding the Reverse Stock Split. As a result of the Reverse Stock Split, the Company has 53.3 million authorized shares of $0.01 par value common stock. Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. The holders of common stock do not have cumulative voting rights in the election of directors. Holders of common stock are entitled to receive ratably dividends if, as and when dividends are declared from time to time by the Company's Board of Directors out of funds legally available for that purpose, after payment of dividends required to be paid on outstanding preferred stock or series common stock, as described below. Upon liquidation, dissolution or winding up, any business combination or a sale or disposition of all or substantially all of the assets, the holders of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and accrued but unpaid dividends and liquidation preferences on any outstanding preferred stock or series common stock. The common stock has no preemptive or conversion rights and is not subject to further calls or assessment by us. There are no redemption or sinking fund provisions applicable to the common stock. The following table summarizes common stock activity from January 1, 2013 to December 31, 2015 : 2015 2014 2013 (In millions) Shares outstanding at the beginning of the year 18.1 18.0 17.9 Stock grants to employees 0.2 0.1 0.1 Performance share contribution 401k 0.2 — — Shares outstanding at the end of the year 18.5 18.1 18.0 Preferred Stock and Series Common Stock The Board of Directors is authorized to issue up to 10.0 million shares of preferred stock and up to 40.0 million shares of series common stock, both with a $0.01 per share par value. The Board of Directors can determine the terms and rights of each series, whether dividends (if any) will be cumulative or non-cumulative and the dividend rate of the series, redemption or sinking fund provisions, conversion terms, prices and rates and amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and whether the shares of the series will be convertible into shares of any other class or series, or any other security, of the Company or any other corporation. The Board of Directors may also determine restrictions on the issuance of shares of the same series or of any other class or series, and the voting rights (if any) of the holders of the series. There were no outstanding shares of preferred stock or series common stock as of December 31, 2015 . Perpetual Preferred Stock As discussed in Note 12. "Long-term Debt," the Company had $732.5 million aggregate principal amount of the Debentures outstanding as of December 31, 2015 . Perpetual preferred stock issued upon a conversion of the Debentures will be fully paid and non-assessable, and holders will have no preemptive or preferential right to purchase any of the Company’s other securities. The perpetual preferred stock has a liquidation preference of $1,000 per share, is not convertible and is redeemable at the Company’s option at any time at a cash redemption price per share equal to the liquidation preference plus any accumulated dividends. Holders are entitled to receive cumulative dividends at an annual rate of 3.0875% if and when declared by the Company’s Board of Directors. If the Company fails to pay dividends on the perpetual preferred stock for five years, the Company generally must sell warrants or preferred stock with specified characteristics and use the funds from that sale to pay accumulated dividends after the payment in full of any deferred interest on the Debentures, subject to certain limitations. Additionally, holders of the perpetual preferred stock are entitled to elect two additional members to serve on the Company’s Board of Directors if (1) prior to any remarketing of the perpetual preferred stock, the Company fails to declare and pay dividends with respect to the perpetual preferred stock for 10 consecutive years or (2) after any successful remarketing or any final failed remarketing of the perpetual preferred stock, the Company fails to declare and pay six dividends thereon, whether or not consecutive. The perpetual preferred stock may be remarketed at the holder’s election after December 15, 2046 or earlier, upon the first occurrence of a change of control if the Company does not redeem the perpetual preferred stock. There were no outstanding shares of perpetual preferred stock as of December 31, 2015 . Treasury Stock Share repurchases. The Company has a share repurchase program for its common stock with an authorized amount of $1.0 billion in which repurchases may be made from time to time based on an evaluation of the Company’s outlook and general business conditions, as well as alternative investment and debt repayment options (Repurchase Program). The Repurchase Program does not have an expiration date and may be discontinued at any time. Through December 31, 2015 , the Company had made total repurchases of 0.5 million shares at a cost of $299.6 million ( $199.8 million in 2008 and $99.8 million in 2006), leaving $700.4 million available under the Repurchase Program. No share repurchases were made under the Repurchase Program during the years ended December 31, 2015 , 2014 and 2013 . Shares relinquished. The Company routinely allows employees to relinquish common stock to pay estimated taxes upon the payout of performance units that are settled in common stock and the vesting of restricted stock. The number of shares of common stock relinquished was less than 0.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The value of the common stock tendered by employees was based upon the closing price on the dates of the respective transactions. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation In 2015, the Company established the 2015 Long-Term Incentive Plan (the 2015 Plan) for employees and non-employee directors that allows for the issuance of share-based compensation in various forms including stock appreciation rights, restricted stock, performance awards, incentive stock options, nonqualified stock options, deferred stock units, restricted stock units and cash incentive awards. The 2015 Plan superseded the Company’s 2011 Long-term Equity Incentive Plan (the 2011 Plan). The 2015 Plan became effective on May 4, 2015, which was the date approval by the Company’s stockholders was obtained. Subsequent to May 4, 2015, the Company can only issue awards under the 2015 Plan. Awards previously issued under the 2011 Plan (or any other prior equity plan) will remain outstanding under their terms. Under the 2015 Plan, 1.2 million shares of the Company’s common stock were authorized for issuance. The pool of shares authorized for issuance is intended to be fungible. As a result, the number of shares available under the 2015 Plan is reduced by the number of shares underlying any stock appreciation right or stock option granted, and awards other than a stock option or stock appreciation right will reduce the number of shares available under the 2015 Plan by two shares. As of December 31, 2015, there are approximately 1.2 million shares of the Company’s common stock available for grant. The Company had two employee stock purchase plans, which provided for the purchase of up to 0.1 million shares of the Company’s common stock. Due to the low number of shares available for employee purchase, coupled with the Company’s low stock price, both employee stock purchase plans terminated in October 2015. Share-Based Compensation Expense and Cash Flows The Company’s share-based compensation expense is recorded in “Selling and administrative expenses” in the consolidated statements of operations. Cash received by the Company upon the exercise of stock options and when employees purchase stock under the employee stock purchase plans is reflected as a financing activity in the consolidated statements of cash flows. Share-based compensation expense and cash flow amounts were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Share-based compensation expense - equity classified awards $ 26.2 $ 46.1 $ 50.9 Share-based compensation expense - liability classified awards 2.0 0.7 — Total share-based compensation expense 28.2 46.8 50.9 Tax benefit 10.4 17.3 18.8 Share-based compensation expense, net of tax benefit 17.8 29.5 32.1 Cash received upon the exercise of stock options and from employee stock purchases 3.4 5.5 7.3 Write-off tax benefits related to share-based compensation — (8.3 ) (4.5 ) As of December 31, 2015 , the total unrecognized compensation cost related to nonvested awards was $17.2 million , net of taxes, which is expected to be recognized over three years with a weighted-average period of 0.7 years. Deferred Stock Units In 2015 , 2014 and 2013 , the Company granted deferred stock units to each of its non-employee directors. The fair value of these units is equal to the market price of the Company’s common stock at the date of grant. These deferred stock units generally vest after one year and are settled in common stock on the specified distribution date elected by each non-employee director. Non-employee directors are also given the option to receive their total annual cash retainer in the form of additional deferred stock units (based on the fair market value of the Company's common stock on the date of grant). The additional grant of deferred stock units is subject to the same grant timing, vesting and distribution date elections as the annual equity compensation grant. Restricted Stock Awards The primary share-based compensation tool used by the Company for its employees is awards of restricted stock. The majority of restricted stock awards are granted in January of each year, with a lesser portion granted in the first month of the subsequent three quarters. Awards generally cliff vest after three years of service and only contain a service condition, with compensation cost recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. For awards with service and performance conditions, the Company recognizes compensation cost using the graded-vesting method, net of estimated forfeitures. The fair value of restricted stock is equal to the market price of the Company’s common stock at the date of grant. A summary of restricted stock award activity is as follows: Year Ended December 31, 2015 Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 212,506 $ 384.45 Granted 234,651 110.81 Vested (81,453 ) 438.22 Forfeited (58,773 ) 162.25 Nonvested at December 31, 2015 306,931 $ 184.09 The total fair value at grant date of restricted stock awards granted during the years ended December 31, 2015 , 2014 and 2013 , was $26.0 million , $25.5 million and $29.2 million , respectively. The total fair value of restricted stock awards vested during the years ended December 31, 2015 , 2014 and 2013 , was $35.7 million , $24.5 million and $13.2 million , respectively. Restricted Stock Units In 2013, the Company began granting restricted stock units to certain senior management and non-senior management employees. One of the restricted stock unit grants contained market conditions valued utilizing a Monte Carlo simulation model and was made as an inducement award for a certain senior management employee. The Monte Carlo simulation model incorporated the total stockholder return hurdles set for each grant and included the following assumptions: risk free interest rate of 1.7% ; expected volatility of 48.1% and dividend yield of 1.6% . The Company grants restricted stock units to non-senior management employees who either met the Company's retirement eligibility guidelines or would meet the guidelines during the vesting period of the award. For units granted to both senior and non-senior management employees containing only service conditions, the fair value of the award is equal to the market price of the Company’s common stock at the date of grant. Units granted to non-senior management retirement-eligible employees vest quarterly. Units granted to senior management employees vest at various times (none of which exceed five years) in accordance with the underlying award agreement. Compensation cost for both senior and non-senior management employees is recognized on a straight-line basis over the requisite service period. The payouts for active grants awarded in 2014 and 2013 will be settled in the Company's common stock. All awards granted in 2015 will be settled in the Company's common stock with the exception of a grant awarded in 2015 to a member of senior management which will be settled in cash instead of the Company's common stock. A summary of restricted stock unit activity is as follows: Year Ended December 31, 2015 Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 33,140 $ 291.60 Granted 47,752 114.49 Vested (10,435 ) 199.27 Forfeited (21,677 ) 179.68 Nonvested at December 31, 2015 48,780 $ 170.42 The total fair value at grant date of restricted stock units granted during the years ended December 31, 2015, 2014 and 2013 was $ 5.5 million , $ 4.2 million and $7.6 million , respectively. The total fair value of restricted stock units vested was $ 2.1 million during the year ended December 31, 2015 and less than $ 0.1 million during each of the years ended December 31, 2014 and 2013. Stock Options The Company’s stock option awards have been primarily limited to senior management personnel. All stock options are granted at an exercise price equal to the market price of the Company’s common stock at the date of grant. Stock options generally vest in one-third increments over a period of three years or cliff vest after three years, and expire after 10 years from the date of grant. Expense is recognized ratably over the service period, net of estimated forfeitures. Option grants are typically made in January of each year or upon hire for eligible plan participants. The payouts for active grants awarded in 2014 and 2013 will be settled in the Company's common stock. All awards granted in 2015 will be settled in the Company's common stock with the exception of a grant awarded in 2015 to a certain senior management employee which will be settled in cash instead of the Company's common stock. The Company used the Black-Scholes option pricing model to determine the fair value of stock options. The Company utilized U.S. Treasury yields as of the grant date for its risk-free interest rate assumption, matching the U.S. Treasury yield terms to the expected life of the option. The Company utilized historical company data to develop its dividend yield, expected volatility and expected option life assumptions. A summary of outstanding option activity under the plans is as follows: Year Ended December 31, 2015 Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) Options Outstanding at December 31, 2014 201,067 $ 473.55 6.39 $ — Granted 85,263 116.10 Forfeited (45,902 ) 284.45 Options Outstanding at December 31, 2015 240,428 $ 388.16 6.28 $ — Vested and Exercisable 131,722 $ 541.09 4.50 $ — There were no stock options exercised during the year ended December 31, 2015. During the years ended December 31, 2014 and 2013 , the total intrinsic value of options exercised, defined as the excess fair value of the underlying stock over the exercise price of the options, was $0.4 million and $0.9 million , respectively. The weighted-average fair values of the Company’s stock options and the assumptions used in applying the Black-Scholes option pricing model were as follows: Year Ended December 31, 2015 2014 2013 Weighted-average fair value $ 43.66 $ 110.70 $ 181.95 Risk-free interest rate 1.7 % 1.7 % 0.7 % Expected option life 5 years 5 years 5 years Expected volatility 45.2 % 48.4 % 64.1 % Dividend yield 2.4 % 1.7 % 1.2 % Performance Units Performance units are typically granted annually in January and vest over a three -year measurement period and are primarily limited to senior management personnel. The performance units are usually subject to the achievement of goals based on the following conditions or any combination thereof: three-year stock price performance compared to both an industry peer group and a S&P index (market condition) and/or three-year return on capital or mining asset targets (performance condition). Generally, three performance unit grants are outstanding for any given year. The payouts for active grants awarded in 2013 will be settled in the Company’s common stock. All awards granted in 2014 will be settled in the Company's common stock with the exception of a grant awarded in 2014 to a certain senior management employee, which was later modified to be settled in cash instead of the Company's common stock. At the date of the modification, the Company reclassified the award from an equity award to a liability award. There was no incremental cost recognized since the fair value of the modified liability award at the modification date was less than the grant-date fair value of the original equity award. To the extent that the fair value of the modified liability award may exceed the recognized compensation cost associated with the grant-date fair value of the original equity award in the future, changes in the liability award's fair value will be recognized as compensation cost prospectively. Awards granted in 2015 to certain senior management employees will be settled in cash. All other awards granted in 2015 will be settled in the Company's common stock. A summary of performance unit activity is as follows: Year Ended December 31, 2015 Weighted Average Remaining Contractual Life Nonvested at December 31, 2014 50,011 1.5 Granted 72,215 Forfeited (22,889 ) Vested (17,525 ) Nonvested at December 31, 2015 81,812 1.7 As of December 31, 2015 , there were 17,525 performance units vested that had an aggregate intrinsic value of less than $0.1 million and a conversion price per share of $8.50 . The performance condition awards were valued utilizing the grant date fair values of the Company’s stock adjusted for dividends foregone during the vesting period. The market condition awards were valued utilizing a Monte Carlo simulation model which incorporates the total stockholder return hurdles set for each grant. The assumptions used in the valuations for grants were as follows: Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.1 % 0.8 % 0.4 % Expected volatility 45.0 % 45.3 % 47.3 % Dividend yield 2.4 % 1.7 % 1.4 % Employee Stock Purchase Plans Prior to October 2015, the Company’s eligible full-time and part-time employees were able to contribute up to 15% of their base compensation into the employee stock purchase plans, subject to an annual limit of $25,000 per person. Employees were able to purchase Company common stock at a 15% discount to the lower of the fair market value of the Company’s common stock on the initial or final trading dates of each six-month offering period. Offering periods began on January 1 and July 1 of each year. The Company used the Black-Scholes option pricing model to determine the fair value of employee stock purchase plan share-based payments. The fair value of the six-month “look-back” option in the Company’s employee stock purchase plans was estimated by adding the fair value of 0.15 of one share of stock to the fair value of 0.85 of an option on one share of stock . The Company utilized U.S. Treasury yields as of the grant date for its risk-free interest rate assumption, matching the Treasury yield terms to the six-month offering period. The Company utilized historical company data to develop its dividend yield and expected volatility assumptions. The plans were terminated in October 2015. Shares purchased under the plans were less than 0.1 million for each of the years ended December 31, 2015 , 2014 and 2013. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the after-tax components of comprehensive income (loss): 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 Income (Loss) (Dollars in millions) December 31, 2012 $ 22.2 $ (411.7 ) $ 12.7 $ 387.5 $ 0.3 $ 11.0 Net change in fair value — — — (333.6 ) (12.3 ) (345.9 ) Reclassification from other comprehensive income to earnings — 95.0 0.7 (209.6 ) 12.8 (101.1 ) Current period change (92.7 ) 110.9 (1.4 ) — — 16.8 December 31, 2013 (70.5 ) (205.8 ) 12.0 (155.7 ) 0.8 (419.2 ) Net change in fair value — — — (195.0 ) (3.7 ) (198.7 ) Reclassification from other comprehensive income to earnings — 31.0 1.7 (10.2 ) 2.9 25.4 Current period change (41.0 ) (142.7 ) 11.4 — — (172.3 ) December 31, 2014 (111.5 ) (317.5 ) 25.1 (360.9 ) — (764.8 ) Net change in fair value — — — (131.3 ) — (131.3 ) Reclassification from other comprehensive income to earnings — 35.6 (3.7 ) 251.7 — 283.6 Current period change (34.9 ) 18.1 10.4 — — (6.4 ) December 31, 2015 $ (146.4 ) $ (263.8 ) $ 31.8 $ (240.5 ) $ — $ (618.9 ) The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive loss" into earnings during the year ended December 31, 2015: Year Ended December 31, 2015 Year Ended December 31, 2014 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income (1) Amount reclassified from accumulated other comprehensive (loss) income (1) Affected line item in the consolidated statement of operations (Dollars in millions) (Dollars in millions) Net actuarial loss associated with postretirement plans and workers' compensation obligations: Postretirement health care and life insurance benefits $ (24.9 ) $ (14.5 ) Operating costs and expenses Defined benefit pension plans (32.9 ) (24.8 ) Operating costs and expenses Defined benefit pension plans — (8.7 ) Restructuring and pension settlement charges Defined benefit pension plans (6.7 ) (5.4 ) Selling and administrative expenses Insignificant items 8.0 4.1 (56.5 ) (49.3 ) Total before income taxes 20.9 18.3 Income tax benefit $ (35.6 ) $ (31.0 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 6.8 $ (1.3 ) Operating costs and expenses Defined benefit pension plans (1.0 ) (1.3 ) Operating costs and expenses 5.8 (2.6 ) Total before income taxes (2.1 ) 0.9 Income tax benefit $ 3.7 $ (1.7 ) Total after income taxes Cash flow hedges: Foreign currency forward contracts $ (316.4 ) $ (27.3 ) Operating costs and expenses Fuel and explosives commodity swaps (120.4 ) (22.3 ) Operating costs and expenses Coal trading commodity futures, swaps and options 51.8 63.9 Other revenues Insignificant items (0.7 ) (0.4 ) (385.7 ) 13.9 Total before income taxes 134.0 (3.7 ) Income tax provision $ (251.7 ) $ 10.2 Total after income taxes Available-for-sale securities: Debt securities $ — $ — Interest income Equity securities — (4.7 ) Asset impairment and mine closure costs — (4.7 ) Total before income taxes — 1.8 Income tax benefit $ — $ (2.9 ) Total after income taxes (1) Presented as gains (losses) in the consolidated statements of operations. Comprehensive (loss) income differs from net loss by the amount of unrealized gain or loss resulting from valuation changes of the Company’s cash flow hedges (see Note 6. "Derivatives and Fair Value Measurements" and Note 7. "Coal Trading" for information related to the Company’s cash flow hedges), changes in the fair value of available-for-sale securities (see Note 5. "Investments" for information related to the Company's investments in available-for-sale securities), the change in actuarial loss and prior service cost of postretirement plans and workers' compensation obligations (see Note 15. "Postretirement Health Care and Life Insurance Benefits," Note 16. "Pension and Savings Plans" and Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" for information related to the Company's postretirement and pension plans) and foreign currency translation adjustment related to the Company's investments in Middlemount, whose functional currency is the Australian dollar. The values of the Company’s cash flow hedging instruments are primarily affected by the U.S. dollar/Australian dollar exchange rate and changes in the prices of certain coal and diesel fuel products. |
Resource Management, Acquisitio
Resource Management, Acquisitions and Other Commercial Events | 12 Months Ended |
Dec. 31, 2015 | |
Resource Management, Acquisitions and Other Commercial Events [Abstract] | |
Resource Management, Acquisitions and Other Commercial Events | Resource Management, Acquisitions and Other Commercial 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 consolidated statements of operations for the year ended December 31, 2015 were aggregate restructuring charges of $23.5 million , primarily comprised of cash severance costs. Of that amount, $3.0 million remained accrued as of December 31, 2015. Coal Supply Agreement During April 2014, the Company finalized pricing under a sales agreement for one of its Western U.S. 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 year ended December 31, 2014 and will continue to realize higher prices for coal supplied pursuant to that agreement. Divestitures 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 consolidated balance sheet as of December 31, 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 2016, the Company entered into a definitive agreement to sell its 5.06 percent participation interest in the Prairie State Energy Campus to the Wabash Valley Power Association for approximately $57 million , subject to certain customary closing adjustments, and satisfaction of closing condition and expiration of certain purchase rights, with the closing expected to occur in the second quarter of 2016. In November 2015, the Company entered into a definitive agreement to sell its El Segundo and Lee Ranch mines in New Mexico and its Twentymile Mine in Colorado to Bowie Resource Partners, LLC in exchange for cash proceeds of $358 million and the assumption of approximately $105 million in related liabilities. The transaction is scheduled to be completed during the first quarter of 2016. The mines were not classified as discontinued operations in the accompanying consolidated financial statements due to the level of uncertainty associated with completing the transaction at December 31, 2015. 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 as discussed in Note 2. "Asset Impairment." Accordingly, there was no gain or loss recognized on the disposal during the year ended December 31, 2015. In December 2014, the Company sold non-strategic coal reserves located in Kentucky in exchange for cash proceeds of $29.6 million . The company recognized a gain on sale of $13.6 million related to the transaction, which was classified in "Net gain on disposal or exchange of assets" in the consolidated statement of operations for the year ended December 31, 2014. Joint Venture In 2014, the Company agreed to establish an unincorporated joint venture project with Glencore plc (Glencore), in which each party will hold a 50% interest, to combine the existing operations of the Company's Wambo Open-Cut Mine in Australia with the adjacent coal reserves of Glencore's United Mine. The Company expects the project to result in several operation synergies, including improved mining productivity, lower per-unit operating costs and an extended mine life. The joint venture operations are expected to commence in 2017, subject to substantive contingencies, including the requisite regulatory and permitting approvals. At such time as those contingencies have been resolved or are no longer considered to be substantive, the Company will account for its beneficial interest in the combined operations at fair value. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 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." 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." 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 0.6 million for the year ended December 31, 2015 and 0.2 million for the years ended December 31, 2014 and 2013 , 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 period presented below have been retroactively restated to reflect the Reverse Stock Split discussed in Note 1. "Summary of Significant Accounting Policies.": Year Ended December 31, 2015 2014 2013 (In millions, except per share amounts) EPS numerator: Loss from continuing operations, net of income taxes $ (1,813.9 ) $ (749.1 ) $ (286.0 ) Less: Net income attributable to noncontrolling interests 7.1 9.7 12.3 Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities (1,821.0 ) (758.8 ) (298.3 ) Less: Earnings allocated to participating securities — 1.0 0.8 Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1,821.0 ) (759.8 ) (299.1 ) Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (175.0 ) (28.2 ) (226.6 ) Net loss attributable to common stockholders, after earnings allocated to participating securities $ (1,996.0 ) $ (788.0 ) $ (525.7 ) EPS denominator: Weighted average shares outstanding — basic and diluted 18.1 17.9 17.8 Basic and diluted EPS attributable to common stockholders: Loss from continuing operations $ (100.34 ) $ (42.52 ) $ (16.80 ) Loss from discontinued operations (9.64 ) (1.57 ) (12.73 ) Net loss attributable to common stockholders $ (109.98 ) $ (44.09 ) $ (29.53 ) |
Management - Labor Relations
Management - Labor Relations | 12 Months Ended |
Dec. 31, 2015 | |
Risk Management Labor Relations [Abstract] | |
Management - Labor Relations | Management — Labor Relations On December 31, 2015 , the Company had approximately 7,600 employees worldwide, including approximately 5,700 hourly employees; the employee amounts exclude employees that were employed at operations classified as discontinued operations. Approximately 37% of those hourly employees were represented by organized labor unions and were employed by mines that generated 20% of the Company's 2015 coal production from continuing operations. In the U.S., one surface mine is represented by an organized labor union. In Australia, the coal mining industry is unionized and the majority of hourly workers employed at the Company’s Australian Mining operations are members of trade unions. The Construction Forestry Mining and Energy Union generally represents the Company’s Australian subsidiaries’ hourly production and engineering employees, including those employed through contract mining relationships. The Company believes labor relations with its employees are good. Should that condition change, the Company could experience labor disputes, work stoppages or other disruptions in production that could negatively impact the Company’s results of operations and cash flows. The following table presents the Company's active mining operations as of December 31, 2015 in which the employees are represented by organized labor unions: Mine Current Agreement Expiration Date U. S. Kayenta (1) September 2019 Australia Owner-operated mines: Wambo Open-Cut December 2018 North Wambo Underground (2) April 2016 North Goonyella December 2018 Metropolitan (3) August 2015 Millennium (3) October 2015 Wilpinjong May 2016 Coppabella (4) October 2016 Moorvale (4) June 2017 Contractor-operated mines: Burton December 2016 (1) Hourly workers at the Company’s Kayenta Mine in Arizona are represented by the UMWA under the Western Surface Agreement, which is effective through September 16, 2019. This agreement covers approximately 8% of the Company’s U.S. subsidiaries’ hourly employees, who generated approximately 4% of the Company’s U.S. production during the year ended December 31, 2015 . (2) Employees of the Company's North Wambo Underground Mine also operate under a separate enterprise agreement. That agreement expired in April 2015 and negotiations are underway. The parties agreed to a rollover for 12 months through April 2016. There have been no disruptions to the operations of the plant as a result of the expiration of the agreement. (3) Negotiations for the Metropolitan and Millennium mines are underway or have been scheduled and the mines continue to operate. Hourly employees of these mines comprise approximately 28% of the Company's Australian subsidiaries hourly employees, who generated approximately 19% of the Company's Australian production during the year ended December 31, 2015 . (4) Employees of the Company's Coppabella/Moorvale Coal Handling and Preparation Plant facility also operate under a separate enterprise agreement. That agreement expired in March 2014. After negotiations, the Company's final offer was rejected by employees. The Company applied to terminate the employment agreement with a hearing set in early 2016. |
Financial Instruments, Guarante
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial Instruments, Guarantees with Off-Balance-Sheet Risk and Other Guarantees | 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 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 March 15, 2016 , management does not expect any material losses to result from these guarantees or off-balance-sheet instruments in excess of liabilities provided for in the consolidated balance sheet as of December 31, 2015. Financial Instruments with Off-Balance Sheet Risk As of December 31, 2015 , the Company had the following financial instruments with off-balance-sheet risk: Reclamation Obligations Coal Lease Obligations Workers’ Compensation Obligations Other (1) Total Letters of Credit in Support of Financial Instruments (Dollars in millions) Self bonding $ 1,430.8 $ — $ — $ — $ 1,430.8 $ — Surety bonds (2) 293.2 110.5 19.1 14.9 437.7 75.6 Bank guarantees 299.1 — — 102.6 401.7 353.6 Other letters of credit — — 55.9 150.4 206.3 — Total $ 2,023.1 $ 110.5 $ 75.0 $ 267.9 $ 2,476.5 $ 429.2 (1) Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and the PBGC, as described below, and an additional $188.2 million in bank guarantees, letters of credit and surety bonds related to road maintenance, performance guarantees and other operations. (2) A total of $75.9 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 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation". 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 which become due in 2016, and which are supported by letters of credit from a commercial bank. As of December 31, 2015 , the Company’s maximum reimbursement obligation to the commercial bank was in turn supported by four 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 December 31, 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. 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 December 31, 2015 , the Company had no remaining capacity available under the securitization program. 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 Company has started the process of renewing the program. 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 year ended December 31, 2015 , the Company received total consideration of $3,703.2 million related to accounts receivable sold under the securitization program, including $2,595.1 million of cash up front from the sale of the receivables, an additional $1,096.4 million of cash upon the collection of the underlying receivables and $11.7 million that had not been collected at December 31, 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 $168.5 million and $30.0 million at December 31, 2015 and 2014 , respectively. The securitization activity has been reflected in the consolidated statements of cash flows as an operating activity because both the cash received from the Conduits upon sale of receivables as well as the cash received from the Conduits upon the ultimate collection of 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 $1.8 million , $1.5 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Other Included in "Other noncurrent liabilities" in the Company's consolidated balance sheets as of December 31, 2015 and 2014 is a liability of $38.4 million and $44.7 million , respectively, related to reclamation, bonding commitments and worker's compensation 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Unconditional Purchase Obligations As of December 31, 2015 , purchase commitments for capital expenditures were $20.0 million , all of which is obligated within the next year. In Australia, the Company has generally secured the ability to transport coal through rail contracts and ownership interests in five east coast coal export terminals that are primarily funded through take-or-pay arrangements with terms ranging up to 27 years. In the U.S., the Company has entered into certain long-term coal export terminal agreements to secure export capacity through the Gulf Coast. As of December 31, 2015 , these Australian and U.S. commitments under take-or-pay arrangements totaled $2,236.0 million , of which $301.3 million is obligated within the next year. Subsequent to December 31, 2015, the Company amended certain contracts to reduce U.S. transportation and logistics costs. In connection with these amendments, the Company will realize a net reduction of approximately $45 million in estimated liquidated damage payments that otherwise would have become due with respect to these take-or-pay arrangements in 2017. Federal Coal Leases In the second quarter of 2012, the Company was named by the U.S. Department of the Interior, Bureau of Land Management (BLM) as the winning bidder for control of approximately 1.1 billion tons of federal coal reserves adjacent to its North Antelope Rochelle Mine in the Southern Powder River Basin of Wyoming, with a weighted average bid price of approximately $1.10 per mineable ton. Consequently, the Company made aggregate payments of $247.9 million during each of the years ended December 31, 2015 , 2014 and 2013 pursuant to the two associated federal coal leases, with one remaining annual payment of $247.9 million due in 2016. In July 2011, the Company was named by the BLM as the winning bidder for control of approximately 220 million tons of federal coal reserves adjacent to its Caballo Mine in the Powder River Basin at a bid price of $0.95 per mineable ton, with payments of $42.1 million due annually in each of the years from 2011 through 2015 pursuant to the associated federal coal lease (the Belle Ayr North Lease). Similarly, in September 2011, a subsidiary of Alpha Natural Resources, Inc. (Alpha) was named by the BLM as the winning bidder for control of approximately 130 million tons of federal coal reserves in the Powder River Basin at a bid price of $1.10 per mineable ton, with contractual payments of $28.6 million due annually in each of the years from 2011 through 2015 under the associated federal coal lease (the Caballo West Lease). In July 2012, the Company and Alpha executed a lease exchange agreement with the BLM whereby the Company agreed to sell, assign and transfer its interest in the Belle Ayr North Lease in exchange for (1) Alpha's interest in the Caballo West Lease, (2) reimbursement of $13.5 million for the difference in the related federal coal lease payments made by each party in 2011 and (3) five annual true up payments of $3.9 million for the excess of the $1.10 bid price per mineable ton assumed under the Caballo West Lease over the $0.95 price under the transferred lease. The Company received true up payments during each of the years ended December 31, 2014 and 2013 . Those cash receipts are classified in "Proceeds from disposal of assets, net of notes receivable" in the consolidated statement of cash flows. During 2015, Alpha filed voluntary petitions for reorganization under Chapter 11 of the U.S. Code and no true up payment was received. The federal coal leases executed with the BLM described above expire after a 20 -year initial term, unless at such time there is ongoing production on the subject leases or within an active logical mining unit of which they are part. 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. 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 consolidated statement of operations for the year ended December 31, 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 during the year ended December 31, 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, within 30 days of July 8, 2013. 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. On December 8, 2015, QBH filed a claim in the Supreme Court of Queensland, Australia seeking specific performance of the Company subsidiary’s obligation to enter into a new CPSA as described above and payment of $11.8 million Australian dollars representing amounts invoiced by QBH from January through November 2015, plus additional amounts for interest and attorney fees. On January 29, 2016, the Company subsidiary filed a defense to these claims. On February 15, 2016, QBH filed an application for summary judgment, which QBH subsequently agreed to adjourn to a date to be fixed, seeking an order requiring the Company subsidiary to execute a new CPSA and seeking additional amounts invoiced by QBH through February 2016, plus additional interest on these amounts and attorney fees. On February 29, 2016 QBH filed an amended statement claim. The Company subsidiary is due to file a defense to the amended statement of claim by March 22, 2016. In February 2016, QBH served costs statements on the Company subsidiary for attorneys' fees for the appeal and trial and the Company subsidiary is in the process of objecting to the amount of those costs. While the ultimate impact of the litigation is subject to a wide range of uncertainty, the Company recognized a charge of $9.7 million to discontinued operations for year ended December 31, 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. On November 9, 2015, the defendants filed a motion seeking dismissal of all claims. On January 14, 2016, the plaintiffs filed a motion requesting leave to file a second amended complaint, which seeks to name the boards of directors of PIC and PHC as defendants and include new allegations against the Company related to the Company’s disclosure to investors of risks associated with climate change and related legislation and regulations. The Company agreed not to oppose the plaintiff's motion on the condition that the plaintiffs dismiss the Company's independent directors from the lawsuit. 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. Contract Pricing Arbitration. In December 2014, the Company resolved an arbitration process with one of its U.S. customers related to the negotiated price of coal delivered pursuant to a long-term coal supply agreement. During the year ended December 31, 2014, the Company shipped 4.8 million tons subject to that agreement. In connection with the settlement, the Company agreed to provide the customer with a pricing rebate of $68.7 million , which represents a portion of the total amount that was invoiced and collected upon in 2014 based on contract prices in effect in 2013. The Company decreased revenue recognized for the year ended December 31, 2014 by the rebate amount and recorded a corresponding liability, which will be ratably relieved through credits against future customer billings through 2017. Gulf Power Company. On June 22, 2006, Gulf Power Company (Gulf Power) filed a breach of contract lawsuit against a Company subsidiary in the U.S. District Court, Northern District of Florida, contesting the force majeure declaration by the Company's subsidiary under a coal supply agreement with Gulf Power and seeking damages for alleged past and future tonnage shortfalls of nearly five million tons under the agreement, which expired in 2007. After the proceedings, the District Court awarded Gulf Power damages of $20.6 million for its 2007 cover coal purchases and prejudgment interest of $6.9 million plus post-judgment interest. The Company's subsidiary and Gulf Power both appealed and, in June 2013, the U.S. Court of Appeals for the Eleventh Circuit issued its order affirming the District Court's judgment in all respects. The Company subsidiary and Gulf Power agreed not to seek judicial review of the Eleventh Circuit's order, and the Company subsidiary paid the judgment during the third quarter of 2013. In connection with the order, the Company recorded a charge for the judgment amount of $20.6 million in "Operating costs and expenses" and $6.9 million in "Interest expense" in the consolidated statements of operations for the year ended December 31, 2013. 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 six national priority list sites based on the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). The most recent addition occurred in December 2015, when Gold Fields was named a PRP by the US EPA at a site near Galena, Illinois. CERCLA claims were asserted at 13 additional sites, bringing the total to 19 , which have since been reduced to seven 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 $66.9 million as of December 31, 2015 and $69.4 million as of December 31, 2014 , of which $23.9 million and $19.4 million was reflected as a current liability, respectively, in the 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 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. Other In June 2007, the 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. The Company will cooperate with the SEC, to the extent is requests any additional information in the future and will provide updated with respect to this matter as appropriate. 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) | 12 Months Ended |
Dec. 31, 2015 | |
Matters Related to the Bankruptcy of Patriot Coal Corporation [Abstract] | |
Matters Related to the Bankruptcy of Patriot Coal Corporation [Text Block] | (25) Matters Related to the Bankruptcy of Patriot Coal Corporation In 2012, Patriot 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 (2013 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 their 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 Agreement, 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 23. " 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 year ended December 31, 2015 , the Company assumed $8.5 million of underlying liabilities for which credit support was previously provided and $29.9 million of cash drawdowns were made by the beneficiaries of the financial instruments, leaving $83.1 million remaining as a liability on our condensed consolidated balance sheet as of December 31, 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 year ended December 31, 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 had 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 from discontinued operations, net of income taxes" of $114.4 million , net of $15.0 million previously accrued credit support related to Patriot's federal black lung obligations, during the year ended December 31, 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. 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. Once Patriot ceased meeting its obligations, the Company was held responsible for these costs and, as a result, recorded a "Loss from discontinued operations, net of income taxes" charge of $24.6 million during the year ended December 31, 2015 . 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 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 2013 Agreement also contemplated 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 materially breached the 2013 Agreement. The Company and the UMWA disagreed about the impact that Patriot's breaches had 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 (Missouri Bankruptcy Court) for the limited purpose of having the Missouri Bankruptcy Court decide this issue. The Missouri Bankruptcy Court granted the Company’s motion, and 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 were excused as a result of Patriot’s breaches of the 2013 Agreement (Missouri Declaratory Judgment Action). Patriot's appeal of the Missouri Bankruptcy Court's order was dismissed on October 26, 2015. On October 16, 2015 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 (Withdrawal Motion), 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 (Virginia Bankruptcy Court) where Patriot’s second bankruptcy cases are pending. On October 23, 2015, the Company filed an objection to this motion. The UMWA subsequently filed a notice of settlement and withdrawal of the Withdrawal Motion with the United States District Court for the Eastern District of Missouri. On October 19, 2015, Patriot and the UMWA filed a declaratory judgment action in the Virginia Bankruptcy Court (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 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 (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. On December 2, 2015, the Virginia Bankruptcy Court denied the Injunction Motion and deferred ruling on the Company's motion to dismiss the Virginia Declaratory Judgment Action. The parties agreed to a settlement of the Company’s obligations for payment of the remaining VEBA payments, which was approved by the Missouri Bankruptcy Court on January 5, 2016 and the Virginia Bankruptcy Court on January 6, 2016. Under this settlement, the Company agreed to pay $75 million to the VEBA, payable in equal monthly installments of $7.5 million beginning on January 4, 2016. The remaining monthly installments will be made at the beginning of each successive month ending October 2016. These monthly VEBA payments will terminate early if VEBA participants can receive healthcare benefits that are reasonably similar to or greater than healthcare benefits provided under VEBA as a result of new legislation. 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 and accounts for the related liabilities within continuing operations. 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 second chapter 11 cases (on behalf of itself and the retirees that it represented), pursuant to which, among other things, (i) the SELAA terminated as of October 31, 2015; (ii) the Company and its subsidiary 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. The Company reduced its obligations to match the payments to the VEBA, with the difference accounted for as negative plan amendment and the corresponding prior service credit to be amortized over the same four-year period the payments to the VEBA will occur. 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 and PHC have been dismissed from the lawsuit and have agreed with the plaintiffs to arbitrate the dispute pursuant to the arbitration process. Because more than five years have elapsed since the spin-off, the Company is exempt from making any payments toward the October 29 Assessment unless and 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 a payment schedule setting forth the annual payments required to pay the alleged withdrawal liability over time. On January 26, 2016, the Company took the first step of the adjudication process by requesting administrative review of the October 29 Assessment. If the Fund fails to respond to the Company’s request for review within 120 days, or if the Company disagrees with the results of the Fund’s review, then the Company will initiate arbitration. If the proceeding is ongoing in January 2017, the Company will be required to post a bond or an escrow of approximately $18.8 million until the decision is final. 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. |
Summary Quarterly Financial Inf
Summary Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Summary Quarterly Financial Information (Unaudited) | ummary of Quarterly Financial Information (Unaudited) A summary of the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 is presented below. Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,537.9 $ 1,339.3 $ 1,418.9 $ 1,313.1 Operating profit (loss) 2.2 (975.8 ) (20.4 ) (470.8 ) Loss from continuing operations, net of income taxes (164.4 ) (1,007.2 ) (144.4 ) (497.9 ) Net loss (173.3 ) (1,043.5 ) (301.9 ) (470.2 ) Net loss attributable to common stockholders (176.6 ) (1,045.3 ) (304.7 ) (469.4 ) Basic and diluted EPS — continuing operations (1) $ (9.31 ) $ (55.59 ) $ (8.08 ) $ (27.28 ) Weighted average shares used in calculating basic and diluted EPS 18.0 18.2 18.2 18.2 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. Operating loss for the fourth quarter of 2015 reflected $377.0 million of asset impairment costs. Operating loss for the second quarter of 2015 included $900.8 million of asset impairment costs and $21.2 million of restructuring and pension settlement charges. Loss from continuing operations for the first and second quarter of 2015 included losses on early debt extinguishment of $59.5 million and $8.3 million , respectively. Loss from continuing operations, net of income taxes for the first, third, and fourth quarters of 2015 included benefits (expenses) related to the remeasurement of foreign income tax accounts of $0.2 million , $0.8 million and $(0.5) million , respectively. Loss from continuing operations, net of income taxes, for the second quarter and fourth quarter of 2015 included a tax benefit related to asset impairment of $67.4 million and $7.9 million , respectively. Loss from continuing operations, net of income taxes, for the fourth quarter of 2015 included an increase in valuation allowance on certain U.S. deferred tax assets of $177.0 million . Loss from discontinued operations, net of income taxes, for the third quarter of 2015 included $155.1 million of Patriot bankruptcy related charges associated with black lung liabilities and the UMWA Combined Benefit Fund. Loss from discontinued operations, net of income taxes, for the second quarter of 2015 reflected a $34.7 million charge, net of taxes, related to adverse changes in the fair value of credit support provided to Patriot. Loss from discontinued operations for the first quarter of 2015 included a contingent loss accrual of $7.6 million associated with the QBH litigation. Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,626.8 $ 1,758.0 $ 1,722.9 $ 1,684.5 Operating profit (loss) 2.9 32.8 36.2 (207.0 ) Loss from continuing operations, net of income taxes (44.3 ) (72.0 ) (154.0 ) (478.8 ) Net loss (44.1 ) (71.2 ) (149.0 ) (513.0 ) Net loss attributable to common stockholders (48.5 ) (73.3 ) (150.6 ) (514.6 ) Basic and diluted EPS — continuing operations (1) $ (2.74 ) $ (4.16 ) $ (8.72 ) $ (26.88 ) Weighted average shares used in calculating basic and diluted EPS 17.9 17.9 17.9 17.9 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. Revenues for the second quarter of 2014 included $43.2 million of additional contract revenue, resulting from finalized pricing under a customer sales agreement. Operating loss for the fourth quarter of 2014 reflected $154.4 million of asset impairment costs. Operating loss for the fourth quarter of 2014 also included $26.0 million of restructuring and pension settlement charges and a deferred tax asset valuation allowance charge related to an equity affiliate of $52.3 million . Operating profit for the first quarter of 2014 included a charge of $15.6 million related to an adverse judgment in an arbitration proceeding. Loss from continuing operations for the third quarter of 2014 reflected $10.6 million of interest charges related to litigation. Loss from continuing operations for the second quarter of 2014 included $1.6 million of third-party fees related to the debentures consent solicitation. Loss from continuing operations, net of income taxes for the first, second, third and fourth quarters of 2014 included benefits (expenses) related to the remeasurement of foreign income tax accounts of $1.4 million , $ 1.3 million , $1.2 million and $(1.2) million , respectively. Loss from continuing operations, net of income taxes for the third quarter of 2014 reflected a $70.1 million write-off of a net deferred tax asset due to the repeal of the Australian Minerals and Resource Rent Tax in that period (which included $54.0 million of royalty allowance credits recognized during the first half of 2014). Loss from continuing operations, net of income taxes for the first, second, third and fourth quarters of 2014 also reflected respective increases in valuation allowance on certain Australian deferred tax assets of $42.6 million , $75.7 million , $80.6 million and $90.4 million . Loss from continuing operations, net of income taxes, for the fourth quarter of 2014 included an increase in valuation allowance on certain U.S. deferred tax assets of $280.1 million . Loss from discontinued operations, net of income taxes, for the fourth quarter of 2014 reflected a $34.1 million charge, net of tax, related to an adverse change in the fair value of credit support provided to Patriot. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic 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.” Periods presented in this note 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 New Mexico, Arizona 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 Mining operations mine sub-bituminous coal deposits, its Midwestern U.S. Mining 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 the Company's 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 the Company's 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 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 metric to measure the segments' operating performance. Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expense, 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. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Segment results for the year ended December 31, 2015 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,865.9 $ 981.2 $ 682.3 $ 1,181.9 $ 823.5 $ 42.8 $ 31.6 $ 5,609.2 Adjusted EBITDA 482.9 269.7 184.6 (18.2 ) 193.6 27.0 (705.0 ) 434.6 Additions to property, plant, equipment and mine development 15.0 51.3 19.3 25.5 13.6 — 2.1 126.8 Federal coal lease expenditures 276.9 — 0.3 — — — — 277.2 Loss from equity affiliates — — — — — — 15.9 15.9 Segment results for the year ended December 31, 2014 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,922.9 $ 1,198.1 $ 902.8 $ 1,613.8 $ 1,058.0 $ 58.4 $ 38.2 $ 6,792.2 Adjusted EBITDA 509.0 306.9 266.9 (151.1 ) 264.1 14.9 (396.7 ) 814.0 Additions to property, plant, equipment and mine development 19.7 57.4 18.2 53.9 30.2 — 15.0 194.4 Federal coal lease expenditures 276.5 — 0.2 — — — — 276.7 Loss from equity affiliates — — — — — — 107.6 107.6 Segment results for the year ended December 31, 2013 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,767.3 $ 1,335.5 $ 902.3 $ 1,773.4 $ 1,131.2 $ 66.0 $ 38.0 $ 7,013.7 Adjusted EBITDA 435.4 426.0 258.0 (120.0 ) 270.0 (19.9 ) (202.3 ) 1,047.2 Additions to property, plant, equipment and mine development 15.8 27.2 32.2 165.7 64.6 0.1 22.8 328.4 Federal coal lease expenditures 276.5 — 0.3 — — — — 276.8 Loss from equity affiliates — — — — — — 40.2 40.2 Asset details are reflected at the division level only for the Company's 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. Assets as of December 31, 2015 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,180.2 $ 5,319.9 $ 217.2 $ 1,304.0 $ 11,021.3 Property, plant, equipment and mine development, net 3,854.5 4,469.6 0.5 933.9 9,258.5 Assets as of December 31, 2014 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,099.1 $ 6,623.9 $ 300.7 $ 2,167.4 $ 13,191.1 Property, plant, equipment and mine development, net 3,739.9 5,503.7 1.1 1,332.6 10,577.3 Assets as of December 31, 2013 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,024.4 $ 7,081.2 $ 389.6 $ 2,638.2 $ 14,133.4 Property, plant, equipment and mine development, net 3,654.4 5,947.1 1.8 1,479.2 11,082.5 A reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Total Adjusted EBITDA $ 434.6 $ 814.0 $ 1,047.2 Depreciation, depletion and amortization (572.2 ) (655.7 ) (740.3 ) Asset retirement obligation expenses (45.5 ) (81.0 ) (66.5 ) Asset impairment (1,277.8 ) (154.4 ) (528.3 ) Settlement charges related to the Patriot bankruptcy reorganization — — (30.6 ) Change in deferred tax asset valuation allowance related to equity affiliates 1.0 (52.3 ) — Amortization of basis difference related to equity affiliates (4.9 ) (5.7 ) (6.3 ) Interest expense (533.2 ) (428.2 ) (425.2 ) Interest income 7.7 15.4 15.7 Income tax benefit (provision) 176.4 (201.2 ) 448.3 Loss from continuing operations, net of income taxes $ (1,813.9 ) $ (749.1 ) $ (286.0 ) The following table presents revenues as a percent of total revenue from external customers by geographic region: Year Ended December 31, 2015 2014 2013 U.S. 57.4 % 59.5 % 61.1 % Japan 8.1 % 9.5 % 9.8 % China 7.1 % 6.1 % 10.2 % South Korea 4.1 % 5.2 % 3.8 % Other 23.3 % 19.7 % 15.1 % Total 100.0 % 100.0 % 100.0 % The Company attributes revenue to individual countries based on the location of the physical delivery of the coal. |
Supplemental Guarantor_Non-Guar
Supplemental Guarantor/Non-Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Non Guarantor Financial Information [Abstract] | |
Supplemental Guarantor/Non-Guarantor Financial Information | 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. PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,443.0 $ 2,215.3 $ (49.1 ) $ 5,609.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 436.6 2,618.4 2,001.8 (49.1 ) 5,007.7 Depreciation, depletion and amortization — 281.3 290.9 — 572.2 Asset retirement obligation expenses — 17.2 28.3 — 45.5 Selling and administrative expenses 32.1 132.6 11.7 — 176.4 Restructuring and pension settlement charges (3.9 ) 11.4 16.0 — 23.5 Other operating (income) loss: Net gain on disposal of assets (2.3 ) (29.4 ) (13.3 ) — (45.0 ) Asset impairment — 308.6 969.2 — 1,277.8 Loss from equity affiliates and investment in subsidiaries 933.9 6.9 9.0 (933.9 ) 15.9 Interest expense 468.4 8.7 24.7 (36.4 ) 465.4 Loss on early debt extinguishment 67.8 — — — 67.8 Interest income (14.0 ) (11.9 ) (18.2 ) 36.4 (7.7 ) (Loss) income from continuing operations before income taxes (1,918.6 ) 99.2 (1,104.8 ) 933.9 (1,990.3 ) Income tax (benefit) provision (87.4 ) (108.2 ) 19.2 — (176.4 ) (Loss) income from continuing operations, net of income taxes (1,831.2 ) 207.4 (1,124.0 ) 933.9 (1,813.9 ) (Loss) income from discontinued operations, net of income taxes (164.8 ) 1.6 (11.8 ) — (175.0 ) Net (loss) income (1,996.0 ) 209.0 (1,135.8 ) 933.9 (1,988.9 ) Less: Net income attributable to noncontrolling interests — — 7.1 — 7.1 Net (loss) income attributable to common stockholders $ (1,996.0 ) $ 209.0 $ (1,142.9 ) $ 933.9 $ (1,996.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,964.8 $ 2,902.1 $ (74.7 ) $ 6,792.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 49.6 2,927.3 2,814.7 (74.7 ) 5,716.9 Depreciation, depletion and amortization — 310.4 345.3 — 655.7 Asset retirement obligation expenses — 25.3 55.7 — 81.0 Selling and administrative expenses 46.8 161.1 19.2 — 227.1 Restructuring and pension settlement charges — 23.8 2.2 — 26.0 Other operating (income) loss: Net gain on disposal of assets — (18.5 ) (22.9 ) — (41.4 ) Asset impairment 4.7 71.1 78.6 — 154.4 Loss from equity affiliates and investment in subsidiaries 431.1 6.6 101.0 (431.1 ) 107.6 Interest expense 423.1 6.4 34.6 (37.5 ) 426.6 Loss on early debt extinguishment 1.6 — — — 1.6 Interest income (15.3 ) (10.3 ) (27.3 ) 37.5 (15.4 ) (Loss) income from continuing operations before income taxes (941.6 ) 461.6 (499.0 ) 431.1 (547.9 ) Income tax (benefit) provision (186.2 ) 316.7 70.7 — 201.2 (Loss) income from continuing operations, net of income taxes (755.4 ) 144.9 (569.7 ) 431.1 (749.1 ) (Loss) income from discontinued operations, net of income taxes (31.6 ) (7.2 ) 10.6 — (28.2 ) Net (loss) income (787.0 ) 137.7 (559.1 ) 431.1 (777.3 ) Less: Net income attributable to noncontrolling interests — — 9.7 — 9.7 Net (loss) income attributable to common stockholders $ (787.0 ) $ 137.7 $ (568.8 ) $ 431.1 $ (787.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 4,027.9 $ 3,230.3 $ (244.5 ) $ 7,013.7 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) (173.6 ) 3,471.7 2,675.5 (244.5 ) 5,729.1 Depreciation, depletion and amortization — 329.4 410.9 — 740.3 Asset retirement obligation expenses — 33.3 33.2 — 66.5 Selling and administrative expenses 50.9 167.9 25.4 — 244.2 Restructuring and pension settlement charges — 11.9 — — 11.9 Other operating (income) loss: Net gain on disposal of assets — (52.6 ) — — (52.6 ) Asset impairment 21.5 6.5 500.3 — 528.3 Settlement charges related to the Patriot bankruptcy reorganization 30.6 — — — 30.6 Loss from equity affiliates and investment in subsidiaries 272.5 8.3 31.9 (272.5 ) 40.2 Interest expense 403.9 244.5 169.0 (409.1 ) 408.3 Loss on early debt extinguishment 16.9 — — — 16.9 (Gain) loss from extinguishment of affiliate debt — (155.5 ) 155.5 — — Interest income (79.6 ) (311.6 ) (33.6 ) 409.1 (15.7 ) Unrealized loss (gain) on derivatives — 34.0 (34.0 ) — — (Loss) income from continuing operations before income taxes (543.1 ) 240.1 (703.8 ) 272.5 (734.3 ) Income tax benefit (92.2 ) (110.9 ) (245.2 ) — (448.3 ) (Loss) income from continuing operations, net of income taxes (450.9 ) 351.0 (458.6 ) 272.5 (286.0 ) Loss from discontinued operations, net of income taxes (74.0 ) (5.6 ) (147.0 ) — (226.6 ) Net (loss) income (524.9 ) 345.4 (605.6 ) 272.5 (512.6 ) Less: Net income attributable to noncontrolling interests — — 12.3 — 12.3 Net (loss) income attributable to common stockholders $ (524.9 ) $ 345.4 $ (617.9 ) $ 272.5 $ (524.9 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (1,996.0 ) $ 209.0 $ (1,135.8 ) $ 933.9 $ (1,988.9 ) Other comprehensive income (loss), net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.1 tax benefit) — — — — — Net unrealized gains (losses) on cash flow hedges (net of $72.2 tax provision) (Decrease) increase in fair value of cash flow hedges (137.1 ) — 5.8 — (131.3 ) Reclassification for realized losses (gains) included in net (loss) income 292.1 — (40.4 ) — 251.7 Net unrealized gains (losses) on cash flow hedges 155.0 — (34.6 ) — 120.4 Postretirement plans and workers' compensation obligations (net of $36.2 tax provision) Prior service credit for the period — 10.4 — — 10.4 Net actuarial gain for the period 5.5 12.6 — — 18.1 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income 7.2 36.6 (11.9 ) — 31.9 Postretirement plans and workers' compensation obligations 12.7 59.6 (11.9 ) — 60.4 Foreign currency translation adjustment — — (34.9 ) — (34.9 ) Other comprehensive loss from investment in subsidiaries (21.8 ) — — 21.8 — Other comprehensive income (loss), net of income taxes 145.9 59.6 (81.4 ) 21.8 145.9 Comprehensive (loss) income (1,850.1 ) 268.6 (1,217.2 ) 955.7 (1,843.0 ) Less: Comprehensive income attributable to noncontrolling interests — — 7.1 — 7.1 Comprehensive (loss) income attributable to common stockholders $ (1,850.1 ) $ 268.6 $ (1,224.3 ) $ 955.7 $ (1,850.1 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (787.0 ) $ 137.7 $ (559.1 ) $ 431.1 $ (777.3 ) Other comprehensive loss, net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.5 tax benefit) Unrealized holding losses on available-for-sale securities (3.7 ) — — — (3.7 ) Reclassification for realized losses included in net (loss) income 2.9 — — — 2.9 Net change in unrealized losses on available-for-sale securities (0.8 ) — — — (0.8 ) Net unrealized losses on cash flow hedges (net of $54.6 tax benefit) (Decrease) increase in fair value of cash flow hedges (225.9 ) — 30.9 — (195.0 ) Reclassification for realized losses (gains) included in net (loss) income 31.3 — (41.5 ) — (10.2 ) Net unrealized losses on cash flow hedges (194.6 ) — (10.6 ) — (205.2 ) Postretirement plans and workers' compensation obligations (net of $10.3 tax benefit) Prior service credit for the period — 11.4 — — 11.4 Net actuarial (loss) gain for the period — (150.2 ) 7.5 — (142.7 ) Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 35.5 (2.8 ) — 32.7 Postretirement plans and workers' compensation obligations — (103.3 ) 4.7 — (98.6 ) Foreign currency translation adjustment — — (41.0 ) — (41.0 ) Other comprehensive loss from investment in subsidiaries (150.2 ) — — 150.2 — Other comprehensive loss, net of income taxes (345.6 ) (103.3 ) (46.9 ) 150.2 (345.6 ) Comprehensive (loss) income (1,132.6 ) 34.4 (606.0 ) 581.3 (1,122.9 ) Less: Comprehensive income attributable to noncontrolling interests — — 9.7 — 9.7 Comprehensive (loss) income attributable to common stockholders $ (1,132.6 ) $ 34.4 $ (615.7 ) $ 581.3 $ (1,132.6 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (524.9 ) $ 345.4 $ (605.6 ) $ 272.5 $ (512.6 ) Other comprehensive (loss) income, net of income taxes: Net change in unrealized gains (losses) on available-for-sale securities (net of $0.5 tax provision) Unrealized holding losses on available-for-sale securities (12.2 ) — (0.1 ) — (12.3 ) Reclassification for realized losses (gains)included in net (loss) income 13.0 — (0.2 ) — 12.8 Net change in unrealized gains (losses) on available-for-sale securities 0.8 — (0.3 ) — 0.5 Net unrealized losses on cash flow hedges (net of $300.0 tax benefit) (Decrease) increase in fair value of cash flow hedges (368.4 ) — 34.8 — (333.6 ) Reclassification for realized gains included in net (loss) income (109.0 ) — (100.6 ) — (209.6 ) Net unrealized losses on cash flow hedges (477.4 ) — (65.8 ) — (543.2 ) Postretirement plans and workers' compensation obligations (net of $121.7 tax provision) Prior service cost for the period — (1.4 ) — — (1.4 ) Net actuarial gain for the period — 103.8 7.1 — 110.9 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 95.8 (0.1 ) — 95.7 Postretirement plans and workers' compensation obligations — 198.2 7.0 — 205.2 Foreign currency translation adjustment — — (92.7 ) — (92.7 ) Other comprehensive income from investment in subsidiaries 46.4 — — (46.4 ) — Other comprehensive (loss) income, net of income taxes (430.2 ) 198.2 (151.8 ) (46.4 ) (430.2 ) Comprehensive (loss) income (955.1 ) 543.6 (757.4 ) 226.1 (942.8 ) Less: Comprehensive income attributable to noncontrolling interests — — 12.3 — 12.3 Comprehensive (loss) income attributable to common stockholders $ (955.1 ) $ 543.6 $ (769.7 ) $ 226.1 $ (955.1 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 7.2 $ 0.3 $ 253.8 $ — $ 261.3 Accounts receivable, net — 8.7 220.1 — 228.8 Receivables from affiliates, net 582.1 — 121.1 (703.2 ) — Inventories — 153.7 154.1 — 307.8 Assets from coal trading activities, net — 3.2 20.3 — 23.5 Deferred income taxes — 65.3 — (11.8 ) 53.5 Other current assets 78.6 127.9 296.6 — 503.1 Total current assets 667.9 359.1 1,066.0 (715.0 ) 1,378.0 Property, plant, equipment and mine development, net — 4,722.9 4,535.6 — 9,258.5 Deferred income taxes — 33.1 — (30.9 ) 2.2 Investments and other assets 8,495.1 3.7 185.4 (8,301.6 ) 382.6 Notes receivable from affiliates, net — 1,665.8 — (1,665.8 ) — Total assets $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 5,899.5 $ 23.2 $ 7.7 $ — $ 5,930.4 Payables to affiliates, net — 703.2 — (703.2 ) — Deferred income taxes 11.8 — 3.8 (11.8 ) 3.8 Liabilities from coal trading activities, net — 4.8 10.8 — 15.6 Accounts payable and accrued expenses 494.8 527.2 420.5 — 1,442.5 Total current liabilities 6,406.1 1,258.4 442.8 (715.0 ) 7,392.3 Long-term debt, less current portion 385.2 — — — 385.2 Deferred income taxes 98.6 — 1.4 (30.9 ) 69.1 Notes payable to affiliates, net 1,032.6 — 633.2 (1,665.8 ) — Other noncurrent liabilities 323.6 1,588.6 344.0 — 2,256.2 Total liabilities 8,246.1 2,847.0 1,421.4 (2,411.7 ) 10,102.8 Peabody Energy Corporation stockholders’ equity 916.9 3,937.6 4,364.0 (8,301.6 ) 916.9 Noncontrolling interests — — 1.6 — 1.6 Total stockholders’ equity 916.9 3,937.6 4,365.6 (8,301.6 ) 918.5 Total liabilities and stockholders’ equity $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 PEABODY ENERGY CORPORATION 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 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (692.9 ) $ 593.5 $ 118.3 $ 18.9 Net cash used in discontinued operations (27.4 ) (2.9 ) (3.0 ) (33.3 ) Net cash (used in) provided by operating activities (720.3 ) 590.6 115.3 (14.4 ) Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (87.2 ) (39.6 ) (126.8 ) Changes in accrued expenses related to capital expenditures — (3.6 ) (5.6 ) (9.2 ) Federal coal lease expenditures — (277.2 ) — (277.2 ) Proceeds from disposal of assets, net of notes receivable — 36.3 34.1 70.4 Purchases of debt and equity securities — — (28.8 ) (28.8 ) Proceeds from sales and maturities of debt and equity securities — — 90.3 90.3 Contributions to joint ventures — — (425.4 ) (425.4 ) Distributions from joint ventures — — 422.6 422.6 Advances to related parties — — (3.7 ) (3.7 ) Repayment of loans from related parties — — 0.9 0.9 Other, net — (3.2 ) 0.1 (3.1 ) Net cash (used in) provided by investing activities — (334.9 ) 44.9 (290.0 ) Cash Flows From Financing Activities Proceeds from long-term debt 975.7 — — 975.7 Repayments of long-term debt (662.0 ) (0.2 ) (9.1 ) (671.3 ) Payment of deferred financing costs (28.7 ) — — (28.7 ) Dividends paid (1.4 ) — — (1.4 ) Other, net 1.4 (1.8 ) (6.2 ) (6.6 ) Transactions with affiliates, net 253.8 (254.6 ) 0.8 — Net cash provided by (used in) financing activities 538.8 (256.6 ) (14.5 ) 267.7 Net change in cash and cash equivalents $ (181.5 ) $ (0.9 ) $ 145.7 $ (36.7 ) Cash and cash equivalents at beginning of year 188.7 1.2 108.1 298.0 Cash and cash equivalents at end of year $ 7.2 $ 0.3 $ 253.8 $ 261.3 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (369.0 ) $ 776.1 $ 33.9 $ 441.0 Net cash used in discontinued operations (73.3 ) (4.6 ) (26.5 ) (104.4 ) Net cash (used in) provided by operating activities (442.3 ) 771.5 7.4 336.6 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (108.5 ) (85.9 ) (194.4 ) Changes in accrued expenses related to capital expenditures — 3.4 (20.0 ) (16.6 ) Federal coal lease expenditures — (276.7 ) — (276.7 ) Proceeds from disposal of assets, net of notes receivable — 105.9 97.8 203.7 Purchases of debt and equity securities — — (15.1 ) (15.1 ) Proceeds from sales and maturities of debt and equity securities — — 13.5 13.5 Contributions to joint ventures — — (529.8 ) (529.8 ) Distributions from joint ventures — — 534.2 534.2 Advances to related parties — — (33.7 ) (33.7 ) Repayment of loan from related parties — — 5.4 5.4 Other, net — (4.4 ) (0.6 ) (5.0 ) Net cash used in investing activities — (280.3 ) (34.2 ) (314.5 ) Cash Flows From Financing Activities Proceeds from long-term debt — — 1.1 1.1 Repayments of long-term debt (12.0 ) (0.1 ) (8.9 ) (21.0 ) Payment of deferred financing costs (10.1 ) — — (10.1 ) Dividends paid (92.3 ) — — (92.3 ) Restricted cash for distributions to noncontrolling interest — — (42.5 ) (42.5 ) Other, net 3.1 (1.7 ) (4.7 ) (3.3 ) Transactions with affiliates, net 441.6 (488.5 ) 46.9 — Net cash provided by (used in) financing activities 330.3 (490.3 ) (8.1 ) (168.1 ) Net change in cash and cash equivalents $ (112.0 ) $ 0.9 $ (34.9 ) $ (146.0 ) Cash and cash equivalents at beginning of year 300.7 0.3 143.0 444.0 Cash and cash equivalents at end of year $ 188.7 $ 1.2 $ 108.1 $ 298.0 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (24.3 ) $ 778.7 $ 25.7 $ 780.1 Net cash used in discontinued operations (20.4 ) (7.6 ) (29.7 ) (57.7 ) Net cash (used in) provided by operating activities (44.7 ) 771.1 (4.0 ) 722.4 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (95.9 ) (232.5 ) (328.4 ) Changes in accrued expenses related to capital expenditures — (1.2 ) (119.5 ) (120.7 ) Federal coal lease expenditures — (276.8 ) — (276.8 ) Proceeds from disposal of assets, net of notes receivable — 93.0 85.3 178.3 Purchases of debt and equity securities — — (22.8 ) (22.8 ) Proceeds from sales and maturities of debt and equity securities — — 22.9 22.9 Maturity of short-term investments — — 4.8 4.8 Contributions to joint ventures — — (671.7 ) (671.7 ) Distributions from joint ventures — — 722.9 722.9 Advances to related parties — — (42.1 ) (42.1 ) Repayment of loans from related parties — — 25.2 25.2 Other, net — (5.7 ) (0.1 ) (5.8 ) Net cash used in continuing operations — (286.6 ) (227.6 ) (514.2 ) Net cash used in discontinued operations — — (1.5 ) (1.5 ) Net cash used in investing activities — (286.6 ) (229.1 ) (515.7 ) Cash Flows From Financing Activities Proceeds from long-term debt 1,188.0 — — 1,188.0 Repayments of long-term debt (1,334.2 ) (0.2 ) (55.8 ) (1,390.2 ) Payment of deferred financing costs (22.8 ) — — (22.8 ) Dividends paid (91.7 ) — — (91.7 ) Other, net 4.2 (1.6 ) (7.4 ) (4.8 ) Transactions with affiliates, net 332.3 (482.7 ) 150.4 — Net cash provided by (used in) financing activities 75.8 (484.5 ) 87.2 (321.5 ) Net change in cash and cash equivalents $ 31.1 $ — $ (145.9 ) $ (114.8 ) Cash and cash equivalents at beginning of year 269.6 0.3 288.9 558.8 Cash and cash equivalents at end of year $ 300.7 $ 0.3 $ 143.0 $ 444.0 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
VALUATION AND QUALIFYING ACCOUNTS | PEABODY ENERGY CORPORATION SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Deductions (1) Other Balance (Dollars in millions) Year Ended December 31, 2015 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.6 $ — $ (0.9 ) (2) $ 1.6 (3) $ 8.3 Reserve for materials and supplies 4.6 0.4 (0.3 ) — 4.7 Allowance for doubtful accounts 5.8 8.0 (7.2 ) — 6.6 Tax valuation allowances 1,169.0 462.0 — (183.7 ) (4) 1,447.3 Year Ended December 31, 2014 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 9.7 $ (0.2 ) $ (1.9 ) (2) $ — $ 7.6 Reserve for materials and supplies 7.4 (0.1 ) (2.7 ) — 4.6 Allowance for doubtful accounts 7.4 1.5 (1.4 ) (1.7 ) (5) 5.8 Tax valuation allowances 1,634.1 569.4 — (1,034.5 ) (6) 1,169.0 Year Ended December 31, 2013 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 15.3 $ 0.1 $ (5.7 ) (2) $ — $ 9.7 Reserve for materials and supplies 16.0 1.7 (10.3 ) — 7.4 Allowance for doubtful accounts 13.7 4.3 (10.1 ) (0.5 ) (5) 7.4 Tax valuation allowances 1,481.8 (29.4 ) — 181.7 (7) 1,634.1 (1) Reserves utilized, unless otherwise indicated. (2) Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. (3) Balances transferred from other accounts. (4) Includes a decrease in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2015 decrease in Australian dollar exchange rates. (5) Represents subsequent recovery of receivable amounts previously reserved. (6) Includes the write-off of valuation allowance against deferred tax assets related to the Australian Minerals and Resource Rent Tax (MRRT) due to the repeal of that legislation in 2014, along with an increase in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2014 decrease in Australian dollar exchange rates. (7) Related to the MRRT, as offset by the impact of the 2013 decrease in Australian dollar exchange rates. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies Discussion (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Peabody Energy Corporation (the Company) and its affiliates. Interests in subsidiaries controlled by the Company are consolidated with any outside shareholder interests 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 consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain amounts from prior years have been reclassified to conform with the 2015 presentation. 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 audited 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. |
Description of Business | Description of Business The Company is engaged in the mining of thermal coal for sale primarily to electric utilities and metallurgical coal for sale to industrial customers. The Company’s mining operations are located in the United States (U.S.) and Australia, including an equity-affiliate mining operation in Australia. The Company also markets and brokers coal from other coal producers, both as principal and agent, and trades coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, the United Kingdom and the U.S. (listed alphabetically). The Company’s other energy-related commercial activities include participating in operations of a mine-mouth coal-fueled generating plant, managing its coal reserve and real estate holdings, evaluating Btu Conversion projects and supporting the development of clean coal technologies. |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | ewly 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 audited consolidated balance sheets as of December 31, 2015 and 2014 includes $74.4 million and $64.7 million , respectively, of deferred financing cost assets (excluding $20.4 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. Inventory. In July 2015, the FASB issued guidance which requires entities to measure most inventory “at the lower of cost and net realizable value“, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market (market in this context is defined as one of three different measures, one of which is net realizable value). The guidance does not apply to inventories that are measured by using either the last-in, first-out method or the retail inventory method. The new guidance will be effective prospectively for annual periods beginning after December 15, 2016 (January 1, 2017 for the Company), and interim periods therein, with early adoption permitted.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. Business Combinations. In September 2015, in the interest of simplification, the FASB issued new guidance which requires that measurement period adjustments be recognized in the reporting period in which the adjustment amount is determined. Before the new guidance, an acquirer was required to adjust such provisional amounts by restating prior period financial statements as long as the information necessary to complete the measurement was received within the measurement period. The new standard should be applied prospectively to measurement period adjustments that occur after the effective date. The new standard is effective for interim and annual reporting periods ending after December 15, 2015 and interim periods beginning after December 15, 2017, with early adoption permitted. The impact to the Company's financial statements will depend on any acquisition activity that occurs subsequent to adoption in 2016. Income Taxes. In November 2015, the FASB issued accounting guidance that requires entities to classify all deferred tax assets and liabilities, along with any related valuation allowance as noncurrent on the balance sheet. Under the new guidance, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The new guidance will be effective prospectively or retrospectively for annual periods beginning after December 15, 2016 and interim periods therein, with early adoption permitted. 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. Lease accounting. In February 2016, FASB issued accounting guidance that will require a lessee to recognize in is balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for leases with lease terms of more than 12 months. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Additional qualitative disclosures along with specific quantitative disclosures will also be required. The new guidance will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018 (January 1, 2019 for the Company), with early adoption permitted. Upon adoption, the Company will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. 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. S |
Sales and Other Revenues | ales The Company’s revenue from coal sales is realized and earned when risk of loss passes to the customer. Under the typical terms of the Company’s coal supply agreements, title and risk of loss transfer to the customer at the mine or port, where coal is loaded to the transportation source(s) that serves each of the Company’s mines. The Company incurs certain “add-on” taxes and fees on coal sales. Reported coal sales include taxes and fees charged by various federal and state governmental bodies and the freight charged on destination customer contracts. Other Revenues "Other revenues" include net revenues from coal trading activities as discussed in Note 7. "Coal Trading," as well as coal sales revenues that were derived from the Company’s mining operations and sold through the Company’s coal trading business. Also included are revenues from customer contract-related payments, royalties related to coal lease agreements, sales agency commissions, farm income, property and facility rentals and generation development activities. Royalty income generally results from the lease or sublease of mineral rights to third parties, with payments based upon a percentage of the selling price or an amount per ton of coal produced. D |
Discontinued Operations and Assets Held for Sale | iscontinued Operations and Assets Held for Sale The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity's operations and financial results. Refer to Note 3. "Discontinued Operations" for additional details related to discontinued operations. C |
Cash and Cash Equivalents | ash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less . I |
Inventories | nventories Coal is reported as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer. Coal inventory is valued at the lower of average cost or market. Coal inventory costs include labor, supplies, equipment (including depreciation thereto) and operating overhead and other related costs incurred at or on behalf of the mining location. Market represents the estimated net realizable value of the inventory, which considers the projected future sales price of the particular coal product, less applicable selling costs, and, in the case of raw coal, estimated remaining processing costs. The valuation of coal inventory is subject to several additional estimates, including those related to ground and aerial surveys used to measure quantities and processing recovery rates. Materials and supplies inventory is valued at the lower of average cost or market, less a reserve for obsolete or surplus items. This reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. I |
Investments in Marketable Securities | nvestments in Marketable Securities The Company’s short-term investments in marketable securities, which are included in "Other current assets" in the consolidated balance sheets, are defined as those investments with original maturities upon purchase of greater than three months and up to one year. Long-term investments, which are included in "Investments and other assets" in the consolidated balance sheets, are defined as those investments with original maturities upon purchase of greater than one year. The Company classifies its investments in debt securities as either held-to-maturity or available-for-sale at the time of purchase and reevaluates such designation periodically. Such investments are classified as held-to-maturity when the Company has the intent and ability to hold the securities to maturity. Investments in debt securities not classified as held-to-maturity and investments in marketable equity securities are classified as available-for-sale. Available-for-sale securities are carried at fair value, with unrealized gains and losses, net of income taxes, generally reported in “Accumulated other comprehensive loss” in the consolidated balance sheets. Realized gains and losses, determined on a specific identification method, are included in “Interest income” in the consolidated statements of operations. At each reporting date, the Company performs separate evaluations of its marketable securities to determine if any unrealized losses present are other-than-temporary. Such evaluations involve the consideration of several factors, including, but not limited to, the length of time the market value has been less than cost, the financial condition and near-term prospects of the issuer of the securities and whether the Company has the positive intent and ability to hold the securities until recovery. No such impairment losses were recorded during the year ended December 31, 2015. Refer to Note 2. "Asset Impairment" and Note 5. "Investments" for details regarding other-than-temporary impairment losses of $4.7 million and $21.5 million recognized during the years ended December 31, 2014 and 2013, respectively, related to the Company's marketable equity securities holdings. |
Property, Plant, Equipment and Mine Development | roperty, Plant, Equipment and Mine Development Property, plant, equipment and mine development are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. Capitalized interest in 2015 , 2014 and 2013 was immaterial. Expenditures which extend the useful lives of existing plant and equipment assets are capitalized. Maintenance and repairs are charged to operating costs as incurred. Costs incurred to develop coal mines or to expand the capacity of operating mines are capitalized. Costs incurred to maintain current production capacity at a mine are charged to operating costs as incurred. Costs to acquire computer hardware and the development and/or purchase of software for internal use are capitalized and depreciated over the estimated useful lives. Coal reserves are recorded at cost, or at fair value in the case of nonmonetary exchanges, of reserves or business acquisitions. Depletion of coal reserves and amortization of advance royalties is computed using the units-of-production method utilizing only proven and probable reserves (as adjusted for recoverability factors) in the depletion base. Mine development costs are principally amortized over the estimated lives of the mines using the straight-line method. Depreciation of plant and equipment is computed using the straight-line method over the shorter of the asset's estimated useful life or the life of the mine. The estimated useful lives by category of assets are as follows: Years Building and improvements 1 to 32 Machinery and equipment 1 to 32 Leasehold improvements Shorter of Useful Life or Remaining Life of Lease E |
Equity and Cost Method Investments | quity and Cost Method Investments The Company accounts for its investments in less than majority owned corporate joint ventures under either the equity or cost method. The Company applies the equity method to investments in joint ventures when it has the ability to exercise significant influence over the operating and financial policies of the joint venture. Investments accounted for under the equity method are initially recorded at cost and any difference between the cost of the Company’s investment and the underlying equity in the net assets of the joint venture at the investment date is amortized over the lives of the related assets that gave rise to the difference. The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “Loss from equity affiliates.” Similarly, the Company's pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S. dollar is reported in the consolidated balance sheet as a component of "Accumulated other comprehensive loss," with periodic changes thereto reflected in the consolidated statements of comprehensive income. The Company monitors its equity and cost method investments for indicators that a decrease in investment value has occurred that is other than temporary. Examples of such indicators include a sustained history of operating losses and adverse changes in earnings and cash flow outlook. In the absence of quoted market prices for an investment, discounted cash flow projections are used to assess fair value, the underlying assumptions to which are generally considered unobservable Level 3 inputs under the fair value hierarchy. If the fair value of an investment is determined to be below its carrying value and that loss in fair value is deemed other than temporary, an impairment loss is recognized. Refer to Note 2. "Asset Impairment" and Note 5. "Investments" for details regarding other-than-temporary impairment losses of $276.5 million and $43.2 million recorded during the years ended December 31, 2015 and 2013, respectively, related to certain of the Company's equity and cost method investments. No such impairment losses were recorded during the year ended December 31, 2014. |
Asset Retirement Obligations | sset Retirement Obligations The Company’s asset retirement obligation (ARO) liabilities primarily consist of spending estimates for surface land reclamation and support facilities at both surface and underground mines in accordance with applicable reclamation laws in the U.S. and Australia as defined by each mining permit. The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering calculations of the amount and timing of the future cash spending for a third party to perform the required work. Spending estimates are escalated for inflation and then discounted at the credit-adjusted, risk-free rate. The Company records an ARO asset associated with the discounted liability for final reclamation and mine closure. The obligation and corresponding asset are recognized in the period in which the liability is incurred. The ARO asset is amortized on the units-of-production method over its expected life and the ARO liability is accreted to the projected spending date. As changes in estimates occur (such as mine plan revisions, changes in estimated costs or changes in timing of the performance of reclamation activities), the revisions to the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate. The Company also recognizes an obligation for contemporaneous reclamation liabilities incurred as a result of surface mining. Contemporaneous reclamation consists primarily of grading, topsoil replacement and re-vegetation of backfilled pit areas. |
Contingent Liabilities | ontingent Liabilities From time to time, the Company is subject to legal and environmental matters related to its continuing and discontinued operations and certain historical, non-coal producing operations. In connection with such matters, the Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses. A determination of the amount of reserves required for these matters is made after considerable analysis of each individual issue. The Company accrues for legal and environmental matters within "Operating costs and expenses" when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company provides disclosure surrounding loss contingencies when it believes that it is at least reasonably possible that a material loss may be incurred or an exposure to loss in excess of amounts already accrued may exist. Adjustments to contingent liabilities are made when additional information becomes available that affects the amount of estimated loss, which information may include changes in facts and circumstances, changes in interpretations of law in the relevant courts, the results of new or updated environmental remediation cost studies and the ongoing consideration of trends in environmental remediation costs. Accrued contingent liabilities exclude claims against third parties and are not discounted. The current portion of these accruals is included in “Accounts payables and accrued expenses” and the long-term portion is included in “Other noncurrent liabilities” in the consolidated balance sheets. In general, legal fees related to environmental remediation and litigation are charged to expense. The Company includes the interest component of any litigation-related penalties within "Interest expense" in the consolidated statements of operations. |
Income Taxes | ncome Taxes Income taxes are accounted for using a balance sheet approach. The Company accounts for deferred income taxes by applying statutory tax rates in effect at the reporting date of the balance sheet to differences between the book and tax basis of assets and liabilities. A valuation allowance is established if it is “more likely than not” that the related tax benefits will not be realized. Significant weight is given to evidence that can be objectively verified including history of tax attribute expiration and cumulative income or loss. In determining the appropriate valuation allowance, the Company considers the projected realization of tax benefits based on expected levels of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in carryback years. The Company recognizes the tax benefit from uncertain tax positions only if it is “more likely than not” the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement . To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of income tax expense. P |
Postretirement Health Care and Life Insurance Benefits and Pension Plans | ostretirement Health Care and Life Insurance Benefits The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the accumulated postretirement benefit obligations of its postretirement benefit plans. The Company accounts for changes in its postretirement benefit obligations as a settlement when an irrevocable action has been effected that relieves the Company of its actuarially-determined liability to individual plan participants and removes substantial risk surrounding the nature, amount and timing of the obligation’s funding and the assets used to effect the settlement. See Note 15. "Postretirement Health Care and Life Insurance Benefits" for information related to postretirement benefits. Pension Plans The Company sponsors non-contributory defined benefit pension plans accounted for by accruing the cost to provide the benefits over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plans. See Note 16. "Pension and Savings Plans" for information related to pension plans. |
Restructuring Activities | estructuring Activities 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. Included as a component of "Restructuring and pension settlement charges" in the the Company's consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 were aggregate restructuring charges of $23.5 million , $15.7 million and $11.9 million , respectively, primarily associated with voluntary and involuntary workforce reductions. The majority of the cash expenditures associated with the charges recognized in 2015 were paid in 2015. |
Derivatives | erivatives The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in the consolidated balance sheets, with the exception of certain coal trading contracts for which the Company has elected to apply a normal purchases and normal sales exception. With respect to derivatives used in hedging activities, the Company assesses, both at inception and at least quarterly thereafter, whether such derivatives are highly effective at offsetting the changes in the anticipated exposure of the hedged item. The effective portion of the change in the fair value of derivatives designated as a cash flow hedge is recorded in “Accumulated other comprehensive loss” until the hedged transaction impacts reported earnings, at which time any gain or loss is reclassified to earnings. To the extent that periodic changes in the fair value of derivatives deemed highly effective exceeds such changes in the hedged item, the ineffective portion of the periodic non-cash changes are recorded in earnings in the period of the change. If the hedge ceases to qualify for hedge accounting, the Company prospectively recognizes changes in the fair value of the instrument in earnings in the period of the change. The potential for hedge ineffectiveness is present in the design of certain of the Company’s cash flow hedge relationships and is discussed in detail in Note 6. "Derivatives and Fair Value Measurements" and Note 7. "Coal Trading." Gains or losses from derivative financial instruments designated as fair value hedges are recognized immediately in earnings, along with the offsetting gain or loss related to the underlying hedged item. The Company’s asset and liability derivative positions are offset on a counterparty-by-counterparty basis if the contractual agreement provides for the net settlement of contracts with the counterparty in the event of default or termination of any one contract. Non-derivative contracts and derivative contracts for which the Company has elected to apply the normal purchases and normal sales exception are accounted for on an accrual basis. B |
Business Combinations | usiness Combinations The Company accounts for business combinations using the purchase method of accounting. The purchase method requires the Company to determine the fair value of all acquired assets, including identifiable intangible assets and all assumed liabilities. The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and the utilization of independent valuation experts, and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates and asset lives, among other items. |
Impairment of Long-Lived Assets | mpairment of Long-Lived Assets The Company evaluates its long-lived assets held and used in operations for impairment as events and changes in circumstances indicate that the carrying amount of such assets might not be recoverable. Factors that would indicate potential impairment to be present include, but are not limited to, a sustained history of operating or cash flow losses, an unfavorable change in earnings and cash flow outlook, prolonged adverse industry or economic trends and a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. The Company generally does not view short-term declines in thermal and metallurgical coal prices in the markets in which it sells those products as a triggering event for conducting impairment tests because such markets have a history of price volatility. However, the Company generally does view a sustained trend of depressed coal market pricing (for example, over periods exceeding one year) as an indicator of potential impairment. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. For its active mining operations, the Company generally groups such assets at the mine level, or the mining complex level for mines that share infrastructure, with the exception of impairment evaluations triggered by mine closures. In those cases involving mine closures, the related assets are evaluated at the individual asset level for remaining economic life based on transferability to ongoing operating sites and for use in reclamation-related activities, or for expected salvage. For its development and exploration properties and portfolio of surface land and coal reserve holdings, the Company considers several factors to determine whether to evaluate those assets individually or on a grouped basis for purposes of impairment testing. Such factors include geographic proximity to one another, the expectation of shared infrastructure upon development based on future mining plans and whether it would be most advantageous to bundle such assets in the event of sale to a third party. When indicators of impairment are present, the Company evaluates its long-lived assets for recoverability by comparing the estimated undiscounted cash flows expected to be generated by those assets under various assumptions to their carrying amounts. If such undiscounted cash flows indicate that the carrying value of the asset group is not recoverable, impairment losses are measured by comparing the estimated fair value of the asset group to its carrying amount. As quoted market prices are unavailable for the Company's individual mining operations, fair value is determined through the use of an expected present value technique based on the income approach, except for non-strategic coal reserves, surface lands and undeveloped coal properties excluded from the Company's long-range mine planning. In those cases, a market approach is utilized based on the most comparable market multiples available. The estimated future cash flows and underlying assumptions used to assess recoverability and, if necessary, measure the fair value of the Company's long-lived mining assets are derived from those developed in connection with the Company's planning and budgeting process. The Company believes its assumptions to be consistent with those a market participant would use for valuation purposes. The most critical assumptions underlying the Company's projections and fair value estimates include those surrounding future tons sold, coal prices for unpriced coal, production costs (including costs for labor, commodity supplies and contractors), transportation costs, foreign currency exchange rates and a risk-adjusted, after-tax cost of capital (all of which generally constitute unobservable Level 3 inputs under the fair value hierarchy), in addition to market multiples for non-strategic coal reserves, surface lands and undeveloped coal properties excluded from the Company's long-range mine planning (which generally constitute Level 2 inputs under the fair value hierarchy). Refer to Note 2. "Asset Impairment" for details regarding impairment charges related to long-lived assets of $1,001.3 million , $149.7 million and $463.6 million recognized during the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Fair Value | air Value For assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. F |
Foreign Currency | oreign Currency Functional currency is determined by the primary economic environment in which an entity operates, which for the Company's foreign operations is generally the U.S. dollar because sales prices in international coal markets and the Company's sources of financing those operations is denominated in that currency. Accordingly, substantially all of the Company’s consolidated foreign subsidiaries utilize the U.S. dollar as their functional currency. Monetary assets and liabilities are remeasured at year-end exchange rates while non-monetary items are remeasured at historical rates. Income and expense accounts are remeasured at the average rates in effect during the year, except for those expenses related to balance sheet amounts that are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement related to tax balances are included as a component of "Income tax (benefit) provision," while all other remeasurement gains and losses are included in "Operating costs and expenses." The total impact of foreign currency remeasurement on the consolidated statements of operations was a net loss of $6.4 million and $1.3 million for the years ended December 31, 2015 and 2014, respectively, and a net gain of $34.1 million for the year ended December 31, 2013. The Company owns a 50% equity interest Middlemount Coal Pty Ltd. (Middlemount), which owns the Middlemount Mine in Queensland, Australia. Middlemount utilizes the Australian dollar as its functional currency. Accordingly, the assets and liabilities of that equity investee are translated to U.S. dollars at the year-end exchange rate and income and expense accounts are translated at the average rate in effect during the year. The Company's pro-rata share of the translation gains and losses of the equity investee are recorded as a component of "Accumulated other comprehensive loss." Australian dollar denominated shareholder loans to the Middlemount Mine, which are long term in nature, are considered part of the Company's net investment in that operation. Accordingly, foreign currency gains or losses on those loans are recorded as a component of foreign currency translation adjustment. The Company recorded foreign currency translation losses of $34.9 million , $41.0 million and $92.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Share-Based Compensation | hare-Based Compensation The Company accounts for share-based compensation at the grant date fair value of awards and recognizes the related expense over the service period of the awards. See Note 18. "Share-Based Compensation" for information related to share-based compensation. |
Exploration and Drilling Costs | xploration and Drilling Costs Exploration expenditures are charged to operating costs as incurred, including costs related to drilling and study costs incurred to convert or upgrade mineral resources to reserves. A |
Advance Stripping Costs | dvance Stripping Costs Pre-production. At existing surface operations, additional pits may be added to increase production capacity in order to meet customer requirements. These expansions may require significant capital to purchase additional equipment, expand the workforce, build or improve existing haul roads and create the initial pre-production box cut to remove overburden (that is, advance stripping costs) for new pits at existing operations. If these pits operate in a separate and distinct area of the mine, the costs associated with initially uncovering coal (that is, advance stripping costs incurred for the initial box cuts) for production are capitalized and amortized over the life of the developed pit consistent with coal industry practices. Post-production. Advance stripping costs related to post-production are expensed as incurred. Where new pits are routinely developed as part of a contiguous mining sequence, the Company expenses such costs as incurred. The development of a contiguous pit typically reflects the planned progression of an existing pit, thus maintaining production levels from the same mining area utilizing the same employee group and equipment. |
Use of Estimates in the Preparation of the Consolidated Financial Statements | se of Estimates in the Preparation of the Consolidated Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Derivatives and Fair Value Me40
Derivatives and Fair Value Measurements Fair value transfer timing policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Fair value transfer policy [Policy Text Block] | The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Discussion (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Estimated Useful Life of Property, Plant, Equipment and Mine Development [Line Items] | |
Estimated useful life of plant and equipment | he estimated useful lives by category of assets are as follows: Years Building and improvements 1 to 32 Machinery and equipment 1 to 32 Leasehold improvements Shorter of Useful Life or Remaining Life of Lease E |
Asset Impairment and Mine Clo42
Asset Impairment and Mine Closure Costs (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Impairment and Mine Closure Costs [Abstract] | |||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2015: Reportable Segment Australian Metallurgical Mining Australian Thermal Mining Midwestern U.S. Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 675.2 $ 17.5 $ 40.2 $ 268.4 $ 1,001.3 Equity method investment — — — 276.5 276.5 Total $ 675.2 $ 17.5 $ 40.2 $ 544.9 $ 1,277.8 | The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2014: Reportable Segment Australian Metallurgical Mining Australian Thermal Mining Western U.S. Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 66.7 $ 11.9 $ 2.7 $ 68.4 $ 149.7 Marketable securities — — — 4.7 4.7 Total $ 66.7 $ 11.9 $ 2.7 $ 73.1 $ 154.4 | The following costs are reflected in "Asset impairment" in the consolidated statement of operations for the year ended December 31, 2013: Reportable Segment Australian Metallurgical Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges: Long-lived assets $ 390.8 $ 72.8 $ 463.6 Equity method investment — 43.2 $ 43.2 Marketable securities — 21.5 $ 21.5 Total $ 390.8 $ 137.5 $ 528.3 |
Discontinued Operations Tables
Discontinued Operations Tables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of discontinued operations [Table Text Block] | Results from discontinued operations were as follows during the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 (Dollars in millions) Loss from discontinued operations before income taxes $ (182.2 ) $ (23.8 ) $ (329.7 ) Income tax (provision) benefit 7.2 (4.4 ) 103.1 Loss from discontinued operations, net of income taxes $ (175.0 ) $ (28.2 ) $ (226.6 ) |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Assets and liabilities classified as discontinued operations included in the Company's consolidated balance sheets were as follows: December 31, 2015 2014 (Dollars in millions) Assets: Other current assets $ 3.1 $ 0.3 Investments and other assets 13.2 16.3 Total assets classified as discontinued operations $ 16.3 $ 16.6 Liabilities: Accounts payable and accrued expenses $ 60.0 $ 12.5 Other noncurrent liabilities 203.7 109.8 Total liabilities classified as discontinued operations $ 263.7 $ 122.3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of December 31, 2015 and December 31, 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Materials and supplies $ 115.9 $ 143.6 Raw coal 75.9 115.0 Saleable coal 116.0 147.9 Total $ 307.8 $ 406.5 |
Investments (Tables)
Investments (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Investments in available-for-sale securities | 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 | |
Equity Method Investments [Table Text Block] | The table below summarizes the book value of those investments, which is reported in “Investments and other assets” in the consolidated balance sheets, and the related loss from equity affiliates: Book Value at December 31, Loss from Equity Affiliates for the Year Ended December 31, 2015 2014 2015 2014 2013 (Dollars in millions) Equity interest in Middlemount Coal Pty Ltd $ — $ 58.0 $ 7.0 $ 98.5 $ 33.5 Other equity method investments 4.7 7.3 8.9 9.1 6.7 Total equity method investments $ 4.7 $ 65.3 $ 15.9 $ 107.6 $ 40.2 |
Derivatives and Fair Value Me46
Derivatives and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015: Range Weighted Input Low High Average Credit and non-performance risk 26 % 36 % 30 % |
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: Year Ended December 31, 2015 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ — $ — $ — Transfers into Level 3 76.0 259.8 335.8 Total net losses realized/unrealized: Included in earnings (0.2 ) — (0.2 ) Included in other comprehensive income 112.8 103.0 215.8 Settlements (64.9 ) (162.1 ) (227.0 ) End of period $ 123.7 $ 200.7 $ 324.4 |
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: Year Ended December 31, 2015 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Changes in net unrealized losses (1) $ 56.7 $ 31.7 $ 88.4 (1) Within the consolidated statements of operations and 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. |
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 December 31, 2015 : Notional Amount by Year of Maturity Total 2016 2017 Foreign Currency A$:US$ hedge contracts (A$ millions) $ 1,530.0 $ 1,007.0 $ 523.0 Commodity Contracts Diesel fuel hedge contracts (million gallons) 148.8 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) $ 1,530.0 $ — $ — $ (200.7 ) Commodity Contracts Diesel fuel hedge contracts (million gallons) 148.8 — — (123.7 ) |
Classification and amounts of pre-tax gains and losses related to the Company's non-trading hedges | The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s non-coal trading hedges during the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 Income Statement Classification Loss recognized in other comprehensive income on derivative (effective portion) Loss reclassified from other comprehensive income into income (effective portion) (1) Gain reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (77.0 ) $ (122.0 ) $ 1.6 Foreign currency forward contracts Operating costs and expenses (122.0 ) (316.4 ) — Total $ (199.0 ) $ (438.4 ) $ 1.6 (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. Year Ended December 31, 2014 Income Statement Classification Loss recognized in other comprehensive income on derivative (effective portion) Loss reclassified from other comprehensive income into income (effective portion) (1) Loss reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (194.5 ) $ (20.6 ) $ (1.7 ) Foreign currency forward contracts Operating costs and expenses (100.9 ) (27.3 ) — Total $ (295.4 ) $ (47.9 ) $ (1.7 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $136.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. Year Ended December 31, 2013 Income Statement Classification Gains (Losses) - Realized Gain (loss) recognized in other comprehensive income on derivative (effective portion) Gain reclassified from other comprehensive income into income (effective portion) Loss reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ 12.5 $ 11.9 $ (0.5 ) Foreign currency forward contracts Operating costs and expenses (597.8 ) 162.4 — Total $ (585.3 ) $ 174.3 $ (0.5 ) |
Classification and amount of non-coal trading derivatives, gross and net basis | The classification and amount of non-coal trading derivative financial instruments presented on a gross and net basis as of December 31, 2015 and 2014 are presented in the table that follows. Fair Value of Liabilities Presented in the Consolidated Balance Sheet as of December 31, 2015 (1) Fair Value of Liabilities Presented in the Consolidated Balance Sheet as of December 31, 2014 (1) Financial Instrument Current Liabilities: Commodity swap contracts $ 86.1 $ 100.1 Foreign currency forward contracts 145.6 241.0 Total $ 231.7 $ 341.1 Noncurrent Liabilities: Commodity swap contracts $ 37.6 $ 67.0 Foreign currency forward contracts 55.1 169.0 Total $ 92.7 $ 236.0 (1) All commodity swap contracts and foreign currency forward contracts were in a liability position as of December 31, 2015 and 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 (liability) asset positions for which fair value is measured on a recurring basis: December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Investments in debt and equity securities $ — $ — $ — $ — Commodity swap contracts — — (123.7 ) (123.7 ) Foreign currency forward contracts — — (200.7 ) (200.7 ) Total net financial liabilities $ — $ — $ (324.4 ) $ (324.4 ) 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 forward 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: December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (Dollars in millions) Long-term debt $ 6,315.6 $ 1,372.7 $ 5,986.8 $ 5,227.9 |
Coal Trading (Tables)
Coal Trading (Tables) - Coal Trading [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Coal Trading [Line Items] | |
Trading revenue by type of instrument | Trading revenues recognized during the years ended December 31, 2015 , 2014 and 2013 were as follows: Year Ended December 31, Trading Revenues by Type of Instrument 2015 2014 2013 (Dollars in millions) Commodity futures, swaps and options $ 107.3 $ 92.3 $ 183.9 Physical commodity purchase/sale contracts (64.5 ) (33.9 ) (117.9 ) Total trading revenues $ 42.8 $ 58.4 $ 66.0 |
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 December 31, 2015 and 2014 is set forth below: Affected line item in the consolidated balance sheets Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in the Consolidated Balance Sheets Variation margin (held) posted (1) Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets (Dollars in millions) Fair Value as of December 31, 2015 Assets from coal trading activities, net $ 128.6 $ (87.3 ) $ (17.8 ) $ 23.5 Liabilities from coal trading activities, net (110.0 ) 87.3 7.1 (15.6 ) Total, net $ 18.6 $ — $ (10.7 ) $ 7.9 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) $0.8 million and none of the net variation margin held at December 31, 2015 and 2014 , respectively, 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 December 31, 2015 and 2014 : December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) Commodity futures, swaps and options $ — $ 3.3 $ — $ 3.3 Physical commodity purchase/sale contracts — 20.2 (15.6 ) 4.6 Total net financial (liabilities) assets $ — $ 23.5 $ (15.6 ) $ 7.9 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 |
Schedule of quantitative unobservable inputs, physical commodity purchase/sale contracts | The following table summarizes the quantitative unobservable inputs utilized in the Company's internally-developed valuation models for physical commodity purchase/sale contracts classified as Level 3 as of December 31, 2015 : Range Weighted Input Low High Average Quality adjustments 1 % 13 % 4 % Location differentials 11 % 11 % 11 % Credit and non-performance risk 26 % 26 % 26 % |
Change in the Company's recurring Level 3 net financial assets | The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Beginning of period $ 2.1 $ 2.1 $ 5.2 Transfers into Level 3 (4.4 ) — — Total gains realized/unrealized: Included in earnings (10.1 ) 6.7 0.3 Purchases (0.5 ) — — Sales (0.1 ) — — Settlements (2.6 ) (6.7 ) (3.4 ) End of period $ (15.6 ) $ 2.1 $ 2.1 |
Changes in unrealized gains (losses) relating to Level 3 net financial assets | The following table summarizes the changes in net unrealized (losses) gains relating to Level 3 net financial assets held both as of the beginning and the end of the period: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Changes in unrealized (losses) gains (1) $ (6.2 ) $ 2.1 $ (0.4 ) (1) Within the consolidated statements of operations and consolidated statements of comprehensive income for the periods presented, unrealized gains and 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. |
Schedule of future realization of the Company's trading portfolio | As of December 31, 2015 , the timing of the estimated future realization of the value of the Company’s trading portfolio, on a cumulative cash basis, was as follows: Percentage of Year of Expiration Portfolio Total 2016 109 % 2017 (11 )% 2018 2 % 100 % |
Financing Receivables Financing
Financing Receivables Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financing Receivables [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The Company's total financing receivables as of December 31, 2015 and 2014 consisted of the following: Balance Sheet Classification December 31, 2015 December 31, 2014 (Dollars in millions) Other current assets $ 20.0 $ — Investments and other assets 65.2 347.2 Total financing receivables $ 85.2 $ 347.2 |
Property, Plant, Equipment an49
Property, Plant, Equipment and Mine Development (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant, Equipment and Mine Development [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, equipment and mine development, net, as of December 31, 2015 and December 31, 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Land and coal interests $ 10,503.7 $ 11,021.1 Buildings and improvements 1,506.0 1,569.1 Machinery and equipment 2,280.4 2,685.7 Less: Accumulated depreciation, depletion and amortization (5,031.6 ) (4,698.6 ) Total, net $ 9,258.5 $ 10,577.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Loss from continuing operations before income taxes | Loss from continuing operations before income taxes for the years ended December 31, 2015, 2014 and 2013 consisted of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) U.S. $ (515.9 ) $ 268.9 $ 220.6 Non-U.S. (1,474.4 ) (816.8 ) (954.9 ) Total $ (1,990.3 ) $ (547.9 ) $ (734.3 ) |
Components of income tax provision (benefit) | Total income tax (benefit) provision for the years ended December 31, 2015, 2014 and 2013 consisted of the following: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Current: U.S. federal $ (71.9 ) $ 27.1 $ (47.9 ) Non-U.S. 3.7 (61.1 ) 38.4 State (0.6 ) 3.3 (4.7 ) Total current (68.8 ) (30.7 ) (14.2 ) Deferred: U.S. federal (117.4 ) 111.0 4.8 Non-U.S. 15.7 122.3 (440.3 ) State (5.9 ) (1.4 ) 1.4 Total deferred (107.6 ) 231.9 (434.1 ) Total income tax (benefit) provision $ (176.4 ) $ 201.2 $ (448.3 ) |
Reconciliation of the expected statutory federal income tax provision (benefit) to the Company's actual income tax provision | The following is a reconciliation of the expected statutory federal income tax benefit to the Company’s income tax (benefit) provision for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Expected income tax benefit at U.S. federal statutory rate $ (696.6 ) $ (191.7 ) $ (257.0 ) Changes in valuation allowance, income tax 462.0 569.4 (29.4 ) Changes in tax reserves (21.4 ) (81.5 ) 8.8 Excess depletion (53.7 ) (65.3 ) (72.7 ) Foreign earnings repatriation — (71.4 ) — Foreign earnings provision differential 146.5 28.8 62.7 General business tax credits (15.7 ) (19.2 ) (18.9 ) Minerals resource rent tax, net of federal tax — 16.1 (87.4 ) Remeasurement of foreign income tax accounts (0.5 ) (2.7 ) (44.3 ) State income taxes, net of federal tax benefit (20.1 ) (2.3 ) (0.2 ) Other, net 23.1 21.0 (9.9 ) Total income tax (benefit) provision $ (176.4 ) $ 201.2 $ (448.3 ) |
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) Deferred tax assets: Tax credits and loss carryforwards $ 1,817.4 $ 1,723.5 Accrued postretirement benefit obligations 372.4 372.3 Asset retirement obligations 160.9 167.0 Employee benefits 69.6 70.7 Payable to voluntary employee beneficiary association for certain Patriot retirees (1) 52.9 79.2 Hedge activities 26.6 44.2 Environmental contingencies — 29.9 Deferred revenue — 29.1 Financial guarantees 16.9 16.9 Workers’ compensation obligations 13.7 6.2 Other 66.7 50.5 Total gross deferred tax assets 2,597.1 2,589.5 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 966.6 1,223.4 Unamortized discount on Convertible Junior Subordinated Debentures 130.3 131.0 Investments and other assets 70.1 73.4 Other — 1.1 Total gross deferred tax liabilities 1,167.0 1,428.9 Valuation allowance, income tax (1,447.3 ) (1,169.0 ) Net deferred tax liability $ (17.2 ) $ (8.4 ) Deferred taxes are classified as follows: Current deferred income taxes $ 49.7 $ 80.0 Noncurrent deferred income taxes (66.9 ) (88.4 ) Net deferred tax liability $ (17.2 ) $ (8.4 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Summary of Income Tax Contingencies [Table Text Block] | Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2015 and 2014: December 31, 2015 2014 (Dollars in millions) Accounts payable and accrued expenses $ — $ — Deferred income taxes 7.9 6.2 Other noncurrent liabilities 11.7 34.7 Net unrecognized tax benefits $ 19.6 $ 40.9 Gross unrecognized tax benefits $ 22.9 $ 44.5 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Balance at beginning of period $ 44.5 $ 143.9 $ 122.8 Additions for current year tax positions 2.3 12.0 6.3 (Reductions) additions for prior year tax positions (23.5 ) — 63.8 Reductions for settlements with tax authorities (0.4 ) (111.4 ) — Reductions for expirations of statutes of limitations — — (49.0 ) Balance at end of period $ 22.9 $ 44.5 $ 143.9 |
Summary of Companys tax (refunds) payments | The following table summarizes the Company’s income tax (refunds) payments, net for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (Dollars in millions) U.S. — federal $ (38.1 ) $ (7.7 ) $ (0.8 ) U.S. — state and local 0.4 (6.8 ) 2.9 Non-U.S. 11.9 (2.2 ) 79.8 Total income tax (refunds) payments, net $ (25.8 ) $ (16.7 ) $ 81.9 |
Accounts Payable and Accrued 51
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses | Accounts payable and accrued expenses consisted of the following: December 31, 2015 2014 (Dollars in millions) Trade accounts payable $ 333.3 $ 461.7 Commodity and foreign currency hedge contracts 231.7 341.1 Other accrued expenses 225.8 298.8 Accrued payroll and related benefits 191.9 268.7 Accrued taxes other than income 135.9 175.3 Payable to voluntary employee beneficiary association for certain Patriot retirees (1) 75.0 75.0 Accrued interest 68.8 48.4 Accrued royalties 41.0 61.5 Asset retirement obligations 25.5 30.2 Accrued environmental cleanup-related costs 23.9 19.4 Accrued health care insurance 15.8 2.4 Workers’ compensation obligations 8.6 10.9 Income taxes payable 6.8 3.3 Other 2.3 — — Liabilities associated with discontinued operations 60.0 12.5 Total accounts payable and accrued expenses $ 1,446.3 $ 1,809.2 (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | The Company’s total indebtedness as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (Dollars in millions) 2013 Term Loan Facility due September 2020 $ 1,164.9 $ 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 978.4 — — 7.875% Senior Notes due November 2026 247.7 247.6 Convertible Junior Subordinated Debentures due December 2066 385.2 382.3 Capital lease obligations 30.3 22.2 Other 0.7 1.2 Total $ 6,315.6 $ 5,986.8 |
Schedule of Interest Payments | Interest payments on the Senior Notes are scheduled to occur each year as follows: Senior Notes Interest Payment Dates 6.00% Senior Notes May 15 and November 15 6.25% Senior Notes May 15 and November 15 6.50% Senior Notes March 15 and September 15 7.875% Senior Notes May 1 and November 1 |
Carrying amount of the equity and debt components of the Debentures | The following table illustrates the carrying amount of the equity and debt components of the Debentures: December 31, 2015 2014 (Dollars in millions) Carrying amount of the equity component $ 215.4 $ 215.4 Principal amount of the liability component $ 732.5 $ 732.5 Unamortized discount (347.3 ) (350.2 ) Net carrying amount $ 385.2 $ 382.3 |
Effective interest rate and the interest expense related to the Debentures | The following table illustrates the effective interest rate and the interest expense related to the Debentures: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Effective interest rate 4.9 % 4.9 % 4.9 % Interest expense — contractual interest coupon $ 34.8 $ 34.8 $ 34.8 Interest expense — amortization of debt discount 2.9 2.6 2.3 |
Aggregate amounts of Long term debt maturities | The aggregate amounts of long-term debt maturities (including unamortized debt discounts) subsequent to December 31, 2015 , including capital lease obligations, were as follows: Year of Maturity (Dollars in millions) 2016 $ 5,930.4 2017 — 2018 — 2019 — 2020 — 2021 and thereafter 385.2 Total $ 6,315.6 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |
Leases And Royalty Future Minimum Payments [Table Text Block] | Future minimum lease and royalty payments as of December 31, 2015 are as follows: Capital Leases Operating Leases Coal Lease and Royalty Obligations Year Ending December 31, (Dollars in millions) 2016 $ 12.9 $ 191.5 $ 254.3 2017 7.3 173.8 20.3 2018 8.8 109.4 19.9 2019 0.5 64.2 19.4 2020 0.5 23.4 18.9 2021 and thereafter 10.1 36.5 30.8 Total minimum lease payments 40.1 $ 598.8 $ 363.6 Less interest 9.8 Present value of minimum capital lease payments $ 30.3 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliations of the Company's ARO liability | Reconciliations of the Company’s asset retirement obligations are as follows: December 31, 2015 2014 (Dollars in millions) Balance at beginning of year $ 752.5 $ 712.8 Liabilities incurred or acquired 1.3 22.7 Liabilities settled or disposed (53.3 ) (19.7 ) Accretion expense 42.7 39.3 Revisions to estimates (31.1 ) (2.6 ) Balance at end of year $ 712.1 $ 752.5 Less: Current portion (included in "Accounts payable and accrued expenses") 25.5 30.2 Noncurrent obligation (included in "Asset Retirement Obligations") 686.6 722.3 Balance at end of year — active locations $ 656.8 $ 676.2 Balance at end of year — closed or inactive locations $ 55.3 $ 76.3 |
Postretirement Health Care an55
Postretirement Health Care and Life Insurance Benefits (Tables) - Postretirement Health Care and Life Insurance Benefits [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of net periodic postretirement benefit cost | Net periodic postretirement benefit cost included the following components: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost for benefits earned $ 11.2 $ 12.2 $ 15.8 Interest cost on accumulated postretirement benefit obligation 33.8 36.4 41.8 Amortization of prior service (credit) cost (6.8 ) 1.3 (1.7 ) Amortization of actuarial loss 24.9 14.5 24.1 Settlement related to the Patriot bankruptcy (1) — — 63.2 Special termination benefits (2) — 1.6 0.9 Net periodic postretirement benefit cost $ 63.1 $ 66.0 $ 144.1 (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. (2) Reflected in "Restructuring and pension settlement charges" in the consolidated statement of operations for the year ended December 31, 2014. |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in "Accumulated other comprehensive loss": Year Ended December 31, 2015 2014 2013 (Dollars in millions) Net actuarial (gain) loss arising during year $ (35.1 ) $ 115.8 $ (24.3 ) Prior service credit arising during year — (18.0 ) — Amortization: Actuarial loss (24.9 ) (14.5 ) (24.1 ) Prior service credit (cost) 6.8 (1.3 ) 1.7 Settlement related to the Patriot bankruptcy: (1) Actuarial loss — — (61.3 ) Prior service cost (16.6 ) — (1.9 ) Total recorded in other comprehensive (income) loss $ (69.8 ) $ 82.0 $ (109.9 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Reconciled amount of plan's funded status | The following table sets forth the plans' funded status reconciled with the amounts shown in the consolidated balance sheets: December 31, 2015 2014 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 839.1 $ 735.4 Service cost 11.2 12.2 Interest cost 33.8 36.4 Participant contributions 1.7 2.2 Plan changes (1) (16.6 ) (18.0 ) Benefits paid (46.5 ) (46.5 ) Actuarial (gain) loss (2) (35.1 ) 115.8 Settlement related to the Patriot bankruptcy (3) (15.2 ) — Special termination benefits — 1.6 Other 3.7 — — Accumulated postretirement benefit obligation at end of period 776.1 839.1 Change in plan assets: Fair value of plan assets at beginning of period — — Employer contributions 44.8 44.3 Participant contributions 1.7 2.2 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (46.5 ) (46.5 ) Fair value of plan assets at end of period — — Funded status at end of year (776.1 ) (839.1 ) Less: Current portion (included in "Accounts payable and accrued expenses") 53.2 57.2 Noncurrent obligation (included in "Accrued postretirement benefit costs") $ (722.9 ) $ (781.9 ) (1) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to the reduction in the benefit obligation for 2015. In 2014, the Company made various plan changes that became effective January 1, 2015 for certain plan participants designed to bring consistency amongst the various retiree medical programs which resulted in a $45.4 million reduction to the benefit obligation. In addition, the Company made a plan change effective April 1, 2014 for certain plan participants' benefits no longer funded through a Medicare Advantage Program which resulted in a $27.6 million increase to the benefit obligation. The plan changes will not affect participant benefits. (2) In 2014, the Company reviewed its demographic assumptions (including mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $63 million . (3) Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Weighted-average assumptions used to determine the benefit obligations | The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2015 2014 Discount rate 4.50 % 4.10 % Measurement date December 31, 2015 December 31, 2014 The weighted-average assumptions used to determine net periodic benefit cost during each year were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 4.10 % 4.90 % 4.21 % Measurement date December 31, 2014 December 31, 2013 December 31, 2012 |
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate: Year Ended December 31, 2015 2014 Pre-Medicare: Health care cost trend rate assumed for next year 6.60 % 7.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2021 2021 Post-Medicare: Health care cost trend rate assumed for next year 5.80 % 6.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2021 2021 |
Assumed health care cost trend rates, one percentage point increase | A one-percentage-point change in the assumed health care cost trend would have the following effects: One Percentage- Point Increase One Percentage- Point Decrease (Dollars in millions) Effect on total service and interest cost components (1) $ 3.8 $ (3.4 ) Effect on total postretirement benefit obligation (1) $ 71.3 $ (62.3 ) (1) In addition to the effect on total service and interest cost components of expense, changes in trend rates would also increase or decrease the actuarial gain or loss amortization expense component. The impact on actuarial gain or loss amortization would approximate the increase or decrease in the obligation divided by 10.49 years at January 1, 2016. |
Summary of estimated future benefit payments | The following benefit payments (net of retiree contributions), which reflect expected future service, as appropriate, are expected to be paid by the Company: Postretirement Benefits (Dollars in millions) 2016 $ 53.2 2017 55.2 2018 56.7 2019 57.7 2020 58.1 Years 2021-2025 291.8 |
Pension and Savings Plans (Tabl
Pension and Savings Plans (Tables) - Pension Plans, Defined Benefit [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net periodic pension cost | Net periodic pension cost included the following components: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Service cost for benefits earned $ 2.7 $ 2.1 $ 2.2 Interest cost on projected benefit obligation 40.4 45.4 42.2 Expected return on plan assets (48.2 ) (54.3 ) (59.5 ) Amortization of prior service cost 1.0 1.3 1.0 Amortization of net actuarial losses 39.6 30.2 65.7 Settlement charge — 8.7 — Total net periodic pension cost $ 35.5 $ 33.4 $ 51.6 |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in "Accumulated other comprehensive loss": Year Ended December 31, 2015 2014 2013 (Dollars in millions) Net actuarial loss (gain) arising during year $ 30.6 $ 79.2 $ (133.8 ) Prior service cost arising during year — — 2.2 Amortization: Net actuarial loss (39.6 ) (30.2 ) (65.7 ) Prior service cost (1.0 ) (1.3 ) (1.0 ) Settlement charge — (8.7 ) — Total recorded in other comprehensive (income) loss $ (10.0 ) $ 39.0 $ (198.3 ) |
Summary of change in benefit obligation, change in plan assets and funded status | The following summarizes the change in benefit obligation, change in plan assets and funded status of the Plans: December 31, 2015 2014 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 1,002.5 $ 947.3 Service cost 2.7 2.1 Interest cost 40.4 45.4 Benefits paid (62.6 ) (57.2 ) Actuarial (gain) loss (1) (43.7 ) 106.6 Settlement — (41.7 ) Projected benefit obligation at end of period 939.3 1,002.5 Change in plan assets: Fair value of plan assets at beginning of period 839.8 851.4 Actual (loss) return on plan assets (26.1 ) 81.7 Employer contributions 6.2 5.6 Benefits paid (62.6 ) (57.2 ) Settlement — (41.7 ) Fair value of plan assets at end of period 757.3 839.8 Funded status at end of year $ (182.0 ) $ (162.7 ) Amounts recognized in the consolidated balance sheets: Current obligation (included in "Accounts payable and accrued expenses") $ (1.6 ) $ (1.7 ) Noncurrent obligation (included in "Other noncurrent liabilities") (180.4 ) (161.0 ) Net amount recognized $ (182.0 ) $ (162.7 ) (1) During 2014, the Company reviewed its demographic assumptions (such as mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $36 million . |
Weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2015 2014 Discount rate 4.55 % 4.15 % Measurement date December 31, 2015 December 31, 2014 |
Weighted-average assumptions used to determine net periodic benefit cost | The weighted-average assumptions used to determine net periodic benefit cost during each year were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 4.15 % 4.95 % 4.10 % Expected long-term return on plan assets 6.25 % 6.85 % 7.75 % Measurement date December 31, 2014 December 31, 2013 December 31, 2012 |
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy: December 31, 2015 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 107.1 $ 40.2 $ — $ 147.3 International equity securities — 57.1 — 57.1 U.S. debt securities 26.8 26.6 — 53.4 International debt securities — 15.0 — 15.0 Corporate debt securities — 443.1 — 443.1 Short-term investments 18.2 0.2 — 18.4 Interests in real estate — — 23.0 23.0 Total assets at fair value $ 152.1 $ 582.2 $ 23.0 $ 757.3 December 31, 2014 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 141.7 $ 48.6 $ — $ 190.3 International equity securities — 69.8 — 69.8 U.S. debt securities 25.3 29.1 — 54.4 International debt securities — 23.5 — 23.5 Corporate debt securities — 447.8 — 447.8 Short-term investments 17.5 6.3 — 23.8 Interests in real estate — — 30.2 30.2 Total assets at fair value $ 184.5 $ 625.1 $ 30.2 $ 839.8 |
Summary of changes in the fair value of the Master Trust's Level 3 investments | The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments: Year Ended December 31, 2015 2014 (Dollars in millions) Balance, beginning of year $ 30.2 $ 29.9 Realized gains 3.2 0.2 Unrealized gains relating to investments still held at the reporting date 0.2 4.9 Purchases, sales and settlements, net (10.6 ) (4.8 ) Balance, end of year $ 23.0 $ 30.2 |
Summary of estimated future benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company's benefit obligation: Pension Benefits (Dollars in millions) 2016 $ 62.8 2017 63.4 2018 64.0 2019 64.0 2020 65.6 Years 2021-2025 325.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity (Tables) [Abstract] | |
Summary of common stock activity | The following table summarizes common stock activity from January 1, 2013 to December 31, 2015 : 2015 2014 2013 (In millions) Shares outstanding at the beginning of the year 18.1 18.0 17.9 Stock grants to employees 0.2 0.1 0.1 Performance share contribution 401k 0.2 — — Shares outstanding at the end of the year 18.5 18.1 18.0 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-based compensation expense recorded in 'Selling and administrative expenses' | Share-based compensation expense and cash flow amounts were as follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Share-based compensation expense - equity classified awards $ 26.2 $ 46.1 $ 50.9 Share-based compensation expense - liability classified awards 2.0 0.7 — Total share-based compensation expense 28.2 46.8 50.9 Tax benefit 10.4 17.3 18.8 Share-based compensation expense, net of tax benefit 17.8 29.5 32.1 Cash received upon the exercise of stock options and from employee stock purchases 3.4 5.5 7.3 Write-off tax benefits related to share-based compensation — (8.3 ) (4.5 ) |
Summary of restricted stock award activity | A summary of restricted stock award activity is as follows: Year Ended December 31, 2015 Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 212,506 $ 384.45 Granted 234,651 110.81 Vested (81,453 ) 438.22 Forfeited (58,773 ) 162.25 Nonvested at December 31, 2015 306,931 $ 184.09 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock unit activity is as follows: Year Ended December 31, 2015 Weighted Average Grant-Date Fair Value Nonvested at December 31, 2014 33,140 $ 291.60 Granted 47,752 114.49 Vested (10,435 ) 199.27 Forfeited (21,677 ) 179.68 Nonvested at December 31, 2015 48,780 $ 170.42 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of outstanding option activity under the plans is as follows: Year Ended December 31, 2015 Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in millions) Options Outstanding at December 31, 2014 201,067 $ 473.55 6.39 $ — Granted 85,263 116.10 Forfeited (45,902 ) 284.45 Options Outstanding at December 31, 2015 240,428 $ 388.16 6.28 $ — Vested and Exercisable 131,722 $ 541.09 4.50 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The weighted-average fair values of the Company’s stock options and the assumptions used in applying the Black-Scholes option pricing model were as follows: Year Ended December 31, 2015 2014 2013 Weighted-average fair value $ 43.66 $ 110.70 $ 181.95 Risk-free interest rate 1.7 % 1.7 % 0.7 % Expected option life 5 years 5 years 5 years Expected volatility 45.2 % 48.4 % 64.1 % Dividend yield 2.4 % 1.7 % 1.2 % |
Summary of performance unit activity | A summary of performance unit activity is as follows: Year Ended December 31, 2015 Weighted Average Remaining Contractual Life Nonvested at December 31, 2014 50,011 1.5 Granted 72,215 Forfeited (22,889 ) Vested (17,525 ) Nonvested at December 31, 2015 81,812 1.7 |
Assumptions used in the valuations for grants | The assumptions used in the valuations for grants were as follows: Year Ended December 31, 2015 2014 2013 Risk-free interest rate 1.1 % 0.8 % 0.4 % Expected volatility 45.0 % 45.3 % 47.3 % Dividend yield 2.4 % 1.7 % 1.4 % |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 comprehensive income (loss): 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 Income (Loss) (Dollars in millions) December 31, 2012 $ 22.2 $ (411.7 ) $ 12.7 $ 387.5 $ 0.3 $ 11.0 Net change in fair value — — — (333.6 ) (12.3 ) (345.9 ) Reclassification from other comprehensive income to earnings — 95.0 0.7 (209.6 ) 12.8 (101.1 ) Current period change (92.7 ) 110.9 (1.4 ) — — 16.8 December 31, 2013 (70.5 ) (205.8 ) 12.0 (155.7 ) 0.8 (419.2 ) Net change in fair value — — — (195.0 ) (3.7 ) (198.7 ) Reclassification from other comprehensive income to earnings — 31.0 1.7 (10.2 ) 2.9 25.4 Current period change (41.0 ) (142.7 ) 11.4 — — (172.3 ) December 31, 2014 (111.5 ) (317.5 ) 25.1 (360.9 ) — (764.8 ) Net change in fair value — — — (131.3 ) — (131.3 ) Reclassification from other comprehensive income to earnings — 35.6 (3.7 ) 251.7 — 283.6 Current period change (34.9 ) 18.1 10.4 — — (6.4 ) December 31, 2015 $ (146.4 ) $ (263.8 ) $ 31.8 $ (240.5 ) $ — $ (618.9 ) |
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 year ended December 31, 2015: Year Ended December 31, 2015 Year Ended December 31, 2014 Details about accumulated other comprehensive (loss) income components Amount reclassified from accumulated other comprehensive (loss) income (1) Amount reclassified from accumulated other comprehensive (loss) income (1) Affected line item in the consolidated statement of operations (Dollars in millions) (Dollars in millions) Net actuarial loss associated with postretirement plans and workers' compensation obligations: Postretirement health care and life insurance benefits $ (24.9 ) $ (14.5 ) Operating costs and expenses Defined benefit pension plans (32.9 ) (24.8 ) Operating costs and expenses Defined benefit pension plans — (8.7 ) Restructuring and pension settlement charges Defined benefit pension plans (6.7 ) (5.4 ) Selling and administrative expenses Insignificant items 8.0 4.1 (56.5 ) (49.3 ) Total before income taxes 20.9 18.3 Income tax benefit $ (35.6 ) $ (31.0 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 6.8 $ (1.3 ) Operating costs and expenses Defined benefit pension plans (1.0 ) (1.3 ) Operating costs and expenses 5.8 (2.6 ) Total before income taxes (2.1 ) 0.9 Income tax benefit $ 3.7 $ (1.7 ) Total after income taxes Cash flow hedges: Foreign currency forward contracts $ (316.4 ) $ (27.3 ) Operating costs and expenses Fuel and explosives commodity swaps (120.4 ) (22.3 ) Operating costs and expenses Coal trading commodity futures, swaps and options 51.8 63.9 Other revenues Insignificant items (0.7 ) (0.4 ) (385.7 ) 13.9 Total before income taxes 134.0 (3.7 ) Income tax provision $ (251.7 ) $ 10.2 Total after income taxes Available-for-sale securities: Debt securities $ — $ — Interest income Equity securities — (4.7 ) Asset impairment and mine closure costs — (4.7 ) Total before income taxes — 1.8 Income tax benefit $ — $ (2.9 ) Total after income taxes (1) Presented as gains (losses) in the consolidated statements of operations. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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 period presented below have been retroactively restated to reflect the Reverse Stock Split discussed in Note 1. "Summary of Significant Accounting Policies.": Year Ended December 31, 2015 2014 2013 (In millions, except per share amounts) EPS numerator: Loss from continuing operations, net of income taxes $ (1,813.9 ) $ (749.1 ) $ (286.0 ) Less: Net income attributable to noncontrolling interests 7.1 9.7 12.3 Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities (1,821.0 ) (758.8 ) (298.3 ) Less: Earnings allocated to participating securities — 1.0 0.8 Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1,821.0 ) (759.8 ) (299.1 ) Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (175.0 ) (28.2 ) (226.6 ) Net loss attributable to common stockholders, after earnings allocated to participating securities $ (1,996.0 ) $ (788.0 ) $ (525.7 ) EPS denominator: Weighted average shares outstanding — basic and diluted 18.1 17.9 17.8 Basic and diluted EPS attributable to common stockholders: Loss from continuing operations $ (100.34 ) $ (42.52 ) $ (16.80 ) Loss from discontinued operations (9.64 ) (1.57 ) (12.73 ) Net loss attributable to common stockholders $ (109.98 ) $ (44.09 ) $ (29.53 ) |
Management - Labor Relations Ri
Management - Labor Relations Risk Management - Labor Relations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ScheduleofOperationsWithEmployeesRepresentedbyLaborUnions [Line Items] | |
Schedule of operations with employees represented by labor unions | The following table presents the Company's active mining operations as of December 31, 2015 in which the employees are represented by organized labor unions: Mine Current Agreement Expiration Date U. S. Kayenta (1) September 2019 Australia Owner-operated mines: Wambo Open-Cut December 2018 North Wambo Underground (2) April 2016 North Goonyella December 2018 Metropolitan (3) August 2015 Millennium (3) October 2015 Wilpinjong May 2016 Coppabella (4) October 2016 Moorvale (4) June 2017 Contractor-operated mines: Burton December 2016 (1) Hourly workers at the Company’s Kayenta Mine in Arizona are represented by the UMWA under the Western Surface Agreement, which is effective through September 16, 2019. This agreement covers approximately 8% of the Company’s U.S. subsidiaries’ hourly employees, who generated approximately 4% of the Company’s U.S. production during the year ended December 31, 2015 . (2) Employees of the Company's North Wambo Underground Mine also operate under a separate enterprise agreement. That agreement expired in April 2015 and negotiations are underway. The parties agreed to a rollover for 12 months through April 2016. There have been no disruptions to the operations of the plant as a result of the expiration of the agreement. (3) Negotiations for the Metropolitan and Millennium mines are underway or have been scheduled and the mines continue to operate. Hourly employees of these mines comprise approximately 28% of the Company's Australian subsidiaries hourly employees, who generated approximately 19% of the Company's Australian production during the year ended December 31, 2015 . (4) Employees of the Company's Coppabella/Moorvale Coal Handling and Preparation Plant facility also operate under a separate enterprise agreement. That agreement expired in March 2014. After negotiations, the Company's final offer was rejected by employees. The Company applied to terminate the employment agreement with a hearing set in early 2016. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Letters of credit, bank guarantees, surety bonds and corporate guarantees | As of December 31, 2015 , the Company had the following financial instruments with off-balance-sheet risk: Reclamation Obligations Coal Lease Obligations Workers’ Compensation Obligations Other (1) Total Letters of Credit in Support of Financial Instruments (Dollars in millions) Self bonding $ 1,430.8 $ — $ — $ — $ 1,430.8 $ — Surety bonds (2) 293.2 110.5 19.1 14.9 437.7 75.6 Bank guarantees 299.1 — — 102.6 401.7 353.6 Other letters of credit — — 55.9 150.4 206.3 — Total $ 2,023.1 $ 110.5 $ 75.0 $ 267.9 $ 2,476.5 $ 429.2 (1) Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and the PBGC, as described below, and an additional $188.2 million in bank guarantees, letters of credit and surety bonds related to road maintenance, performance guarantees and other operations. (2) A total of $75.9 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 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation". |
Summary Quarterly Financial I63
Summary Quarterly Financial Information (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Quarterly Financial Information (Tables) [Abstract] | ||
Summary of the unaudited quarterly results of operations | A summary of the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 is presented below. Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,537.9 $ 1,339.3 $ 1,418.9 $ 1,313.1 Operating profit (loss) 2.2 (975.8 ) (20.4 ) (470.8 ) Loss from continuing operations, net of income taxes (164.4 ) (1,007.2 ) (144.4 ) (497.9 ) Net loss (173.3 ) (1,043.5 ) (301.9 ) (470.2 ) Net loss attributable to common stockholders (176.6 ) (1,045.3 ) (304.7 ) (469.4 ) Basic and diluted EPS — continuing operations (1) $ (9.31 ) $ (55.59 ) $ (8.08 ) $ (27.28 ) Weighted average shares used in calculating basic and diluted EPS 18.0 18.2 18.2 18.2 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. | Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,626.8 $ 1,758.0 $ 1,722.9 $ 1,684.5 Operating profit (loss) 2.9 32.8 36.2 (207.0 ) Loss from continuing operations, net of income taxes (44.3 ) (72.0 ) (154.0 ) (478.8 ) Net loss (44.1 ) (71.2 ) (149.0 ) (513.0 ) Net loss attributable to common stockholders (48.5 ) (73.3 ) (150.6 ) (514.6 ) Basic and diluted EPS — continuing operations (1) $ (2.74 ) $ (4.16 ) $ (8.72 ) $ (26.88 ) Weighted average shares used in calculating basic and diluted EPS 17.9 17.9 17.9 17.9 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis |
Segment and Geographic Inform64
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Operating segment results | Segment results for the year ended December 31, 2015 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,865.9 $ 981.2 $ 682.3 $ 1,181.9 $ 823.5 $ 42.8 $ 31.6 $ 5,609.2 Adjusted EBITDA 482.9 269.7 184.6 (18.2 ) 193.6 27.0 (705.0 ) 434.6 Additions to property, plant, equipment and mine development 15.0 51.3 19.3 25.5 13.6 — 2.1 126.8 Federal coal lease expenditures 276.9 — 0.3 — — — — 277.2 Loss from equity affiliates — — — — — — 15.9 15.9 Segment results for the year ended December 31, 2014 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,922.9 $ 1,198.1 $ 902.8 $ 1,613.8 $ 1,058.0 $ 58.4 $ 38.2 $ 6,792.2 Adjusted EBITDA 509.0 306.9 266.9 (151.1 ) 264.1 14.9 (396.7 ) 814.0 Additions to property, plant, equipment and mine development 19.7 57.4 18.2 53.9 30.2 — 15.0 194.4 Federal coal lease expenditures 276.5 — 0.2 — — — — 276.7 Loss from equity affiliates — — — — — — 107.6 107.6 Segment results for the year ended December 31, 2013 were as follows: Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Revenues $ 1,767.3 $ 1,335.5 $ 902.3 $ 1,773.4 $ 1,131.2 $ 66.0 $ 38.0 $ 7,013.7 Adjusted EBITDA 435.4 426.0 258.0 (120.0 ) 270.0 (19.9 ) (202.3 ) 1,047.2 Additions to property, plant, equipment and mine development 15.8 27.2 32.2 165.7 64.6 0.1 22.8 328.4 Federal coal lease expenditures 276.5 — 0.3 — — — — 276.8 Loss from equity affiliates — — — — — — 40.2 40.2 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets as of December 31, 2015 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,180.2 $ 5,319.9 $ 217.2 $ 1,304.0 $ 11,021.3 Property, plant, equipment and mine development, net 3,854.5 4,469.6 0.5 933.9 9,258.5 Assets as of December 31, 2014 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,099.1 $ 6,623.9 $ 300.7 $ 2,167.4 $ 13,191.1 Property, plant, equipment and mine development, net 3,739.9 5,503.7 1.1 1,332.6 10,577.3 Assets as of December 31, 2013 were as follows: U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,024.4 $ 7,081.2 $ 389.6 $ 2,638.2 $ 14,133.4 Property, plant, equipment and mine development, net 3,654.4 5,947.1 1.8 1,479.2 11,082.5 |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations | A reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes follows: Year Ended December 31, 2015 2014 2013 (Dollars in millions) Total Adjusted EBITDA $ 434.6 $ 814.0 $ 1,047.2 Depreciation, depletion and amortization (572.2 ) (655.7 ) (740.3 ) Asset retirement obligation expenses (45.5 ) (81.0 ) (66.5 ) Asset impairment (1,277.8 ) (154.4 ) (528.3 ) Settlement charges related to the Patriot bankruptcy reorganization — — (30.6 ) Change in deferred tax asset valuation allowance related to equity affiliates 1.0 (52.3 ) — Amortization of basis difference related to equity affiliates (4.9 ) (5.7 ) (6.3 ) Interest expense (533.2 ) (428.2 ) (425.2 ) Interest income 7.7 15.4 15.7 Income tax benefit (provision) 176.4 (201.2 ) 448.3 Loss from continuing operations, net of income taxes $ (1,813.9 ) $ (749.1 ) $ (286.0 ) |
Revenues as a percent of total revenue from external customers by geographic region | The following table presents revenues as a percent of total revenue from external customers by geographic region: Year Ended December 31, 2015 2014 2013 U.S. 57.4 % 59.5 % 61.1 % Japan 8.1 % 9.5 % 9.8 % China 7.1 % 6.1 % 10.2 % South Korea 4.1 % 5.2 % 3.8 % Other 23.3 % 19.7 % 15.1 % Total 100.0 % 100.0 % 100.0 % |
Supplemental Guarantor_Non-Gu65
Supplemental Guarantor/Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Non Guarantor Financial Information [Abstract] | |
Supplemental Consolidated Statement of Operations [Table Text Block] | PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,443.0 $ 2,215.3 $ (49.1 ) $ 5,609.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 436.6 2,618.4 2,001.8 (49.1 ) 5,007.7 Depreciation, depletion and amortization — 281.3 290.9 — 572.2 Asset retirement obligation expenses — 17.2 28.3 — 45.5 Selling and administrative expenses 32.1 132.6 11.7 — 176.4 Restructuring and pension settlement charges (3.9 ) 11.4 16.0 — 23.5 Other operating (income) loss: Net gain on disposal of assets (2.3 ) (29.4 ) (13.3 ) — (45.0 ) Asset impairment — 308.6 969.2 — 1,277.8 Loss from equity affiliates and investment in subsidiaries 933.9 6.9 9.0 (933.9 ) 15.9 Interest expense 468.4 8.7 24.7 (36.4 ) 465.4 Loss on early debt extinguishment 67.8 — — — 67.8 Interest income (14.0 ) (11.9 ) (18.2 ) 36.4 (7.7 ) (Loss) income from continuing operations before income taxes (1,918.6 ) 99.2 (1,104.8 ) 933.9 (1,990.3 ) Income tax (benefit) provision (87.4 ) (108.2 ) 19.2 — (176.4 ) (Loss) income from continuing operations, net of income taxes (1,831.2 ) 207.4 (1,124.0 ) 933.9 (1,813.9 ) (Loss) income from discontinued operations, net of income taxes (164.8 ) 1.6 (11.8 ) — (175.0 ) Net (loss) income (1,996.0 ) 209.0 (1,135.8 ) 933.9 (1,988.9 ) Less: Net income attributable to noncontrolling interests — — 7.1 — 7.1 Net (loss) income attributable to common stockholders $ (1,996.0 ) $ 209.0 $ (1,142.9 ) $ 933.9 $ (1,996.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,964.8 $ 2,902.1 $ (74.7 ) $ 6,792.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 49.6 2,927.3 2,814.7 (74.7 ) 5,716.9 Depreciation, depletion and amortization — 310.4 345.3 — 655.7 Asset retirement obligation expenses — 25.3 55.7 — 81.0 Selling and administrative expenses 46.8 161.1 19.2 — 227.1 Restructuring and pension settlement charges — 23.8 2.2 — 26.0 Other operating (income) loss: Net gain on disposal of assets — (18.5 ) (22.9 ) — (41.4 ) Asset impairment 4.7 71.1 78.6 — 154.4 Loss from equity affiliates and investment in subsidiaries 431.1 6.6 101.0 (431.1 ) 107.6 Interest expense 423.1 6.4 34.6 (37.5 ) 426.6 Loss on early debt extinguishment 1.6 — — — 1.6 Interest income (15.3 ) (10.3 ) (27.3 ) 37.5 (15.4 ) (Loss) income from continuing operations before income taxes (941.6 ) 461.6 (499.0 ) 431.1 (547.9 ) Income tax (benefit) provision (186.2 ) 316.7 70.7 — 201.2 (Loss) income from continuing operations, net of income taxes (755.4 ) 144.9 (569.7 ) 431.1 (749.1 ) (Loss) income from discontinued operations, net of income taxes (31.6 ) (7.2 ) 10.6 — (28.2 ) Net (loss) income (787.0 ) 137.7 (559.1 ) 431.1 (777.3 ) Less: Net income attributable to noncontrolling interests — — 9.7 — 9.7 Net (loss) income attributable to common stockholders $ (787.0 ) $ 137.7 $ (568.8 ) $ 431.1 $ (787.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 4,027.9 $ 3,230.3 $ (244.5 ) $ 7,013.7 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) (173.6 ) 3,471.7 2,675.5 (244.5 ) 5,729.1 Depreciation, depletion and amortization — 329.4 410.9 — 740.3 Asset retirement obligation expenses — 33.3 33.2 — 66.5 Selling and administrative expenses 50.9 167.9 25.4 — 244.2 Restructuring and pension settlement charges — 11.9 — — 11.9 Other operating (income) loss: Net gain on disposal of assets — (52.6 ) — — (52.6 ) Asset impairment 21.5 6.5 500.3 — 528.3 Settlement charges related to the Patriot bankruptcy reorganization 30.6 — — — 30.6 Loss from equity affiliates and investment in subsidiaries 272.5 8.3 31.9 (272.5 ) 40.2 Interest expense 403.9 244.5 169.0 (409.1 ) 408.3 Loss on early debt extinguishment 16.9 — — — 16.9 (Gain) loss from extinguishment of affiliate debt — (155.5 ) 155.5 — — Interest income (79.6 ) (311.6 ) (33.6 ) 409.1 (15.7 ) Unrealized loss (gain) on derivatives — 34.0 (34.0 ) — — (Loss) income from continuing operations before income taxes (543.1 ) 240.1 (703.8 ) 272.5 (734.3 ) Income tax benefit (92.2 ) (110.9 ) (245.2 ) — (448.3 ) (Loss) income from continuing operations, net of income taxes (450.9 ) 351.0 (458.6 ) 272.5 (286.0 ) Loss from discontinued operations, net of income taxes (74.0 ) (5.6 ) (147.0 ) — (226.6 ) Net (loss) income (524.9 ) 345.4 (605.6 ) 272.5 (512.6 ) Less: Net income attributable to noncontrolling interests — — 12.3 — 12.3 Net (loss) income attributable to common stockholders $ (524.9 ) $ 345.4 $ (617.9 ) $ 272.5 $ (524.9 ) |
SupplementalCondensedConsolidatingStatementsOfComprehensiveIncomeLoss [Table Text Block] | PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (1,996.0 ) $ 209.0 $ (1,135.8 ) $ 933.9 $ (1,988.9 ) Other comprehensive income (loss), net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.1 tax benefit) — — — — — Net unrealized gains (losses) on cash flow hedges (net of $72.2 tax provision) (Decrease) increase in fair value of cash flow hedges (137.1 ) — 5.8 — (131.3 ) Reclassification for realized losses (gains) included in net (loss) income 292.1 — (40.4 ) — 251.7 Net unrealized gains (losses) on cash flow hedges 155.0 — (34.6 ) — 120.4 Postretirement plans and workers' compensation obligations (net of $36.2 tax provision) Prior service credit for the period — 10.4 — — 10.4 Net actuarial gain for the period 5.5 12.6 — — 18.1 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income 7.2 36.6 (11.9 ) — 31.9 Postretirement plans and workers' compensation obligations 12.7 59.6 (11.9 ) — 60.4 Foreign currency translation adjustment — — (34.9 ) — (34.9 ) Other comprehensive loss from investment in subsidiaries (21.8 ) — — 21.8 — Other comprehensive income (loss), net of income taxes 145.9 59.6 (81.4 ) 21.8 145.9 Comprehensive (loss) income (1,850.1 ) 268.6 (1,217.2 ) 955.7 (1,843.0 ) Less: Comprehensive income attributable to noncontrolling interests — — 7.1 — 7.1 Comprehensive (loss) income attributable to common stockholders $ (1,850.1 ) $ 268.6 $ (1,224.3 ) $ 955.7 $ (1,850.1 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (787.0 ) $ 137.7 $ (559.1 ) $ 431.1 $ (777.3 ) Other comprehensive loss, net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.5 tax benefit) Unrealized holding losses on available-for-sale securities (3.7 ) — — — (3.7 ) Reclassification for realized losses included in net (loss) income 2.9 — — — 2.9 Net change in unrealized losses on available-for-sale securities (0.8 ) — — — (0.8 ) Net unrealized losses on cash flow hedges (net of $54.6 tax benefit) (Decrease) increase in fair value of cash flow hedges (225.9 ) — 30.9 — (195.0 ) Reclassification for realized losses (gains) included in net (loss) income 31.3 — (41.5 ) — (10.2 ) Net unrealized losses on cash flow hedges (194.6 ) — (10.6 ) — (205.2 ) Postretirement plans and workers' compensation obligations (net of $10.3 tax benefit) Prior service credit for the period — 11.4 — — 11.4 Net actuarial (loss) gain for the period — (150.2 ) 7.5 — (142.7 ) Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 35.5 (2.8 ) — 32.7 Postretirement plans and workers' compensation obligations — (103.3 ) 4.7 — (98.6 ) Foreign currency translation adjustment — — (41.0 ) — (41.0 ) Other comprehensive loss from investment in subsidiaries (150.2 ) — — 150.2 — Other comprehensive loss, net of income taxes (345.6 ) (103.3 ) (46.9 ) 150.2 (345.6 ) Comprehensive (loss) income (1,132.6 ) 34.4 (606.0 ) 581.3 (1,122.9 ) Less: Comprehensive income attributable to noncontrolling interests — — 9.7 — 9.7 Comprehensive (loss) income attributable to common stockholders $ (1,132.6 ) $ 34.4 $ (615.7 ) $ 581.3 $ (1,132.6 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (524.9 ) $ 345.4 $ (605.6 ) $ 272.5 $ (512.6 ) Other comprehensive (loss) income, net of income taxes: Net change in unrealized gains (losses) on available-for-sale securities (net of $0.5 tax provision) Unrealized holding losses on available-for-sale securities (12.2 ) — (0.1 ) — (12.3 ) Reclassification for realized losses (gains)included in net (loss) income 13.0 — (0.2 ) — 12.8 Net change in unrealized gains (losses) on available-for-sale securities 0.8 — (0.3 ) — 0.5 Net unrealized losses on cash flow hedges (net of $300.0 tax benefit) (Decrease) increase in fair value of cash flow hedges (368.4 ) — 34.8 — (333.6 ) Reclassification for realized gains included in net (loss) income (109.0 ) — (100.6 ) — (209.6 ) Net unrealized losses on cash flow hedges (477.4 ) — (65.8 ) — (543.2 ) Postretirement plans and workers' compensation obligations (net of $121.7 tax provision) Prior service cost for the period — (1.4 ) — — (1.4 ) Net actuarial gain for the period — 103.8 7.1 — 110.9 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 95.8 (0.1 ) — 95.7 Postretirement plans and workers' compensation obligations — 198.2 7.0 — 205.2 Foreign currency translation adjustment — — (92.7 ) — (92.7 ) Other comprehensive income from investment in subsidiaries 46.4 — — (46.4 ) — Other comprehensive (loss) income, net of income taxes (430.2 ) 198.2 (151.8 ) (46.4 ) (430.2 ) Comprehensive (loss) income (955.1 ) 543.6 (757.4 ) 226.1 (942.8 ) Less: Comprehensive income attributable to noncontrolling interests — — 12.3 — 12.3 Comprehensive (loss) income attributable to common stockholders $ (955.1 ) $ 543.6 $ (769.7 ) $ 226.1 $ (955.1 ) |
Supplemental Consolidated Balance Sheets [Table Text Block] | PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 7.2 $ 0.3 $ 253.8 $ — $ 261.3 Accounts receivable, net — 8.7 220.1 — 228.8 Receivables from affiliates, net 582.1 — 121.1 (703.2 ) — Inventories — 153.7 154.1 — 307.8 Assets from coal trading activities, net — 3.2 20.3 — 23.5 Deferred income taxes — 65.3 — (11.8 ) 53.5 Other current assets 78.6 127.9 296.6 — 503.1 Total current assets 667.9 359.1 1,066.0 (715.0 ) 1,378.0 Property, plant, equipment and mine development, net — 4,722.9 4,535.6 — 9,258.5 Deferred income taxes — 33.1 — (30.9 ) 2.2 Investments and other assets 8,495.1 3.7 185.4 (8,301.6 ) 382.6 Notes receivable from affiliates, net — 1,665.8 — (1,665.8 ) — Total assets $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 5,899.5 $ 23.2 $ 7.7 $ — $ 5,930.4 Payables to affiliates, net — 703.2 — (703.2 ) — Deferred income taxes 11.8 — 3.8 (11.8 ) 3.8 Liabilities from coal trading activities, net — 4.8 10.8 — 15.6 Accounts payable and accrued expenses 494.8 527.2 420.5 — 1,442.5 Total current liabilities 6,406.1 1,258.4 442.8 (715.0 ) 7,392.3 Long-term debt, less current portion 385.2 — — — 385.2 Deferred income taxes 98.6 — 1.4 (30.9 ) 69.1 Notes payable to affiliates, net 1,032.6 — 633.2 (1,665.8 ) — Other noncurrent liabilities 323.6 1,588.6 344.0 — 2,256.2 Total liabilities 8,246.1 2,847.0 1,421.4 (2,411.7 ) 10,102.8 Peabody Energy Corporation stockholders’ equity 916.9 3,937.6 4,364.0 (8,301.6 ) 916.9 Noncontrolling interests — — 1.6 — 1.6 Total stockholders’ equity 916.9 3,937.6 4,365.6 (8,301.6 ) 918.5 Total liabilities and stockholders’ equity $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 PEABODY ENERGY CORPORATION 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 | PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (692.9 ) $ 593.5 $ 118.3 $ 18.9 Net cash used in discontinued operations (27.4 ) (2.9 ) (3.0 ) (33.3 ) Net cash (used in) provided by operating activities (720.3 ) 590.6 115.3 (14.4 ) Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (87.2 ) (39.6 ) (126.8 ) Changes in accrued expenses related to capital expenditures — (3.6 ) (5.6 ) (9.2 ) Federal coal lease expenditures — (277.2 ) — (277.2 ) Proceeds from disposal of assets, net of notes receivable — 36.3 34.1 70.4 Purchases of debt and equity securities — — (28.8 ) (28.8 ) Proceeds from sales and maturities of debt and equity securities — — 90.3 90.3 Contributions to joint ventures — — (425.4 ) (425.4 ) Distributions from joint ventures — — 422.6 422.6 Advances to related parties — — (3.7 ) (3.7 ) Repayment of loans from related parties — — 0.9 0.9 Other, net — (3.2 ) 0.1 (3.1 ) Net cash (used in) provided by investing activities — (334.9 ) 44.9 (290.0 ) Cash Flows From Financing Activities Proceeds from long-term debt 975.7 — — 975.7 Repayments of long-term debt (662.0 ) (0.2 ) (9.1 ) (671.3 ) Payment of deferred financing costs (28.7 ) — — (28.7 ) Dividends paid (1.4 ) — — (1.4 ) Other, net 1.4 (1.8 ) (6.2 ) (6.6 ) Transactions with affiliates, net 253.8 (254.6 ) 0.8 — Net cash provided by (used in) financing activities 538.8 (256.6 ) (14.5 ) 267.7 Net change in cash and cash equivalents $ (181.5 ) $ (0.9 ) $ 145.7 $ (36.7 ) Cash and cash equivalents at beginning of year 188.7 1.2 108.1 298.0 Cash and cash equivalents at end of year $ 7.2 $ 0.3 $ 253.8 $ 261.3 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (369.0 ) $ 776.1 $ 33.9 $ 441.0 Net cash used in discontinued operations (73.3 ) (4.6 ) (26.5 ) (104.4 ) Net cash (used in) provided by operating activities (442.3 ) 771.5 7.4 336.6 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (108.5 ) (85.9 ) (194.4 ) Changes in accrued expenses related to capital expenditures — 3.4 (20.0 ) (16.6 ) Federal coal lease expenditures — (276.7 ) — (276.7 ) Proceeds from disposal of assets, net of notes receivable — 105.9 97.8 203.7 Purchases of debt and equity securities — — (15.1 ) (15.1 ) Proceeds from sales and maturities of debt and equity securities — — 13.5 13.5 Contributions to joint ventures — — (529.8 ) (529.8 ) Distributions from joint ventures — — 534.2 534.2 Advances to related parties — — (33.7 ) (33.7 ) Repayment of loan from related parties — — 5.4 5.4 Other, net — (4.4 ) (0.6 ) (5.0 ) Net cash used in investing activities — (280.3 ) (34.2 ) (314.5 ) Cash Flows From Financing Activities Proceeds from long-term debt — — 1.1 1.1 Repayments of long-term debt (12.0 ) (0.1 ) (8.9 ) (21.0 ) Payment of deferred financing costs (10.1 ) — — (10.1 ) Dividends paid (92.3 ) — — (92.3 ) Restricted cash for distributions to noncontrolling interest — — (42.5 ) (42.5 ) Other, net 3.1 (1.7 ) (4.7 ) (3.3 ) Transactions with affiliates, net 441.6 (488.5 ) 46.9 — Net cash provided by (used in) financing activities 330.3 (490.3 ) (8.1 ) (168.1 ) Net change in cash and cash equivalents $ (112.0 ) $ 0.9 $ (34.9 ) $ (146.0 ) Cash and cash equivalents at beginning of year 300.7 0.3 143.0 444.0 Cash and cash equivalents at end of year $ 188.7 $ 1.2 $ 108.1 $ 298.0 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (24.3 ) $ 778.7 $ 25.7 $ 780.1 Net cash used in discontinued operations (20.4 ) (7.6 ) (29.7 ) (57.7 ) Net cash (used in) provided by operating activities (44.7 ) 771.1 (4.0 ) 722.4 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (95.9 ) (232.5 ) (328.4 ) Changes in accrued expenses related to capital expenditures — (1.2 ) (119.5 ) (120.7 ) Federal coal lease expenditures — (276.8 ) — (276.8 ) Proceeds from disposal of assets, net of notes receivable — 93.0 85.3 178.3 Purchases of debt and equity securities — — (22.8 ) (22.8 ) Proceeds from sales and maturities of debt and equity securities — — 22.9 22.9 Maturity of short-term investments — — 4.8 4.8 Contributions to joint ventures — — (671.7 ) (671.7 ) Distributions from joint ventures — — 722.9 722.9 Advances to related parties — — (42.1 ) (42.1 ) Repayment of loans from related parties — — 25.2 25.2 Other, net — (5.7 ) (0.1 ) (5.8 ) Net cash used in continuing operations — (286.6 ) (227.6 ) (514.2 ) Net cash used in discontinued operations — — (1.5 ) (1.5 ) Net cash used in investing activities — (286.6 ) (229.1 ) (515.7 ) Cash Flows From Financing Activities Proceeds from long-term debt 1,188.0 — — 1,188.0 Repayments of long-term debt (1,334.2 ) (0.2 ) (55.8 ) (1,390.2 ) Payment of deferred financing costs (22.8 ) — — (22.8 ) Dividends paid (91.7 ) — — (91.7 ) Other, net 4.2 (1.6 ) (7.4 ) (4.8 ) Transactions with affiliates, net 332.3 (482.7 ) 150.4 — Net cash provided by (used in) financing activities 75.8 (484.5 ) 87.2 (321.5 ) Net change in cash and cash equivalents $ 31.1 $ — $ (145.9 ) $ (114.8 ) Cash and cash equivalents at beginning of year 269.6 0.3 288.9 558.8 Cash and cash equivalents at end of year $ 300.7 $ 0.3 $ 143.0 $ 444.0 |
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. PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,443.0 $ 2,215.3 $ (49.1 ) $ 5,609.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 436.6 2,618.4 2,001.8 (49.1 ) 5,007.7 Depreciation, depletion and amortization — 281.3 290.9 — 572.2 Asset retirement obligation expenses — 17.2 28.3 — 45.5 Selling and administrative expenses 32.1 132.6 11.7 — 176.4 Restructuring and pension settlement charges (3.9 ) 11.4 16.0 — 23.5 Other operating (income) loss: Net gain on disposal of assets (2.3 ) (29.4 ) (13.3 ) — (45.0 ) Asset impairment — 308.6 969.2 — 1,277.8 Loss from equity affiliates and investment in subsidiaries 933.9 6.9 9.0 (933.9 ) 15.9 Interest expense 468.4 8.7 24.7 (36.4 ) 465.4 Loss on early debt extinguishment 67.8 — — — 67.8 Interest income (14.0 ) (11.9 ) (18.2 ) 36.4 (7.7 ) (Loss) income from continuing operations before income taxes (1,918.6 ) 99.2 (1,104.8 ) 933.9 (1,990.3 ) Income tax (benefit) provision (87.4 ) (108.2 ) 19.2 — (176.4 ) (Loss) income from continuing operations, net of income taxes (1,831.2 ) 207.4 (1,124.0 ) 933.9 (1,813.9 ) (Loss) income from discontinued operations, net of income taxes (164.8 ) 1.6 (11.8 ) — (175.0 ) Net (loss) income (1,996.0 ) 209.0 (1,135.8 ) 933.9 (1,988.9 ) Less: Net income attributable to noncontrolling interests — — 7.1 — 7.1 Net (loss) income attributable to common stockholders $ (1,996.0 ) $ 209.0 $ (1,142.9 ) $ 933.9 $ (1,996.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 3,964.8 $ 2,902.1 $ (74.7 ) $ 6,792.2 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) 49.6 2,927.3 2,814.7 (74.7 ) 5,716.9 Depreciation, depletion and amortization — 310.4 345.3 — 655.7 Asset retirement obligation expenses — 25.3 55.7 — 81.0 Selling and administrative expenses 46.8 161.1 19.2 — 227.1 Restructuring and pension settlement charges — 23.8 2.2 — 26.0 Other operating (income) loss: Net gain on disposal of assets — (18.5 ) (22.9 ) — (41.4 ) Asset impairment 4.7 71.1 78.6 — 154.4 Loss from equity affiliates and investment in subsidiaries 431.1 6.6 101.0 (431.1 ) 107.6 Interest expense 423.1 6.4 34.6 (37.5 ) 426.6 Loss on early debt extinguishment 1.6 — — — 1.6 Interest income (15.3 ) (10.3 ) (27.3 ) 37.5 (15.4 ) (Loss) income from continuing operations before income taxes (941.6 ) 461.6 (499.0 ) 431.1 (547.9 ) Income tax (benefit) provision (186.2 ) 316.7 70.7 — 201.2 (Loss) income from continuing operations, net of income taxes (755.4 ) 144.9 (569.7 ) 431.1 (749.1 ) (Loss) income from discontinued operations, net of income taxes (31.6 ) (7.2 ) 10.6 — (28.2 ) Net (loss) income (787.0 ) 137.7 (559.1 ) 431.1 (777.3 ) Less: Net income attributable to noncontrolling interests — — 9.7 — 9.7 Net (loss) income attributable to common stockholders $ (787.0 ) $ 137.7 $ (568.8 ) $ 431.1 $ (787.0 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Total revenues $ — $ 4,027.9 $ 3,230.3 $ (244.5 ) $ 7,013.7 Costs and expenses Operating costs and expenses (exclusive of items shown separately below) (173.6 ) 3,471.7 2,675.5 (244.5 ) 5,729.1 Depreciation, depletion and amortization — 329.4 410.9 — 740.3 Asset retirement obligation expenses — 33.3 33.2 — 66.5 Selling and administrative expenses 50.9 167.9 25.4 — 244.2 Restructuring and pension settlement charges — 11.9 — — 11.9 Other operating (income) loss: Net gain on disposal of assets — (52.6 ) — — (52.6 ) Asset impairment 21.5 6.5 500.3 — 528.3 Settlement charges related to the Patriot bankruptcy reorganization 30.6 — — — 30.6 Loss from equity affiliates and investment in subsidiaries 272.5 8.3 31.9 (272.5 ) 40.2 Interest expense 403.9 244.5 169.0 (409.1 ) 408.3 Loss on early debt extinguishment 16.9 — — — 16.9 (Gain) loss from extinguishment of affiliate debt — (155.5 ) 155.5 — — Interest income (79.6 ) (311.6 ) (33.6 ) 409.1 (15.7 ) Unrealized loss (gain) on derivatives — 34.0 (34.0 ) — — (Loss) income from continuing operations before income taxes (543.1 ) 240.1 (703.8 ) 272.5 (734.3 ) Income tax benefit (92.2 ) (110.9 ) (245.2 ) — (448.3 ) (Loss) income from continuing operations, net of income taxes (450.9 ) 351.0 (458.6 ) 272.5 (286.0 ) Loss from discontinued operations, net of income taxes (74.0 ) (5.6 ) (147.0 ) — (226.6 ) Net (loss) income (524.9 ) 345.4 (605.6 ) 272.5 (512.6 ) Less: Net income attributable to noncontrolling interests — — 12.3 — 12.3 Net (loss) income attributable to common stockholders $ (524.9 ) $ 345.4 $ (617.9 ) $ 272.5 $ (524.9 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (1,996.0 ) $ 209.0 $ (1,135.8 ) $ 933.9 $ (1,988.9 ) Other comprehensive income (loss), net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.1 tax benefit) — — — — — Net unrealized gains (losses) on cash flow hedges (net of $72.2 tax provision) (Decrease) increase in fair value of cash flow hedges (137.1 ) — 5.8 — (131.3 ) Reclassification for realized losses (gains) included in net (loss) income 292.1 — (40.4 ) — 251.7 Net unrealized gains (losses) on cash flow hedges 155.0 — (34.6 ) — 120.4 Postretirement plans and workers' compensation obligations (net of $36.2 tax provision) Prior service credit for the period — 10.4 — — 10.4 Net actuarial gain for the period 5.5 12.6 — — 18.1 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income 7.2 36.6 (11.9 ) — 31.9 Postretirement plans and workers' compensation obligations 12.7 59.6 (11.9 ) — 60.4 Foreign currency translation adjustment — — (34.9 ) — (34.9 ) Other comprehensive loss from investment in subsidiaries (21.8 ) — — 21.8 — Other comprehensive income (loss), net of income taxes 145.9 59.6 (81.4 ) 21.8 145.9 Comprehensive (loss) income (1,850.1 ) 268.6 (1,217.2 ) 955.7 (1,843.0 ) Less: Comprehensive income attributable to noncontrolling interests — — 7.1 — 7.1 Comprehensive (loss) income attributable to common stockholders $ (1,850.1 ) $ 268.6 $ (1,224.3 ) $ 955.7 $ (1,850.1 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (787.0 ) $ 137.7 $ (559.1 ) $ 431.1 $ (777.3 ) Other comprehensive loss, net of income taxes: Net change in unrealized losses on available-for-sale securities (net of $0.5 tax benefit) Unrealized holding losses on available-for-sale securities (3.7 ) — — — (3.7 ) Reclassification for realized losses included in net (loss) income 2.9 — — — 2.9 Net change in unrealized losses on available-for-sale securities (0.8 ) — — — (0.8 ) Net unrealized losses on cash flow hedges (net of $54.6 tax benefit) (Decrease) increase in fair value of cash flow hedges (225.9 ) — 30.9 — (195.0 ) Reclassification for realized losses (gains) included in net (loss) income 31.3 — (41.5 ) — (10.2 ) Net unrealized losses on cash flow hedges (194.6 ) — (10.6 ) — (205.2 ) Postretirement plans and workers' compensation obligations (net of $10.3 tax benefit) Prior service credit for the period — 11.4 — — 11.4 Net actuarial (loss) gain for the period — (150.2 ) 7.5 — (142.7 ) Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 35.5 (2.8 ) — 32.7 Postretirement plans and workers' compensation obligations — (103.3 ) 4.7 — (98.6 ) Foreign currency translation adjustment — — (41.0 ) — (41.0 ) Other comprehensive loss from investment in subsidiaries (150.2 ) — — 150.2 — Other comprehensive loss, net of income taxes (345.6 ) (103.3 ) (46.9 ) 150.2 (345.6 ) Comprehensive (loss) income (1,132.6 ) 34.4 (606.0 ) 581.3 (1,122.9 ) Less: Comprehensive income attributable to noncontrolling interests — — 9.7 — 9.7 Comprehensive (loss) income attributable to common stockholders $ (1,132.6 ) $ 34.4 $ (615.7 ) $ 581.3 $ (1,132.6 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (Dollars in millions) Net (loss) income $ (524.9 ) $ 345.4 $ (605.6 ) $ 272.5 $ (512.6 ) Other comprehensive (loss) income, net of income taxes: Net change in unrealized gains (losses) on available-for-sale securities (net of $0.5 tax provision) Unrealized holding losses on available-for-sale securities (12.2 ) — (0.1 ) — (12.3 ) Reclassification for realized losses (gains)included in net (loss) income 13.0 — (0.2 ) — 12.8 Net change in unrealized gains (losses) on available-for-sale securities 0.8 — (0.3 ) — 0.5 Net unrealized losses on cash flow hedges (net of $300.0 tax benefit) (Decrease) increase in fair value of cash flow hedges (368.4 ) — 34.8 — (333.6 ) Reclassification for realized gains included in net (loss) income (109.0 ) — (100.6 ) — (209.6 ) Net unrealized losses on cash flow hedges (477.4 ) — (65.8 ) — (543.2 ) Postretirement plans and workers' compensation obligations (net of $121.7 tax provision) Prior service cost for the period — (1.4 ) — — (1.4 ) Net actuarial gain for the period — 103.8 7.1 — 110.9 Amortization of actuarial loss (gain) and prior service cost included in net (loss) income — 95.8 (0.1 ) — 95.7 Postretirement plans and workers' compensation obligations — 198.2 7.0 — 205.2 Foreign currency translation adjustment — — (92.7 ) — (92.7 ) Other comprehensive income from investment in subsidiaries 46.4 — — (46.4 ) — Other comprehensive (loss) income, net of income taxes (430.2 ) 198.2 (151.8 ) (46.4 ) (430.2 ) Comprehensive (loss) income (955.1 ) 543.6 (757.4 ) 226.1 (942.8 ) Less: Comprehensive income attributable to noncontrolling interests — — 12.3 — 12.3 Comprehensive (loss) income attributable to common stockholders $ (955.1 ) $ 543.6 $ (769.7 ) $ 226.1 $ (955.1 ) PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Reclassifications/ Eliminations Consolidated (Dollars in millions) Assets Current assets Cash and cash equivalents $ 7.2 $ 0.3 $ 253.8 $ — $ 261.3 Accounts receivable, net — 8.7 220.1 — 228.8 Receivables from affiliates, net 582.1 — 121.1 (703.2 ) — Inventories — 153.7 154.1 — 307.8 Assets from coal trading activities, net — 3.2 20.3 — 23.5 Deferred income taxes — 65.3 — (11.8 ) 53.5 Other current assets 78.6 127.9 296.6 — 503.1 Total current assets 667.9 359.1 1,066.0 (715.0 ) 1,378.0 Property, plant, equipment and mine development, net — 4,722.9 4,535.6 — 9,258.5 Deferred income taxes — 33.1 — (30.9 ) 2.2 Investments and other assets 8,495.1 3.7 185.4 (8,301.6 ) 382.6 Notes receivable from affiliates, net — 1,665.8 — (1,665.8 ) — Total assets $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 Liabilities and Stockholders’ Equity Current liabilities Current portion of long-term debt $ 5,899.5 $ 23.2 $ 7.7 $ — $ 5,930.4 Payables to affiliates, net — 703.2 — (703.2 ) — Deferred income taxes 11.8 — 3.8 (11.8 ) 3.8 Liabilities from coal trading activities, net — 4.8 10.8 — 15.6 Accounts payable and accrued expenses 494.8 527.2 420.5 — 1,442.5 Total current liabilities 6,406.1 1,258.4 442.8 (715.0 ) 7,392.3 Long-term debt, less current portion 385.2 — — — 385.2 Deferred income taxes 98.6 — 1.4 (30.9 ) 69.1 Notes payable to affiliates, net 1,032.6 — 633.2 (1,665.8 ) — Other noncurrent liabilities 323.6 1,588.6 344.0 — 2,256.2 Total liabilities 8,246.1 2,847.0 1,421.4 (2,411.7 ) 10,102.8 Peabody Energy Corporation stockholders’ equity 916.9 3,937.6 4,364.0 (8,301.6 ) 916.9 Noncontrolling interests — — 1.6 — 1.6 Total stockholders’ equity 916.9 3,937.6 4,365.6 (8,301.6 ) 918.5 Total liabilities and stockholders’ equity $ 9,163.0 $ 6,784.6 $ 5,787.0 $ (10,713.3 ) $ 11,021.3 PEABODY ENERGY CORPORATION 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 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (692.9 ) $ 593.5 $ 118.3 $ 18.9 Net cash used in discontinued operations (27.4 ) (2.9 ) (3.0 ) (33.3 ) Net cash (used in) provided by operating activities (720.3 ) 590.6 115.3 (14.4 ) Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (87.2 ) (39.6 ) (126.8 ) Changes in accrued expenses related to capital expenditures — (3.6 ) (5.6 ) (9.2 ) Federal coal lease expenditures — (277.2 ) — (277.2 ) Proceeds from disposal of assets, net of notes receivable — 36.3 34.1 70.4 Purchases of debt and equity securities — — (28.8 ) (28.8 ) Proceeds from sales and maturities of debt and equity securities — — 90.3 90.3 Contributions to joint ventures — — (425.4 ) (425.4 ) Distributions from joint ventures — — 422.6 422.6 Advances to related parties — — (3.7 ) (3.7 ) Repayment of loans from related parties — — 0.9 0.9 Other, net — (3.2 ) 0.1 (3.1 ) Net cash (used in) provided by investing activities — (334.9 ) 44.9 (290.0 ) Cash Flows From Financing Activities Proceeds from long-term debt 975.7 — — 975.7 Repayments of long-term debt (662.0 ) (0.2 ) (9.1 ) (671.3 ) Payment of deferred financing costs (28.7 ) — — (28.7 ) Dividends paid (1.4 ) — — (1.4 ) Other, net 1.4 (1.8 ) (6.2 ) (6.6 ) Transactions with affiliates, net 253.8 (254.6 ) 0.8 — Net cash provided by (used in) financing activities 538.8 (256.6 ) (14.5 ) 267.7 Net change in cash and cash equivalents $ (181.5 ) $ (0.9 ) $ 145.7 $ (36.7 ) Cash and cash equivalents at beginning of year 188.7 1.2 108.1 298.0 Cash and cash equivalents at end of year $ 7.2 $ 0.3 $ 253.8 $ 261.3 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 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 $ (369.0 ) $ 776.1 $ 33.9 $ 441.0 Net cash used in discontinued operations (73.3 ) (4.6 ) (26.5 ) (104.4 ) Net cash (used in) provided by operating activities (442.3 ) 771.5 7.4 336.6 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (108.5 ) (85.9 ) (194.4 ) Changes in accrued expenses related to capital expenditures — 3.4 (20.0 ) (16.6 ) Federal coal lease expenditures — (276.7 ) — (276.7 ) Proceeds from disposal of assets, net of notes receivable — 105.9 97.8 203.7 Purchases of debt and equity securities — — (15.1 ) (15.1 ) Proceeds from sales and maturities of debt and equity securities — — 13.5 13.5 Contributions to joint ventures — — (529.8 ) (529.8 ) Distributions from joint ventures — — 534.2 534.2 Advances to related parties — — (33.7 ) (33.7 ) Repayment of loan from related parties — — 5.4 5.4 Other, net — (4.4 ) (0.6 ) (5.0 ) Net cash used in investing activities — (280.3 ) (34.2 ) (314.5 ) Cash Flows From Financing Activities Proceeds from long-term debt — — 1.1 1.1 Repayments of long-term debt (12.0 ) (0.1 ) (8.9 ) (21.0 ) Payment of deferred financing costs (10.1 ) — — (10.1 ) Dividends paid (92.3 ) — — (92.3 ) Restricted cash for distributions to noncontrolling interest — — (42.5 ) (42.5 ) Other, net 3.1 (1.7 ) (4.7 ) (3.3 ) Transactions with affiliates, net 441.6 (488.5 ) 46.9 — Net cash provided by (used in) financing activities 330.3 (490.3 ) (8.1 ) (168.1 ) Net change in cash and cash equivalents $ (112.0 ) $ 0.9 $ (34.9 ) $ (146.0 ) Cash and cash equivalents at beginning of year 300.7 0.3 143.0 444.0 Cash and cash equivalents at end of year $ 188.7 $ 1.2 $ 108.1 $ 298.0 PEABODY ENERGY CORPORATION SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated (Dollars in millions) Cash Flows From Operating Activities Net cash (used in) provided by continuing operations $ (24.3 ) $ 778.7 $ 25.7 $ 780.1 Net cash used in discontinued operations (20.4 ) (7.6 ) (29.7 ) (57.7 ) Net cash (used in) provided by operating activities (44.7 ) 771.1 (4.0 ) 722.4 Cash Flows From Investing Activities Additions to property, plant, equipment and mine development — (95.9 ) (232.5 ) (328.4 ) Changes in accrued expenses related to capital expenditures — (1.2 ) (119.5 ) (120.7 ) Federal coal lease expenditures — (276.8 ) — (276.8 ) Proceeds from disposal of assets, net of notes receivable — 93.0 85.3 178.3 Purchases of debt and equity securities — — (22.8 ) (22.8 ) Proceeds from sales and maturities of debt and equity securities — — 22.9 22.9 Maturity of short-term investments — — 4.8 4.8 Contributions to joint ventures — — (671.7 ) (671.7 ) Distributions from joint ventures — — 722.9 722.9 Advances to related parties — — (42.1 ) (42.1 ) Repayment of loans from related parties — — 25.2 25.2 Other, net — (5.7 ) (0.1 ) (5.8 ) Net cash used in continuing operations — (286.6 ) (227.6 ) (514.2 ) Net cash used in discontinued operations — — (1.5 ) (1.5 ) Net cash used in investing activities — (286.6 ) (229.1 ) (515.7 ) Cash Flows From Financing Activities Proceeds from long-term debt 1,188.0 — — 1,188.0 Repayments of long-term debt (1,334.2 ) (0.2 ) (55.8 ) (1,390.2 ) Payment of deferred financing costs (22.8 ) — — (22.8 ) Dividends paid (91.7 ) — — (91.7 ) Other, net 4.2 (1.6 ) (7.4 ) (4.8 ) Transactions with affiliates, net 332.3 (482.7 ) 150.4 — Net cash provided by (used in) financing activities 75.8 (484.5 ) 87.2 (321.5 ) Net change in cash and cash equivalents $ 31.1 $ — $ (145.9 ) $ (114.8 ) Cash and cash equivalents at beginning of year 269.6 0.3 288.9 558.8 Cash and cash equivalents at end of year $ 300.7 $ 0.3 $ 143.0 $ 444.0 |
Valuation and Qualifying Acco66
Valuation and Qualifying Accounts Schedule II (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Deductions (1) Other Balance (Dollars in millions) Year Ended December 31, 2015 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.6 $ — $ (0.9 ) (2) $ 1.6 (3) $ 8.3 Reserve for materials and supplies 4.6 0.4 (0.3 ) — 4.7 Allowance for doubtful accounts 5.8 8.0 (7.2 ) — 6.6 Tax valuation allowances 1,169.0 462.0 — (183.7 ) (4) 1,447.3 Year Ended December 31, 2014 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 9.7 $ (0.2 ) $ (1.9 ) (2) $ — $ 7.6 Reserve for materials and supplies 7.4 (0.1 ) (2.7 ) — 4.6 Allowance for doubtful accounts 7.4 1.5 (1.4 ) (1.7 ) (5) 5.8 Tax valuation allowances 1,634.1 569.4 — (1,034.5 ) (6) 1,169.0 Year Ended December 31, 2013 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 15.3 $ 0.1 $ (5.7 ) (2) $ — $ 9.7 Reserve for materials and supplies 16.0 1.7 (10.3 ) — 7.4 Allowance for doubtful accounts 13.7 4.3 (10.1 ) (0.5 ) (5) 7.4 Tax valuation allowances 1,481.8 (29.4 ) — 181.7 (7) 1,634.1 (1) Reserves utilized, unless otherwise indicated. (2) Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. (3) Balances transferred from other accounts. (4) Includes a decrease in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2015 decrease in Australian dollar exchange rates. (5) Represents subsequent recovery of receivable amounts previously reserved. (6) Includes the write-off of valuation allowance against deferred tax assets related to the Australian Minerals and Resource Rent Tax (MRRT) due to the repeal of that legislation in 2014, along with an increase in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2014 decrease in Australian dollar exchange rates. (7) Related to the MRRT, as offset by the impact of the 2013 decrease in Australian dollar exchange rates. |
Summary of Significant Accoun67
Summary of Significant Accounting Policies Discussion (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 11, 2016 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
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). Refer to Note 1. "Summary of Significant Accounting Policies" for additional details surrounding the 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, Shares Authorized | 53.3 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,200 | $ 900 | |||
Cash and cash equivalents | 261.3 | $ 298 | $ 444 | $ 558.8 | |
Debt Finance Costs, Current | $ 75.9 | ||||
Period considered to treat short-term, highly liquid investments as cash equivalents | three months or less | ||||
Other-than-temporary impairment losses on marketable securities | $ 0 | 4.7 | 21.5 | ||
Other-than-temporary impairment losses on equity and cost method investments | $ 276.5 | 0 | 43.2 | ||
Recognition of tax benefits from uncertain tax positions | greater than fifty percent likelihood of being realized upon ultimate settlement | ||||
Restructuring charges for voluntary and involuntary workforce reductions | $ 23.5 | 15.7 | 11.9 | ||
Asset impairment charges related to long-lived assets | 1,001.3 | 149.7 | 463.6 | ||
Foreign currency remeasurement (loss) gains | (6.4) | (1.3) | 34.1 | ||
Foreign currency translation adjustment | (34.9) | (41) | $ (92.7) | ||
Property, Plant and Equipment [Line Items] | |||||
Deferred Finance Costs, Net | $ 74.4 | $ 64.7 | |||
Leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life | Shorter of Useful Life or Remaining Life of Lease | ||||
Interest In Middlemount Coal Pty Limited [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Ownership percentage of equity method investment | 50.00% | ||||
Minimum [Member] | Buildings and improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life | 1 | ||||
Minimum [Member] | Machinery and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life | 1 | ||||
Maximum [Member] | Buildings and improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life | 37 | ||||
Maximum [Member] | Machinery and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful life | 37 | ||||
Common Stock [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Common Stock, Shares Authorized | 53.3 | 53.3 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Property, Plant and Equipment [Line Items] | |||||
Stock Issued During Period, Shares, Reverse Stock Splits | 278 | ||||
Common Stock, Shares, issues post reverse stock split | 19 | ||||
Stock Authorized During Period, Shares, Reverse Stock Splits | 800 | ||||
Line of Credit [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Deferred Finance Costs, Net | $ 20.4 | $ 14 | |||
Revolving Credit Facility [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 940 | ||||
Line of credit facility, maximum borrowing capacity | $ 1,650 | ||||
6.50% Senior Notes due September 2020 [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Stated interest rate - percentage | 6.50% | ||||
Property, Plant and Equipment [Line Items] | |||||
Debt Instrument, Periodic Payment, Interest | $ 21.1 | ||||
10.00% Senior Secured Second Lien Notes Due 2022 [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Stated interest rate - percentage | 10.00% | ||||
Property, Plant and Equipment [Line Items] | |||||
Debt Instrument, Periodic Payment, Interest | $ 50 | ||||
6.00% Senior Notes due November 2018 [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Stated interest rate - percentage | 6.00% | ||||
6.25% Senior Notes due November 2021 [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Stated interest rate - percentage | 6.25% | ||||
7.875% Senior Notes [Member] | |||||
Summary of Significant Accounting Policies Discussion (Textuals) [Abstract] | |||||
Stated interest rate - percentage | 7.875% |
Asset Impairment and Mine Clo68
Asset Impairment and Mine Closure Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived assets related to mine closures | $ 463.6 | |||||
Acceleration of asset retirement obligations | 43.2 | |||||
Employee termination benefits | 21.5 | |||||
Long-lived assets | $ 1,001.3 | $ 149.7 | ||||
Marketable securities | 0 | 4.7 | 21.5 | |||
Equity method investment | 276.5 | 43.2 | ||||
Asset Impairment | $ 377 | $ 900.8 | $ 154.4 | 1,277.8 | 154.4 | 528.3 |
Asset realization risk | 186.1 | 186.1 | ||||
Additional asset impairment charge deemed necessary for assets at risk | 0 | |||||
Australian Metallurgical Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | 66.7 | 390.8 | ||||
Australian Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived assets related to mine closures | 390.8 | |||||
Acceleration of asset retirement obligations | 0 | |||||
Employee termination benefits | 0 | |||||
Long-lived assets | 144.5 | $ 230.5 | 675.2 | 66.7 | ||
Marketable securities | 0 | |||||
Equity method investment | 0 | |||||
Asset Impairment | 675.2 | 66.7 | 390.8 | |||
Australian Thermal Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | 17.5 | 11.9 | ||||
Marketable securities | 0 | |||||
Equity method investment | 0 | |||||
Asset Impairment | 17.5 | 11.9 | ||||
Western U.S. Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | 2.7 | |||||
Marketable securities | 0 | |||||
Asset Impairment | 2.7 | |||||
Midwestern U.S. Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | 9.7 | 40.2 | ||||
Equity method investment | 0 | |||||
Asset Impairment | 40.2 | |||||
Corporate and Other [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived assets related to mine closures | 182.2 | 72.8 | ||||
Acceleration of asset retirement obligations | 43.2 | |||||
Employee termination benefits | 21.5 | |||||
Long-lived assets | 86.2 | 268.4 | 68.4 | |||
Marketable securities | 4.7 | 21.5 | ||||
Equity method investment | 276.5 | |||||
Asset Impairment | 544.9 | $ 73.1 | 137.5 | |||
Remediation Property for Sale, Abandonment or Disposal [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | $ 317.7 | |||||
Midwestern Inactive Surface Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | $ 30.5 | |||||
Eastern US Coal Reserves [Member] | Corporate and Other [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | 66.3 | |||||
Third Party Mined Coal Reserves [Member] | Corporate and Other [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Long-lived assets | $ 6.5 | |||||
Middlemount Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||
Subordinated Borrowing, Name [Domain] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity method investment | $ 229.9 | |||||
Financing Receivable [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Investments and Other Noncurrent Assets | $ 65.2 | $ 347.2 | $ 65.2 | $ 347.2 | ||
Middlemount Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Middlemount Mine [Member] | Financing Receivable [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Investments and Other Noncurrent Assets | $ 65.2 | $ 319.6 | $ 65.2 | $ 319.6 | ||
Middlemount Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity method investment | $ 46.6 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss from discontinued operations before income taxes | $ (182.2) | $ (23.8) | $ (329.7) | ||||
Income tax (provision) benefit | 7.2 | (4.4) | 103.1 | ||||
Loss from discontinued operations, net of income taxes | $ 155.1 | $ 7.6 | (175) | (28.2) | (226.6) | ||
Total revenues | 136.5 | ||||||
Change in fair value of credit support provided to Patriot | $ 34.7 | $ 34.1 | |||||
Asset Retirement Obligation | 752.5 | 712.1 | 752.5 | 712.8 | |||
Impairment of long-lived assets | $ 463.6 | ||||||
Other current assets | 0.3 | 3.1 | 0.3 | ||||
Investments and other assets | 16.3 | 13.2 | 16.3 | ||||
Total assets classified as discontinued operations | 16.6 | 16.3 | 16.6 | ||||
Accounts payable and accrued expenses | 12.5 | 60 | 12.5 | ||||
Other noncurrent liabilities | 109.8 | 203.7 | 109.8 | ||||
Total liabilities classified as discontinued operations | $ 122.3 | 263.7 | $ 122.3 | ||||
Wilkie Creek [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loss Contingency, Loss in Period | 9.7 | ||||||
Wilkie Creek [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Potential cash proceeds from sale of property held-for-sale | $ 20 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Materials and supplies | $ 115.9 | $ 143.6 |
Raw coal | 75.9 | 115 |
Saleable coal | 116 | 147.9 |
Total | $ 307.8 | $ 406.5 |
Inventories Details Textuals (D
Inventories Details Textuals (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve for materials and supplies [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Materials and supplies reserves | $ 4.7 | $ 4.6 | $ 7.4 | $ 16 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | $ 61.8 | $ 61.8 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||
Available-for-sale Securities | 61.8 | 61.8 | ||||
Proceeds from sale of available-for-sale securities | $ 90.3 | 13.5 | $ 22.9 | |||
Net gains on sales and maturities | 0 | 0 | 0.2 | |||
Proceeds from Sale and Maturity of Marketable Securities | 90.3 | 13.5 | 22.9 | |||
Other-than-temporary impairment losses on marketable securities | 0 | 4.7 | 21.5 | |||
Payments to Acquire Short-term Investments | $ 4.8 | |||||
Maturity of short-term investments | $ 0 | 0 | $ 4.8 | |||
Held-to-maturity Securities | 0 | 0 | ||||
Current [Member] | Domestic Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 11.2 | 11.2 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||
Available-for-sale Securities | 11.2 | 11.2 | ||||
Non Current [Member] | Domestic Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 12.4 | 12.4 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||
Available-for-sale Securities | 12.4 | 12.4 | ||||
Non Current [Member] | Equity Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 6.2 | 6.2 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||
Available-for-sale Securities | 6.2 | 6.2 | ||||
Non Current [Member] | US Government Agencies Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 32 | 32 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | |||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||
Available-for-sale Securities | 32 | 32 | ||||
Interest In Peabody-Winsway Resources B.V. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Other-than-temporary impairment losses on marketable securities | 4.7 | $ 21.5 | ||||
Middlemount Mine [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Valuation Allowances and Reserves, Balance | $ 52.3 | $ 52.3 |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Held-to-maturity Securities | $ 0 | ||
Marketable securities | $ 0 | 4.7 | $ 21.5 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0.1 | ||
Equity method investments | 4.7 | 65.3 | |
Loss from equity affiliates | 15.9 | 107.6 | 40.2 |
Other-than-temporary impairment losses on equity method investments | 276.5 | 43.2 | |
Middlemount Mine [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 160 | 165 | 157 |
Change in deferred tax asset valuation allowance related to equity affiliates | (52.3) | ||
Other-than-temporary impairment losses on equity method investments | 46.6 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 31.7 | 27.8 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 348 | 424.4 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 362.2 | 382.9 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 10.5 | 11.3 | |
Interest In Middlemount Coal Pty Limited [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 0 | 58 | |
Loss from equity affiliates | $ 7 | 98.5 | 33.5 |
Equity method investment, ownership percentage | 50.00% | ||
Other-than-temporary impairment losses on equity method investments | $ 276.5 | ||
Subordinated Borrowing, Name [Domain] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other-than-temporary impairment losses on equity method investments | 229.9 | ||
Other Equity Method Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 4.7 | 7.3 | |
Loss from equity affiliates | $ 8.9 | $ 9.1 | 6.7 |
Middlemount Mine [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |
Corporate and Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Marketable securities | $ 4.7 | 21.5 | |
Loss from equity affiliates | $ 15.9 | 107.6 | $ 40.2 |
Other-than-temporary impairment losses on equity method investments | 276.5 | ||
Financing Receivable [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Other Noncurrent Assets | $ 65.2 | 347.2 | |
Middlemount Mine [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Middlemount Mine [Member] | Financing Receivable [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments and Other Noncurrent Assets | $ 65.2 | $ 319.6 |
Derivatives and Fair Value Me74
Derivatives and Fair Value Measurements (Details) gal in Millions, AUD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)gal | Dec. 31, 2015AUDgal | Nov. 30, 2012AUD | |
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 contracts [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (A$ millions) | AUD 1,530 | |||
2015 (A$ millions) | 1,007 | |||
2016 (A$ millions) | 523 | |||
Fair Value Net Liability | $ | $ (200.7) | |||
Foreign currency forward contracts [Member] | Cash flow hedges [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (A$ millions) | 1,530 | |||
Foreign currency forward contracts [Member] | Fair value hedge [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (A$ millions) | 0 | |||
Foreign currency forward contracts [Member] | Economic hedge [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (A$ millions) | AUD 0 | |||
Foreign currency forward contracts [Member] | Previously monetized hedge contracts [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (A$ millions) | AUD 1,900 | |||
Diesel fuel hedge contracts [Member] | ||||
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ||||
Total (gallons/MMbtu) | gal | 148.8 | 148.8 | ||
2015 (gallons) | gal | 89.5 | 89.5 | ||
2016 (gallons) | gal | 59.3 | 59.3 | ||
Fair Value Net Liability | $ | $ (123.7) | |||
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/MMbtu) | gal | 148.8 | 148.8 | ||
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/MMbtu) | 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/MMbtu) | gal | 0 | 0 | ||
Scenario, Forecast [Member] | Foreign currency forward 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 | $ | $ 146 | |||
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 | $ | $ 86 |
Derivatives and Fair Value Me75
Derivatives and Fair Value Measurements (Details 1) AUD in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2015AUD | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Monetization of foreign currency hedge positions | $ 151.8 | ||||||
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | $ (199) | $ (295.4) | $ (585.3) | ||||
Gain (loss) reclassified from other comprehensive income into income (effective portion) | (438.4) | [1] | (47.9) | [2] | 174.3 | ||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | 1.6 | (1.7) | (0.5) | ||||
Gains realized on previously monetized foreign currency cash flow hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain reclassified to earnings for previously monetized foreign currency forward contracts | 14.9 | 136.9 | |||||
Commodity swap contracts [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | (77) | (194.5) | 12.5 | ||||
Gain (loss) reclassified from other comprehensive income into income (effective portion) | (122) | (20.6) | 11.9 | ||||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | 1.6 | (1.7) | (0.5) | ||||
Foreign currency forward contracts [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | AUD | AUD 1,530 | ||||||
Foreign currency forward contracts [Member] | Fair value hedge [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | AUD | 0 | ||||||
Foreign currency forward contracts [Member] | Cash flow hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | AUD | 1,530 | ||||||
Foreign currency forward contracts [Member] | Economic hedge [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative, Notional Amount | AUD | AUD 0 | ||||||
Foreign currency forward contracts [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | (122) | (100.9) | (597.8) | ||||
Gain (loss) reclassified from other comprehensive income into income (effective portion) | (316.4) | [1] | (27.3) | [2] | 162.4 | ||
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | $ 0 | $ 0 | $ 0 | ||||
[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. | ||||||
[2] | (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $136.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. |
Derivatives and Fair Value Me76
Derivatives and Fair Value Measurements (Details 2) AUD in Millions, $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2015AUD | Dec. 31, 2014USD ($) | Nov. 30, 2012AUD | |
Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | AUD | AUD 1,530 | ||||
Net amounts presented in the consolidated balance sheet | |||||
Derivative [Line Items] | |||||
Derivative Liability, Current | [1] | $ 231.7 | $ 341.1 | ||
Derivative Liability, Noncurrent | [1] | 92.7 | 236 | ||
Net amounts presented in the consolidated balance sheet | Commodity swap contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Current | [1] | 86.1 | 100.1 | ||
Derivative Liability, Noncurrent | [1] | 37.6 | 67 | ||
Net amounts presented in the consolidated balance sheet | Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Current | [1] | 145.6 | 241 | ||
Derivative Liability, Noncurrent | [1] | $ 55.1 | $ 169 | ||
Previously monetized hedge contracts [Member] | Foreign currency forward contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | AUD | AUD 1,900 | ||||
[1] | All commodity swap contracts and foreign currency forward contracts were in a liability position as of December 31, 2015 and 2014. |
Derivatives and Fair Value Me77
Derivatives and Fair Value Measurements (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 88.4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 324.4 | $ 0 |
Fair value of asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 61.8 | |
Asset Transfers Into Level 3 | 335.8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 215.8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (227) | |
Foreign currency forward contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 31.7 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 200.7 | 0 |
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (200.7) | |
Asset Transfers Into Level 3 | 259.8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 103 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (162.1) | |
Commodity swap contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 56.7 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 123.7 | 0 |
Fair value of asset (liability) positions measured on a recurring basis | ||
Asset Transfers Into Level 3 | 76 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (0.2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 112.8 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (64.9) | |
Diesel fuel hedge contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (123.7) | |
Fair Value, Measurements, Recurring [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 0 | 61.8 |
Total net financial assets (liabilities) | (324.4) | (515.3) |
Fair Value, Measurements, Recurring [Member] | Foreign currency forward contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (200.7) | (410) |
Fair Value, Measurements, Recurring [Member] | Commodity swap contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (123.7) | (167.1) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 0 | 26.1 |
Total net financial assets (liabilities) | 0 | 26.1 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Foreign currency forward contracts [Member] | ||
Fair value of 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] | Commodity swap contracts [Member] | ||
Fair value of 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 asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 0 | 35.7 |
Total net financial assets (liabilities) | 0 | (541.4) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign currency forward contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | (410) |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity swap contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | 0 | (167.1) |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Investments in debt and equity securities | 0 | 0 |
Total net financial assets (liabilities) | (324.4) | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign currency forward contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | (200.7) | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity swap contracts [Member] | ||
Fair value of asset (liability) positions measured on a recurring basis | ||
Derivative assets (liabilities), at fair value, net | $ (123.7) | $ 0 |
Derivative [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 36.00% | |
Derivative [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 30.00% | |
Derivative [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 26.00% |
Derivatives and Fair Value Me78
Derivatives and Fair Value Measurements (Details 4) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Held-to-maturity Securities | $ 0 | ||
Level 1 to Level 2 transfers | $ 0 | 0 | |
Level 2 to Level 1 transfers | 0 | 0 | |
Carrying amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, carrying value | 6,315.6 | 5,986.8 | |
Estimated fair value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, fair value | 1,372.7 | 5,227.9 | |
Net amounts presented in the consolidated balance sheet | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Current | [1] | 231.7 | 341.1 |
Derivative Liability, Noncurrent | [1] | 92.7 | 236 |
Net amounts presented in the consolidated balance sheet | Commodity Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Current | [1] | 86.1 | 100.1 |
Derivative Liability, Noncurrent | [1] | 37.6 | 67 |
Net amounts presented in the consolidated balance sheet | Foreign Exchange Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Liability, Current | [1] | 145.6 | 241 |
Derivative Liability, Noncurrent | [1] | $ 55.1 | $ 169 |
[1] | All commodity swap contracts and foreign currency forward contracts were in a liability position as of December 31, 2015 and 2014. |
Coal Trading (Details)
Coal Trading (Details) - Coal Trading [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Trading revenue | ||||
Trading revenue | $ 42.8 | $ 58.4 | $ 66 | |
Coal trading derivative instruments and balance sheet offsetting disclosures: | ||||
Assets from coal trading activities, gross amounts of recognized assets | 128.6 | 342.5 | ||
Liabilities from coal trading activities, gross amounts of recognized liabilities | (110) | (285) | ||
Assets and (liabilities) from coal trading activities, net amounts recognized before the application of variation margin | 18.6 | 57.5 | ||
Gross amounts of coal trading liabilities offset against associated coal trading assets | (87.3) | (248.3) | ||
Gross amounts of coal trading assets offset against associated coal trading liabilities | 87.3 | 248.3 | ||
Net coal trading assets (liabilities) offset against associated (liabilities) assets | 0 | 0 | ||
Variation margin held offset against assets from coal trading activities | (17.8) | (36.6) | ||
Variation margin posted offset against liabilities from coal trading activities | 7.1 | 4 | ||
Net variation margin (held) posted | [1] | (10.7) | (32.6) | |
Assets from coal trading activities, net | 23.5 | 57.6 | ||
Liabilities from coal trading activities, net | (15.6) | (32.7) | ||
Net assets (liabilities) from coal trading activities | 7.9 | 24.9 | ||
Commodity futures, swaps and options [Member] | ||||
Trading revenue | ||||
Trading revenue | 107.3 | 92.3 | 183.9 | |
Physical commodity purchase / sale contracts [Member] | ||||
Trading revenue | ||||
Trading revenue | (64.5) | (33.9) | $ (117.9) | |
Cash Flow Hedging [Member] | ||||
Coal trading derivative instruments and balance sheet offsetting disclosures: | ||||
Net variation margin (held) posted | $ (0.8) | $ 0 | ||
[1] | $0.8 million and none of the net variation margin held at December 31, 2015 and 2014, respectively, related to cash flow hedges. |
Coal Trading (Details 1)
Coal Trading (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset Transfers Into Level 3 | $ 335.8 | |||
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] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset Transfers Into Level 3 | (4.4) | 0 | $ 0 | |
Changes in the Company's recurring Level 3 net financial assets | ||||
Beginning of year | 2.1 | 2.1 | 5.2 | |
Total gains (realized/unrealized): | ||||
Included in earnings | (10.1) | 6.7 | 0.3 | |
Purchases | (0.5) | 0 | 0 | |
Sales | (0.1) | 0 | 0 | |
Settlements | (2.6) | (6.7) | (3.4) | |
End of year | (15.6) | 2.1 | 2.1 | |
Changes in unrealized gains (losses) relating to Level 3 net financial assets held both at the beginning and the end of the period | ||||
Changes in unrealized (losses) gains | [1] | $ (6.2) | 2.1 | (0.4) |
Schedule of future realization of trading portfolio | ||||
2,016 | 109.00% | |||
2,017 | (11.00%) | |||
2,018 | 2.00% | |||
Percentage of trading portfolio expiration, total | 100.00% | |||
Coal Trading (Textuals) [Abstract] | ||||
Cash flow hedge derivative instrument assets at fair value | $ 0 | 44.3 | ||
Fair value hierarchy transfers from Level 1 to Level 2 | 0 | 0 | 0 | |
Fair value hierarchy transfers from Level 2 to Level 1 | 0 | 0 | 0 | |
Fair Value hierarchy transfers 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 | 3.3 | 32.4 | ||
Physical commodity purchase/sale contracts | 4.6 | (7.5) | ||
Total net financial assets (liabilities) | 7.9 | 24.9 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis | ||||
Commodity futures, swaps and options | 0 | (0.2) | ||
Physical commodity purchase/sale contracts | 0 | 0 | ||
Total net financial assets (liabilities) | 0 | (0.2) | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Coal Trading [Member] | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis | ||||
Commodity futures, swaps and options | 3.3 | 32.6 | ||
Physical commodity purchase/sale contracts | 20.2 | (9.6) | ||
Total net financial assets (liabilities) | 23.5 | 23 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [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 | (15.6) | 2.1 | ||
Total net financial assets (liabilities) | $ (15.6) | $ 2.1 | ||
Minimum [Member] | Coal Trading [Member] | ||||
Coal Trading (Textuals) [Abstract] | ||||
Quality adjustment Level 3 unobservable inputs as percentage of overall valuation | 1.00% | |||
Location differentials Level 3 unobservable input as percentage of overall valuation | 11.00% | |||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 26.00% | |||
Maximum [Member] | Coal Trading [Member] | ||||
Coal Trading (Textuals) [Abstract] | ||||
Quality adjustment Level 3 unobservable inputs as percentage of overall valuation | 13.00% | |||
Location differentials Level 3 unobservable input as percentage of overall valuation | 11.00% | |||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 26.00% | |||
Weighted Average [Member] | Coal Trading [Member] | ||||
Coal Trading (Textuals) [Abstract] | ||||
Quality adjustment Level 3 unobservable inputs as percentage of overall valuation | 4.00% | |||
Location differentials Level 3 unobservable input as percentage of overall valuation | 11.00% | |||
Credit and non-performance risk, level 3 unobservable input as a percentage of overall valuation | 26.00% | |||
[1] | Within the consolidated statements of operations and consolidated statements of comprehensive income for the periods presented, unrealized gains and 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. |
Coal Trading (Details 2)
Coal Trading (Details 2) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Concentration Risk [Line Items] | |||
Number of major credit rating agencies that adjusted corporate credit rating | 3 | ||
Coal Trading [Member] | |||
Concentration Risk [Line Items] | |||
Potential collateralization that may be requested by counterparties related to material adverse event | $ 21 | $ 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 | |
Net variation margin held | [1] | (10.7) | (32.6) |
Initial margin posted | 9.2 | 15.2 | |
Margin in excess of the exchange-required variation and initial margin | $ 0.7 | $ 6.1 | |
External Credit Rating, Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | Coal Trading [Member] | |||
Concentration Risk [Line Items] | |||
Credit concentration risk percentage | 70.00% | ||
External Credit Rating, Non Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | Coal Trading [Member] | |||
Concentration Risk [Line Items] | |||
Credit concentration risk percentage | 14.00% | ||
Non Rated [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | Coal Trading [Member] | |||
Concentration Risk [Line Items] | |||
Credit concentration risk percentage | 16.00% | ||
[1] | $0.8 million and none of the net variation margin held at December 31, 2015 and 2014, respectively, related to cash flow hedges. |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Financing Receivables [Line Items] | |||||||
Other current assets | $ 503.1 | $ 305.8 | $ 503.1 | $ 305.8 | |||
Interest income | 7.7 | 15.4 | $ 15.7 | ||||
Asset Impairment | $ 377 | $ 900.8 | 154.4 | $ 1,277.8 | 154.4 | 528.3 | |
Middlemount Mine [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Basis spread over Australian Bank Bill Swap Reference Rate | 3.50% | ||||||
Codrilla Mine Project [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Percentage of ownership before selldown | 85.00% | ||||||
Percentage of agreed sale price as final installment payment due | 40.00% | 40.00% | |||||
Adjustment to discounted value of note receivable | $ 1.6 | ||||||
Financing Receivable [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Other current assets | $ 20 | 0 | $ 20 | 0 | |||
Investments and other assets | 65.2 | 347.2 | 65.2 | 347.2 | |||
Total financing receivables | 85.2 | 347.2 | 85.2 | 347.2 | |||
Financing Receivable [Member] | Middlemount Mine [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Investments and other assets | 65.2 | 319.6 | 65.2 | 319.6 | |||
Financing Receivable [Member] | Codrilla Mine Project [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Other current assets | $ 20 | $ 20 | |||||
Investments and other assets | $ 27.6 | $ 27.6 | |||||
Middlemount Mine [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||
Coppabella, Moorvale, and Codrilla Mines [Member] | |||||||
Financing Receivables [Line Items] | |||||||
Percentage of undivided interests acquired | 73.30% |
Property, Plant, Equipment an83
Property, Plant, Equipment and Mine Development (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant, Equipment and Mine Development[Line Items] | |||
Land and coal interests | $ 10,503.7 | $ 11,021.1 | |
Buildings and improvements | 1,506 | 1,569.1 | |
Machinery and equipment | 2,280.4 | 2,685.7 | |
Less: accumulated depreciation, depletion and amortization | (5,031.6) | (4,698.6) | |
Total, net | 9,258.5 | 10,577.3 | $ 11,082.5 |
Coal reserves | 5,700 | 6,200 | |
Acquired interest in mineral rights | 1,200 | 1,300 | |
Coal reserves not subject to depletion | 1,700 | 2,100 | |
Mining Properties and Mineral Rights [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Mineral rights and advanced royalties | 4,600 | 5,000 | |
Coal reserves held by fee ownership [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Coal reserves | $ 1,100 | $ 1,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss from continuing operations before income taxes | |||
U.S. | $ (515.9) | $ 268.9 | $ 220.6 |
Non-U.S. | (1,474.4) | (816.8) | (954.9) |
Loss from continuing operations before income taxes | $ (1,990.3) | $ (547.9) | $ (734.3) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||||
U.S. federal | $ (71.9) | $ 27.1 | $ (47.9) | ||
Non-U.S. | 3.7 | (61.1) | 38.4 | ||
State | (0.6) | 3.3 | (4.7) | ||
Total current | (68.8) | (30.7) | (14.2) | ||
Deferred: | |||||
U.S. federal | (117.4) | 111 | 4.8 | ||
Non-U.S. | 15.7 | 122.3 | (440.3) | ||
State | (5.9) | (1.4) | 1.4 | ||
Total deferred | (107.6) | 231.9 | (434.1) | ||
Income tax (benefit) provision | $ 7.9 | $ 67.4 | $ (176.4) | $ 201.2 | $ (448.3) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the expected statutory federal income tax provision to the Company's actual income tax provision | |||||||||||
Expected income tax benefit at U.S. federal statutory rate | $ (696.6) | $ (191.7) | $ (257) | ||||||||
Changes in valuation allowance, income tax | 462 | 569.4 | (29.4) | ||||||||
Changes in tax reserves | (21.4) | (81.5) | 8.8 | ||||||||
Excess depletion | (53.7) | (65.3) | (72.7) | ||||||||
Foreign earnings repatriation | 0 | (71.4) | 0 | ||||||||
Foreign earnings provision differential | 146.5 | 28.8 | 62.7 | ||||||||
General business tax credits | (15.7) | (19.2) | (18.9) | ||||||||
Minerals resource rent tax, net of federal tax | 0 | 16.1 | (87.4) | ||||||||
Remeasurement of foreign income tax accounts | $ 0.5 | $ (0.8) | $ (0.2) | $ 1.2 | $ (1.2) | $ (1.3) | $ (1.4) | (0.5) | (2.7) | (44.3) | |
State income taxes, net of federal tax benefit | (20.1) | (2.3) | (0.2) | ||||||||
Other, net | 23.1 | 21 | (9.9) | ||||||||
Income tax (benefit) provision | $ 7.9 | $ 67.4 | $ (176.4) | $ 201.2 | $ (448.3) |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Valuation Allowance, Current | $ 49.7 | $ 80 | |
Deferred tax assets: | |||
Tax credits and loss carryforwards | 1,817.4 | 1,723.5 | |
Accrued postretirement benefit obligations | 372.4 | 372.3 | |
Asset retirement obligations | 160.9 | 167 | |
Employee benefits | 69.6 | 70.7 | |
Payable to voluntary employee beneficiary association for certain Patriot retirees | [1] | 52.9 | 79.2 |
Hedge activities | 26.6 | 44.2 | |
Environmental contingencies | 0 | 29.9 | |
Deferred revenue | 0 | 29.1 | |
Financial guarantees | 16.9 | 16.9 | |
Workers' compensation obligations | 13.7 | 6.2 | |
Other | 66.7 | 50.5 | |
Total gross deferred tax assets | 2,597.1 | 2,589.5 | |
Deferred tax liabilities: | |||
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 966.6 | 1,223.4 | |
Unamortized discount on Convertible Junior Subordinated Debentures | 130.3 | 131 | |
Investments and other assets | 70.1 | 73.4 | |
Other | 0 | 1.1 | |
Total gross deferred tax liabilities | (1,167) | (1,428.9) | |
Valuation allowance, income tax | (1,447.3) | (1,169) | |
Net deferred tax liability | (17.2) | (8.4) | |
Deferred taxes are classified as follows: | |||
Noncurrent deferred income taxes | (66.9) | (88.4) | |
Net deferred tax liability | $ (17.2) | $ (8.4) | |
[1] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | |||
Balance at beginning of period | $ 44.5 | $ 143.9 | $ 122.8 |
Additions for current year tax positions | 2.3 | 12 | 6.3 |
(Reductions) additions for prior year tax positions | (23.5) | 0 | 63.8 |
Reductions for settlements with tax authorities | (0.4) | (111.4) | 0 |
Reductions for expirations of statutes of limitations | 0 | 0 | (49) |
Balance at end of period | $ 22.9 | $ 44.5 | $ 143.9 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Company's tax payments | |||
Tax (refunds) payments | $ (25.8) | $ (16.7) | $ 81.9 |
Domestic Tax Authority [Member] | |||
Summary of Company's tax payments | |||
Tax (refunds) payments | (38.1) | (7.7) | (0.8) |
State and Local Jurisdiction [Member] | |||
Summary of Company's tax payments | |||
Tax (refunds) payments | 0.4 | (6.8) | 2.9 |
Foreign Tax Authority [Member] | |||
Summary of Company's tax payments | |||
Tax (refunds) payments | $ 11.9 | $ (2.2) | $ 79.8 |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes (Textuals) [Abstract] | |||||||||
Alternative minimum tax credits | $ 272.5 | $ 272.5 | |||||||
Foreign tax credits | 247 | 247 | |||||||
General business credits | 105.4 | 105.4 | |||||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 9.9 | 9.9 | |||||||
State net operating loss carryforwards | 41.3 | 41.3 | |||||||
Deferred Tax Assets, Charitable Contribution Carryforwards | 0.9 | 0.9 | |||||||
Foreign loss carryforwards included in Company's tax credits and loss carryforwards | 1,074.5 | 1,074.5 | |||||||
Valuation allowance reserve for U.S. capital losses, state NOLs, foreign NOLs and certain foreign deferred tax assets | (1,447.3) | $ (1,169) | (1,447.3) | $ (1,169) | |||||
Minerals resource rent tax, net of federal tax | 0 | 16.1 | $ (87.4) | ||||||
Change in unrecognized tax benefit | 21.6 | ||||||||
Net unrecognized tax benefits | 19.6 | 40.9 | 19.6 | 40.9 | |||||
Accrued interest related to unrecognized tax benefits included in income tax provision | 2.1 | 8 | $ 36 | ||||||
Accrued interest related to uncertain tax positions | 0.4 | 3.4 | 0.4 | $ 3.4 | |||||
Undistributed Earnings of Foreign Subsidiaries | 0 | 0 | |||||||
Australia Deferred Tax Assets [Member] | |||||||||
Income Taxes (Textuals) [Abstract] | |||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | (90.4) | $ (80.6) | $ (75.7) | $ (42.6) | 101.3 | ||||
US Deferred Tax Assets [Member] | |||||||||
Income Taxes (Textuals) [Abstract] | |||||||||
Capital loss | 65.9 | 65.9 | |||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ (177) | $ (280.1) | 177 | ||||||
Valuation allowance, Income tax (benefit) provision | 182.7 | ||||||||
Valuation allowance, Accumulated other comprehensive loss | $ (5.7) | ||||||||
Australian Minerals and Resource Rent Tax [Member] | |||||||||
Income Taxes (Textuals) [Abstract] | |||||||||
Valuation allowance, Income tax (benefit) provision | $ 70.1 | $ 54 |
Income Taxes (Details 6)
Income Taxes (Details 6) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Accounts payables and accrued expenses | $ 0 | $ 0 | ||
Deferred income taxes | 7.9 | 6.2 | ||
Other noncurrent liabilities | 11.7 | 34.7 | ||
Net unrecognized tax benefits | 19.6 | 40.9 | ||
Gross unrecognized tax benefits | $ 22.9 | $ 44.5 | $ 143.9 | $ 122.8 |
Accounts Payable and Accrued 92
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts payable and accrued expenses [Line Items] | |||
Trade accounts payable | $ 333.3 | $ 461.7 | |
Commodity and foreign currency hedge contracts | 231.7 | 341.1 | |
Other accrued expenses | 225.8 | 298.8 | |
Accrued payroll and related benefits | 191.9 | 268.7 | |
Accrued taxes other than income | 135.9 | 175.3 | |
Payable to voluntary employee beneficiary association for certain Patriot retirees | [1] | 75 | 75 |
Accrued royalties | 41 | 61.5 | |
Accrued interest | 68.8 | 48.4 | |
Asset Retirement Obligations | 25.5 | 30.2 | |
Accrued environmental cleanup-related costs | 23.9 | 19.4 | |
Workers' compensation obligations | 8.6 | 10.9 | |
Income taxes payable | 6.8 | 3.3 | |
Other | 2.3 | 0 | |
Accrued health care insurance | 15.8 | 2.4 | |
Liabilities associated with discontinued operations | 60 | 12.5 | |
Total accounts payable and accrued expenses | $ 1,446.3 | $ 1,809.2 | |
[1] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Debt Debt Schedule (Details)
Debt Debt Schedule (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 24, 2013 |
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 30.3 | $ 22.2 | |
Other long-term debt | 0.7 | 1.2 | |
Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 301.8 | ||
2011 Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 862.5 | ||
2013 Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 1,164.9 | 1,175.1 | |
Line of credit facility, maximum borrowing capacity | $ 1,200 | ||
7.375% Senior Notes due November 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 7.375% | ||
Long-term Debt | $ 0 | 650 | |
6.00% Senior Notes due November 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 6.00% | ||
Long-term Debt | $ 1,518.8 | 1,518.8 | |
6.50% Senior Notes due September 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 6.50% | ||
Long-term Debt | $ 650 | 650 | |
6.25% Senior Notes due November 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 6.25% | ||
Long-term Debt | $ 1,339.6 | 1,339.6 | |
10.00% Senior Secured Second Lien Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 10.00% | ||
Long-term Debt | $ 978.4 | 0 | |
7.875% Senior Notes due November 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate - percentage | 7.875% | ||
Long-term Debt | $ 247.7 | 247.6 | |
Convertible Junior Subordinated Debentures [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 385.2 | 382.3 | |
Reported Value Measurement [Member] | |||
Debt Instrument [Line Items] | |||
Debt and capital lease obligations | $ 6,315.6 | $ 5,986.8 |
Debt Credit Agreement (Details)
Debt Credit Agreement (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 11, 2016USD ($) | Feb. 05, 2015 | Sep. 24, 2013USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Proceeds from long-term debt | $ 975,700 | $ 1,100 | $ 1,188,000 | |||
Line of credit facility, dividend restrictions | 500,000 | |||||
Letters of credit outstanding | $ 94,700 | |||||
Line of credit facility, remaining borrowing capacity | 1,200,000 | $ 900,000 | ||||
2011 Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | 862,500 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 1,650,000 | |||||
Long-term debt, percentage bearing variable interest, percentage rate | 2.25% | |||||
Capitalized debt issuance costs | 18,300 | |||||
Letters of credit outstanding | $ 710,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 940,000 | |||||
Interest rate at end of period | 2.67% | |||||
Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | 301,800 | |||||
Write-off of debt issuance costs | $ 11,500 | |||||
2013 Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 1,200,000 | |||||
Proceeds from long-term debt | 1,190,000 | |||||
Debt instrument, unamortized discount | 12,000 | |||||
Previous term loan facility balance | $ 1,164,900 | 1,175,100 | ||||
Capitalized debt issuance costs | $ 10,100 | |||||
Term loan facility percentage of periodic repayment | 0.25% | |||||
Loan prepayment threshold for certain asset sale net proceeds | $ 500,000 | |||||
Domestic unrestricted subsidiary or domestic joint venture percentage | 50.00% | |||||
Aggregate net proceeds from domestic unrestricted subsidiaries or domestic joint venture | $ 200,000 | |||||
Interest rate at end of period | 4.25% | |||||
2013 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Percent of company stock pledged | 65.00% | |||||
Intercompany Loans | $ 5,500,000 | |||||
Percentage of Equity Interests of Foreign Subsidiaries | 65.00% | |||||
Fronting fee as a percentage of the face amount of each letter of credit | 0.125% | |||||
Line of credits facility annual dividend threshold | $ 27,500 | |||||
Line of credits facility general restricted payments | 100,000 | |||||
Payments of Debt Restructuring Costs | 11,800 | |||||
6.00% Senior Notes due November 2018 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | $ 1,518,800 | 1,518,800 | ||||
Stated interest rate - percentage | 6.00% | |||||
6.25% Senior Notes due November 2021 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | $ 1,339,600 | 1,339,600 | ||||
Stated interest rate - percentage | 6.25% | |||||
6.50% Senior Notes due September 2020 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | $ 650,000 | 650,000 | ||||
Stated interest rate - percentage | 6.50% | |||||
7.875% Senior Notes due November 2026 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Previous term loan facility balance | $ 247,700 | $ 247,600 | ||||
Stated interest rate - percentage | 7.875% | |||||
Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Consolidated Net Secured First Lien Leverage Ratio, Upper Value | 1.6 | |||||
Interest Coverage Ratio | 1.3 | |||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum line of credit commitment fee percent | 0.50% | |||||
Letter of credit fee as a percentage of the undrawn amount of each letter of credit, higher range | 2.50% | |||||
Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Consolidated Net Secured First Lien Leverage Ratio, Upper Value | 1 | |||||
Interest Coverage Ratio | 1 | |||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum line of credit commitment fee percent | 0.38% | |||||
Letter of credit fee as a percentage of the undrawn amount of each letter of credit, higher range | 1.75% | |||||
Base Rate [Member] | Maximum [Member] | 2013 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||
Base Rate [Member] | Minimum [Member] | 2013 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||
Eurocurrency Rate [Member] | Maximum [Member] | 2013 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Eurocurrency Rate [Member] | Minimum [Member] | 2013 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||
Eurocurrency Rate [Member] | 2013 Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Minimum interest rate | 1.00% | |||||
Long-term debt, percentage bearing variable interest, percentage rate | 3.25% | |||||
Base Rate [Member] | 2013 Term Loan Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Minimum interest rate | 2.00% | |||||
Long-term debt, percentage bearing variable interest, percentage rate | 2.25% |
Debt Debt Maturities (Details)
Debt Debt Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | |||
Long-term debt maturities, 2016 | $ 5,930.4 | ||
Long-term debt maturities, 2017 | 0 | ||
Long-term debt maturities, 2018 | 0 | ||
Long-term debt maturities, 2019 | 0 | ||
Long-term debt maturities, 2020 | 0 | ||
Long-term debt maturities, 2021 and thereafter | 385.2 | ||
Interest paid | 414.2 | $ 404.4 | $ 388.2 |
Unamortized discount (premium), net | 94.8 | ||
Unamortized debt issuance expense which will be amortized to interest expense over the next five years | $ 70.6 |
Debt Senior Notes (Details)
Debt Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Redemption price of senior notes as percentage of principal amount plus a make whole premium and any accrued unpaid interest to the redemption date | 100.00% | ||||
Redemption price of senior notes - percentage | 101.00% | ||||
Loss on early debt extinguishment | $ (8.3) | $ (59.5) | $ (67.8) | $ (1.6) | $ (16.9) |
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Other Borrowings | $ 0 | ||||
6.00% Senior Notes due November 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate - percentage | 6.00% | ||||
6.25% Senior Notes due November 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate - percentage | 6.25% |
Debt Convertible Debentures (De
Debt Convertible Debentures (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 15, 2011USD ($) | |
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of debentures outstanding | $ 732,500,000 | ||||||
Payments of Debt Issuance Costs | 28,700,000 | $ 10,100,000 | $ 22,800,000 | ||||
Convertible Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal outstanding of convertible junior subordinated debentures | $ 732,500,000 | ||||||
Debt instrument periodic payment interest rate | 4.75% | ||||||
Convertible debt condition one for debt conversion | 140.00% | ||||||
Conversion ratio | 1.1664 | ||||||
Redemption price, percentage | 100.00% | ||||||
Debt conversion, original debt amount | $ 1,000 | ||||||
Conversion price | $ / shares | $ 1,114.50 | ||||||
Stock price trigger | $ / shares | $ 1,200.23 | ||||||
Current conversion amount per principal amount of debentures | $ 857.30 | ||||||
Period of redemption of debentures | at least 20 out of the 30 consecutive trading days immediately prior to the date on which notice of redemption is given | ||||||
Convertible debt conversion period description | 130.00% | ||||||
Maximum percentage of the Company's net cash proceeds from the sale of its common stock and rights to acquire common stock which can be used for repayment of debt | 400.00% | ||||||
Carrying amount of equity component | $ 215,400,000 | 215,400,000 | |||||
Aggregate principal amount of debentures outstanding | 732,500,000 | 732,500,000 | |||||
Debt instrument, unamortized discount | (347,300,000) | (350,200,000) | |||||
Net carrying amount | $ 385,200,000 | $ 382,300,000 | |||||
Interest rate | 4.90% | 4.90% | 4.90% | ||||
Interest expense - contractual interest coupon | $ 34,800,000 | $ 34,800,000 | $ 34,800,000 | ||||
Amortization of debt discount | $ 2,900,000 | $ 2,600,000 | $ 2,300,000 | ||||
Remaining discount amortization period | 26 years | ||||||
Payments of Debt Issuance Costs | $ 10,100,000 | ||||||
Refinancing charges classified as interest expense | $ 1,600,000 | $ 1,600,000 | |||||
7.875% Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate - percentage | 7.875% | ||||||
Face amount of senior notes | $ 250,000,000 | ||||||
Minimum [Member] | Convertible Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of days percentage closing common stock price exceeds conversion price condition to convert debentures | 20 | ||||||
Maximum [Member] | Convertible Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of days percentage closing common stock price exceeds conversion price condition to convert debentures | 30 | ||||||
Amount Per Principal Amount [Member] | Convertible Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | 15 | ||||||
Principal Amount [Member] | Convertible Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 1,000 |
Debt Senior Secured Second Lien
Debt Senior Secured Second Lien Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Redemption price of senior notes as percentage of principal amount plus a make whole premium and any accrued unpaid interest to the redemption date | 100.00% | ||||
Loss on early debt extinguishment | $ (8.3) | $ (59.5) | $ (67.8) | $ (1.6) | $ (16.9) |
10.00% Senior Secured Second Lien Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of senior notes | $ 1,000 | ||||
Stated interest rate - percentage | 10.00% | ||||
Redemption price of senior notes 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 | ||||
Debt Issuance Cost | $ 16.9 | ||||
7.375% Senior Notes due November 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate - percentage | 7.375% | ||||
Debt Instrument, Repurchased Face Amount | $ 650 | ||||
Debt Instrument, Repurchase Amount | 566.9 | ||||
Debt Instrument Redemption 2016 Notes | 83.1 | ||||
Loss on early debt extinguishment | (67.8) | ||||
Tender Offer Premiums Paid on 2016 Senior Notes Repurchase | 66.4 | ||||
Write-off of debt issuance costs | $ 1.4 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Future minimum lease and royalty payments | |||
Capital Leases, 2016 | $ 12.9 | ||
Capital Leases, 2017 | 7.3 | ||
Capital Leases, 2018 | 8.8 | ||
Capital Leases, 2019 | 0.5 | ||
Capital Leases, 2020 | 0.5 | ||
Capital Leases, 2021 and Thereafter | 10.1 | ||
Capital Leases, Total minimum lease payments | 40.1 | ||
Capital Leases, Less interest | 9.8 | ||
Capital Leases, Present value of minimum capital lease payments | 30.3 | ||
Operating Leases, 2016 | 191.5 | ||
Operating Leases, 2017 | 173.8 | ||
Operating Leases, 2018 | 109.4 | ||
Operating Leases, 2019 | 64.2 | ||
Operating Leases, 2020 | 23.4 | ||
Operating Leases, 2021 and thereafter | 36.5 | ||
Operating Leases, Total minimum lease payments | 598.8 | ||
Coal Lease and Royalty Obligation, 2016 | 254.3 | ||
Coal Lease and Royalty Obligation, 2017 | 20.3 | ||
Coal Lease and Royalty Obligation, 2018 | 19.9 | ||
Coal Lease and Royalty Obligation, 2019 | 19.4 | ||
Coal Lease and Royalty Obligation, 2020 | 18.9 | ||
Coal Lease and Royalty Obligation, 2021 and Thereafter | 30.8 | ||
Coal Lease and Royalty Obligation, Total minimum lease payments | 363.6 | ||
Leases (Textuals) | |||
Rental expense under operating leases | 290.1 | $ 306 | $ 305.9 |
Contingent lease expense | 0 | 0 | 0 |
Property, plant, equipment and mine development assets, gross value under capital leases | 125.6 | 175.1 | |
Accumulated depreciation of property, plant, equipment and mine development assets under capital leases | 111.4 | 138.4 | |
Total royalty expenses on coal reserve leases | $ 444.5 | $ 507.8 | $ 546 |
Initial lease term for federal leases | ten years | ||
Minimum annual production on federal leases | 1.00% | ||
Monthly royalty percentage on federal leases for coal sales using surface mining methods | 12.50% | ||
Monthly royalty percentage on federal leases for coal production using underground mining methods | 8.00% | ||
Period to redetermine royalty rates on leased coal reserves in Arizona | every ten years | ||
Company's lease obligations secured by outstanding surety bonds | $ 110.5 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Total asset retirement obligation | $ 712.1 | $ 752.5 | $ 712.8 |
Current portion | 25.5 | 30.2 | |
Liabilities incurred or acquired | 1.3 | 22.7 | |
Liabilities settled or disposed | (53.3) | (19.7) | |
Accretion expense | 42.7 | 39.3 | |
Revision to estimates | (31.1) | (2.6) | |
Noncurrent obligation | 686.6 | 722.3 | |
Balance at end of year — active locations | 656.8 | 676.2 | |
Balance at end of year — closed or inactive locations | 55.3 | 76.3 | |
Gain on disposal of asset | $ 45 | $ 41.4 | $ 52.6 |
Credit adjusted, risk-free interest rates | 50.83% | 6.82% | 6.44% |
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | $ 609.4 | $ 645 | |
Amount of reclamation self-bonding in certain states in which the company qualifies | 1,430.8 | 1,361.4 | |
Letters of credit in support of reclamation obligations or activities | 126.6 | $ 17.6 | |
Eastern US Coal Reserves [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Liabilities incurred or acquired | 22.2 | ||
Interest in Coal Reserve Property [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Gain on disposal of asset | $ 9.6 |
Postretirement Health Care a101
Postretirement Health Care and Life Insurance Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Components of net periodic postretirement benefit cost | ||||
Settlement related to the Patriot bankruptcy reorganization | $ 0 | $ 0 | $ 30.6 | |
Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Components of net periodic postretirement benefit cost | ||||
Service cost for benefits earned | 11.2 | 12.2 | 15.8 | |
Interest cost on accumulated postretirement benefit obligation | 33.8 | 36.4 | 41.8 | |
Amortization of prior service (credit) cost | (6.8) | 1.3 | (1.7) | |
Amortization of actuarial loss | 24.9 | 14.5 | 24.1 | |
Settlement related to the Patriot bankruptcy reorganization | [1] | 0 | 0 | 63.2 |
Special termination benefits | [2] | 0 | 1.6 | 0.9 |
Total net periodic postretirement or pension cost | $ 63.1 | $ 66 | $ 144.1 | |
[1] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction | |||
[2] | Reflected in "Restructuring and pension settlement charges" in the consolidated statement of operations for the year ended December 31, 2014. |
Postretirement Health Care a102
Postretirement Health Care and Life Insurance Benefits (Details 1) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)years | Dec. 31, 2014USD ($)years | Dec. 31, 2013USD ($) | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated prior service cost that will be amortized from accumulated other comprehensive (income) loss | $ (10.4) | $ (11.4) | $ 1.4 | ||
Postretirement Health Care and Life Insurance Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of actuarial gains and losses amortized | 0.00% | ||||
Amortization period - future working lifetime of active employees | years | 10.49 | 11 | |||
Amounts recognized in accumulated other comprehensive loss | |||||
Net actuarial loss (gain) arising during year | $ (35.1) | $ 115.8 | (24.3) | ||
Prior service credit arising during year | 0 | (18) | 0 | ||
Amortization: | |||||
Actuarial loss | (24.9) | (14.5) | (24.1) | ||
Prior service credit (cost) | 6.8 | (1.3) | 1.7 | ||
Settlement related to the Patriot bankruptcy | |||||
Actuarial loss | [1] | 0 | 0 | (61.3) | |
Prior service cost | [1] | (16.6) | 0 | (1.9) | |
Total recorded in other comprehensive (income) loss | $ (69.8) | $ 82 | $ (109.9) | ||
Scenario, Forecast [Member] | Postretirement Health Care and Life Insurance Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net actuarial loss that will be amortized from accumulated other comprehensive (income) loss | $ 20.4 | ||||
Estimated prior service cost that will be amortized from accumulated other comprehensive (income) loss | $ 11 | ||||
[1] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. |
Postretirement Health Care a103
Postretirement Health Care and Life Insurance Benefits (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Postretirement Obligations | $ 18.7 | $ 9.6 | $ 17 | |
Reconciled amount of plans funded status | ||||
Other | 3.7 | 0 | ||
Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Postretirement Obligations | 27.6 | |||
Reconciled amount of plans funded status | ||||
Projected benefit obligation at beginning of period | 839.1 | 735.4 | ||
Service cost | 11.2 | 12.2 | 15.8 | |
Interest cost | 33.8 | 36.4 | 41.8 | |
Participant contributions | 1.7 | 2.2 | ||
Plan changes | [1] | (16.6) | (18) | |
Benefits paid | (46.5) | (46.5) | ||
Actuarial (gain) loss | [2] | (35.1) | 115.8 | |
Settlement charges related to the Patriot bankruptcy | [3] | (15.2) | 0 | |
Special termination benefits | [4] | 0 | 1.6 | 0.9 |
Projected benefit obligation at end of period | 776.1 | 839.1 | 735.4 | |
Fair value of plan assets at beginning of period | 0 | 0 | ||
Employer contributions | 44.8 | 44.3 | ||
Participant contributions | 1.7 | 2.2 | ||
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (46.5) | (46.5) | ||
Fair value of plan assets at end of period | 0 | 0 | $ 0 | |
Funded status at end of year | (776.1) | (839.1) | ||
Less current portion (included in Accounts payable and accrued expenses) | 53.2 | 57.2 | ||
Noncurrent obligation (included in Accrued postretirement benefit costs) | (722.9) | $ (781.9) | ||
Demographic Assumptions Change [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Postretirement Obligations | 63 | |||
Postretirement plan change [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Postretirement Obligations | $ (45.4) | |||
[1] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to the reduction in the benefit obligation for 2015. In 2014, the Company made various plan changes that became effective January 1, 2015 for certain plan participants designed to bring consistency amongst the various retiree medical programs which resulted in a $45.4 million reduction to the benefit obligation. In addition, the Company made a plan change effective April 1, 2014 for certain plan participants' benefits no longer funded through a Medicare Advantage Program which resulted in a $27.6 million increase to the benefit obligation. The plan changes will not affect participant benefits. | |||
[2] | In 2014, the Company reviewed its demographic assumptions (including mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $63 million | |||
[3] | Refer to Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation" herein for additional details related to this transaction. | |||
[4] | Reflected in "Restructuring and pension settlement charges" in the consolidated statement of operations for the year ended December 31, 2014. |
Postretirement Health Care a104
Postretirement Health Care and Life Insurance Benefits (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 4.50% | 4.10% | ||
Measurement date | Dec. 31, 2015 | Dec. 31, 2014 | ||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate | 4.10% | 4.90% | 4.21% | |
Measurement date | December 31, 2014 | December 31, 2013 | December 31, 2012 | |
Assumed health care cost trend rates, One percentage point increase | ||||
One Percentage-Point Increase Effect on total service and interest cost components | [1] | $ 3.8 | ||
One Percentage-Point Decrease Effect on total service and interest cost component | [1] | (3.4) | ||
One Percentage-Point Increase Effect on total postretirement benefit obligation | [1] | 71.3 | ||
One Percentage-Point Decrease Effect on total postretirement benefit obligation | [1] | $ (62.3) | ||
Pre-Medicare [Member] | ||||
Assumed health care cost trend rate | ||||
Health care cost trend rate assumed for next year | 6.60% | 7.00% | ||
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75% | 4.75% | ||
Year that the rate reaches the ultimate trend rate | 2,021 | 2,021 | ||
Post-Medicare [Member] | ||||
Assumed health care cost trend rate | ||||
Health care cost trend rate assumed for next year | 5.80% | 6.00% | ||
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75% | 4.75% | ||
Year that the rate reaches the ultimate trend rate | 2,021 | 2,021 | ||
[1] | In addition to the effect on total service and interest cost components of expense, changes in trend rates would also increase or decrease the actuarial gain or loss amortization expense component. The impact on actuarial gain or loss amortization would approximate the increase or decrease in the obligation divided by 10.49 years at January 1, 2016. |
Postretirement Health Care a105
Postretirement Health Care and Life Insurance Benefits (Details 4) - Postretirement Health Care and Life Insurance Benefits [Member] $ in Millions | Dec. 31, 2015USD ($) |
Estimated Future Benefit Payments | |
Postretirement Benefits, 2016 | $ 53.2 |
Postretirement Benefits, 2017 | 55.2 |
Postretirement Benefits, 2018 | 56.7 |
Postretirement Benefits, 2019 | 57.7 |
Postretirement Benefits, 2020 | 58.1 |
Postretirement Benefits, Years 2021-2025 | $ 291.8 |
Pension and Savings Plans (Deta
Pension and Savings Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of net periodic pension costs | |||
Settlement Charge | $ 29.6 | $ 28.3 | $ 51.8 |
Pension Plans, Defined Benefit [Member] | |||
Components of net periodic pension costs | |||
Service cost for benefits earned | 2.7 | 2.1 | 2.2 |
Interest cost on projected benefit obligation | 40.4 | 45.4 | 42.2 |
Expected return on plan assets | (48.2) | (54.3) | (59.5) |
Amortization of prior service cost | 1 | 1.3 | 1 |
Amortization of actuarial losses | 39.6 | 30.2 | 65.7 |
Settlement Charge | 0 | 8.7 | 0 |
Total net periodic postretirement or pension cost | $ 35.5 | $ 33.4 | $ 51.6 |
Pension and Savings Plans (D107
Pension and Savings Plans (Details 1) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts recognized in accumulated other comprehensive loss | |||
Net actuarial loss (gain) arising during year | $ 30.6 | $ 79.2 | $ (133.8) |
Prior service cost arising during year | 0 | 0 | 2.2 |
Amortization: | |||
Net actuarial loss | (39.6) | (30.2) | (65.7) |
Prior service cost | (1) | (1.3) | (1) |
Settlement Charge | 0 | 8.7 | 0 |
Total recorded in other comprehensive (income) loss | $ (10) | $ 39 | $ (198.3) |
Pension and Savings Plans (D108
Pension and Savings Plans (Details 2) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (Decrease) in Pension Plan Obligations | $ 36 | |||
Change in benefit obligation: | ||||
Projected benefit obligation at beginning of period | $ 1,002.5 | 947.3 | ||
Service cost | 2.7 | 2.1 | $ 2.2 | |
Interest cost | 40.4 | 45.4 | 42.2 | |
Benefits paid | (62.6) | (57.2) | ||
Actuarial (gain) loss | [1] | (43.7) | 106.6 | |
Settlement | 0 | (41.7) | ||
Projected benefit obligation at end of period | 939.3 | 1,002.5 | 947.3 | |
Fair value of plan assets at beginning of period | 839.8 | 851.4 | ||
Actual (loss) return on plan assets | (26.1) | 81.7 | ||
Employer contributions | 6.2 | 5.6 | ||
Fair value of plan assets at end of period | 757.3 | 839.8 | $ 851.4 | |
Funded status at end of year | (182) | (162.7) | ||
Amounts recognized in the consolidated balance sheets: | ||||
Current obligation (included in Accounts payable and accrued expenses) | (1.6) | (1.7) | ||
Noncurrent obligation (included in Other noncurrent liabilities) | (180.4) | (161) | ||
Net amount recognized | $ (182) | $ (162.7) | ||
[1] | During 2014, the Company reviewed its demographic assumptions (such as mortality, retirements and terminations) in conjunction with the recently-issued mortality tables published by the Society of Actuaries, to select assumptions that are aligned with the Company’s experience. The updated demographic assumptions increased the December 31, 2014 benefit obligation by approximately $36 million. |
Pension and Savings Plans (D109
Pension and Savings Plans (Details 3) - Pension Plan [Member] | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 4.55% | 4.15% | ||
Measurement date | Dec. 31, 2015 | Dec. 31, 2014 | ||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate | 4.15% | 4.95% | 4.10% | |
Expected long-term return on plan assets | 6.00% | 6.25% | 6.85% | 7.75% |
Measurement date | December 31, 2014 | December 31, 2013 | December 31, 2012 |
Pension and Savings Plans (D110
Pension and Savings Plans (Details 4) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | $ 152.1 | $ 184.5 | |
Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 582.2 | 625.1 | |
Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 23 | 30.2 | |
U.S. equity securities | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 147.3 | 190.3 | |
U.S. equity securities | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 107.1 | 141.7 | |
U.S. equity securities | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 40.2 | 48.6 | |
U.S. equity securities | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
International equity securities | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 57.1 | 69.8 | |
International equity securities | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
International equity securities | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 57.1 | 69.8 | |
International equity securities | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
U.S. debt securities | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 53.4 | 54.4 | |
U.S. debt securities | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 26.8 | 25.3 | |
U.S. debt securities | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 26.6 | 29.1 | |
U.S. debt securities | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
International debt securities | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 15 | 23.5 | |
International debt securities | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
International debt securities | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 15 | 23.5 | |
International debt securities | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Corporate debt securities | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 443.1 | 447.8 | |
Corporate debt securities | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Corporate debt securities | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 443.1 | 447.8 | |
Corporate debt securities | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Short-term investments | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 18.4 | 23.8 | |
Short-term investments | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 18.2 | 17.5 | |
Short-term investments | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0.2 | 6.3 | |
Short-term investments | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Interests in real estate | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 23 | 30.2 | |
Interests in real estate | Level 1 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Interests in real estate | Level 2 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 0 | 0 | |
Interests in real estate | Level 3 [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | 23 | 30.2 | $ 29.9 |
Pension Plans, Defined Benefit [Member] | |||
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | |||
Total assets at fair value | $ 757.3 | $ 839.8 | $ 851.4 |
Pension and Savings Plans (D111
Pension and Savings Plans (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations for assets of Master Trust | 3.00% | 4.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations for assets of Master Trust | 31.00% | 35.00% |
Summary of changes in the fair value of the Master Trust's investments | ||
Fair value of plan assets at beginning of period | $ 190.3 | |
Assets Held At Reporting Date: | ||
Fair value of plan assets at end of period | $ 147.3 | $ 190.3 |
Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations for assets of Master Trust | 69.00% | 65.00% |
Real Estate Investment [Member] | ||
Summary of changes in the fair value of the Master Trust's investments | ||
Fair value of plan assets at beginning of period | $ 30.2 | |
Assets Held At Reporting Date: | ||
Fair value of plan assets at end of period | 23 | $ 30.2 |
Level 3 [Member] | ||
Summary of changes in the fair value of the Master Trust's investments | ||
Fair value of plan assets at beginning of period | 30.2 | |
Assets Held At Reporting Date: | ||
Fair value of plan assets at end of period | 23 | 30.2 |
Level 3 [Member] | Equity Securities [Member] | ||
Summary of changes in the fair value of the Master Trust's investments | ||
Fair value of plan assets at beginning of period | 0 | |
Assets Held At Reporting Date: | ||
Fair value of plan assets at end of period | 0 | 0 |
Level 3 [Member] | Real Estate Investment [Member] | ||
Summary of changes in the fair value of the Master Trust's investments | ||
Fair value of plan assets at beginning of period | 30.2 | 29.9 |
Assets Held At Reporting Date: | ||
Realized gains | 3.2 | 0.2 |
Unrealized gains relatng to investments still held at the reporting date | 0.2 | 4.9 |
Purchases, sales and settlements, net | (10.6) | (4.8) |
Fair value of plan assets at end of period | $ 23 | $ 30.2 |
Pension and Savings Plans (D112
Pension and Savings Plans (Details 6) - Pension Plan [Member] $ in Millions | Dec. 31, 2015USD ($) |
Estimated Future Benefit Payments | |
2,016 | $ 62.8 |
2,017 | 63.4 |
2,018 | 64 |
2,019 | 64 |
2,020 | 65.6 |
Years 2021-2025 | $ 325.2 |
Pension and Savings Plans (D113
Pension and Savings Plans (Details Textuals) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015USD ($)yearsplans | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss | $ (10,400,000) | $ (11,400,000) | $ 1,400,000 | |
Settlement Charge | $ 29,600,000 | 28,300,000 | 51,800,000 | |
Defined Contribution Plans [Abstract] | ||||
Number of 401(k) plans | plans | 2 | |||
Paid discretionary contributions to defined contribution pension plans, company match | $ 22,000,000 | 44,700,000 | 46,400,000 | |
Additional discretionary contributions to defined contribution pension plans, performance feature | $ 19,500,000 | 18,300,000 | $ 16,500,000 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Benefit Obligation | $ 41,700,000 | |||
Actuarial gains and losses amortization corridor, percentage | 5.00% | |||
Period of amortization (in years) | years | 5 | |||
Estimated net actuarial loss that will be amortized from accumulated other comprehensive loss | $ 24,700,000 | |||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss | $ 300,000 | |||
Expected rate of return on plan assets | 6.00% | 6.25% | 6.85% | 7.75% |
Accumulated benefit obligation for pension plans | $ 939,300,000 | $ 1,002,500,000 | ||
Minimum funded percentage defined by the Pension Protection Act of 2006 | 80.00% | |||
Pension and Other Postretirement Benefit Contributions | $ 4,500,000 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 2,200,000 | |||
Settlement Charge | 0 | $ 8,700,000 | $ 0 | |
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and Other Postretirement Benefit Contributions | $ 1,700,000 | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations for assets of Master Trust | 31.00% | 35.00% | ||
Fixed Income Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations for assets of Master Trust | 69.00% | 65.00% | ||
Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocations for assets of Master Trust | 3.00% | 4.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of common stock activity | |||
Shares outstanding at the beginning of the year | 18.1 | 18 | 17.9 |
Stock grants to employees | 0.2 | 0.1 | 0.1 |
401k Performance contribution | 0.2 | 0 | 0 |
Employee stock purchases | 0.1 | 0.1 | 0.1 |
Shares relinquished | (0.1) | (0.1) | (0.1) |
Shares outstanding at the end of the year | 18.5 | 18.1 | 18 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textuals) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | 60 Months Ended | |||||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013shares | Dec. 31, 2008USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2017 | Dec. 31, 2012shares | |
Class of Stock [Line Items] | |||||||
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). Refer to Note 1. "Summary of Significant Accounting Policies" for additional details surrounding the 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. | |||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Common Stock, shares authorized | 53.3 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||
Common Stock, par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||
Number of votes entitled for common stock holders | one vote per share | ||||||
Aggregate principal amount of debentures outstanding | $ | $ 732.5 | ||||||
Liquidation preference of perpetual preferred stock, per share | $ / shares | $ 1,000 | ||||||
Perpetual Preferred Stock annual cumulative dividend rate | 3.0875% | ||||||
DefinedIntervalInYearstoPayDividendsonPerpetualPreferredStock | five | ||||||
ElectedMembersToServeOnCompanysBoardOfDirectors | two | ||||||
Period for payment of dividend on perpetual preferred stock | 10 | ||||||
NumberOfFailedAmountOfDividendsOnPreferredStock | six | ||||||
Authorized amount for common stock repurchase | $ | $ 1,000 | ||||||
Treasury Stock, shares | 0.8 | 0.9 | |||||
Cost of shares repurchased | $ | $ 299.6 | $ 199.8 | $ 99.8 | ||||
Amount available for repurchase of shares under share repurchase program | $ | $ 700.4 | ||||||
Shares relinquished | 0.1 | 0.1 | 0.1 | ||||
Common Stock, shares outstanding | 18.5 | 18.1 | 18 | 17.9 | |||
Common Stock [Member] | |||||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Common Stock, shares authorized | 53.3 | 53.3 | |||||
Common Stock, par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||
Common Stock, shares outstanding | 18.5 | 18.1 | |||||
Preferred Stock [Member] | |||||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||
Preferred Stock, shares outstanding | 0 | 0 | |||||
Preferred Stock, shares authorized | 10 | 10 | |||||
Series Common Stock [Member] | |||||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Common Stock, shares authorized | 40 | 40 | |||||
Common Stock, par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||||
Common Stock, shares outstanding | 0 | 0 | |||||
Perpetual Preferred Stock Member | |||||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Preferred Stock, shares outstanding | 0 | 0 | |||||
Preferred Stock, shares authorized | 0.8 | 0.8 | |||||
Treasury Stock [Member] | |||||||
Schedule Of Stock By Class (Textuals) [Abstract] | |||||||
Treasury Stock, shares | 0.5 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 46.1 | $ 50.9 | |
Share-based Compensation, Total | $ 28.2 | 46.8 | 50.9 |
Tax benefit | 10.4 | 17.3 | 18.8 |
Share-based compensation expense, net of tax benefit | 17.8 | 29.5 | 32.1 |
Cash received upon the exercise of stock options and from employee stock purchases | 3.4 | 5.5 | 7.3 |
Write-off tax benefits related to share-based compensation | 0 | (8.3) | (4.5) |
Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 26.2 | 46.1 | 50.9 |
Other Liabilities [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2 | $ 0.7 | $ 0 |
Share-Based Compensation (De117
Share-Based Compensation (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||
Summary of restricted stock award activity | ||
Nonvested, Beginning of Period | 33,140 | |
Granted | 47,752 | |
Vested | (10,435) | |
Forfeited | (21,677) | |
Nonvested, End of Period | 48,780 | 33,140 |
Weighted Average Grant-Date Fair Value, Beginning of Period | $ 291.60 | |
Weighted Average Grant-Date Fair Value, Granted | 114.49 | |
Weighted Average Grant Date Fair Value, Vested | 199.27 | |
Weighted Average Grant Date Fair Value, Forfeited | 179.68 | |
Weighted Average Grant-Date Fair Value, End of Period | $ 170.42 | $ 291.60 |
Restricted Stock [Member] | ||
Summary of restricted stock award activity | ||
Nonvested, Beginning of Period | 212,506 | |
Granted | 234,651 | |
Vested | (81,453) | |
Forfeited | (58,773) | |
Nonvested, End of Period | 306,931 | 212,506 |
Weighted Average Grant-Date Fair Value, Beginning of Period | $ 384.45 | |
Weighted Average Grant-Date Fair Value, Granted | 110.81 | |
Weighted Average Grant Date Fair Value, Vested | 438.22 | |
Weighted Average Grant Date Fair Value, Forfeited | 162.25 | |
Weighted Average Grant-Date Fair Value, End of Period | $ 184.09 | $ 384.45 |
Performance unit [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months 7 days | 1 year 6 months |
Summary of restricted stock award activity | ||
Nonvested, Beginning of Period | 50,011 | |
Granted | 72,215 | |
Vested | (17,525) | |
Forfeited | (22,889) | |
Nonvested, End of Period | 81,812 | 50,011 |
Share-Based Compensation (De118
Share-Based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Share-based Compensation, Stock Options, Activity | |||
Granted | 200,000 | 100,000 | 100,000 |
Stock Options [Member] | |||
Schedule of Share-based Compensation, Stock Options, Activity | |||
Options outstanding, Beginning Balance | 201,067 | ||
Granted | 85,263 | ||
Forfeited | (45,902) | ||
Options outstanding, Ending Balance | 240,428 | 201,067 | |
Options Vested and Exercisable | 131,722 | ||
Weighted Average Exercise Price, Beginning of Period | $ 473.55 | ||
Weighted Average Exercise Price, Granted | 116.10 | ||
Weighted Average Exercise Price, Forfeited | 284.45 | ||
Weighted Average Exercise Price, End of Period | 388.16 | $ 473.55 | |
Options Vested and Exercisable, Weighted Average Exercise Price | $ 541.09 | ||
Weighted Average Remaining Contractual Life | 6 years 3 months 12 days | 6 years 4 months 21 days | |
Options Vested and Exercisable, Weighted Average Remaining Contractual Life | 4 years 6 months | ||
Aggregate Intrinsic Value, End of Period | $ 0 | $ 0 | |
Options Vested and Exercisable, Aggregate Intrinsic Value | $ 0 |
Share-Based Compensation (De119
Share-Based Compensation (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value | $ 43.66 | $ 110.70 | $ 181.95 |
Expected option life | 5 years | 5 years | 5 years |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.70% | 1.70% | 0.70% |
Expected volatility | 45.20% | 48.40% | 64.10% |
Dividend yield | 2.40% | 1.70% | 1.20% |
Share-Based Compensation (De120
Share-Based Compensation (Details 5) - Performance unit [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate | 1.10% | 0.80% | 0.40% |
Expected volatility | 45.00% | 45.30% | 47.30% |
Dividend yield | 2.40% | 1.70% | 1.40% |
Share-Based Compensation (De121
Share-Based Compensation (Details Textuals) | 12 Months Ended | ||
Dec. 31, 2015USD ($)years$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Share-Based Compensation Textuals [Abstract] | |||
Number of Shares Authorized | shares | 1,200,000 | ||
Unrecognized compensation cost related to nonvested awards net of tax Total | $ 17,200,000 | ||
Unrecognized compensation cost period for recognition, years | 3 years | ||
Unrecognized compensation cost period for recognition, weighted-average, years | years | 0.7 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Total intrinsic value of options exercised | $ 400,000 | $ 900,000 | |
Maximum employee Contribution to employee stock purchase plans based on compensation, percentage | 15.00% | ||
Maximum employee Contribution to employee stock purchase plans based on compensation, amount | $ 25,000 | ||
Common stock discount under employee stock purchase plans | 15.00% | ||
Employee Stock Purchase Plans,Fair value estimation | estimated by adding the fair value of 0.15 of one share of stock to the fair value of 0.85 of an option on one share of stock | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | shares | 100,000 | 100,000 | 100,000 |
Employee Stock [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Number of Shares Authorized | shares | 100,000 | ||
Deferred Stock Units [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Vesting period of performance units | 1 year | ||
Restricted Stock Awards [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Vesting period of performance units | 3 years | ||
Restricted Stock [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Total fair value of restricted stock awards granted | $ 26,000,000 | $ 25,500,000 | $ 29,200,000 |
Total fair value of restricted stock awards vested | $ 35,700,000 | 24,500,000 | 13,200,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Vesting period of performance units | 5 years | ||
Total fair value of restricted stock awards granted | $ 5,500,000 | 4,200,000 | 7,600,000 |
Total fair value of restricted stock awards vested | $ 2,100,000 | $ 100,000 | $ 100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 48.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | ||
Vesting Period [Domain] | |||
Share-Based Compensation Textuals [Abstract] | |||
Vesting period of performance units | 3 years | ||
Cliff Vest [Domain] | |||
Share-Based Compensation Textuals [Abstract] | |||
Vesting period of performance units | 3 years | ||
Performance unit [Member] | |||
Share-Based Compensation Textuals [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Description | three | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.10% | 0.80% | 0.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 45.00% | 45.30% | 47.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.40% | 1.70% | 1.40% |
Number of outstanding units vested | shares | 17,525 | ||
Aggregate intrinsic value | $ 100,000 | ||
Conversion price per share | $ / shares | $ 8.50 |
Accumulated Other Comprehens122
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||
Other Comprehensive Income, Available-For-Sale Securities, Net Unamortized (Gain) Loss Arising During Period, Net of Tax | $ 0 | $ 0 | $ 0 | ||||||
After-tax components of comprehensive income (loss) | |||||||||
Foreign Currency Translation Adjustment, Beginning Balance | (111.5) | (70.5) | 22.2 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | ||||||
Reclassification from other comprehensive income to earnings | 0 | 0 | 0 | ||||||
Foreign currency translation adjustment | (34.9) | (41) | (92.7) | ||||||
Foreign Currency Translation Adjustment, Ending Balance | (146.4) | (111.5) | (70.5) | ||||||
Accumulated Other Comprehensive Income Loss Acturial Loss Associated With Postretirement Plans And Workers Compensation Obligation Net Of Tax | $ (263.8) | $ (317.5) | $ (205.8) | $ (411.7) | |||||
Other Comprehensive Income (Loss), Postretirement Plans and Workers' Compensation Obligations, Period Increase Decrease, Net of Tax | 0 | 0 | 0 | ||||||
Reclassification from other comprehensive income to earnings | 35.6 | 31 | 95 | ||||||
Current period change | 18.1 | (142.7) | 110.9 | ||||||
Prior Service Cost Associated with Postretirement Plans, Beginning Balance | 25.1 | 12 | 12.7 | ||||||
Other Comprehensive Income (Loss), Prior Service Cost Associated with Postretirement Plans, Period Increase Decrease, Net of Tax | 0 | 0 | 0 | ||||||
Reclassification from other comprehensive income to earnings | (3.7) | 1.7 | 0.7 | ||||||
Current period change | 10.4 | 11.4 | (1.4) | ||||||
Prior Service Cost Associated with Postretirement Plans, Ending Balance | 31.8 | 25.1 | 12 | ||||||
Cash Flow Hedges, Beginning Balance | (360.9) | (155.7) | 387.5 | ||||||
Increase in fair value of cash flow hedges, net of tax | (131.3) | (195) | (333.6) | ||||||
Reclassification for realized losses (gains) included in net loss | 251.7 | (10.2) | (209.6) | ||||||
Current Period Change | 0 | 0 | 0 | ||||||
Cash Flow Hedges, Ending Balance | (240.5) | (360.9) | (155.7) | ||||||
Available-For-Sale Securities Adjustment, Beginning Balance | 0 | 0.8 | 0.3 | ||||||
Unrealized holding losses on available-for-sale securities | 0 | (3.7) | (12.3) | ||||||
Reclassification from other comprehensive income to earnings | 0 | (2.9) | (12.8) | ||||||
Available-For-Sale Securities Adjustment, Ending Balance | 0 | 0 | 0.8 | ||||||
Total Accumulated Other Comprehensive Income (Loss), Beginning Balance | (618.9) | (764.8) | (419.2) | $ (618.9) | $ (764.8) | $ (419.2) | $ 11 | ||
Accumulated Other Comprehensive Loss Net Change in Fair Value of Cash Flow Hedges and Available for Sale Securities | (131.3) | (198.7) | (345.9) | ||||||
Total Accumulated Other Comprehensive Income (Loss), Reclassification | 283.6 | 25.4 | (101.1) | ||||||
Total Accumulated Other Comprehensive Income (Loss), Current period change net of tax | (6.4) | (172.3) | 16.8 | ||||||
Total Accumulated Other Comprehensive Income (Loss), Ending Balance | (618.9) | (764.8) | (419.2) | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | (438.4) | [1] | (47.9) | [2] | $ 174.3 | ||||
Available-for-sale securities before income taxes | 0 | (4.7) | |||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 1.8 | |||||||
Net actuarial loss associated with postretirement health care and life insurance benefits operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 24.9 | 14.5 | |||||||
Net actuarial loss defined benefit pension plans operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 32.9 | 24.8 | |||||||
Net actuarial loss defined benefit pension plans restructuring and pension settlement charges [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 0 | 8.7 | |||||||
Net actuarial loss defined benefit pension plans selling and administrative expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 6.7 | 5.4 | |||||||
Net actuarial loss insignificant items [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | (8) | (4.1) | |||||||
Net actuarial loss associated with postretirement plans and workers compensation obligations total before income taxes [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 56.5 | 49.3 | |||||||
Net income tax benefit actuarial loss [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | (20.9) | (18.3) | |||||||
Prior service cost associated with postretirement health care and life insurance benefits operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | (6.8) | 1.3 | |||||||
Prior service cost defined benefit pension plans operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | 1 | 1.3 | |||||||
Prior service cost associated with postretirement plans before income taxes (provision) [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | (5.8) | 2.6 | |||||||
Prior service costs associated with postretirement plans income tax benefit [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Net actuarial loss and prior service cost associated with postretirement plans and workers compensation obligations | (2.1) | 0.9 | |||||||
Cash flow hedges foreign currency cash flow hedge contracts operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | 316.4 | 27.3 | |||||||
Cash flow hedges fuel and explosives commodity swaps operating costs and expenses [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | 120.4 | 22.3 | |||||||
Cash flow hedges coal trading and commodity futures, swaps and options other revenues [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | (51.8) | (63.9) | |||||||
Cash flow hedges insignificant items [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | 0.7 | 0.4 | |||||||
Cash flow hedges total before income taxes [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | 385.7 | (13.9) | |||||||
Cash flows hedges income tax provision [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Cash flow hedges | 134 | (3.7) | |||||||
Available-for-sale securities debt securities interest income [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Available-for-sale securities before income taxes | 0 | 0 | |||||||
Available-for-sale securities equity securities asset impairment and mine closure costs [Member] | |||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax [Abstract] | |||||||||
Available-for-sale securities before income taxes | $ 0 | $ (4.7) | |||||||
[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. | ||||||||
[2] | (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $136.9 million of previously unrecognized gains on foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012. |
Resource Management, Acquisi123
Resource Management, Acquisitions and Other Commercial Events (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016 | Jan. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OtherCommercialEvents [Line Items] | |||||||
Restructuring Charges | $ 23.5 | $ 15.7 | $ 11.9 | ||||
Restructuring Reserve | $ 3 | 3 | |||||
Held for sale, at carrying value | 125 | 125 | |||||
Proceeds from sale of nonstrategic assets | 70.4 | 203.7 | $ 178.3 | ||||
Liabilities | $ 10,102.8 | $ 10,102.8 | 10,464.6 | ||||
Interest in unincorporated joint venture project | 50.00% | 50.00% | |||||
Priairie State Campus [Member] [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Proceeds from sale of nonstrategic assets | $ 57 | ||||||
NewMexico/Coloradominingtenement [Member] [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Proceeds from sale of nonstrategic assets | $ 358 | ||||||
Liabilities | $ 105 | $ 105 | |||||
Nonstrategic Australian mining tenement [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Proceeds from sale of nonstrategic assets | $ 62.6 | ||||||
Gain (loss) on sale of nonstrategic asset | $ 0 | ||||||
Nonstrategic Kentucky Coal Reserves And Surface Lands [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Proceeds from sale of nonstrategic assets | 29.6 | ||||||
Gain (loss) on sale of nonstrategic asset | 13.6 | ||||||
Western U.S. Mining Segment Customer [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Sales-related expenses | 6.4 | ||||||
Positive Outcome of Litigation [Member] | Western U.S. Mining Segment Customer [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Contract revenue | $ 43.2 | $ 33.5 | |||||
Prarie State Energy Campus [Member] | |||||||
OtherCommercialEvents [Line Items] | |||||||
Undivided Interest Percent Of New Electricity Generation Project | 5.06% | 5.06% | 5.06% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Earnings per Share (EPS) (Textuals) [Abstract] | |||||||||||||||||||
Antidilutive shares excluded from EPS calculation | 0.6 | 0.2 | 0.2 | ||||||||||||||||
EPS numerator: | |||||||||||||||||||
Loss from continuing operations, net of income taxes | $ (497.9) | $ (144.4) | $ (1,007.2) | $ (164.4) | $ (478.8) | $ (154) | $ (72) | $ (44.3) | $ (1,813.9) | $ (749.1) | $ (286) | ||||||||
Less: Net income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||||||||||
Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | (1,821) | (758.8) | (298.3) | ||||||||||||||||
Less: Earnings allocated to participating securities | 0 | 1 | 0.8 | ||||||||||||||||
Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities | (1,821) | (759.8) | (299.1) | ||||||||||||||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (175) | (28.2) | (226.6) | ||||||||||||||||
Net loss attributable to common stockholders, after earnings allocated to participating securities | $ (1,996) | $ (788) | $ (525.7) | ||||||||||||||||
EPS denominator: | |||||||||||||||||||
Weighted average shares outstanding - basic | 18.2 | 18.2 | 18.2 | 18 | 17.9 | 17.9 | 17.9 | 17.9 | 18.1 | 17.9 | 17.8 | ||||||||
Weighted average shares outstanding - diluted | 18.1 | 17.9 | 17.8 | ||||||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||||
Loss from continuing operations | $ (27.28) | [1] | $ (8.08) | [1] | $ (55.59) | [1] | $ (9.31) | [1] | $ (26.88) | [2] | $ (8.72) | [2] | $ (4.16) | [2] | $ (2.74) | [2] | $ (100.34) | $ (42.52) | $ (16.80) |
Loss from discontinued operations | (9.64) | (1.57) | (12.73) | ||||||||||||||||
Net loss attributable to common stockholders | (109.98) | (44.09) | (29.53) | ||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||
Loss from continuing operations | (100.34) | (42.52) | (16.80) | ||||||||||||||||
Loss from discontinued operations | (9.64) | (1.57) | (12.73) | ||||||||||||||||
Net loss attributable to common stockholders | $ (109.98) | $ (44.09) | $ (29.53) | ||||||||||||||||
[1] | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. | ||||||||||||||||||
[2] | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis |
Management - Labor Relations La
Management - Labor Relations Labor Relations (Details) | 12 Months Ended | |
Apr. 30, 2016Numberofmonths | Dec. 31, 2015 | |
Concentration Risk [Line Items] | ||
Entity Number of Employees | 7,600 | |
Entity Number Of Hourly Employees | 5,700 | |
Percentage of hourly employees represented by organized labor unions | 37.00% | |
Percentage Of Coal Production Generated By Hourly Employees Represented By Organized Labor Unions | 20.00% | |
Number of US Mines Represented by Unions | 1 | |
Percentage Of Australian Hourly Employees Under Contract Negotiations | 28.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 19.00% | |
United Mine Workers of America [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of hourly employees represented by organized labor unions | 8.00% | |
Percentage Of Coal Production Generated By Hourly Employees | 4.00% | |
North Wambo Underground [Member] | ||
Concentration Risk [Line Items] | ||
Enterprise agreement rollover months | 12 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 24, 2013USD ($) | ||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | $ 2,476,500 | ||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | |||||
Letters of credit outstanding | $ 94,700 | ||||
Amount in bank guarantees, letters of credit and surety bonds related to road maintenance, performance guarantees and other operations | 188,200 | ||||
Amount in letters of credit issued as collateral to support surety bonds | 75,900 | ||||
Maximum capacity of the securitization program | 275,000 | ||||
Amount available under the securitization program | 0 | ||||
Total consideration received by Company related to accounts receivable sold under securitization program | 3,703,200 | ||||
Cash up front from sale of receivables | 2,595,100 | ||||
Additional cash upon collection of underlying receivables | 1,096,400 | ||||
Non collected receivables | 11,700 | ||||
Reduction in accounts receivable as a result of securitization activity | 168,500 | $ 30,000 | |||
Expense associated with securitization transactions | 1,800 | 1,500 | $ 1,500 | ||
DTA and PBGC [Member] | |||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | |||||
Letters of credit outstanding | $ 79,700 | ||||
Dominion Terminal Associates Partnership [Member] | |||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | |||||
Ownership percentage of equity method investment | 37.50% | ||||
DTA Lease Term | 30 | ||||
Number of letters of credit supporting reimbursement obligation | 4 | ||||
Maximum reimbursement obligation to commercial bank | $ 42,700 | ||||
Pension Plans Agreement With PBG and TXU Europe [Member] | |||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | |||||
Defined benefit pension plans requiring special contributions | 2 | ||||
Letter of credit maintained by the Company in favor of the PBGC | $ 37,000 | ||||
Guarantee in place from TXU Europe Limited | 110,000 | ||||
Reclamation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 2,023,100 | ||||
Coal Lease Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 110,500 | ||||
Workers' Compensation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 75,000 | ||||
Other [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [1] | 267,900 | |||
Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 429,200 | ||||
Self bonding [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 1,430,800 | ||||
Self bonding [Member] | Reclamation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 1,430,800 | ||||
Self bonding [Member] | Coal Lease Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Self bonding [Member] | Workers' Compensation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Self bonding [Member] | Other [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [1] | 0 | |||
Self bonding [Member] | Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Surety Bond [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 437,700 | ||||
Surety Bond [Member] | Reclamation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 293,200 | ||||
Surety Bond [Member] | Coal Lease Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 110,500 | ||||
Surety Bond [Member] | Workers' Compensation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 19,100 | ||||
Surety Bond [Member] | Other [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [1] | 14,900 | |||
Surety Bond [Member] | Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [2] | 75,600 | |||
Bank Guarantees [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 401,700 | ||||
Bank Guarantees [Member] | Reclamation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 299,100 | ||||
Bank Guarantees [Member] | Coal Lease Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Bank Guarantees [Member] | Workers' Compensation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Bank Guarantees [Member] | Other [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [1] | 102,600 | |||
Bank Guarantees [Member] | Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 353,600 | ||||
Letters of credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 206,300 | ||||
Letters of credit [Member] | Reclamation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Letters of credit [Member] | Coal Lease Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Letters of credit [Member] | Workers' Compensation Obligations [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 55,900 | ||||
Letters of credit [Member] | Other [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | [1] | 150,400 | |||
Letters of credit [Member] | Financial Standby Letter of Credit [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Financial instruments with off balance sheet risk | 0 | ||||
Performance Guarantee [Member] | |||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | |||||
Liability for reclamation and bonding guarantee | $ 38,400 | $ 44,700 | |||
[1] | Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and the PBGC, as described below, and an additional $188.2 million in bank guarantees, letters of credit and surety bonds related to road maintenance, performance guarantees and other operations. | ||||
[2] | A total of $75.9 million of letters of credit issued as collateral to support surety bonds related to Patriot have been excluded from above as they no longer represent off-balance sheet obligations as discussed in Note 25. "Matters Related to the Bankruptcy of Patriot Coal Corporation". |
Commitments and Contingencies (
Commitments and Contingencies (Details 1) T in Millions | 3 Months Ended | 12 Months Ended | 264 Months Ended | 336 Months Ended | ||||||||
Sep. 30, 2012USD ($) | Jun. 30, 2012USD ($)T | Sep. 30, 2011USD ($)T | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2032yr | Dec. 31, 2042 | Jul. 31, 2011USD ($)T | |
Long-term Purchase Commitment [Line Items] | ||||||||||||
Take-or-pay Arrangement Terms Years (Maximum) | 27 | |||||||||||
Take-or-pay obligations | $ 2,236,000,000 | |||||||||||
Take-or-pay Obligations Due In One Year | 301,300,000 | |||||||||||
Reduction in Take-or-pay Obligations | 45,000,000 | |||||||||||
Leased coal reserves adjacent to NARM | T | 1,100 | |||||||||||
Weighted average bid price per mineable ton | 1.10 | |||||||||||
Annual payments on coal reserves 2013 to 2016 | 247,900,000 | $ 247,900,000 | $ 247,900,000 | |||||||||
Number Of Tons Of Coal In Which Company Was Named Winning Bidder Adjacent to Caballo | T | 220 | |||||||||||
Bid Price Per Mineable Ton | $ 0.95 | |||||||||||
Annual Coal Reserve Payments Pursuant To Belle Ayr North Lease | 42,100,000 | 42,100,000 | 42,100,000 | $ 42,100,000 | $ 42,100,000 | |||||||
Number Of Tons Of Coal In Which Company Was Named Winning Bidder In The Powder River Basin | T | 130 | |||||||||||
Bid Price Per Mineable Ton In The Powder River Basin | 1.10 | |||||||||||
Annual Coal Reserve Payments Pursuant To Caballo West Lease | 28,600,000 | 28,600,000 | 28,600,000 | 28,600,000 | 28,600,000 | |||||||
Reimbursement for the difference in the federal coal lease payments made in 2011 | $ 13,500,000 | |||||||||||
number of annual true up payments | 5 | |||||||||||
Annual true up payments for the excess of the $1.10 bid price versus $0.95 under the transferred lease | 3,900,000 | $ 3,900,000 | $ 3,900,000 | $ 3,900,000 | $ 3,900,000 | |||||||
Federal Coal Lease Term Years | yr | 20 | |||||||||||
Capital Additions [Member] | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Purchase commitments for capital expenditures | $ 20,000,000 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Annual payments on coal reserves 2013 to 2016 | $ 247,900,000 |
Commitments and Contingencie128
Commitments and Contingencies (Details 2) T in Millions, AUD in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)mWsites | Dec. 31, 2015AUDmWsites | Dec. 31, 2014USD ($)T | Dec. 31, 2013USD ($) | Jan. 31, 2016 | Jan. 19, 2012USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2007T | |
Loss Contingency [Abstract] | ||||||||||
Additional charge recorded as a result of the damages awarded to Eagle in arbitration | $ (10.6) | $ (15.6) | $ 15.6 | |||||||
Tons Shipped Subject To Contract Pricing Arbitration | T | 4.8 | |||||||||
Pricing rebate provided in settlement of contract pricing arbitration | $ 68.7 | |||||||||
Undiscounted environmental clean-up liabilities, current | $ 23.9 | 19.4 | ||||||||
Gulf Power Company Litigation [Member] | ||||||||||
Loss Contingency [Abstract] | ||||||||||
Alleged shortage of past and future coal shipments under a coal supply agreement, tons | T | 5 | |||||||||
Litigation Settlement Damages Awarded to Plaintiff | $ 20.6 | |||||||||
Litigation Settlement, Prejudgement Interest | $ 6.9 | |||||||||
Charge recorded for settlement damages | $ 20.6 | |||||||||
Charge recorded for prejudgement interest | $ 6.9 | |||||||||
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 | 6 | 6 | ||||||||
Number of additional national priority list sites in which claims were asserted | sites | 13 | 13 | ||||||||
Total number of national priority list sites | sites | 19 | 19 | ||||||||
Reduced number of national priority list sites due to completion of work, transfer or regulatory inactivity | sites | 7 | 7 | ||||||||
Undiscounted environmental clean-up liabilities, total | $ 66.9 | 69.4 | ||||||||
Undiscounted environmental clean-up liabilities, current | $ 23.9 | 19.4 | ||||||||
Monto Coal Pty Limited [Member] | ||||||||||
Loss Contingency [Abstract] | ||||||||||
Ownership Percentage In Subsidiaries | 51.00% | |||||||||
Damages sought | AUD | AUD 15.6 | |||||||||
Loss contingency damages sought value max | AUD | 1,800 | |||||||||
Eagle Mining [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Gain Related to Litigation Settlement | $ 10.8 | |||||||||
Loss Contingency [Abstract] | ||||||||||
Loss Contingency Accrual | $ 23.4 | |||||||||
Wilkie Creek [Member] | ||||||||||
Loss Contingency [Abstract] | ||||||||||
Damages sought | AUD | 113.1 | |||||||||
Potential annual payments awarded | AUD | 11.8 | |||||||||
PaymentAwarded | AUD | AUD 11.8 | |||||||||
Loss Contingency, Loss in Period | $ 9.7 | |||||||||
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% |
Matters Related to the Bankr129
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) (Details) | 12 Months Ended | 48 Months Ended | |||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2014USD ($) | Oct. 31, 2007USD ($) | |
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Credit support to Patriot | $ 121,500,000 | ||||||||
Credit support in the form of surety bonds related to Patriot Coal Act obligations | 35,300,000 | ||||||||
Patriot credit support assumed for underlying liabilities | 8,500,000 | ||||||||
Credit support to Patriot net letters of credit | 83,100,000 | ||||||||
Charge to Patriot credit support | 34,700,000 | ||||||||
Correction of error in Patriot credit support liability | 16,600,000 | ||||||||
Potential exposure from Patriot bankruptcy | 150,000,000 | ||||||||
Patriot charge to loss from discontinued operations | (182,200,000) | $ (23,800,000) | $ (329,700,000) | ||||||
Black Lung Liability Future Cost, Lower Estimate | 10,000,000 | ||||||||
Black Lung Liability Future Costs, Upper Estimate | 15,000,000 | ||||||||
Estimated Fund Obligation | $ 40,000,000 | ||||||||
Combined Benefit Fund Lower Estimate | 2,000,000 | ||||||||
Combined Benefit Fund Future Estimate | $ 3,000,000 | ||||||||
Number of VEBA payments from Patriot settlement | 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 | $ 75,000,000 | $ 20,000,000 | |||||||
Number of remaining VEBA payments | 2 | ||||||||
Number of annual payments to VEBA | 5 | ||||||||
Payment to VEBA for start up and administrative costs | $ 100,000 | ||||||||
Withdrawal liability related to pension plan | 767,000,000 | ||||||||
Peabody's share of the withdrawal liability related to the pension plan | 644,200,000 | ||||||||
Arch's share of the withdrawal liability related to the pension plan | 299,800,000 | ||||||||
Surety Bond [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Credit support to Patriot | 81,000,000 | ||||||||
Standby Letters of Credit [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Credit support to Patriot | 29,900,000 | ||||||||
Credit support to Patriot in form of letters of credit | 22,400,000 | ||||||||
Corporate Guarantees [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Credit support to Patriot | 18,100,000 | ||||||||
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 | |||||||
Potential escrow related to UMWA litigation | $ 18,800,000 | ||||||||
Scenario, Forecast (Monthly) [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Payment to the VEBA based on the construct of the negotiated settlement | $ 7,500,000 | ||||||||
Patriot Black Lung [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Patriot charge to loss from discontinued operations | 114,400,000 | ||||||||
Previous accrued credit support | 15,000,000 | ||||||||
Combined benefit fund [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Patriot charge to loss from discontinued operations | 24,600,000 | ||||||||
Retiree Health Care Obligations [Member] | |||||||||
Matters Related to the Bankruptcy of Patriot Coal Corporation (Patriot) [Line Items] | |||||||||
Payment to the VEBA based on the construct of the negotiated settlement | $ 16,100,000 |
Summary Quarterly Financial 130
Summary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Summary of the unaudited quarterly results of operations | ||||||||||||||||||||
Revenues | $ 1,313.1 | $ 1,418.9 | $ 1,339.3 | $ 1,537.9 | $ 1,684.5 | $ 1,722.9 | $ 1,758 | $ 1,626.8 | $ 5,609.2 | $ 6,792.2 | $ 7,013.7 | |||||||||
Operating profit (loss) | (470.8) | (20.4) | (975.8) | 2.2 | (207) | 36.2 | 32.8 | 2.9 | (1,464.8) | (135.1) | (324.8) | |||||||||
Loss from continuing operations, net of income taxes | (497.9) | (144.4) | (1,007.2) | (164.4) | (478.8) | (154) | (72) | (44.3) | (1,813.9) | (749.1) | (286) | |||||||||
Net loss | (470.2) | (301.9) | (1,043.5) | (173.3) | (513) | (149) | (71.2) | (44.1) | (1,988.9) | (777.3) | (512.6) | |||||||||
Net loss attributable to common stockholders | $ (469.4) | $ (304.7) | $ (1,045.3) | $ (176.6) | $ (514.6) | $ (150.6) | $ (73.3) | $ (48.5) | $ (1,996) | $ (787) | $ (524.9) | |||||||||
Basic and diluted EPS — continuing operations(1) | $ (27.28) | [1] | $ (8.08) | [1] | $ (55.59) | [1] | $ (9.31) | [1] | $ (26.88) | [2] | $ (8.72) | [2] | $ (4.16) | [2] | $ (2.74) | [2] | $ (100.34) | $ (42.52) | $ (16.80) | |
Diluted EPS — continuing operations(1) | $ (100.34) | $ (42.52) | $ (16.80) | |||||||||||||||||
Weighted average shares used in calculating basic and diluted EPS | 18.2 | 18.2 | 18.2 | 18 | 17.9 | 17.9 | 17.9 | 17.9 | 18.1 | 17.9 | 17.8 | |||||||||
Weighted average shares used in calculating diluted EPS | 18.1 | 17.9 | 17.8 | |||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Asset impairment | $ 377 | $ 900.8 | $ 154.4 | $ 1,277.8 | $ 154.4 | $ 528.3 | ||||||||||||||
Restructuring and pension settlement charges | 21.2 | 26 | 23.5 | 26 | 11.9 | |||||||||||||||
Loss on early debt extinguishment | (8.3) | $ (59.5) | (67.8) | (1.6) | (16.9) | |||||||||||||||
Loss from discontinued operations, net of income taxes | $ 155.1 | 7.6 | (175) | (28.2) | (226.6) | |||||||||||||||
Additional charge recorded as a result of the damages awarded to Eagle in arbitration | $ 10.6 | $ 15.6 | (15.6) | |||||||||||||||||
Remeasurement of foreign taxes | (0.5) | $ 0.8 | $ 0.2 | (1.2) | 1.2 | $ 1.3 | 1.4 | 0.5 | 2.7 | 44.3 | ||||||||||
Income tax benefit related to asset impairment | 7.9 | 67.4 | (176.4) | 201.2 | (448.3) | |||||||||||||||
Change in fair value of credit support provided to Patriot | $ 34.7 | 34.1 | ||||||||||||||||||
Australia Deferred Tax Assets [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase, Amount | 90.4 | 80.6 | 75.7 | $ 42.6 | (101.3) | |||||||||||||||
Australian Mining [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Asset impairment | 675.2 | 66.7 | $ 390.8 | |||||||||||||||||
US Deferred Tax Assets [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase, Amount | $ 177 | 280.1 | (177) | |||||||||||||||||
Income Tax Expense, Continuing Operations, Adjustment of Deferred Tax Asset | 182.7 | |||||||||||||||||||
Australian Minerals and Resource Rent Tax [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Income Tax Expense, Continuing Operations, Adjustment of Deferred Tax Asset | $ 70.1 | $ 54 | ||||||||||||||||||
Junior Subordinated Debt [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Refinancing charges classified as interest expense | 1.6 | $ 1.6 | ||||||||||||||||||
Western U.S. Mining Segment Customer [Member] | Positive Outcome of Litigation [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Contracts Revenue | $ 43.2 | $ 33.5 | ||||||||||||||||||
Interest In Middlemount Coal Pty Limited [Member] | ||||||||||||||||||||
Summary Quarterly Financial Information (Textuals) [Abstract] | ||||||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase, Amount | $ 52.3 | |||||||||||||||||||
[1] | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. | |||||||||||||||||||
[2] | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis |
Segment and Geographic Infor131
Segment and Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating segment results | |||||||||||
Revenues | $ 1,313.1 | $ 1,418.9 | $ 1,339.3 | $ 1,537.9 | $ 1,684.5 | $ 1,722.9 | $ 1,758 | $ 1,626.8 | $ 5,609.2 | $ 6,792.2 | $ 7,013.7 |
Adjusted EBITDA | 434.6 | 814 | 1,047.2 | ||||||||
Additions to property, plant, equipment, and mine development | 126.8 | 194.4 | 328.4 | ||||||||
Federal coal lease expenditures | 277.2 | 276.7 | 276.8 | ||||||||
Loss from equity affiliates | 15.9 | 107.6 | 40.2 | ||||||||
Total assets | 11,021.3 | 13,191.1 | 11,021.3 | 13,191.1 | 14,133.4 | ||||||
Property, plant, equipment and mine development, net | 9,258.5 | 10,577.3 | 9,258.5 | 10,577.3 | 11,082.5 | ||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 434.6 | 814 | 1,047.2 | ||||||||
Depreciation, depletion and amortization | (572.2) | (655.7) | (740.3) | ||||||||
Asset retirement obligation expenses | (45.5) | (81) | (66.5) | ||||||||
Asset impairment | (377) | (900.8) | (154.4) | (1,277.8) | (154.4) | (528.3) | |||||
Settlement charges related to the Patriot bankruptcy reorganization | 0 | 0 | (30.6) | ||||||||
Amortization of basis related to equity affiliates | (4.9) | (5.7) | (6.3) | ||||||||
Interest expense | 533.2 | 428.2 | 425.2 | ||||||||
Interest income | 7.7 | 15.4 | 15.7 | ||||||||
Income tax benefit (provision) | (7.9) | (67.4) | 176.4 | (201.2) | 448.3 | ||||||
Loss from continuing operations, net of income taxes | (497.9) | $ (144.4) | $ (1,007.2) | $ (164.4) | (478.8) | $ (154) | $ (72) | $ (44.3) | $ (1,813.9) | $ (749.1) | $ (286) |
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 100.00% | 100.00% | 100.00% | ||||||||
U.S. [Member] | |||||||||||
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 57.40% | 59.50% | 61.10% | ||||||||
Japan [Member] | |||||||||||
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 8.10% | 9.50% | 9.80% | ||||||||
China [Member] | |||||||||||
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 7.10% | 6.10% | 10.20% | ||||||||
South Korea [Member] | |||||||||||
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 4.10% | 5.20% | 3.80% | ||||||||
Other [Member] | |||||||||||
Revenue from external customers by geographic region | |||||||||||
Revenue percentage | 23.30% | 19.70% | 15.10% | ||||||||
Powder River Basin Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | $ 1,865.9 | $ 1,922.9 | $ 1,767.3 | ||||||||
Adjusted EBITDA | 482.9 | 509 | 435.4 | ||||||||
Additions to property, plant, equipment, and mine development | 15 | 19.7 | 15.8 | ||||||||
Federal coal lease expenditures | 276.9 | 276.5 | 276.5 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 482.9 | 509 | 435.4 | ||||||||
Midwestern U.S. Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 981.2 | 1,198.1 | 1,335.5 | ||||||||
Adjusted EBITDA | 269.7 | 306.9 | 426 | ||||||||
Additions to property, plant, equipment, and mine development | 51.3 | 57.4 | 27.2 | ||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 269.7 | 306.9 | 426 | ||||||||
Asset impairment | (40.2) | ||||||||||
Western U.S. Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 682.3 | 902.8 | 902.3 | ||||||||
Adjusted EBITDA | 184.6 | 266.9 | 258 | ||||||||
Additions to property, plant, equipment, and mine development | 19.3 | 18.2 | 32.2 | ||||||||
Federal coal lease expenditures | 0.3 | 0.2 | 0.3 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 184.6 | 266.9 | 258 | ||||||||
Asset impairment | (2.7) | ||||||||||
Australian Metallurgical Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 1,181.9 | 1,613.8 | 1,773.4 | ||||||||
Adjusted EBITDA | (18.2) | (151.1) | (120) | ||||||||
Additions to property, plant, equipment, and mine development | 25.5 | 53.9 | 165.7 | ||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | (18.2) | (151.1) | (120) | ||||||||
Australian Thermal Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 823.5 | 1,058 | 1,131.2 | ||||||||
Adjusted EBITDA | 193.6 | 264.1 | 270 | ||||||||
Additions to property, plant, equipment, and mine development | 13.6 | 30.2 | 64.6 | ||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 193.6 | 264.1 | 270 | ||||||||
Asset impairment | (17.5) | (11.9) | |||||||||
Trading and Brokerage [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 42.8 | 58.4 | 66 | ||||||||
Adjusted EBITDA | 27 | 14.9 | (19.9) | ||||||||
Additions to property, plant, equipment, and mine development | 0 | 0 | 0.1 | ||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||
Loss from equity affiliates | 0 | 0 | 0 | ||||||||
Total assets | 217.2 | 300.7 | 217.2 | 300.7 | 389.6 | ||||||
Property, plant, equipment and mine development, net | 0.5 | 1.1 | 0.5 | 1.1 | 1.8 | ||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | 27 | 14.9 | (19.9) | ||||||||
Corporate and Other [Member] | |||||||||||
Operating segment results | |||||||||||
Revenues | 31.6 | 38.2 | 38 | ||||||||
Adjusted EBITDA | (705) | (396.7) | (202.3) | ||||||||
Additions to property, plant, equipment, and mine development | 2.1 | 15 | 22.8 | ||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||
Loss from equity affiliates | 15.9 | 107.6 | 40.2 | ||||||||
Total assets | 1,304 | 2,167.4 | 1,304 | 2,167.4 | 2,638.2 | ||||||
Property, plant, equipment and mine development, net | 933.9 | 1,332.6 | 933.9 | 1,332.6 | 1,479.2 | ||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Adjusted EBITDA | (705) | (396.7) | (202.3) | ||||||||
Asset impairment | (544.9) | (73.1) | (137.5) | ||||||||
U.S Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Total assets | 4,180.2 | 4,099.1 | 4,180.2 | 4,099.1 | 4,024.4 | ||||||
Property, plant, equipment and mine development, net | 3,854.5 | 3,739.9 | 3,854.5 | 3,739.9 | 3,654.4 | ||||||
Australian Mining [Member] | |||||||||||
Operating segment results | |||||||||||
Total assets | 5,319.9 | 6,623.9 | 5,319.9 | 6,623.9 | 7,081.2 | ||||||
Property, plant, equipment and mine development, net | $ 4,469.6 | 5,503.7 | 4,469.6 | 5,503.7 | 5,947.1 | ||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Asset impairment | (675.2) | (66.7) | (390.8) | ||||||||
Middlemount Mine [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Valuation Allowances and Reserves, Balance | $ 52.3 | 52.3 | |||||||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations [Abstract] | |||||||||||
Change in deferred tax asset valuation allowance related to equity affiliates | $ 1 | $ (52.3) | $ 0 |
Supplemental Guarantor_Non-G132
Supplemental Guarantor/Non-Guarantor Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Audited Supplemental Condensed Consolidated Statements of Operations | |||||||||||
Total revenues | $ 1,313.1 | $ 1,418.9 | $ 1,339.3 | $ 1,537.9 | $ 1,684.5 | $ 1,722.9 | $ 1,758 | $ 1,626.8 | $ 5,609.2 | $ 6,792.2 | $ 7,013.7 |
Costs and expenses | |||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 5,007.7 | 5,716.9 | 5,729.1 | ||||||||
Depreciation, depletion and amortization | 572.2 | 655.7 | 740.3 | ||||||||
Asset retirement obligation expenses | 45.5 | 81 | 66.5 | ||||||||
Selling and administrative expenses | 176.4 | 227.1 | 244.2 | ||||||||
Restructuring and pension settlement charges | 21.2 | 26 | 23.5 | 26 | 11.9 | ||||||
Other operating (income) loss: | |||||||||||
Net gain on disposal of assets | (45) | (41.4) | (52.6) | ||||||||
Asset impairment | 377 | 900.8 | 154.4 | 1,277.8 | 154.4 | 528.3 | |||||
Settlement charges related to the Patriot bankruptcy | 0 | 0 | 30.6 | ||||||||
Loss from equity affiliates and investment in subsidiaries | 15.9 | 107.6 | 40.2 | ||||||||
Interest expense | 465.4 | 426.6 | 408.3 | ||||||||
Loss on early debt extinguishment | 8.3 | 59.5 | 67.8 | 1.6 | 16.9 | ||||||
Gains (Losses) on Extinguishment of Affiliate Debt | 0 | ||||||||||
Interest income | (7.7) | (15.4) | (15.7) | ||||||||
Unrealized loss (gain) on derivatives | 0 | ||||||||||
(Loss) income from continuing operations before income taxes | (1,990.3) | (547.9) | (734.3) | ||||||||
Income tax provision (benefit) | 7.9 | 67.4 | (176.4) | 201.2 | (448.3) | ||||||
(Loss) income from continuing operations, net of income taxes | (497.9) | (144.4) | (1,007.2) | (164.4) | (478.8) | (154) | (72) | (44.3) | (1,813.9) | (749.1) | (286) |
(Loss) income from discontinued operations, net of income taxes | 155.1 | 7.6 | (175) | (28.2) | (226.6) | ||||||
Net (loss) income | (470.2) | (301.9) | (1,043.5) | (173.3) | (513) | (149) | (71.2) | (44.1) | (1,988.9) | (777.3) | (512.6) |
Less: Net income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||
Net (loss) income attributable to common stockholders | $ (469.4) | $ (304.7) | $ (1,045.3) | $ (176.6) | $ (514.6) | $ (150.6) | $ (73.3) | $ (48.5) | (1,996) | (787) | (524.9) |
Parent Company [Member] | |||||||||||
Audited Supplemental Condensed Consolidated Statements of Operations | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and expenses | |||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 436.6 | 49.6 | (173.6) | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Asset retirement obligation expenses | 0 | 0 | 0 | ||||||||
Selling and administrative expenses | 32.1 | 46.8 | 50.9 | ||||||||
Restructuring and pension settlement charges | (3.9) | 0 | 0 | ||||||||
Other operating (income) loss: | |||||||||||
Net gain on disposal of assets | (2.3) | 0 | 0 | ||||||||
Asset impairment | 0 | 4.7 | 21.5 | ||||||||
Settlement charges related to the Patriot bankruptcy | 30.6 | ||||||||||
Loss from equity affiliates and investment in subsidiaries | 933.9 | 431.1 | 272.5 | ||||||||
Interest expense | 468.4 | 423.1 | 403.9 | ||||||||
Loss on early debt extinguishment | 67.8 | 1.6 | 16.9 | ||||||||
Gains (Losses) on Extinguishment of Affiliate Debt | 0 | ||||||||||
Interest income | (14) | (15.3) | (79.6) | ||||||||
Unrealized loss (gain) on derivatives | 0 | ||||||||||
(Loss) income from continuing operations before income taxes | (1,918.6) | (941.6) | (543.1) | ||||||||
Income tax provision (benefit) | (87.4) | (186.2) | (92.2) | ||||||||
(Loss) income from continuing operations, net of income taxes | (1,831.2) | (755.4) | (450.9) | ||||||||
(Loss) income from discontinued operations, net of income taxes | (164.8) | (31.6) | (74) | ||||||||
Net (loss) income | (1,996) | (787) | (524.9) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to common stockholders | (1,996) | (787) | (524.9) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Audited Supplemental Condensed Consolidated Statements of Operations | |||||||||||
Total revenues | 3,443 | 3,964.8 | 4,027.9 | ||||||||
Costs and expenses | |||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 2,618.4 | 2,927.3 | 3,471.7 | ||||||||
Depreciation, depletion and amortization | 281.3 | 310.4 | 329.4 | ||||||||
Asset retirement obligation expenses | 17.2 | 25.3 | 33.3 | ||||||||
Selling and administrative expenses | 132.6 | 161.1 | 167.9 | ||||||||
Restructuring and pension settlement charges | 11.4 | 23.8 | 11.9 | ||||||||
Other operating (income) loss: | |||||||||||
Net gain on disposal of assets | (29.4) | (18.5) | (52.6) | ||||||||
Asset impairment | 308.6 | 71.1 | 6.5 | ||||||||
Settlement charges related to the Patriot bankruptcy | 0 | ||||||||||
Loss from equity affiliates and investment in subsidiaries | 6.9 | 6.6 | 8.3 | ||||||||
Interest expense | 8.7 | 6.4 | 244.5 | ||||||||
Loss on early debt extinguishment | 0 | 0 | 0 | ||||||||
Gains (Losses) on Extinguishment of Affiliate Debt | 155.5 | ||||||||||
Interest income | (11.9) | (10.3) | (311.6) | ||||||||
Unrealized loss (gain) on derivatives | 34 | ||||||||||
(Loss) income from continuing operations before income taxes | 99.2 | 461.6 | 240.1 | ||||||||
Income tax provision (benefit) | (108.2) | 316.7 | (110.9) | ||||||||
(Loss) income from continuing operations, net of income taxes | 207.4 | 144.9 | 351 | ||||||||
(Loss) income from discontinued operations, net of income taxes | 1.6 | (7.2) | (5.6) | ||||||||
Net (loss) income | 209 | 137.7 | 345.4 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to common stockholders | 209 | 137.7 | 345.4 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Audited Supplemental Condensed Consolidated Statements of Operations | |||||||||||
Total revenues | 2,215.3 | 2,902.1 | 3,230.3 | ||||||||
Costs and expenses | |||||||||||
Operating costs and expenses (exclusive of items shown separately below) | 2,001.8 | 2,814.7 | 2,675.5 | ||||||||
Depreciation, depletion and amortization | 290.9 | 345.3 | 410.9 | ||||||||
Asset retirement obligation expenses | 28.3 | 55.7 | 33.2 | ||||||||
Selling and administrative expenses | 11.7 | 19.2 | 25.4 | ||||||||
Restructuring and pension settlement charges | 16 | 2.2 | 0 | ||||||||
Other operating (income) loss: | |||||||||||
Net gain on disposal of assets | (13.3) | (22.9) | 0 | ||||||||
Asset impairment | 969.2 | 78.6 | 500.3 | ||||||||
Settlement charges related to the Patriot bankruptcy | 0 | ||||||||||
Loss from equity affiliates and investment in subsidiaries | 9 | 101 | 31.9 | ||||||||
Interest expense | 24.7 | 34.6 | 169 | ||||||||
Loss on early debt extinguishment | 0 | 0 | 0 | ||||||||
Gains (Losses) on Extinguishment of Affiliate Debt | (155.5) | ||||||||||
Interest income | (18.2) | (27.3) | (33.6) | ||||||||
Unrealized loss (gain) on derivatives | (34) | ||||||||||
(Loss) income from continuing operations before income taxes | (1,104.8) | (499) | (703.8) | ||||||||
Income tax provision (benefit) | 19.2 | 70.7 | (245.2) | ||||||||
(Loss) income from continuing operations, net of income taxes | (1,124) | (569.7) | (458.6) | ||||||||
(Loss) income from discontinued operations, net of income taxes | (11.8) | 10.6 | (147) | ||||||||
Net (loss) income | (1,135.8) | (559.1) | (605.6) | ||||||||
Less: Net income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||
Net (loss) income attributable to common stockholders | (1,142.9) | (568.8) | (617.9) | ||||||||
Eliminations [Member] | |||||||||||
Audited Supplemental Condensed Consolidated Statements of Operations | |||||||||||
Total revenues | (49.1) | (74.7) | (244.5) | ||||||||
Costs and expenses | |||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (49.1) | (74.7) | (244.5) | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Asset retirement obligation expenses | 0 | 0 | 0 | ||||||||
Selling and administrative expenses | 0 | 0 | 0 | ||||||||
Restructuring and pension settlement charges | 0 | 0 | 0 | ||||||||
Other operating (income) loss: | |||||||||||
Net gain on disposal of assets | 0 | 0 | 0 | ||||||||
Asset impairment | 0 | 0 | 0 | ||||||||
Settlement charges related to the Patriot bankruptcy | 0 | ||||||||||
Loss from equity affiliates and investment in subsidiaries | (933.9) | (431.1) | (272.5) | ||||||||
Interest expense | (36.4) | (37.5) | (409.1) | ||||||||
Loss on early debt extinguishment | 0 | 0 | 0 | ||||||||
Gains (Losses) on Extinguishment of Affiliate Debt | 0 | ||||||||||
Interest income | 36.4 | 37.5 | 409.1 | ||||||||
Unrealized loss (gain) on derivatives | 0 | ||||||||||
(Loss) income from continuing operations before income taxes | 933.9 | 431.1 | 272.5 | ||||||||
Income tax provision (benefit) | 0 | 0 | 0 | ||||||||
(Loss) income from continuing operations, net of income taxes | 933.9 | 431.1 | 272.5 | ||||||||
(Loss) income from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net (loss) income | 933.9 | 431.1 | 272.5 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net (loss) income attributable to common stockholders | $ 933.9 | $ 431.1 | $ 272.5 |
Supplemental Guarantor_Non-G133
Supplemental Guarantor/Non-Guarantor Financial Information (Details 1) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 261.3 | $ 298 | $ 444 | $ 558.8 |
Accounts receivable, net | 228.8 | 563.1 | ||
Receivables from affiliates, net | 0 | 0 | ||
Inventories | 307.8 | 406.5 | ||
Assets from coal trading activities, net | 23.5 | 57.6 | ||
Deferred income taxes | 53.5 | 80 | ||
Other current assets | 503.1 | 305.8 | ||
Total current assets | 1,378 | 1,711 | ||
Property, plant, equipment and mine development, net | 9,258.5 | 10,577.3 | 11,082.5 | |
Deferred income taxes | 2.2 | 0.7 | ||
Investments and other assets | 382.6 | 902.1 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 11,021.3 | 13,191.1 | 14,133.4 | |
Current liabilities | ||||
Current portion of long-term debt | 5,930.4 | 21.2 | ||
Payables to affiliates, net | 0 | 0 | ||
Deferred Tax Liabilities, Net, Current | 3.8 | |||
Liabilities from coal trading activities, net | 15.6 | 32.7 | ||
Accounts Payable and Accrued Liabilities, Current | 1,446.3 | 1,809.2 | ||
Accounts Payable and Other Accrued Liabilities, Current | 1,442.5 | |||
Total current liabilities | 7,392.3 | 1,863.1 | ||
Long-term debt, less current portion | 385.2 | 5,965.6 | ||
Deferred income taxes | 69.1 | 89.1 | ||
Notes payable to affiliates, net | 0 | 0 | ||
Other noncurrent liabilities | 2,256.2 | 2,546.8 | ||
Total liabilities | 10,102.8 | 10,464.6 | ||
Peabody Energy Corporation's stockholders' equity | 916.9 | 2,724.8 | ||
Noncontrolling interests | 1.6 | 1.7 | ||
Total stockholders' equity | 918.5 | 2,726.5 | 3,947.9 | 4,938.8 |
Total liabilities and stockholders' equity | 11,021.3 | 13,191.1 | ||
Parent Company [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 7.2 | 188.7 | 300.7 | 269.6 |
Accounts receivable, net | 0 | 0 | ||
Receivables from affiliates, net | 582.1 | 258.4 | ||
Inventories | 0 | 0 | ||
Assets from coal trading activities, net | 0 | 0 | ||
Deferred income taxes | 0 | 64.5 | ||
Other current assets | 78.6 | 0 | ||
Total current assets | 667.9 | 511.6 | ||
Property, plant, equipment and mine development, net | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Investments and other assets | 8,495.1 | 10,209.4 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 9,163 | 10,721 | ||
Current liabilities | ||||
Current portion of long-term debt | 5,899.5 | 12 | ||
Payables to affiliates, net | 0 | 0 | ||
Deferred Tax Liabilities, Net, Current | 11.8 | |||
Liabilities from coal trading activities, net | 0 | 0 | ||
Accounts Payable and Accrued Liabilities, Current | 474.5 | |||
Accounts Payable and Other Accrued Liabilities, Current | 494.8 | |||
Total current liabilities | 6,406.1 | 486.5 | ||
Long-term debt, less current portion | 385.2 | 5,951.6 | ||
Deferred income taxes | 98.6 | 90.5 | ||
Notes payable to affiliates, net | 1,032.6 | 1,033.4 | ||
Other noncurrent liabilities | 323.6 | 434.2 | ||
Total liabilities | 8,246.1 | 7,996.2 | ||
Peabody Energy Corporation's stockholders' equity | 916.9 | 2,724.8 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 916.9 | 2,724.8 | ||
Total liabilities and stockholders' equity | 9,163 | 10,721 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0.3 | 1.2 | 0.3 | 0.3 |
Accounts receivable, net | 8.7 | 14.5 | ||
Receivables from affiliates, net | 0 | 0 | ||
Inventories | 153.7 | 191.8 | ||
Assets from coal trading activities, net | 3.2 | 53.8 | ||
Deferred income taxes | 65.3 | 8.6 | ||
Other current assets | 127.9 | 44.5 | ||
Total current assets | 359.1 | 314.4 | ||
Property, plant, equipment and mine development, net | 4,722.9 | 5,005.2 | ||
Deferred income taxes | 33.1 | 8.2 | ||
Investments and other assets | 3.7 | 4 | ||
Notes receivable from affiliates, net | 1,665.8 | 1,655.7 | ||
Total assets | 6,784.6 | 6,987.5 | ||
Current liabilities | ||||
Current portion of long-term debt | 23.2 | 0.1 | ||
Payables to affiliates, net | 703.2 | 364.3 | ||
Deferred Tax Liabilities, Net, Current | 0 | |||
Liabilities from coal trading activities, net | 4.8 | 10.7 | ||
Accounts Payable and Accrued Liabilities, Current | 682.5 | |||
Accounts Payable and Other Accrued Liabilities, Current | 527.2 | |||
Total current liabilities | 1,258.4 | 1,057.6 | ||
Long-term debt, less current portion | 0 | 6.3 | ||
Deferred income taxes | 0 | 0 | ||
Notes payable to affiliates, net | 0 | 0 | ||
Other noncurrent liabilities | 1,588.6 | 1,717.4 | ||
Total liabilities | 2,847 | 2,781.3 | ||
Peabody Energy Corporation's stockholders' equity | 3,937.6 | 4,206.2 | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | 3,937.6 | 4,206.2 | ||
Total liabilities and stockholders' equity | 6,784.6 | 6,987.5 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 253.8 | 108.1 | $ 143 | $ 288.9 |
Accounts receivable, net | 220.1 | 548.6 | ||
Receivables from affiliates, net | 121.1 | 105.9 | ||
Inventories | 154.1 | 214.7 | ||
Assets from coal trading activities, net | 20.3 | 3.8 | ||
Deferred income taxes | 0 | 6.9 | ||
Other current assets | 296.6 | 261.3 | ||
Total current assets | 1,066 | 1,249.3 | ||
Property, plant, equipment and mine development, net | 4,535.6 | 5,572.1 | ||
Deferred income taxes | 0 | 0 | ||
Investments and other assets | 185.4 | 621.6 | ||
Notes receivable from affiliates, net | 0 | 0 | ||
Total assets | 5,787 | 7,443 | ||
Current liabilities | ||||
Current portion of long-term debt | 7.7 | 9.1 | ||
Payables to affiliates, net | 0 | 0 | ||
Deferred Tax Liabilities, Net, Current | 3.8 | |||
Liabilities from coal trading activities, net | 10.8 | 22 | ||
Accounts Payable and Accrued Liabilities, Current | 652.2 | |||
Accounts Payable and Other Accrued Liabilities, Current | 420.5 | |||
Total current liabilities | 442.8 | 683.3 | ||
Long-term debt, less current portion | 0 | 7.7 | ||
Deferred income taxes | 1.4 | 6.1 | ||
Notes payable to affiliates, net | 633.2 | 622.3 | ||
Other noncurrent liabilities | 344 | 395.2 | ||
Total liabilities | 1,421.4 | 1,714.6 | ||
Peabody Energy Corporation's stockholders' equity | 4,364 | 5,726.7 | ||
Noncontrolling interests | 1.6 | 1.7 | ||
Total stockholders' equity | 4,365.6 | 5,728.4 | ||
Total liabilities and stockholders' equity | 5,787 | 7,443 | ||
Eliminations [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Receivables from affiliates, net | (703.2) | (364.3) | ||
Inventories | 0 | 0 | ||
Assets from coal trading activities, net | 0 | 0 | ||
Deferred income taxes | (11.8) | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (715) | (364.3) | ||
Property, plant, equipment and mine development, net | 0 | 0 | ||
Deferred income taxes | (30.9) | (7.5) | ||
Investments and other assets | (8,301.6) | (9,932.9) | ||
Notes receivable from affiliates, net | (1,665.8) | (1,655.7) | ||
Total assets | (10,713.3) | (11,960.4) | ||
Current liabilities | ||||
Current portion of long-term debt | 0 | 0 | ||
Payables to affiliates, net | (703.2) | (364.3) | ||
Deferred Tax Liabilities, Net, Current | (11.8) | |||
Liabilities from coal trading activities, net | 0 | 0 | ||
Accounts Payable and Accrued Liabilities, Current | 0 | |||
Accounts Payable and Other Accrued Liabilities, Current | 0 | |||
Total current liabilities | (715) | (364.3) | ||
Long-term debt, less current portion | 0 | 0 | ||
Deferred income taxes | (30.9) | (7.5) | ||
Notes payable to affiliates, net | (1,665.8) | (1,655.7) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total liabilities | (2,411.7) | (2,027.5) | ||
Peabody Energy Corporation's stockholders' equity | (8,301.6) | (9,932.9) | ||
Noncontrolling interests | 0 | 0 | ||
Total stockholders' equity | (8,301.6) | (9,932.9) | ||
Total liabilities and stockholders' equity | $ (10,713.3) | $ (11,960.4) |
Supplemental Guarantor_Non-G134
Supplemental Guarantor/Non-Guarantor Financial Information (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Deferred Tax Liabilities, Net, Current | $ 3.8 | ||
Cash Flows From Operating Activities | |||
Net cash (used in) provided by continuing operations | 18.9 | $ 441 | $ 780.1 |
Net cash used in discontinued operations | (33.3) | (104.4) | (57.7) |
Net cash (used in) provided by operating activities | (14.4) | 336.6 | 722.4 |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | (126.8) | (194.4) | (328.4) |
Changes in accrued expenses related to capital expenditures | (9.2) | (16.6) | (120.7) |
Federal coal lease expenditures | 277.2 | 276.7 | 276.8 |
Proceeds from disposal of assets, net of notes receivable | 70.4 | 203.7 | 178.3 |
Purchases of debt and equity securities | (28.8) | (15.1) | (22.8) |
Proceeds from sales and maturities of debt and equity securities | 90.3 | 13.5 | 22.9 |
Maturity of short-term investments | 0 | 0 | 4.8 |
Contributions to joint ventures | (425.4) | (529.8) | (671.7) |
Distributions from joint ventures | 422.6 | 534.2 | 722.9 |
Advances to related parties | (3.7) | (33.7) | (42.1) |
Repayment of loans from related parties | 0.9 | 5.4 | 25.2 |
Other, net | (3.1) | (5) | (5.8) |
Net cash used in continuing operations | (290) | (314.5) | (514.2) |
Net cash used in discontinued operations | 0 | 0 | (1.5) |
Net cash used in investing activities | (290) | (314.5) | (515.7) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 975.7 | 1.1 | 1,188 |
Repayments of long-term debt | (671.3) | (21) | (1,390.2) |
Payment of deferred financing costs | (28.7) | (10.1) | (22.8) |
Dividends paid | (1.4) | (92.3) | (91.7) |
Restricted cash for distributions to noncontrolling interests | (2) | (42.5) | |
Restricted cash for distributions to noncontrolling interests | 0 | (42.5) | 0 |
Other, net | (6.6) | (3.3) | (4.8) |
Transactions with affiliates, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 267.7 | (168.1) | (321.5) |
Net change in cash and cash equivalents | (36.7) | (146) | (114.8) |
Cash and cash equivalents at beginning of year | 298 | 444 | 558.8 |
Cash and cash equivalents at end of year | 261.3 | 298 | 444 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Deferred Tax Liabilities, Net, Current | 11.8 | ||
Cash Flows From Operating Activities | |||
Net cash (used in) provided by continuing operations | (692.9) | (369) | (24.3) |
Net cash used in discontinued operations | (27.4) | (73.3) | (20.4) |
Net cash (used in) provided by operating activities | (720.3) | (442.3) | (44.7) |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | 0 | 0 | 0 |
Changes in accrued expenses related to capital expenditures | 0 | 0 | 0 |
Federal coal lease expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets, net of notes receivable | 0 | 0 | 0 |
Purchases of debt and equity securities | 0 | 0 | 0 |
Proceeds from sales and maturities of debt and equity securities | 0 | 0 | 0 |
Maturity of short-term investments | 0 | ||
Contributions to joint ventures | 0 | 0 | 0 |
Distributions from joint ventures | 0 | 0 | 0 |
Advances to related parties | 0 | 0 | 0 |
Repayment of loans from related parties | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash used in continuing operations | 0 | ||
Net cash used in discontinued operations | 0 | ||
Net cash used in investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 975.7 | 0 | 1,188 |
Repayments of long-term debt | (662) | (12) | (1,334.2) |
Payment of deferred financing costs | (28.7) | (10.1) | (22.8) |
Dividends paid | (1.4) | (92.3) | (91.7) |
Restricted cash for distributions to noncontrolling interests | 0 | ||
Other, net | 1.4 | 3.1 | 4.2 |
Transactions with affiliates, net | 253.8 | 441.6 | 332.3 |
Net cash provided by (used in) financing activities | 538.8 | 330.3 | 75.8 |
Net change in cash and cash equivalents | (181.5) | (112) | 31.1 |
Cash and cash equivalents at beginning of year | 188.7 | 300.7 | 269.6 |
Cash and cash equivalents at end of year | 7.2 | 188.7 | 300.7 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Deferred Tax Liabilities, Net, Current | 0 | ||
Cash Flows From Operating Activities | |||
Net cash (used in) provided by continuing operations | 593.5 | 776.1 | 778.7 |
Net cash used in discontinued operations | (2.9) | (4.6) | (7.6) |
Net cash (used in) provided by operating activities | 590.6 | 771.5 | 771.1 |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | (87.2) | (108.5) | (95.9) |
Changes in accrued expenses related to capital expenditures | (3.6) | 3.4 | (1.2) |
Federal coal lease expenditures | (277.2) | (276.7) | (276.8) |
Proceeds from disposal of assets, net of notes receivable | 36.3 | 105.9 | 93 |
Purchases of debt and equity securities | 0 | 0 | 0 |
Proceeds from sales and maturities of debt and equity securities | 0 | 0 | 0 |
Maturity of short-term investments | 0 | ||
Contributions to joint ventures | 0 | 0 | 0 |
Distributions from joint ventures | 0 | 0 | 0 |
Advances to related parties | 0 | 0 | 0 |
Repayment of loans from related parties | 0 | 0 | 0 |
Other, net | (3.2) | (4.4) | (5.7) |
Net cash used in continuing operations | (286.6) | ||
Net cash used in discontinued operations | 0 | ||
Net cash used in investing activities | (334.9) | (280.3) | (286.6) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 0 | 0 | 0 |
Repayments of long-term debt | (0.2) | (0.1) | (0.2) |
Payment of deferred financing costs | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Restricted cash for distributions to noncontrolling interests | 0 | ||
Other, net | (1.8) | (1.7) | (1.6) |
Transactions with affiliates, net | (254.6) | (488.5) | (482.7) |
Net cash provided by (used in) financing activities | (256.6) | (490.3) | (484.5) |
Net change in cash and cash equivalents | (0.9) | 0.9 | 0 |
Cash and cash equivalents at beginning of year | 1.2 | 0.3 | 0.3 |
Cash and cash equivalents at end of year | 0.3 | 1.2 | 0.3 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Deferred Tax Liabilities, Net, Current | 3.8 | ||
Cash Flows From Operating Activities | |||
Net cash (used in) provided by continuing operations | 118.3 | 33.9 | 25.7 |
Net cash used in discontinued operations | (3) | (26.5) | (29.7) |
Net cash (used in) provided by operating activities | 115.3 | 7.4 | (4) |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | (39.6) | (85.9) | (232.5) |
Changes in accrued expenses related to capital expenditures | (5.6) | (20) | (119.5) |
Federal coal lease expenditures | 0 | 0 | 0 |
Proceeds from disposal of assets, net of notes receivable | 34.1 | 97.8 | 85.3 |
Purchases of debt and equity securities | (28.8) | (15.1) | (22.8) |
Proceeds from sales and maturities of debt and equity securities | 90.3 | 13.5 | 22.9 |
Maturity of short-term investments | 4.8 | ||
Contributions to joint ventures | (425.4) | (529.8) | (671.7) |
Distributions from joint ventures | 422.6 | 534.2 | 722.9 |
Advances to related parties | (3.7) | (33.7) | (42.1) |
Repayment of loans from related parties | 0.9 | 5.4 | 25.2 |
Other, net | 0.1 | (0.6) | (0.1) |
Net cash used in continuing operations | (227.6) | ||
Net cash used in discontinued operations | (1.5) | ||
Net cash used in investing activities | 44.9 | (34.2) | (229.1) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 0 | 1.1 | 0 |
Repayments of long-term debt | (9.1) | (8.9) | (55.8) |
Payment of deferred financing costs | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Restricted cash for distributions to noncontrolling interests | (42.5) | ||
Other, net | (6.2) | (4.7) | (7.4) |
Transactions with affiliates, net | 0.8 | 46.9 | 150.4 |
Net cash provided by (used in) financing activities | (14.5) | (8.1) | 87.2 |
Net change in cash and cash equivalents | 145.7 | (34.9) | (145.9) |
Cash and cash equivalents at beginning of year | 108.1 | 143 | 288.9 |
Cash and cash equivalents at end of year | 253.8 | 108.1 | $ 143 |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Deferred Tax Liabilities, Net, Current | (11.8) | ||
Cash Flows From Financing Activities | |||
Cash and cash equivalents at beginning of year | 0 | ||
Cash and cash equivalents at end of year | $ 0 | $ 0 |
Supplemental Guarantor_Non-G135
Supplemental Guarantor/Non-Guarantor Financial Information Supplemental Guarantor/Non-Guarantor Financial Information (Details 3) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | $ (470.2) | $ (301.9) | $ (1,043.5) | $ (173.3) | $ (513) | $ (149) | $ (71.2) | $ (44.1) | $ (1,988.9) | $ (777.3) | $ (512.6) |
Unrealized holding losses on available-for-sale securities | 0 | (3.7) | (12.3) | ||||||||
Reclassification for realized losses included in net (loss) income | 0 | 2.9 | 12.8 | ||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | (0.8) | 0.5 | ||||||||
Decrease in fair value of cash flow hedges | (131.3) | (195) | (333.6) | ||||||||
Reclassification for realized losses (gains) included in net loss | 251.7 | (10.2) | (209.6) | ||||||||
Net unrealized gains (losses) on cash flow hedges | 120.4 | (205.2) | (543.2) | ||||||||
Prior service credit (cost) for the period | 10.4 | 11.4 | (1.4) | ||||||||
Net actuarial gain (loss) for the period | 18.1 | (142.7) | 110.9 | ||||||||
Amortization of actuarial loss and prior service cost included in net (loss) income | 31.9 | 32.7 | 95.7 | ||||||||
Postretirement plans and workers' compensation obligations | 60.4 | (98.6) | 205.2 | ||||||||
Foreign currency translation adjustment | (34.9) | (41) | (92.7) | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of income taxes | 145.9 | (345.6) | (430.2) | ||||||||
Comprehensive loss | (1,843) | (1,122.9) | (942.8) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||
Comprehensive loss attributable to common stockholders | (1,850.1) | (1,132.6) | (955.1) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | (1,996) | (787) | (524.9) | ||||||||
Unrealized holding losses on available-for-sale securities | (3.7) | (12.2) | |||||||||
Reclassification for realized losses included in net (loss) income | 2.9 | 13 | |||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | (0.8) | 0.8 | ||||||||
Decrease in fair value of cash flow hedges | (137.1) | (225.9) | (368.4) | ||||||||
Reclassification for realized losses (gains) included in net loss | 292.1 | 31.3 | (109) | ||||||||
Net unrealized gains (losses) on cash flow hedges | 155 | (194.6) | (477.4) | ||||||||
Prior service credit (cost) for the period | 0 | 0 | 0 | ||||||||
Net actuarial gain (loss) for the period | 5.5 | 0 | 0 | ||||||||
Amortization of actuarial loss and prior service cost included in net (loss) income | 7.2 | 0 | 0 | ||||||||
Postretirement plans and workers' compensation obligations | 12.7 | 0 | 0 | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Other comprehensive loss from investment in subsidiaries | (21.8) | (150.2) | 46.4 | ||||||||
Other comprehensive income (loss), net of income taxes | 145.9 | (345.6) | (430.2) | ||||||||
Comprehensive loss | (1,850.1) | (1,132.6) | (955.1) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive loss attributable to common stockholders | (1,850.1) | (1,132.6) | (955.1) | ||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | 209 | 137.7 | 345.4 | ||||||||
Unrealized holding losses on available-for-sale securities | 0 | 0 | |||||||||
Reclassification for realized losses included in net (loss) income | 0 | 0 | |||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | 0 | 0 | ||||||||
Decrease in fair value of cash flow hedges | 0 | 0 | 0 | ||||||||
Reclassification for realized losses (gains) included in net loss | 0 | 0 | 0 | ||||||||
Net unrealized gains (losses) on cash flow hedges | 0 | 0 | 0 | ||||||||
Prior service credit (cost) for the period | 10.4 | 11.4 | (1.4) | ||||||||
Net actuarial gain (loss) for the period | 12.6 | (150.2) | 103.8 | ||||||||
Amortization of actuarial loss and prior service cost included in net (loss) income | 36.6 | 35.5 | 95.8 | ||||||||
Postretirement plans and workers' compensation obligations | 59.6 | (103.3) | 198.2 | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of income taxes | 59.6 | (103.3) | 198.2 | ||||||||
Comprehensive loss | 268.6 | 34.4 | 543.6 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive loss attributable to common stockholders | 268.6 | 34.4 | 543.6 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | (1,135.8) | (559.1) | (605.6) | ||||||||
Unrealized holding losses on available-for-sale securities | 0 | (0.1) | |||||||||
Reclassification for realized losses included in net (loss) income | 0 | (0.2) | |||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | 0 | (0.3) | ||||||||
Decrease in fair value of cash flow hedges | 5.8 | 30.9 | 34.8 | ||||||||
Reclassification for realized losses (gains) included in net loss | (40.4) | (41.5) | (100.6) | ||||||||
Net unrealized gains (losses) on cash flow hedges | (34.6) | (10.6) | (65.8) | ||||||||
Prior service credit (cost) for the period | 0 | 0 | 0 | ||||||||
Net actuarial gain (loss) for the period | 0 | 7.5 | 7.1 | ||||||||
Amortization of actuarial loss and prior service cost included in net (loss) income | (11.9) | (2.8) | (0.1) | ||||||||
Postretirement plans and workers' compensation obligations | (11.9) | 4.7 | 7 | ||||||||
Foreign currency translation adjustment | (34.9) | (41) | (92.7) | ||||||||
Other comprehensive loss from investment in subsidiaries | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss), net of income taxes | (81.4) | (46.9) | (151.8) | ||||||||
Comprehensive loss | (1,217.2) | (606) | (757.4) | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 7.1 | 9.7 | 12.3 | ||||||||
Comprehensive loss attributable to common stockholders | (1,224.3) | (615.7) | (769.7) | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net (loss) income | 933.9 | 431.1 | 272.5 | ||||||||
Unrealized holding losses on available-for-sale securities | 0 | 0 | |||||||||
Reclassification for realized losses included in net (loss) income | 0 | 0 | |||||||||
Net change in unrealized (losses) gains on available-for-sale securities | 0 | 0 | 0 | ||||||||
Decrease in fair value of cash flow hedges | 0 | 0 | 0 | ||||||||
Reclassification for realized losses (gains) included in net loss | 0 | 0 | 0 | ||||||||
Net unrealized gains (losses) on cash flow hedges | 0 | 0 | 0 | ||||||||
Prior service credit (cost) for the period | 0 | 0 | 0 | ||||||||
Net actuarial gain (loss) for the period | 0 | 0 | 0 | ||||||||
Amortization of actuarial loss and prior service cost included in net (loss) income | 0 | 0 | 0 | ||||||||
Postretirement plans and workers' compensation obligations | 0 | 0 | 0 | ||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Other comprehensive loss from investment in subsidiaries | 21.8 | 150.2 | (46.4) | ||||||||
Other comprehensive income (loss), net of income taxes | 21.8 | 150.2 | (46.4) | ||||||||
Comprehensive loss | 955.7 | 581.3 | 226.1 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive loss attributable to common stockholders | $ 955.7 | $ 581.3 | $ 226.1 |
Supplemental Guarantor_Non-G136
Supplemental Guarantor/Non-Guarantor Financial Information (Details Textuals) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Non Guarantor Financial Information [Abstract] | |
Percent of ownership of certain U.S. subsidiaries that fully and unconditionally guarantee the Senior Notes | 100.00% |
Valuation and Qualifying Acc137
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Advance royalty recoupment reserve [Member] | |||||||
Valuation and Qualifying Accounts | |||||||
Balance at Beginning of Period | $ 7.6 | $ 9.7 | $ 15.3 | ||||
Charged to Costs and Expenses | 0 | (0.2) | 0.1 | ||||
Deductions | [1],[2] | (0.9) | (1.9) | (5.7) | |||
Other | 1.6 | [3] | 0 | 0 | [4] | ||
Balance at End of Period | 8.3 | 7.6 | 9.7 | ||||
Reserve for materials and supplies [Member] | |||||||
Valuation and Qualifying Accounts | |||||||
Balance at Beginning of Period | 4.6 | 7.4 | 16 | ||||
Charged to Costs and Expenses | 0.4 | (0.1) | 1.7 | ||||
Deductions | (0.3) | (2.7) | [2] | (10.3) | [2] | ||
Other | 0 | 0 | 0 | ||||
Balance at End of Period | 4.7 | 4.6 | 7.4 | ||||
Allowance for doubtful accounts [Member] | |||||||
Valuation and Qualifying Accounts | |||||||
Balance at Beginning of Period | 5.8 | 7.4 | 13.7 | ||||
Charged to Costs and Expenses | 8 | 1.5 | 4.3 | ||||
Deductions | (7.2) | (1.4) | [2] | (10.1) | [2] | ||
Other | 0 | [3] | (1.7) | [5] | (0.5) | [5] | |
Balance at End of Period | 6.6 | 5.8 | 7.4 | ||||
Tax valuation allowances [Member] | |||||||
Valuation and Qualifying Accounts | |||||||
Balance at Beginning of Period | 1,169 | 1,634.1 | 1,481.8 | ||||
Charged to Costs and Expenses | 462 | 569.4 | (29.4) | ||||
Deductions | [2] | 0 | 0 | 0 | [6] | ||
Other | (183.7) | [7] | (1,034.5) | [4] | 181.7 | [6] | |
Balance at End of Period | $ 1,447.3 | $ 1,169 | $ 1,634.1 | ||||
[1] | Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. | ||||||
[2] | Reserves utilized, unless otherwise indicated. | ||||||
[3] | Balances transferred from other accounts. | ||||||
[4] | Includes the write-off of valuation allowance against deferred tax assets related to the Australian Minerals and Resource Rent Tax (MRRT) due to the repeal of that legislation in 2014, along with an increase in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2014 decrease in Australian dollar exchange rates. | ||||||
[5] | Represents subsequent recovery of receivable amounts previously reserved. | ||||||
[6] | Related to the MRRT, as offset by the impact of the 2013 decrease in Australian dollar exchange rates. | ||||||
[7] | Includes a decrease in valuation allowance during the period reflected directly in "Accumulated other comprehensive loss" and the impact of the 2015 decrease in Australian dollar exchange rates. |