Document and Entity Information
Document and Entity Information Document Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 19, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Amendment Description | |||
Entity Common Stock, Shares Outstanding | 129,717,428 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,400 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor | ||||
Revenues | ||||
Sales | $ 3,625.8 | |||
Other revenues | 626.8 | |||
Total revenues | 4,252.6 | |||
Costs and expenses | ||||
Operating costs and expenses (exclusive of items shown separately below) | 3,067.9 | |||
Depreciation, depletion and amortization | 521.6 | |||
Asset retirement obligation expenses | 41.2 | |||
Selling and administrative expenses | 105.4 | |||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | (45.2) | |||
Restructuring Charges | 7.6 | |||
Other operating (profit) loss: | ||||
Net gain on disposals | 84 | |||
Asset impairment | 0 | |||
(Income) loss from equity affiliates | (49) | |||
Operating income (loss) | 687.1 | |||
Interest Expense | 119.7 | |||
Loss on early debt extinguishment | 20.9 | |||
Interest income | (5.6) | |||
Reorganization Items | 0 | |||
Income (loss) from continuing operations before income taxes | 552.1 | |||
Income tax (benefit) expense | (161) | |||
Income (loss) from continuing operations, net of income taxes | 713.1 | |||
Loss from discontinued operations, net of income taxes | (19.8) | |||
Net income (loss) | 693.3 | |||
Less: Series A Convertible Preferred Stock dividends | 179.5 | |||
Less: Net income attributable to noncontrolling interests | 15.2 | |||
Net income (loss) attributable to common stockholders | $ 498.6 | |||
Income (loss) from continuing operations | ||||
Income (loss) from continuing operations, per basic share | $ 3.85 | |||
Income (loss) from continuing operations, per diluted share | 3.81 | |||
Net income (loss) attributable to common stockholders | ||||
Basic income (loss) per share | 3.70 | |||
Diluted income (loss) per share | 3.67 | |||
Dividends declared per share | $ 0 | |||
Predecessor | ||||
Revenues | ||||
Sales | $ 1,081.4 | $ 4,087.9 | $ 5,138.3 | |
Other revenues | 244.8 | 627.4 | 470.9 | |
Total revenues | 1,326.2 | 4,715.3 | 5,609.2 | |
Costs and expenses | ||||
Operating costs and expenses (exclusive of items shown separately below) | 963.7 | 4,107.6 | 5,007.7 | |
Depreciation, depletion and amortization | 119.9 | 465.4 | 572.2 | |
Asset retirement obligation expenses | 14.6 | 41.8 | 45.5 | |
Selling and administrative expenses | 37.2 | 153.4 | 176.4 | |
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | 0 | 0 | 0 | |
Restructuring Charges | 0 | 15.5 | 23.5 | |
Restructuring and pension settlement charges | 0 | |||
Other operating (profit) loss: | ||||
Net gain on disposals | 22.8 | 23.2 | 45 | |
Asset impairment | 30.5 | 247.9 | 1,277.8 | |
(Income) loss from equity affiliates | (15) | (16.2) | 15.9 | |
Operating income (loss) | 198.1 | (276.9) | (1,464.8) | |
Interest Expense | 32.9 | 298.6 | 465.4 | |
Loss on early debt extinguishment | 0 | 29.5 | 67.8 | |
Interest income | (2.7) | (5.7) | (7.7) | |
Reorganization Items | 627.2 | 159 | 0 | |
Income (loss) from continuing operations before income taxes | (459.3) | (758.3) | (1,990.3) | |
Income tax (benefit) expense | (263.8) | (94.5) | (207.1) | |
Income (loss) from continuing operations, net of income taxes | (195.5) | (663.8) | (1,783.2) | |
Loss from discontinued operations, net of income taxes | (16.2) | (57.6) | (175) | |
Net income (loss) | (211.7) | (721.4) | (1,958.2) | |
Less: Series A Convertible Preferred Stock dividends | 0 | 0 | 0 | |
Less: Net income attributable to noncontrolling interests | 4.8 | 7.9 | 7.1 | |
Net income (loss) attributable to common stockholders | $ (216.5) | $ (729.3) | $ (1,965.3) | |
Income (loss) from continuing operations | ||||
Income (loss) from continuing operations, per basic share | $ (10.93) | $ (36.72) | $ (98.65) | |
Income (loss) from continuing operations, per diluted share | (10.93) | (36.72) | (98.65) | |
Net income (loss) attributable to common stockholders | ||||
Basic income (loss) per share | (11.81) | (39.87) | (108.29) | |
Diluted income (loss) per share | (11.81) | (39.87) | (108.29) | |
Dividends declared per share | $ 0 | $ 0 | $ 0.075 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor | ||||
Net income (loss) | $ 693.3 | |||
Net unrealized gains (losses) on cash flow hedges (net of respective tax provision (benefit) of $85.9, $72.2 and ($54.6)) | ||||
Decrease in fair value of cash flow hedges | 0 | |||
Reclassification for realized losses (gains) included in net loss | 0 | |||
Net unrealized gains (losses) on cash flow hedges | 0 | |||
Postretirement plans and workers' compensation obligations (net of respective tax (benefit) provision of ($1.5), $36.2 and ($10.3)) | ||||
Prior service (cost) credit for the period | 0 | |||
Net actuarial (loss) gain for the period | 0 | |||
Amortization of actuarial loss and prior service cost included in net loss | 0 | |||
Postretirement plans and workers' compensation obligations | 0 | |||
Foreign currency translation adjustment | 1.4 | |||
Other comprehensive income (loss), net of income taxes | 1.4 | |||
Comprehensive loss | 694.7 | |||
Preferred Stock Dividends, Income Statement Impact | 179.5 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 15.2 | |||
Comprehensive loss attributable to common stockholders | $ 500 | |||
Predecessor | ||||
Net income (loss) | $ (211.7) | $ (721.4) | $ (1,958.2) | |
Net unrealized gains (losses) on cash flow hedges (net of respective tax provision (benefit) of $85.9, $72.2 and ($54.6)) | ||||
Decrease in fair value of cash flow hedges | 0 | 0 | (131.3) | |
Reclassification for realized losses (gains) included in net loss | 18.6 | 146.3 | 251.7 | |
Net unrealized gains (losses) on cash flow hedges | 18.6 | 146.3 | 120.4 | |
Postretirement plans and workers' compensation obligations (net of respective tax (benefit) provision of ($1.5), $36.2 and ($10.3)) | ||||
Prior service (cost) credit for the period | 0 | (4.5) | 10.4 | |
Net actuarial (loss) gain for the period | 0 | (13.5) | 18.1 | |
Amortization of actuarial loss and prior service cost included in net loss | 4.4 | 15.4 | 31.9 | |
Postretirement plans and workers' compensation obligations | 4.4 | (2.6) | 60.4 | |
Foreign currency translation adjustment | 5.5 | (1.8) | (34.9) | |
Other comprehensive income (loss), net of income taxes | 28.5 | 141.9 | 145.9 | |
Comprehensive loss | (183.2) | (579.5) | (1,812.3) | |
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 4.8 | 7.9 | 7.1 | |
Comprehensive loss attributable to common stockholders | $ (188) | $ (587.4) | $ (1,819.4) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current liabilities | ||
Liabilities subject to compromise | $ 8,440.2 | |
Predecessor | ||
Allowance for Doubtful Accounts Receivable, Current | 13.1 | |
Current assets | ||
Cash and cash equivalents | 872.3 | |
Restricted Cash and Investments, Current | 54.3 | |
Accounts receivable, net of allowance for doubtful accounts of $13.1 at December 31, 2016 and $6.6 at December 31, 2015 | 473 | |
Inventories | 203.7 | |
Assets from coal trading activities, net | 0.7 | |
Other current assets | 486.6 | |
Total current assets | 2,090.6 | |
Property, plant, equipment and mine development, net | 8,776.7 | |
Restricted cash collateral | 529.3 | |
Investments and other assets | 381.1 | |
Deferred income taxes | 0 | |
Total assets | 11,777.7 | |
Current liabilities | ||
Current portion of long-term debt | 20.2 | |
Liabilities from coal trading activities, net | 1.2 | |
Accounts payable and accrued expenses | 990.4 | |
Total current liabilities | 1,011.8 | |
Long-term debt, less current portion | 0 | |
Deferred income taxes | 173.9 | |
Asset retirement obligations, noncurrent | 717.8 | |
Accrued postretirement benefit costs | 756.3 | |
Other noncurrent liabilities | 496.2 | |
Total liabilities | 11,596.2 | |
Total liabilities not subject to compromise | 3,156 | |
Liabilities subject to compromise | 8,440.2 | |
Stockholders' equity | ||
Additional paid-in capital | 2,422 | |
Treasury stock, at cost - 0.8 shares as of December 31, 2016 and December 31, 2015 | (371.8) | |
(Accumulated deficit) retained earnings | (1,399.5) | |
Accumulated other comprehensive loss | $ 0 | (477) |
Peabody Energy Corporation's stockholders' equity | 173.9 | |
Noncontrolling interests | 7.6 | |
Total stockholders' equity | 181.5 | |
Total liabilities and stockholders' equity | $ 11,777.7 | |
Predecessor | Preferred Stock | ||
Preferred Stock, shares authorized | 10 | |
Stockholders' equity | ||
Preferred stock | $ 0 | |
Preferred Stock, Shares Issued | 0 | |
Preferred Stock, shares outstanding | 0 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Predecessor | Perpetual Preferred Stock [Member] | ||
Preferred Stock, shares authorized | 0.8 | |
Stockholders' equity | ||
Preferred stock | $ 0 | |
Preferred Stock, Shares Issued | 0 | |
Preferred Stock, shares outstanding | 0 | |
Predecessor | Series Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock | $ 0 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common Stock, Shares Authorized | 40 | |
Common stock, shares issued (in shares) | 0 | |
Common stock, shares outstanding (in shares) | 0 | |
Predecessor | Common Stock | ||
Stockholders' equity | ||
Common Stock | $ 0.2 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common Stock, Shares Authorized | 53.3 | |
Common stock, shares issued (in shares) | 19.3 | |
Common stock, shares outstanding (in shares) | 18.5 | |
Successor | ||
Allowance for Doubtful Accounts Receivable, Current | 4.6 | |
Current assets | ||
Cash and cash equivalents | 1,012.1 | |
Restricted Cash and Investments, Current | 40.1 | |
Accounts receivable, net of allowance for doubtful accounts of $13.1 at December 31, 2016 and $6.6 at December 31, 2015 | 552.1 | |
Inventories | 291.3 | |
Assets from coal trading activities, net | 2.6 | |
Other current assets | 291.8 | |
Total current assets | 2,190 | |
Property, plant, equipment and mine development, net | 5,111.9 | |
Restricted cash collateral | 323.1 | |
Investments and other assets | 470.6 | |
Deferred income taxes | 85.6 | |
Total assets | 8,181.2 | |
Current liabilities | ||
Current portion of long-term debt | 42.1 | |
Liabilities from coal trading activities, net | 11.7 | |
Accounts payable and accrued expenses | 1,191.1 | |
Total current liabilities | 1,244.9 | |
Long-term debt, less current portion | 1,418.7 | |
Deferred income taxes | 5.4 | |
Asset retirement obligations, noncurrent | 657 | |
Accrued postretirement benefit costs | 730 | |
Other noncurrent liabilities | 469.4 | |
Total liabilities | 4,525.4 | |
Total liabilities not subject to compromise | 4,525.4 | |
Liabilities subject to compromise | 0 | |
Stockholders' equity | ||
Additional paid-in capital | 2,590.3 | |
Treasury stock, at cost - 0.8 shares as of December 31, 2016 and December 31, 2015 | (175.9) | |
(Accumulated deficit) retained earnings | 613.6 | |
Accumulated other comprehensive loss | 1.4 | |
Peabody Energy Corporation's stockholders' equity | 3,606.4 | |
Noncontrolling interests | 49.4 | |
Total stockholders' equity | 3,655.8 | |
Total liabilities and stockholders' equity | $ 8,181.2 | |
Preferred Stock, shares outstanding | 13.5 | |
Common stock, shares outstanding (in shares) | 105.2 | |
Successor | Preferred Stock | ||
Preferred Stock, shares authorized | 50 | |
Stockholders' equity | ||
Preferred stock | $ 0 | |
Preferred Stock, Shares Issued | 0 | |
Preferred Stock, shares outstanding | 0 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Successor | Series Common Stock [Member] | ||
Stockholders' equity | ||
Common Stock | $ 0 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common Stock, Shares Authorized | 50 | |
Common stock, shares issued (in shares) | 0 | |
Common stock, shares outstanding (in shares) | 0 | |
Successor | Common Stock | ||
Stockholders' equity | ||
Common Stock | $ 1 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common Stock, Shares Authorized | 450 | |
Common stock, shares issued (in shares) | 111.8 | |
Common stock, shares outstanding (in shares) | 105.2 | |
Successor | Convertible Preferred Stock [Member] | ||
Preferred Stock, shares authorized | 50 | |
Stockholders' equity | ||
Preferred stock | $ 576 | |
Preferred Stock, Shares Issued | 30 | |
Preferred Stock, shares outstanding | 13.5 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Adjustments to reconcile income (loss) from continuing operations, net of income taxes to net cash provided by (used in) operating activities: | ||||
Fresh-Start Adjustment, Noncash Revaluation of Inventory | $ 0 | $ 0 | $ 0 | |
Predecessor | ||||
Cash Flows From Operating Activities | ||||
Net income (loss) | (211.7) | (721.4) | (1,958.2) | |
Loss from discontinued operations, net of income taxes | 16.2 | 57.6 | 175 | |
Income (loss) from continuing operations, net of income taxes | (195.5) | (663.8) | (1,783.2) | |
Adjustments to reconcile income (loss) from continuing operations, net of income taxes to net cash provided by (used in) operating activities: | ||||
Depreciation, depletion and amortization | 119.9 | 465.4 | 572.2 | |
Noncash interest expense including loss on early extinguishment of debt | 0.5 | 61.3 | 30.6 | |
Deferred income taxes | (262.3) | (97) | (138.3) | |
Noncash share-based compensation | 1.9 | 12.8 | 28.2 | |
Asset impairment | 30.5 | 247.9 | 1,277.8 | |
Net gain on disposal of assets | (22.8) | (23.2) | (45) | |
(Income) loss from equity affiliates | (15) | (16.2) | 15.9 | |
Gain on voluntary employee beneficiary association settlement | 0 | (68.1) | 0 | |
Foreign currency option contracts | 0 | 0 | 0 | |
Reclassification from other comprehensive earnings for terminated hedge contracts | 27.6 | 125.2 | 0 | |
Settlement of hedge positions | 0 | (25) | (14.9) | |
Noncash reorganization items, net | 569.3 | 90.9 | 0 | |
Changes in current assets and liabilities: | ||||
Accounts receivable | 159.3 | (101.3) | 188 | |
Change in receivable from accounts receivable securitization program | 0 | (168.5) | 138.5 | |
Inventories | (47.2) | 104 | 96.2 | |
Net assets from coal trading activities | (0.5) | 8.5 | (27.3) | |
Other current assets | 0.1 | (24.4) | 14.8 | |
Accounts payable and accrued expenses | (54.8) | 156.5 | (381.7) | |
Restricted cash | (94.1) | (125.7) | 0 | |
Asset retirement obligations | 10.2 | 13.1 | 23.9 | |
Workers' compensation obligations | (3.1) | (0.4) | (4.2) | |
Postretirement benefit obligations | 0.8 | 6.3 | 18.7 | |
Pension obligations | 5.4 | 21.7 | 29.6 | |
Take or pay obligation settlement | (5.5) | (15.5) | 0 | |
Other, net | (2.5) | (7.4) | (20.9) | |
Net cash provided by continuing operations | 222.2 | (22.9) | 18.9 | |
Net cash used in discontinued operations | (8.2) | (29.9) | (33.3) | |
Net cash provided by operating activities | 214 | (52.8) | (14.4) | |
Cash Flows From Investing Activities | ||||
Additions to property, plant, equipment and mine development | (32.8) | (126.6) | (126.8) | |
Changes in accrued expenses related to capital expenditures | (1.4) | (6.1) | (9.2) | |
Federal coal lease expenditures | (0.5) | (249) | (277.2) | |
Proceeds from disposal of assets | 24.3 | 144.4 | 70.4 | |
Purchases of debt and equity securities | 0 | 0 | (28.8) | |
Proceeds from sales and maturities of debt and equity securities | 0 | 0 | 90.3 | |
Contributions to joint ventures | (95.4) | (309.5) | (425.4) | |
Distributions from joint ventures | 90.5 | 312.4 | 422.6 | |
Advances to related parties | (0.4) | (40.4) | (3.7) | |
Repayment of loans from related parties | 31.1 | 40.6 | 0.9 | |
Other, net | (0.3) | (9.9) | (3.1) | |
Net cash used in investing activities | 15.1 | (244.1) | (290) | |
Cash Flows From Financing Activities | ||||
Proceeds from long-term debt | 1,000 | 1,458.4 | 975.7 | |
Successor Notes issuance proceeds into escrow | (1,000) | 0 | 0 | |
Repayments of long-term debt | (2.1) | (513.7) | (671.3) | |
Payment of deferred financing costs | (45.4) | (31) | (28.7) | |
Common stock repurchases | 0 | 0 | 0 | |
Dividends paid | 0 | 0 | (1.4) | |
Distributions to noncontrolling interests | (0.1) | (1.9) | (6.3) | |
Other, net | (0.1) | (3.9) | (0.3) | |
Net cash used in financing activities | (47.7) | 907.9 | 267.7 | |
Net change in cash and cash equivalents | 181.4 | 611 | (36.7) | |
Cash and cash equivalents at beginning of year | 872.3 | $ 1,053.7 | 261.3 | 298 |
Cash and cash equivalents at end of year | 1,053.7 | $ 872.3 | $ 261.3 | |
Successor | ||||
Cash Flows From Operating Activities | ||||
Net income (loss) | 693.3 | |||
Loss from discontinued operations, net of income taxes | 19.8 | |||
Income (loss) from continuing operations, net of income taxes | 713.1 | |||
Adjustments to reconcile income (loss) from continuing operations, net of income taxes to net cash provided by (used in) operating activities: | ||||
Depreciation, depletion and amortization | 521.6 | |||
Fresh-Start Adjustment, Noncash Revaluation of Inventory | 67.3 | |||
Noncash interest expense including loss on early extinguishment of debt | 34 | |||
Deferred income taxes | (99.6) | |||
Noncash share-based compensation | 21.8 | |||
Asset impairment | 0 | |||
Net gain on disposal of assets | (84) | |||
(Income) loss from equity affiliates | (49) | |||
Gain on voluntary employee beneficiary association settlement | 0 | |||
Foreign currency option contracts | (0.8) | |||
Reclassification from other comprehensive earnings for terminated hedge contracts | 0 | |||
Settlement of hedge positions | 0 | |||
Noncash reorganization items, net | 0 | |||
Changes in current assets and liabilities: | ||||
Accounts receivable | (240.1) | |||
Change in receivable from accounts receivable securitization program | 0 | |||
Inventories | (36.8) | |||
Net assets from coal trading activities | 9.1 | |||
Other current assets | (51.2) | |||
Accounts payable and accrued expenses | (169.5) | |||
Restricted cash | 274.2 | |||
Asset retirement obligations | 12.1 | |||
Workers' compensation obligations | (1.1) | |||
Postretirement benefit obligations | (19.8) | |||
Pension obligations | (55.4) | |||
Take or pay obligation settlement | 0 | |||
Other, net | (29.9) | |||
Net cash provided by continuing operations | 816 | |||
Net cash used in discontinued operations | (18.8) | |||
Net cash provided by operating activities | 797.2 | |||
Cash Flows From Investing Activities | ||||
Additions to property, plant, equipment and mine development | (166.6) | |||
Changes in accrued expenses related to capital expenditures | 16.2 | |||
Federal coal lease expenditures | 0 | |||
Proceeds from disposal of assets | 17.9 | |||
Purchases of debt and equity securities | 0 | |||
Proceeds from sales and maturities of debt and equity securities | 0 | |||
Contributions to joint ventures | (305.8) | |||
Distributions from joint ventures | 307 | |||
Advances to related parties | (3) | |||
Repayment of loans from related parties | 51.3 | |||
Other, net | (10.4) | |||
Net cash used in investing activities | (93.4) | |||
Cash Flows From Financing Activities | ||||
Proceeds from long-term debt | 0 | |||
Successor Notes issuance proceeds into escrow | 0 | |||
Repayments of long-term debt | (541.8) | |||
Payment of deferred financing costs | (10.8) | |||
Common stock repurchases | (175.7) | |||
Dividends paid | 0 | |||
Distributions to noncontrolling interests | (16.7) | |||
Other, net | (0.4) | |||
Net cash used in financing activities | (745.4) | |||
Net change in cash and cash equivalents | (41.6) | |||
Cash and cash equivalents at beginning of year | 1,053.7 | |||
Cash and cash equivalents at end of year | $ 1,053.7 | $ 1,012.1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests |
Beginning Balance (Predecessor) at Dec. 31, 2014 | $ 2,529 | $ 0 | $ 0.2 | $ 2,386 | $ (467.1) | $ 1,373 | $ (764.8) | $ 1.7 |
Net income (loss) | Predecessor | (1,958.2) | |||||||
Net income (loss) attributable to common stockholders | Predecessor | (1,965.3) | (1,965.3) | ||||||
Less: Net income attributable to noncontrolling interests | Predecessor | 7.1 | 7.1 | ||||||
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | Predecessor | 0 | |||||||
Net unrealized gains (losses) on cash flow hedges | Predecessor | 120.4 | 120.4 | ||||||
Postretirement plans and workers' compensation obligations | Predecessor | 60.4 | 60.4 | ||||||
Foreign currency translation adjustment | Predecessor | (34.9) | (34.9) | ||||||
Dividends paid | Predecessor | (1.4) | (1.4) | ||||||
Stock issued during period, value, share-based compensation, net of tax | Predecessor | 26.2 | 26.2 | ||||||
Employee stock purchases | Predecessor | (3.4) | 0 | 0 | (3.4) | 0 | 0 | 0 | 0 |
Defined contribution plan share contribution | Predecessor | 19.6 | (1.4) | 97.5 | (76.5) | ||||
Purchase of interest of noncontrolling stockholders | Predecessor | 4 | 3.5 | 0.5 | |||||
Consolidation of noncontrolling interests | Predecessor | 1.6 | 0 | 0 | 0 | 0 | 0 | 1.6 | |
Consolidation of noncontrolling interests | 0 | |||||||
Dividends payable to noncontrolling interests accrued during the period | Predecessor | (2) | 0 | 0 | 0 | 0 | 0 | 0 | (2) |
Repurchase of employee common stock relinquished for tax withholding | Predecessor | (2.1) | 0 | (2.1) | |||||
Distributions to noncontrolling interests | Predecessor | (6.3) | (6.3) | ||||||
Ending Balance (Predecessor) at Dec. 31, 2015 | 751.7 | 0 | 0.2 | 2,410.7 | (371.7) | (670.2) | (618.9) | 1.6 |
Net income (loss) | Predecessor | (721.4) | |||||||
Net income (loss) attributable to common stockholders | Predecessor | (729.3) | (729.3) | ||||||
Less: Net income attributable to noncontrolling interests | Predecessor | 7.9 | 7.9 | ||||||
Net unrealized gains (losses) on cash flow hedges | Predecessor | 146.3 | 146.3 | ||||||
Postretirement plans and workers' compensation obligations | Predecessor | (2.6) | (2.6) | ||||||
Foreign currency translation adjustment | Predecessor | (1.8) | (1.8) | ||||||
Share-based compensation, net of forfeitures | Predecessor | 11.3 | 11.3 | ||||||
Repurchase of employee common stock relinquished for tax withholding | Predecessor | (0.1) | (0.1) | ||||||
Distributions to noncontrolling interests | Predecessor | (1.9) | (1.9) | ||||||
Ending Balance (Predecessor) at Dec. 31, 2016 | 181.5 | 0 | 0.2 | 2,422 | (371.8) | (1,399.5) | (477) | 7.6 |
Net income (loss) | Predecessor | (211.7) | |||||||
Net income (loss) attributable to common stockholders | Predecessor | (216.5) | (216.5) | ||||||
Less: Net income attributable to noncontrolling interests | Predecessor | 4.8 | 4.8 | ||||||
Net unrealized gains (losses) on cash flow hedges | Predecessor | 18.6 | 18.6 | ||||||
Postretirement plans and workers' compensation obligations | Predecessor | 4.4 | 4.4 | ||||||
Foreign currency translation adjustment | Predecessor | 5.5 | 5.5 | ||||||
Repurchase of employee common stock relinquished for tax withholding | Predecessor | (0.1) | (0.1) | ||||||
Share-based compensation, net of forfeitures | Predecessor | 1.9 | 1.9 | ||||||
Equity, fair value adjustment | Predecessor | 0 | (0.2) | (2,423.9) | 371.9 | 1,616 | 448.5 | (12.3) | |
Distributions to noncontrolling interests | Predecessor | (0.1) | (0.1) | ||||||
Ending Balance (Predecessor) at Apr. 01, 2017 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Stock issued during period, value, issuance of successor equity | Successor | 3,131.9 | 1,305.4 | 0.7 | 1,774.9 | 0 | 0 | 0 | 50.9 |
Ending Balance (Successor) at Apr. 02, 2017 | 3,131.9 | 1,305.4 | 0.7 | 1,774.9 | 0 | 0 | 0 | 50.9 |
Beginning Balance (Predecessor) at Apr. 01, 2017 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | Successor | 693.3 | |||||||
Net income (loss) attributable to common stockholders | Successor | 498.6 | 678.1 | ||||||
Less: Net income attributable to noncontrolling interests | Successor | 15.2 | 15.2 | ||||||
Net unrealized gains (losses) on cash flow hedges | Successor | 0 | |||||||
Postretirement plans and workers' compensation obligations | Successor | 0 | |||||||
Foreign currency translation adjustment | Successor | 1.4 | 1.4 | ||||||
Share-based compensation, net of forfeitures | Successor | 21.8 | 21.8 | ||||||
Stock issued during period, value, conversion of warrants | Successor | 0 | 0.1 | (0.1) | |||||
Stock issued during period, value, conversion of convertible securities | Successor | 0 | (748.2) | 0.2 | 796.7 | (48.7) | |||
Dividends, preferred stock, stock | Successor | 0 | 18.8 | (3) | (15.8) | ||||
Treasury stock, value, acquired | Successor | (175.7) | (175.7) | ||||||
Repurchase of employee common stock relinquished for tax withholding | Successor | (0.2) | (0.2) | ||||||
Distributions to noncontrolling interests | Successor | (16.7) | (16.7) | ||||||
Ending Balance (Successor) at Dec. 31, 2017 | $ 3,655.8 | $ 576 | $ 1 | $ 2,590.3 | $ (175.9) | $ 613.6 | $ 1.4 | $ 49.4 |
Comprehensive Income Parentheti
Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Millions | Apr. 01, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net change in unrealized (losses) gains on available-for-sale securities, tax (benefit) provision | $ 0 | $ (0.1) | $ (0.5) | |||||||
Net unrealized gains (losses) on cash flow hedges, tax benefit | $ 0 | 85.9 | 72.2 | |||||||
Postretirement plans and workers' compensation obligations, tax (benefit) provision | 0 | (1.5) | 36.2 | |||||||
Predecessor | ||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | $ (319.8) | (195.5) | $ 124.3 | $ (175.2) | $ (97.7) | $ (223.2) | $ (167.7) | (663.8) | (1,783.2) | |
Net change in unrealized (losses) gains on available-for-sale securities, tax (benefit) provision | 0 | 0 | (0.1) | |||||||
Net unrealized gains (losses) on cash flow hedges, tax benefit | 9.1 | 85.9 | 72.2 | |||||||
Postretirement plans and workers' compensation obligations, tax (benefit) provision | 2.5 | (1.5) | 36.2 | |||||||
Net income (loss) | (331.9) | (211.7) | 120.2 | (188.3) | (135.8) | (226.2) | (171.1) | (721.4) | (1,958.2) | |
Net Income (Loss) Attributable to Parent | $ (331.9) | $ (216.5) | $ 115.4 | $ (192.7) | $ (137.6) | $ (227.9) | $ (171.1) | $ (729.3) | $ (1,965.3) | |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (10.93) | $ (36.72) | $ (98.65) |
Stockholders' Equity Parentheti
Stockholders' Equity Parenthetical (Parentheticals) $ in Millions | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Successor | |
Net change in unrealized (losses) gains on available-for-sale securities, tax (benefit) provision | $ 0 |
Net unrealized gains (losses) on cash flow hedges, tax benefit | 0 |
Postretirement plans and workers' compensation obligations, tax (benefit) provision | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies Discussion | 12 Months Ended |
Dec. 31, 2017 | |
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 (PEC) and its affiliates. The Company, or Peabody, are used interchangeably to refer to Peabody Energy Corporation, to Peabody Energy Corporation and its subsidiaries, or to such subsidiaries, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder 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. 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 the U.S., Australia, China, and the United Kingdom. The Company’s other energy-related commercial activities include managing its coal reserve and real estate holdings and supporting the development of clean coal technologies. Plan of Reorganization and Emergence from Chapter 11 Cases On April 13, 2016, (the Petition Date), PEC and a majority of its wholly owned domestic subsidiaries, as well as one international subsidiary in Gibraltar (collectively with PEC, the Debtors), filed voluntary petitions (the Bankruptcy Petitions) under Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Eastern District of Missouri (the Bankruptcy Court). The Debtors’ Chapter 11 cases (the Chapter 11 Cases) were jointly administered under the caption In re Peabody Energy Corporation, et al. , Case No. 16-42529. For periods subsequent to filing the Bankruptcy Petitions, the Company applied the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 852, “Reorganizations”, in preparing its consolidated financial statements. ASC 852 requires that financial statements distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that were realized or incurred in the bankruptcy proceedings were recorded in “Reorganization items, net” in the consolidated statements of operations. In addition, the pre-petition obligations that were impacted by the bankruptcy reorganization process were classified as “Liabilities subject to compromise” in the accompanying consolidated balance sheet at December 31, 2016. On January 27, 2017, the Debtors filed with the Bankruptcy Court the Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (as further modified, the Plan) and the Second Amended Disclosure Statement with Respect to the Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (previous versions of the Plan and Disclosure Statement were filed with the Bankruptcy Court on December 22, 2016 and January 25, 2017). Subsequently, the Debtors solicited votes on the Plan. On March 15, 2017, the Debtors filed a revised version of the Plan and on March 16, 2017, the Bankruptcy Court held a hearing to determine whether the Plan should be confirmed. On March 17, 2017, the Bankruptcy Court entered an order, Docket No. 2763 (the Confirmation Order), confirming the Plan. On April 3, 2017, (the Effective Date), the Debtors satisfied the conditions to effectiveness set forth in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases. On the Effective Date, in accordance with ASC 852, the Company applied fresh start reporting which requires the Company to allocate its reorganization value to the fair value of assets and liabilities in conformity with the guidance for the acquisition method of accounting for business combinations. The Company was permitted to use fresh start reporting because (i) the holders of existing voting shares of the Predecessor (as defined below) company received less than 50% of the voting shares of the emerging entity upon reorganization and (ii) the reorganization value of the Company’s assets immediately prior to Plan confirmation was less than the total of all postpetition liabilities and allowed claims. Upon adoption of fresh start reporting, the Company became a new entity for financial reporting purposes, reflecting the Successor (as defined below) capital structure. As a result, a new accounting basis in the identifiable assets and liabilities assumed was established with no retained earnings or accumulated other comprehensive income (loss) for financial reporting purposes. The Company selected an accounting convenience date of April 1, 2017 for purposes of applying fresh start reporting as the activity between the convenience date and the Effective Date does not result in a material difference in the results. References to “Successor” in the financial statements and accompanying footnotes are in reference to reporting dates on or after April 2, 2017; references to “Predecessor” in the financial statements and accompanying footnotes are in reference to reporting dates through April 1, 2017 which includes the impact of the Plan provisions and the application of fresh start reporting. As such, the Company’s financial statements for the Successor will not be comparable in many respects to its financial statements for periods prior to the adoption of fresh start reporting and prior to the accounting for the effects of the Plan. For further information on the Plan and fresh start reporting, see Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting.” In connection with fresh start reporting, the Company made certain accounting policy elections that impact the Successor periods presented herein and will impact prospective periods. The Company will classify the amortization associated with its asset retirement obligation assets within “Depreciation, depletion and amortization” in its consolidated statements of operations, rather than within “Asset retirement obligation expenses”, as in Predecessor periods. With respect to its accrued postretirement benefit and pension obligations, the Company will prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. 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. generally accepted accounting principles (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. The new standard will be effective for interim and annual periods beginning after December 15, 2017 (January 1, 2018 for the Company), with early adoption permitted. The Company’s primary source of revenue is from the sale of coal through both short-term and long-term contracts with utilities, industrial customers and steel producers whereby revenue is currently recognized when risk of loss has passed to the customer. Upon adoption of this new standard, the Company believes that the timing of revenue recognition related to its coal sales will remain consistent with its current practice. The Company has reviewed its portfolio of coal sales contracts and the various terms and clauses within each contract and believes it is unlikely that its revenue recognition policies for such contracts will be materially impacted by the standard. The Company has also evaluated other revenue streams to determine the impact related to the adoption of the standard, as well as potential disclosures required by the standard. The Company will adopt the new revenue guidance effective January 1, 2018 under the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as a decrease to the opening balance of retained earnings. This adjustment is estimated to be less than $15 million , with an immaterial impact to the Company’s total revenue and net income prospectively. Lease Accounting. In February 2016, the FASB issued accounting guidance that will require a lessee to recognize on its 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 December 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. Financial Instruments - Credit Losses. In June 2016, the FASB issued accounting guidance related to the measurement of credit losses on financial instruments. The pronouncement replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through net income. This standard is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for the Company) and interim periods therein, with early adoption permitted for fiscal years, and interim periods therein, beginning after December 15, 2018. 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. Classification of Certain Cash Receipts and Cash Payments. In August 2016, the FASB issued accounting guidance to amend the classification of certain cash receipts and cash payments in the statement of cash flows to reduce diversity in practice. The new guidance will be effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. The amendments in the classification should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The classification requirements under the new guidance are either consistent with the Company’s current practices or are not applicable to its activities, and as such, are not expected to have a material impact on classification of cash receipts and cash payments in the Company’s statements of cash flows. Restricted Cash. In November 2016, the FASB issued accounting guidance which will reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The new guidance will be effective retrospectively for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. As a result of this guidance, the Company will combine restricted cash with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on its statements of cash flows. Compensation - Retirement Benefits. In March 2017, the FASB issued accounting guidance which requires employers that sponsor defined benefit pension and other postretirement plans to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to report the service cost component in the same line item as other compensation costs and to report the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. The new guidance will be effective retrospectively for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. While adoption of this guidance will impact financial statement presentation, it will not materially impact the Company’s results of operations, financial condition, or cash flows. Derivatives and Hedging. In August 2017, the FASB issued accounting guidance to amend the hedge accounting rules to simplify the application of hedge accounting guidance and better align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, as well as eases certain hedge effectiveness assessment requirements. The new guidance will be effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Company) and interim periods therein, with early adoption permitted. The amendments to cash flow and net investment hedge relationships that exist on the date of adoption will be applied using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. The Company is currently 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 majority of the Company’s revenue is derived from coal sales (excluding trading and brokerage transactions). 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. The Company’s U.S. operating platform primarily sells thermal coal to electric utilities in the U.S. under long-term contracts, with a portion sold into the seaborne markets as market conditions warrant. A significant portion of the coal production from the U.S. mining segments is sold under long-term supply agreements, and customers of those segments continue to pursue long-term sales agreements in recognition of the importance of reliability, service and predictable coal prices to their operations. The terms of coal supply agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of those agreements may vary in many respects, including price adjustment features, price reopener terms, coal quality requirements, quantity parameters, permitted sources of supply, treatment of environmental constraints, extension options, force majeure and termination and assignment provisions. The Company's Australian operating platform is primarily export focused with customers spread across several countries, while a portion of the metallurgical and thermal coal is sold within Australia. Generally, revenues from individual countries vary year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. A majority of these sales are executed through annual and multi-year international coal supply agreements that contain provisions requiring both parties to renegotiate pricing periodically. Industry commercial practice, and the Company’s typical practice, is to negotiate pricing for those metallurgical and seaborne thermal coal contracts on a quarterly and annual basis, respectively, with a portion sold and priced on a shorter-term basis. The portion of volume priced on a shorter-term basis has increased in recent years. Many of the Company’s coal supply agreements contain provisions that permit the parties to adjust the contract price upward or downward at specified times. These contract prices may be adjusted based on inflation or deflation and/or changes in the factors affecting the cost of producing coal, such as taxes, fees, royalties and changes in the laws regulating the mining, production, sale or use of coal. In a limited number of contracts, failure of the parties to agree on a price under those provisions may allow either party to terminate the contract. The Company sometimes experiences a reduction in coal prices in new long-term coal supply agreements replacing some of its expiring contracts. Coal supply agreements also typically contain force majeure provisions allowing temporary suspension of performance by the Company or the customer during the duration of specified events beyond the control of the affected party. Most of the coal supply agreements contain provisions requiring the Company to deliver coal meeting quality thresholds for certain characteristics such as Btu, sulfur content, ash content, grindability and ash fusion temperature. Failure to meet these specifications could result in economic penalties, including price adjustments, the rejection of deliveries or termination of the contracts. Moreover, some of these agreements allow the Company’s customers to terminate their contracts in the event of changes in regulations affecting the industry that restrict the use or type of coal permissible at the customer’s plant or increase the price of coal beyond specified limits. Other Revenues "Other revenues" may include net revenues from coal trading activities as discussed in Note 8. "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, and property and facility rentals. 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 4. “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 . Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or at periodic intervals in accordance with contractual terms . Payments are generally received within thirty days of invoicing. 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 net realizable value. 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. Net realizable value 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 net realizable value, less a reserve for obsolete or surplus items. This reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. 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 all periods presented 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 2 to 28 Machinery and equipment 2 to 28 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 “(Income) 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 income (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 3. “Asset Impairment” and Note 6. “Investments” for details regarding other-than-temporary impairment losses of $276.5 million recorded during the year ended December 31, 2015 related to certain of the Company’s equity and cost method investments. No such impairment losses were recorded during the Successor period April 2 through December 31, 2017 , or the Predecessor periods January 1 through April 1, 2017 and the year ended December 31, 2016 . 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 and regulations 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 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 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. Postretirement 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 16. “Postretirement Health Care and Life Insurance Benefits” for information rela |
Emergence from the Chapter 11 C
Emergence from the Chapter 11 Cases and Fresh Start Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Emergence from the Chapter 11 Cases and Fresh Start Reporting | Emergence from the Chapter 11 Cases and Fresh Start Reporting The following is a summary of certain provisions of the Plan, as confirmed by the Bankruptcy Court pursuant to the Confirmation Order, and is not intended to be a complete description of the Plan, which is included in its entirety as Exhibit 2.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on March 20, 2017. The consummation of the Plan resulted in the following capital structure on the Effective Date: • Successor Notes - $1,000.0 million first lien senior secured notes • Successor Credit Facility - a first lien credit facility of $950.0 million • Series A Convertible Preferred Stock - $750.0 million for 30.0 million shares of Series A Convertible Preferred Stock • Common Stock and Warrants - $750.0 million for common stock and warrants issued in connection with a Rights Offering (as defined below), resulting in, together with other issuances of common stock, the issuance of 70.9 million shares of a single class of common stock and warrants to purchase 6.2 million shares of common stock The new debt and equity instruments comprising the Successor Company’s capital structure are further described below. Treatment of Classified Claims and Interests The following summarizes the various classes of claimants’ recoveries under the Plan. Undefined capitalized terms used in this section, Treatment of Classified Claims and Interests , are defined in the Plan. First Lien Lender Claims (Classes 1A - 1D) Paid in full in cash. Second Lien Notes Claims (Classes 2A - 2D) A combination of (1) $450 million of cash, first lien debt and/or new second lien notes and (2)(a) new common stock, par value $0.01 per share, of the Reorganized Peabody (Common Stock) and (b) subscription rights in the Rights Offering. Other Secured Claims (Classes 3A - 3E) At the election of the Debtors, (1) reinstatement, (2) payment in full in cash, (3) receipt of the applicable collateral or (4) such other treatment consistent with section 1129(b) of the Bankruptcy Code. Other Priority Claims (Classes 4A - 4E) Paid in full in cash. General Unsecured Claims Class 5A: Against Peabody Energy: a pro rata share of $5 million in cash plus an amount of additional cash (up to $2 million) not otherwise paid to holders of Convenience Claims. Class 5B: Against the Encumbered Guarantor Debtors: (1) Common Stock and subscription rights in the Rights Offering or (2) at the election of the claim holder, cash from a pool of $75 million in cash to be paid by the Debtors and the Reorganized Debtors into a segregated account in accordance with the terms set forth in the Plan. Class 5C: Against the Gold Fields Debtors: units in the Gold Fields Liquidating Trust. Class 5D: Against Peabody Holdings (Gibraltar) Limited: no recoveries. Class 5E: Against the Unencumbered Debtors: cash in the amount of such holder’s allowed claim, less any amounts attributable to late fees, postpetition interest or penalties. Convenience Claims Class 6A: Against Peabody Energy: up to 72.5% of such claim in cash, provided that total payments to Convenience Claims may not exceed $2 million. Class 6B: Against the Encumbered Guarantor Debtors: up to 72.5% of such claim in cash, provided that total payments to Convenience Claims may not exceed $18 million. United Mine Workers of America 1974 Pension Plan Claim (Classes 7A - 7E) $75 million in cash paid over five years. See Note 4. “Discontinued Operations,” for additional details. Unsecured Subordinated Debentures Claims (Class 8A) (1) Payment of the reasonable and documented fees and expenses of the trustee under the 2066 subordinated indenture up to $350,000; and (2) because this class voted in favor of the Plan and in connection with the settlement of certain potential intercreditor disputes as part of the global settlement embodied therein, and because the trustee under the 2066 subordinated indenture did not object to, and affirmatively supported, the Plan, holders of allowed Unsecured Subordinated Debenture Claims received from specified noteholder co-proponents their pro rata share of penny warrants exercisable for 1.0% of the fully diluted Reorganized Peabody common stock from the pool of penny warrants issued to the noteholder co-proponents under the Rights Offering and/or the terms of the Backstop Commitment Agreement (as defined below). Section 510(b) Claims (Class 10A) No recovery. Peabody Energy Equity Interests (Class 11A) No recovery, as further described under Cancellation of Prior Common Stock below. Cancellation of Prior Common Stock In accordance with the Plan and as previously disclosed, each share of the Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect as of the Effective Date. Furthermore, all of the Company’s equity award agreements under prior incentive plans, and the awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect as of the Effective Date. Issuance of Equity Securities Section 1145 Securities On the Effective Date and simultaneous with the cancellation of the prior common stock discussed above, in connection with the Company’s emergence from the Chapter 11 Cases and in reliance on the exemption from registration requirements of the Securities Act of 1933 (the Securities Act) provided by Section 1145 of the Bankruptcy Code, the Company issued: • 11.6 million shares of Common Stock to holders of Allowed Claims (as defined in the Plan) in Classes 2A, 2B, 2C, 2D and 5B on account of such claims as provided in the Plan; and • 51.2 million shares of Common Stock and 2.9 million Warrants (the 1145 Warrants) pursuant to the completed Rights Offering to certain holders of the Company’s prepetition indebtedness for total consideration of $704.4 million . Any shares of Common Stock issued pursuant to the exercise of such 1145 Warrants were similarly issued pursuant to the exemption from registration provided by Section 1145 of the Bankruptcy Code. Section 4(a)(2) Securities In addition, on the Effective Date, in connection with the Company’s emergence from the Chapter 11 Cases and in reliance on the exemption from registration requirements of the Securities Act provided by Section 4(a)(2) of the Securities Act, the Company issued: • 30.0 million shares of Series A Convertible Preferred Stock (the Preferred Stock) to parties to the Private Placement Agreement, dated as of December 22, 2016 (as amended, the Private Placement Agreement), among the Company and the other parties thereto, for total consideration of $750.0 million ; • 3.3 million shares of Common Stock and 0.2 million Warrants (the Private Warrants, and together with the 1145 Warrants, the Warrants) to parties to the Backstop Commitment Agreement, dated as of December 22, 2016 (as amended, the Backstop Commitment Agreement), among the Company and the other parties thereto, on account of their commitments under that agreement, for total consideration of $45.6 million ; and • 4.8 million shares of Common Stock and 3.1 million additional Private Warrants to specified parties to the Private Placement Agreement and Backstop Commitment Agreement on account of commitment premiums contemplated by those agreements. Any shares of Common Stock issued pursuant to the conversion of the Preferred Stock or the exercise of such Private Warrants have been or will be issued pursuant to the exemption from registration provided by Section 3(a)(9) and/or Section 4(a)(2) of the Securities Act. The securities issued in reliance on Section 4(a)(2) of the Securities Act were subject to restrictions on transfer; however, substantially all such shares were registered with the SEC on a resale Form S-1 effective July 14, 2017. Current Equity Structure During the period April 2 through December 31, 2017 , the Company made repurchases of approximately 5.8 million shares of its Common Stock pursuant to its share repurchase program, as described in Note 18. “Stockholders’ Equity”. As of December 31, 2017, the Company would have had approximately 130.7 million shares of Common Stock outstanding, assuming full conversion of the Preferred Stock (including make-whole shares issuable upon conversion of the Preferred Stock). This amount excludes approximately 3.5 million shares of Common Stock which underlie unvested equity awards granted under the 2017 Incentive Plan (as defined below). Other Forms of Equity Authorized under the Company’s Certificate of Incorporation As noted on the accompanying consolidated balance sheets, the Company’s Fourth Amended and Restated Certificate of Incorporation authorizes the issuances of additional series of preferred stock, as well as series common stock. Other than the Series A Convertible Preferred Stock, no other series of preferred stock is outstanding as of December 31, 2017. Additionally, as of December 31, 2017, no series common stock is outstanding. A copy of the Company’s Fourth Amended and Restated Certificate of Incorporation is included as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. Preferred Stock Prior to the Mandatory Conversion (as defined below), the Preferred Stock accrued dividends at a rate of 8.5% per year, payable in-kind semi-annually on April 30 and October 31 of each year as additional shares of Series A Convertible Preferred Stock, and could be converted into a number of shares of Common Stock as described below. The Preferred Stock was convertible into Common Stock at any time, at the option of the holders at an initial conversion price of $16.25 , representing a discount of 35% to the equity value assigned to the Common Stock by the Plan (subject to customary anti-dilution adjustments, the Conversion Price). Beginning on the Effective Date, each outstanding share of Preferred Stock would automatically convert into a number of shares of Common Stock at the Conversion Price (such conversion, the Mandatory Conversion) if the volume weighted average price of the Common Stock exceeded $32.50 (the Conversion Threshold) for at least 45 trading days in a 60 consecutive trading day period, including each of the last 20 days in such 60 consecutive trading day period (such period, the Mandatory Conversion Period). On January 31, 2018 , the requirements for a Mandatory Conversion were met and the then outstanding 13.2 million shares of Preferred Stock were automatically converted into 24.8 million shares of Common Stock. As a result of the Mandatory Conversion, the Company expects to record a non-cash preferred dividend charge of approximately $103 million in the the first quarter of 2018. Upon the Mandatory Conversion of the Preferred Stock, holders of the Preferred Stock were deemed to have (1) received dividends through the last payment of dividends prior to the conversion, including dividends received on prior dividends, to the extent accrued and not previously paid; and (2) dividends on the shares of Preferred Stock then outstanding and any shares deemed issued pursuant to the preceding clause accruing from the last dividend date preceding the date of the conversion through, but not including, the three year anniversary of their initial issuance, and all dividends on prior dividends. Rights Offering Pursuant to the Plan and Rights Offering, holders of Allowed Claims in Classes 2A, 2B, 2C, 2D and 5B were offered the opportunity to purchase up to 54.5 million units, each unit being comprised of (1) one share of Common Stock and (2) a fraction of a Warrant. The purchase price for the units offered in the Rights Offering was $13.75 per unit. A total of 51.2 million units were purchased in the Rights Offering. Pursuant to the Backstop Commitment Agreement, the remaining 3.3 million units that were not purchased in the Rights Offering were purchased by the parties to the Backstop Commitment Agreement at the same per-unit price. Registration Rights Agreement On the Effective Date, the Company entered into a registration rights agreement (Registration Rights Agreement) with certain parties (together with any person or entity that becomes a party to the Registration Rights Agreement, the Holders) that received shares of the Company’s Common Stock and Preferred Stock in the Company on the Effective Date, as provided in the Plan. The Registration Rights Agreement provides Holders with registration rights for the Holders’ Registrable Securities (as defined in the Registration Rights Agreement). Substantially all of the Holders’ Registrable Securities were registered with the SEC on Form S-1 effective July 14, 2017. The registration rights are subject to certain conditions and limitations, including the right of the underwriters to limit the number of shares to be included in an underwritten offering and the Company’s right to delay or withdraw a registration statement under certain circumstances. A copy of the Registration Rights Agreement is included as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. Warrant Agreement On the Effective Date, the Company entered into a warrant agreement (the Warrant Agreement) with American Stock Transfer and Trust Company, LLC. In accordance with the Plan, the Company issued 6.2 million warrants to purchase one share of Common Stock each at an exercise price of $0.01 per share to all Noteholder Co-Proponents (as defined in the Plan) and subscribers in the Rights Offering (as defined in the Plan) and related backstop commitment. All Warrants described above under the heading Issuance of Equity Securities were issued under the Warrant Agreement. All unexercised Warrants expired, and the rights of the holders of such Warrants to purchase Common Stock terminated on July 3, 2017, with less than 0.1% of the Warrants unexercised. A copy of the Warrant Agreement is included as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. 6.000% and 6.375% Senior Secured Notes (collectively, the Successor Notes) On February 15, 2017, one of PEC’s subsidiaries entered into an indenture with Wilmington Trust, National Association, as trustee, relating to the issuance by PEC’s subsidiary of $500.0 million aggregate principal amount of 6.000% senior secured notes due 2022 (the 2022 Notes) and $500.0 million aggregate principal amount of 6.375% senior secured notes due 2025 (together with the 2022 Notes, the Successor Notes). The Successor Notes were sold on February 15, 2017 in a private transaction exempt from the registration requirements of the Securities Act. Prior to the Effective Date, PEC’s subsidiary deposited the proceeds of the offering of the Successor Notes into an escrow account pending confirmation of the Plan and certain other conditions being satisfied. On the Effective Date, the proceeds from the Successor Notes were used to repay the predecessor first lien obligations. The Successor Notes are further described in Note 13. “Current and Long-term Debt” and copies of the indenture documents underlying the Successor Notes are incorporated as Exhibit 4.3 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. Successor Credit Agreement In connection with an exit facility commitment letter, on the Effective Date, the Company entered into a credit agreement, dated as of April 3, 2017, among the Company, as Borrower, Goldman Sachs Bank USA, as Administrative Agent, and other lenders party thereto (the Successor Credit Agreement). The Successor Credit Agreement originally provided for a $950.0 million senior secured term loan, which matures in 2022 and prior to the amendment described in Note 13. “Current and Long-term Debt,” bore interest at LIBOR plus 4.50% per annum with a 1.00% LIBOR floor. Following the amendment the loan bears interest at LIBOR plus 3.50% per annum with a 1.00% LIBOR floor. On the Effective Date, the proceeds from the Successor Credit Agreement were used to repay the predecessor first lien obligations. The Successor Credit Agreement and the amendment are further described in Note 13. “Current and Long-term Debt.” A copy of the Successor Credit Agreement is included as Exhibit 10.3 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017 and a copy of the amendment is included as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on September 18, 2017. Securitization Facility In connection with a receivables securitization program commitment letter, on the Effective Date, the Company entered into the Sixth Amended and Restated Receivables Purchase Agreement, as amended, dated as of April 3, 2017 (Receivables Purchase Agreement), among P&L Receivables Company, LLC (P&L Receivables), as the Seller, the Company, as the Servicer, the sub-servicers party thereto, the various purchasers and purchaser agents party thereto and PNC Bank, National Association (PNC), as administrator. The Receivables Purchase Agreement extends the receivables securitization facility previously in place and expands that facility to include certain receivables from the Company’s Australian operations. The Receivables Purchase Agreement is further described in Note 24. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees” and a copy of the Receivables Purchase Agreement is included as Exhibit 10.4 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. Cancellation of Prepetition Obligations In accordance with the Plan, on the Effective Date all of the obligations of the Debtors with respect to the following debt instruments were canceled: • Indenture governing $1,000.0 million outstanding aggregate principal amount of the Company’s 10.00% Senior Secured Second Lien Notes due 2022, dated as of March 16, 2015, among the Company, U.S. Bank National Association (U.S. Bank), as trustee and collateral agent, and the guarantors named therein, as supplemented; • Indenture governing $650.0 million outstanding aggregate principal amount of the Company’s 6.50% Senior Notes due 2020, dated as of March 19, 2004, among the Company, U.S. Bank, as trustee, and the guarantors named therein, as supplemented; • Indenture governing $1,518.8 million outstanding aggregate principal amount of the Company’s 6.00% Senior Notes due 2018, dated as of November 15, 2011, among the Company, U.S. Bank, as trustee, and the guarantors named therein, as supplemented; • Indenture governing $1,339.6 million outstanding aggregate principal amount of the Company’s 6.25% Senior Notes due 2021, dated as of November 15, 2011, by and among the Company, U.S. Bank, as trustee, and the guarantors named therein, as supplemented; • Indenture governing $250.0 million outstanding aggregate principal amount of the Company’s 7.875% Senior Notes due 2026, dated as of March 19, 2004, among the Company, U.S. Bank, as trustee, and the guarantors named therein, as supplemented; • Subordinated Indenture governing $732.5 million outstanding aggregate principal amount of the Company’s Convertible Junior Subordinated Debentures due 2066, dated as of December 20, 2006, among the Company and U.S. Bank, as trustee, as supplemented; and • Amended and Restated Credit Agreement, as amended and restated as of September 24, 2013 (the 2013 Credit Facility), related to $1,170.0 million outstanding aggregate principal amount of term loans under a term loan facility (the 2013 Term Loan Facility) and $1,650.0 million under a revolving credit facility (the 2013 Revolver), which includes approximately $675.0 million of posted but undrawn letters of credit and approximately $947.0 million in outstanding borrowings, by and among the Company, Citibank, N.A., as administrative agent, swing line lender and letter of credit issuer, Citigroup Global Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., Crédit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Morgan Stanley Senior Funding, Inc., PNC Capital Markets LLC and RBS Securities Inc., as joint lead arrangers and joint book managers, and the lender parties thereto, as amended by that certain Omnibus Amendment Agreement, dated as of February 5, 2015. 2017 Incentive Compensation Plan In accordance with the Plan, the Peabody Energy Corporation 2017 Incentive Plan (the 2017 Incentive Plan) became effective as of the Effective Date. The 2017 Incentive Plan is intended to, among other things, help attract and retain employees and directors upon whom, in large measure, the Company depends for sustained progress, growth and profitability. The 2017 Incentive Plan also permits awards to consultants. Unless otherwise determined by the Company’s Board of Directors (the Board), the compensation committee of the Board will administer the 2017 Incentive Plan. The 2017 Incentive Plan generally provides for the following types of awards: • options (including non-qualified stock options and incentive stock options); • stock appreciation rights; • restricted stock; • restricted stock units; • deferred stock; • performance units; • dividend equivalents; and • cash incentive awards. The aggregate number of shares of Common Stock reserved for issuance pursuant to the 2017 Incentive Plan is approximately 14.0 million . The 2017 Incentive Plan will remain in effect, subject to the right of the Board to terminate the 2017 Incentive Plan at any time, subject to certain restrictions, until the earlier to occur of (a) the date all shares of Common Stock subject to the 2017 Incentive Plan are purchased or acquired and the restrictions on all restricted stock granted under the 2017 Incentive Plan have lapsed, according to the 2017 Incentive Plan’s provisions, and (b) ten years from the Effective Date. Reorganization Value Fresh start reporting provides, among other things, for a determination of the value to be assigned to the equity of the emerging company as of a date selected for financial reporting purposes. In conjunction with the bankruptcy proceedings, a third-party financial advisor provided an enterprise value of the Company of approximately $4.2 billion to $4.9 billion . The final equity value of $3,081.0 million was based upon the approximate low end of the enterprise value established by the third-party valuation and cash held by the Successor company in connection with the emergence from the Chapter 11 Cases, less the fair value of Successor debt issued on the Effective Date as described above. The final equity value equated to a per share value of $22.03 per equivalent common share issued in accordance with the Plan. The enterprise value of the Company was estimated using two primary valuation methods: a comparable public company analysis and a discounted cash flow (DCF) analysis. The comparable public company analysis is based on the enterprise value of selected publicly traded companies that have operating and financial characteristics comparable in certain respects to the Company, for example, operational requirements and risk and profitability characteristics. Selected companies were comprised of coal mining companies with primary operations in the United States. Under this methodology, certain financial multiples and ratios that measure financial performance and value were calculated for each selected company and then applied to the Company’s financials to imply an enterprise value for the Company. The DCF analysis is a forward-looking enterprise valuation methodology that estimates the value of an asset or business by calculating the present value of expected future cash flows by that asset or business. The basis of the DCF analysis was the Company’s prepared projections which included a variety of estimates and assumptions, such as pricing and demand for coal. The Company’s pricing was based on its view of the market taking into account third-party forward pricing curves adjusted for the quality of products sold by the Company. While the Company considers such estimates and assumptions reasonable, they are inherently subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control and, therefore, may not be realized. Changes in these estimates and assumptions may have a significant effect on the determination of the Company’s enterprise value. The assumptions used in the calculations for the DCF analysis included projected revenue, cost and cash flows for the nine months ending December 31, 2017 through each respective mine life and represented the Company’s best estimates at the time the analysis was prepared. The DCF analysis was completed using discount rates ranging from 11% to 14.5% . The DCF analysis involves complex considerations and judgments concerning appropriate discount rates. Due to the unobservable inputs to the valuation, the fair value would be considered Level 3 in the fair value hierarchy. Grant of Emergence Awards On the Effective Date, the Company granted restricted stock units under the 2017 Incentive Plan and the terms of the relevant restricted stock unit agreement to all employees, including its executive officers (the Emergence Awards). The fair value of the Emergence Awards on the Effective Date was approximately $80 million . The Emergence Awards granted to the Company’s executive officers generally will vest ratably on each of the first three anniversaries of the Effective Date, subject to, among other things, each such executive officer’s continued employment with the Company. The Emergence Awards will become fully vested upon each such executive officer’s termination of employment by the Company and its subsidiaries without Cause or by the executive for Good Reason (each, as defined in the 2017 Incentive Plan or award agreement) or due to a termination of employment with the Company and its subsidiaries by reason of death or Disability (as defined in the 2017 Incentive Plan or award agreement). In order to receive the Emergence Awards, the executive officers were required to execute restrictive covenant agreements protecting the Company’s interests. Copies of the 2017 Incentive Plan and related documents are included as Exhibits 10.7 and 10.8 to the Current Report on Form 8-K filed by the Company with the SEC on April 3, 2017. Effect of Plan and Fresh Start Reporting Adjustments The following balance sheet illustrates the impacts of the implementation of the Plan and the application of fresh start reporting, which results in the opening balance sheet of the Successor company. As of April 1, 2017 Predecessor (a) Effect of Plan (b) Fresh Start Adjustments (c) Successor (Dollars in millions) ASSETS Current assets Cash and cash equivalents $ 1,068.1 $ (14.4 ) (d) $ — $ 1,053.7 Restricted cash 80.7 (54.7 ) (d) — 26.0 Successor Notes issuance proceeds - restricted cash 1,000.0 (1,000.0 ) (d) — — Accounts receivable, net 312.1 — — 312.1 Inventories 250.8 — 70.1 (k) 320.9 Assets from coal trading activities, net 0.6 — — 0.6 Other current assets 493.9 (18.1 ) (e) (333.0 ) (l) 142.8 Total current assets 3,206.2 (1,087.2 ) (262.9 ) 1,856.1 Property, plant, equipment and mine development, net 8,653.9 — (3,461.4 ) (m) 5,192.5 Investments and other assets 976.4 3.9 (f) 238.0 (n) 1,218.3 Total assets $ 12,836.5 $ (1,083.3 ) $ (3,486.3 ) $ 8,266.9 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Current portion of long-term debt $ 18.2 $ 9.5 (g) $ — $ 27.7 Liabilities from coal trading activities, net 0.7 — — 0.7 Accounts payable and accrued expenses 967.3 257.6 (h) 14.8 (o) 1,239.7 Total current liabilities 986.2 267.1 14.8 1,268.1 Long-term debt, less current portion 950.5 903.2 (g) — 1,853.7 Deferred income taxes 179.2 — (177.8 ) (p) 1.4 Asset retirement obligations 707.0 — (73.9 ) (q) 633.1 Accrued postretirement benefit costs 753.9 — (6.9 ) (r) 747.0 Other noncurrent liabilities 511.1 — 120.6 (s) 631.7 Total liabilities not subject to compromise 4,087.9 1,170.3 (123.2 ) 5,135.0 Liabilities subject to compromise 8,416.7 (8,416.7 ) (i) — — Total liabilities 12,504.6 (7,246.4 ) (123.2 ) 5,135.0 Stockholders’ equity Common Stock (Predecessor) 0.2 (0.2 ) (j) — — Common Stock (Successor) — 0.7 (b) — 0.7 Series A Preferred Stock (Successor) — 1,305.4 (b) — 1,305.4 Additional paid-in capital (Predecessor) 2,423.9 (2,423.9 ) (j) — — Additional paid-in capital (Successor) — 1,774.9 (b) — 1,774.9 Treasury stock, at cost (371.9 ) 371.9 (j) — — Accumulated deficit (1,284.1 ) 5,134.3 (j) (3,850.2 ) (t) — Accumulated other comprehensive loss (448.5 ) — 448.5 (t) — Peabody Energy Corporation stockholders’ equity 319.6 6,163.1 (3,401.7 ) 3,081.0 Noncontrolling interests 12.3 — 38.6 (u) 50.9 Total stockholders’ equity 331.9 6,163.1 (3,363.1 ) 3,131.9 Total liabilities and stockholders’ equity $ 12,836.5 $ (1,083.3 ) $ (3,486.3 ) $ 8,266.9 (a) Represents the Predecessor consolidated balance sheet at April 1, 2017. (b) Represents amounts recorded for the implementation of the Plan on the Effective Date. This includes the settlement of liabilities subject to compromise through a combination of cash payments, the issuance of new common stock and warrants and the issuance of new debt. The following is the calculation of the total pre-tax gain on the settlement of the liabilities subject to compromise. (Dollars in millions) Liabilities subject to compromise $ 8,416.7 Less amounts issued to settle claims: Successor Common Stock (at par) (0.7 ) Successor Series A Convertible Preferred Stock (1,305.4 ) Successor Additional paid-in capital (1,774.9 ) Issuance of Successor Notes (1,000.0 ) Issuance of Successor Term Loan (950.0 ) Cash payments and accruals for claims and professional fees (336.4 ) Other: Write-off of Predecessor debt issuance costs, see also (e) below (18.1 ) Total pre-tax gain on plan effects, see also (j) below $ 3,031.2 At the Effective Date, 70.9 million shares of Common Stock were issued and outstanding at a par value of $0.01 per share. Preferred Stock was recorded at fair value and is based upon the $750.0 million cash raised upon emergence from bankruptcy through the Private Placement Agreement, plus a premium to account for the fair value of the Preferred Stocks’ conversion and dividend features. Each share of Preferred Stock is convertible, at the holder’s election or upon the occurrence of certain triggering events, into shares of Common Stock at a 35% discount relative to the initial per share purchase price of $25.00 and provides for three years of guaranteed paid-in-kind dividends, payable semiannually, at a rate of 8.5% per annum. The 46.2 million shares of Common Stock issuable upon conversion of the Preferred Stock issued under the Plan and an additional 13.1 million shares of Common Stock attributable to such Preferred Stocks’ guaranteed paid-in-kind dividend feature constitute approximately 42% ownership of the Plan Equity Value (as defined in the Plan) of $3,105.0 million in the reorganized Company, and thus have a fair value of $1,305.4 million . Successor Additional paid-in capital was recorded at the Plan Equity Value less the amounts recorded for par value of the Common Stock, the fair value of the Preferred Stock, and certain fees incurred associated with the Registration Rights Agreement. (c) Represents the fresh start reporting adjustments required to record the assets and liabilities of the Company at fair value. (d) The following table reflects the sources and uses of cash and restricted cash at emergence: (Dollars in millions) Sources: Private placement and rights offering $ 1,500.0 Net proceeds from Senior Secured Term Loan 912.7 Escrowed interest from Successor Notes offering 8.0 Net impact on collateral requirements 11.6 Uses: Payments to secured lenders (3,489.2 ) Professional fees (8.3 ) Securitization facility deferred financing costs (3.9 ) Total cash outflow at emergence $ (1,069.1 ) (e) Primarily represents the write off of deferred financing costs associated with the cancellation and discharge of Predecessor revolving debt obligations. (f) Represents the payment of deferred financing costs associated with the Receivables Purchase Agreement. (g) Represents a new $950 million Senior Secured Term Loan, net of an original issue discount and deferred financing costs of $37.3 million , as contemplated by the Plan. Under the Plan, the Company also issued $1.0 billion of Successor Notes, net of $49.5 million of deferred financing costs. The Successor Notes and the related proceeds held in escrow |
Asset Impairment and Mine Closu
Asset Impairment and Mine Closure Costs | 12 Months Ended |
Dec. 31, 2017 | |
Asset Impairment and Mine Closure Costs [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Asset Impairment 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 as an indicator of impairment. However, the Company generally views a sustained trend (for example, over periods exceeding one year) of adverse coal pricing or unfavorable changes thereto as a potential indicator of impairment. Because of the volatile and cyclical nature of coal prices and demand, it is reasonably possible that coal prices 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. Successor Period April 2 through December 31, 2017 As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” the Company adjusted the book values of its property, plant, equipment and mine development assets to estimated fair value in connection with fresh start reporting. During the Successor period April 2 through December 31, 2017 , the Company recognized no impairment charges. Predecessor Period January 1 through April 1, 2017 During the Predecessor period January 1 through April 1, 2017 , the Company recognized impairment charges of $30.5 million related to terminated coal lease contracts in the Midwestern United States. Year Ended December 31, 2016 The following costs are reflected in “Asset impairment” in the consolidated statement of operations for the year ended December 31, 2016: Predecessor Reportable Segment Australian Metallurgical Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges $ 193.2 $ 54.7 $ 247.9 Australian Metallurgical Mining On November 3, 2016, Peabody Australia Mining Pty Ltd, one of the Company’s Australian subsidiaries, entered into a definitive share sale and purchase agreement (SPA) for the sale of all of its equity interest in Metropolitan Collieries Pty Ltd, the entity that owns the Metropolitan mine in New South Wales, Australia and the associated interest in the Port Kembla Coal Terminal, to a subsidiary of South32 Limited (South32). The SPA provided for a cash purchase price of $200.0 million and certain contingent consideration, subject to a customary working capital adjustment. The Company determined that, as a result of entering into the transaction, and the approval of the Company’s Board of Directors of such a transaction in October 2016, the Metropolitan mine was deemed to meet held-for-sale accounting criteria in the fourth quarter of 2016. Accordingly, the Company recorded an after-tax impairment charge of $193.2 million to write down the assets to their estimated selling price, which is the best estimate of fair value under a held-for-sale accounting model. South32 terminated the agreement in April 2017 after it was unable to obtain necessary approvals from the Australian Competition and Consumer Commission within the timeframe required under the SPA. Corporate and Other During a 2016 review of its asset portfolio and prepetition leases, the Company identified certain non-strategic Midwestern coal reserves held under lease that were determined to be uneconomical to be mined in the future. As a result, the Company rejected certain leases and recognized an aggregate impairment charge of $37.5 million . The Company also recognized a $17.2 million impairment charge to record at fair value certain non-strategic Australian metallurgical assets classified as held for sale. For additional information regarding those divested assets, refer to Note 21. “Resource Management, Acquisitions and Other Commercial Events”. 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: Predecessor 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 Due to the severity of the decline in seaborne metallurgical and thermal coal pricing observed during 2015 and other adverse supply and demand conditions noted during the year that drove an unfavorable change in the expected timing of eventual seaborne supply and demand 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. 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 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 (Subordinated Loans) pursuant to the related stockholders’ 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 to Middlemount (Priority Loans) which have seniority over the fully impaired Subordinated Loans. The Priority Loans amounted to $84.8 million and $65.2 million at December 31, 2016 and 2015, respectively, and were not impaired as of December 31, 2016 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. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Disposal Groups, Including Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Discontinued operations include certain former Australian Thermal Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested legacy operations, 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, 2017 , 2016 and 2015 : Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Loss from discontinued operations before income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (182.2 ) Income tax benefit — — — 7.2 Loss from discontinued operations, net of income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (175.0 ) There were no significant revenues from discontinued operations during the years ended December 31, 2017 , 2016 and 2015 . Assets and Liabilities of Discontinued Operations Assets and liabilities classified as discontinued operations included in the Company’s consolidated balance sheets were as follows: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.2 Investments and other assets — 15.9 Total assets classified as discontinued operations $ 0.3 $ 16.1 Liabilities: Accounts payable and accrued expenses $ 70.6 $ 55.9 Other noncurrent liabilities 170.0 198.5 Liabilities subject to compromise — 20.9 Total liabilities classified as discontinued operations $ 240.6 $ 275.3 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 from discontinued operations, net of income taxes” for the year ended December 31, 2015 is a $9.7 million charge related to the settlement of that litigation. In September 2016, a settlement was reached under which the Company agreed to pay $13.0 million Australian dollars ( $9.9 million USD) to QBH in a full and final settlement of all claims each party had against the other in relation to the CPSA litigation. Patriot-Related Matters 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 United Mine Workers of America (UMWA), on behalf of itself, its represented Patriot employees and its represented Patriot retirees, to resolve all then disputed issues related to Patriot’s bankruptcy. In May 2015, Patriot again filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code in the Eastern District of Virginia and subsequently initiated a process to sell some or all of its assets to qualified bidders. On October 9, 2015, Patriot’s bankruptcy court entered an order confirming Patriot’s plan of reorganization, which provided, among other things, for the sale of substantially all of Patriot’s assets to two different buyers. 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 2013 Agreement included Patriot’s affirmance of indemnities provided in the spin-off agreements, including the indemnity relating to such black lung liabilities; however, Patriot rejected this indemnity in its May 2015 bankruptcy. By statute, the Company had secondary liability 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 amount of the liability was $134.0 million at December 31, 2017 , which was determined on an actuarial basis based on the best information available to the Company. In connection with the actuarial valuation, the Company recorded a mark-to-market adjustment of $7.9 million to increase the liability during the Successor period ended December 31, 2017. While the Company has recorded a liability, it intends to review each claim on a case-by-case basis and contest liability estimates as appropriate. 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. 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’s accounting for the black lung liabilities related to Patriot is based on an interpretation of applicable statutes. Management believes that there exist inconsistencies among the applicable statutes, regulations promulgated under those statutes and the Department of Labor’s interpretative guidance. The Company may seek clarification from the Department of Labor regarding these inconsistencies and the accounting for these liabilities could be reduced in the future depending on the Department of Labor’s responses to inquiries. 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 to the Combined Fund for the approximately $40.0 million of its subsidiaries’ obligations 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 recorded additional charges of $0.6 million during the Successor period April 2 through December 31, 2017 and $0.2 million and $1.2 million during the Predecessor period January 1 through April 1, 2017 and the year ended December 31, 2016, respectively. The Company made payments into the fund of $1.7 million during the Successor period April 2 through December 31, 2017 and $0.6 million during the Predecessor period January 1 through April 1, 2017 and 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. The liability related to the fund was $20.2 million at December 31, 2017 . UMWA 1974 Pension Plan (UMWA Plan) Litigation On July 16, 2015, a lawsuit was filed by the UMWA Plan, the UMWA 1974 Pension Trust (Trust) and the Trustees of the UMWA Plan and Trust (Trustees) in the United States District Court for the District of Columbia, against PEC, PHC, a subsidiary of the Company, and Arch Coal, Inc. (Arch). The plaintiffs sought, pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA), a declaratory judgment that the defendants were obligated to arbitrate any opposition to the Trustees’ determination that the defendants have statutory withdrawal liability as a result of the 2015 Patriot bankruptcy. After a legal and arbitration process and with the approval of the Bankruptcy Court, on January 25, 2017, the UMWA Plan and the Debtors agreed to a settlement of the claim whereby the UMWA Plan will be entitled to $75 million to be paid by the Company in increments through 2021. In connection with the settlement, the Company recorded a liability representing the present value of the installments of $54.3 million and recognized an equivalent charge to “Loss from discontinued operations, net of income taxes” in the consolidated statement of operations for the year ended December 31, 2016. The balance of the liability was $46.0 million at December 31, 2017. |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Assets and liabilities classified as discontinued operations included in the Company’s consolidated balance sheets were as follows: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.2 Investments and other assets — 15.9 Total assets classified as discontinued operations $ 0.3 $ 16.1 Liabilities: Accounts payable and accrued expenses $ 70.6 $ 55.9 Other noncurrent liabilities 170.0 198.5 Liabilities subject to compromise — 20.9 Total liabilities classified as discontinued operations $ 240.6 $ 275.3 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of December 31, 2017 and December 31, 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Materials and supplies $ 101.5 $ 104.5 Raw coal 78.1 29.6 Saleable coal 111.7 69.6 Inventories $ 291.3 $ 203.7 Materials and supplies inventories presented above have been shown net of reserves of $0.6 million and $5.6 million as of December 31, 2017 and 2016 , respectively. |
Investments Investments (Notes)
Investments Investments (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments Equity Method Investments The Company’s equity method investments include its joint venture interest in Middlemount in addition to certain other equity method investments. The table below summarizes the book value of those investments and related financing receivables, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “(Income) loss from equity affiliates”: Successor Predecessor Successor Predecessor Book Value at (Income) Loss from Equity Affiliates December 31, 2017 December 31, 2016 April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Equity method investment and financing receivables related to Middlemount $ 82.1 $ 84.8 $ (48.6 ) $ (17.4 ) $ (22.6 ) $ 7.0 Other equity method investments 1.7 0.5 (0.4 ) 2.4 6.4 8.9 Total equity method investments and financing receivables related to Middlemount $ 83.8 $ 85.3 $ (49.0 ) $ (15.0 ) $ (16.2 ) $ 15.9 As noted in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” the carrying value of the equity method investments and financing receivables related to Middlemount was adjusted to fair value in connection with fresh start reporting based on the net present value of future cash flows associated with the Company’s 50% equity interest in Middlemount. As of December 31, 2017 , the financing receivables are accounted for as in-substance common stock due to the limited fair value attributed to Middlemount’s equity. From time to time, the Company makes loans to Middlemount pursuant to the related stockholders’ agreement for purposes of funding capital expenditures and working capital requirements. The Priority Loans (the amount loaned by the Company in excess of the amount loaned by the other stockholder) bear interest at a rate equal to the monthly average 30-day Australian Bank Bill Swap Reference Rate plus 3.50% . The Company received loan repayments and other cash payments from Middlemount of approximately $48 million during the Successor period April 2 through December 31, 2017 and approximately $31 million and $41 million during the Predecessor period January 1 through April 1, 2017 and the year ended December 31, 2016 , respectively. One of the Company’s Australian subsidiaries and the other stockholder of Middlemount are parties to an agreement, as amended from time to time, to provide a revolving loan (Revolving Loans) to Middlemount not to exceed $50.0 million Australian dollars (Revolving Loan Limit). The Company’s participation in the Revolving Loans will not, at any time, exceed its 50% equity interest of the Revolving Loan Limit. The Revolving Loans bear interest at 15% per annum and expire on December 31, 2018. As of December 31, 2017 and 2016, the carrying values of the Revolving Loans due to the Company’s Australian subsidiary were zero . During the Successor period April 2 through December 31, 2017 , and the Predecessor periods of January 1 through April 1, 2017 , and the years ended December 31, 2016 and 2015 , Middlemount generated revenues of approximately $193 million , $60 million , $183 million and $160 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 the year ended December 31, 2015. Refer to Note 3. “Asset Impairment” for additional background surrounding the impairment charge recognized in 2015. Middlemount had current assets, noncurrent assets, current liabilities and noncurrent liabilities of $61.7 million , $232.2 million , $313.9 million and $41.2 million , respectively, as of December 31, 2017 and $47.3 million , $263.4 million , $363.5 million and $50.3 million , respectively, as of December 31, 2016 (on a 50% basis). |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Derivatives and Fair Value Measurements [Abstract] | |
Derivatives and Fair Value [Text Block] | Derivatives and Fair Value Measurements Risk Management — Corporate Hedging 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 coal produced by and diesel fuel 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 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 have historically been used to manage the Company’s risk exposure to foreign currency exchange rate risk, primarily on Australian dollar expenditures made in its Australian mining platform. This risk was historically 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 has also used derivative instruments to manage its exposure to the variability of diesel fuel prices used in production in the U.S. and Australia with swaps or options, which it has also designated as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted diesel fuel purchases. These risk management activities are collectively referred to as “Corporate Hedging” and are actively monitored for compliance with the Company’s risk management policies. During the fourth quarter of 2015, the Company performed an assessment of its risk of nonperformance with respect to derivative financial instruments designated as cash flow hedges in light of 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 conclude, as of December 31, 2015, that its hedging relationships were expected to be “highly effective” at offsetting the changes in the anticipated exposure of the hedged item. Therefore, the Company discontinued the application of cash flow hedge accounting subsequent to December 31, 2015 and changes in the fair value of derivative instruments have been recorded as operating costs and expenses in the accompanying consolidated statements of operations after that date. Previous fair value adjustments recorded in “Accumulated other comprehensive income (loss)” were frozen until the underlying transactions impacted the Company’s earnings. The Company’s Bankruptcy Petitions constituted an event of default under the Company’s derivative financial instrument contracts and the counterparties terminated the agreements shortly thereafter in accordance with contractual terms. The terminated positions were first-lien obligations under the Company’s secured credit agreement dated September 24, 2013 (as amended, the 2013 Credit Facility). As of December 31, 2016, the resulting net settlement liability of $257.3 million was accounted for as a first lien prepetition liability subject to compromise without credit valuation adjustments. On the Effective Date, the net settlement liability was discharged in connection with the Plan, as further described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting.” As of December 31, 2017 , the Company had no diesel fuel derivatives in place. Subsequent to the Effective Date, the Company entered into a series of currency options and, as of December 31, 2017 , had currency options outstanding with aggregate notional amount of $1,125.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar expenditures during the first nine months of 2018. The instruments are quarterly average rate options whereby the Company is entitled to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S. dollar exchange rate exceed amounts ranging from $0.79 and $0.83 over the first nine months of 2018. The currency options are not expected to receive cash flow hedge accounting treatment and changes in fair value will be reflected in current earnings. At December 31, 2017 , the currency options’ fair value of $4.2 million was included in “Other current assets” in the accompanying consolidated balance sheet. The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives during the period April 2 through December 31, 2017 , January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 : Successor April 2 through December 31, 2017 Income Statement Classification Total gain recognized in income Gain realized in income on derivatives Unrealized loss recognized in income on derivatives Financial Instrument (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 1.8 $ 3.3 $ (1.5 ) Total $ 1.8 $ 3.3 $ (1.5 ) Predecessor January 1 through April 1, 2017 Income Statement Classification Total loss recognized in income Loss reclassified from other comprehensive loss into income Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (11.0 ) $ (11.0 ) Foreign currency forward contracts Operating costs and expenses (16.6 ) (16.6 ) Total $ (27.6 ) $ (27.6 ) Predecessor Year Ended December 31, 2016 Income Statement Classification Total realized loss recognized in income Loss reclassified from other comprehensive income into income (effective portion) (1) (Loss) gain reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (98.0 ) $ (86.1 ) $ (11.9 ) Commodity swap contracts Reorganization items, net (38.8 ) — (38.8 ) Foreign currency forward contracts Operating costs and expenses (142.9 ) (145.6 ) 2.7 Foreign currency forward contracts Reorganization items, net (36.4 ) — (36.4 ) Total $ (316.1 ) $ (231.7 ) $ (84.4 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $13.6 million and $9.0 million of previously unrecognized losses on foreign currency and fuel contracts, respectively, monetized in the first quarter of 2016. Predecessor 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. Cash Flow Presentation. The Company classifies the cash effects of its Corporate Hedging derivatives within the “Cash Flows From Operating Activities” section of the consolidated statements of cash flows. Fair Value Measurements The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants. Financial Instruments Measured on a Recurring Basis. The following tables set forth the hierarchy of the Company’s net financial asset positions for which fair value is measured on a recurring basis: Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 4.2 $ — $ 4.2 Total net financial assets $ — $ 4.2 $ — $ 4.2 As of December 31, 2016, the Company had no outstanding financial positions. 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: • Commodity swap contracts: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3. • Foreign currency forward and option contracts: valued utilizing inputs obtained in quoted public markets (Level 2) except when credit and non-performance risk is considered to be a significant input, then the Company classifies such contracts as Level 3. The following table summarizes the changes related to the Company’s Corporate Hedging derivative financial instruments recurring Level 3 financial liabilities: Predecessor December 31, 2016 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ 123.7 $ 200.7 $ 324.4 Total net losses realized/unrealized: Included in earnings 15.7 (48.0 ) (32.3 ) Settlements / terminations (139.4 ) (152.7 ) (292.1 ) End of period $ — $ — $ — 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, 2017 and 2016 : • Cash and cash equivalents, restricted cash, 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 estimated fair value of the Company’s current and long-term debt as of December 31, 2016 is unable to be determined given it was subject to compromise in connection with the Plan. The carrying amount and estimated fair value of the Company’s current and long-term debt as of December 31, 2017 are summarized as follows: Successor December 31, 2017 Carrying Amount Estimated Fair Value (Dollars in millions) Current and Long-term debt $ 1,460.8 $ 1,547.4 The Company had no transfers between Levels 1, 2 and 3 for either financial instruments measured on a recurring basis or other financial instruments during the Successor period April 2 through December 31, 2017 , the Predecessor period January 1 through April 1, 2017 or the year ended December 31, 2016 . The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Coal Trading (Notes)
Coal Trading (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 contracts 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 periods presented below were as follows: Successor Predecessor Trading Revenues by Type of Instrument April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Futures, swaps and options $ (37.7 ) $ (10.2 ) $ (66.5 ) $ 107.3 Physical purchase/sale contracts 71.3 25.2 95.4 (66.7 ) Total trading revenues $ 33.6 $ 15.0 $ 28.9 $ 40.6 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 exchanges, which involve the daily net settlement of open positions. The Company must post cash collateral in the form of initial margin, in addition to 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 over-the-counter (OTC) markets with financial institutions and other non-financial trading entities under International Swaps and Derivatives Association (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, 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, 2017 and 2016 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 posted (1) Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets (Dollars in millions) Successor Fair Value as of December 31, 2017 Assets from coal trading activities, net $ 77.1 $ (74.5 ) $ — $ 2.6 Liabilities from coal trading activities, net (122.0 ) 74.5 35.8 (11.7 ) Total, net $ (44.9 ) $ — $ 35.8 $ (9.1 ) Predecessor Fair Value as of December 31, 2016 Assets from coal trading activities, net $ 191.2 $ (190.5 ) $ — $ 0.7 Liabilities from coal trading activities, net (249.1 ) 190.5 57.4 (1.2 ) Total, net $ (57.9 ) $ — $ 57.4 $ (0.5 ) (1) None of the net variation margin posted at December 31, 2017 and 2016 , respectively, related to cash flow hedges. 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, 2017 and 2016 : Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ (3.0 ) $ (4.2 ) $ — $ (7.2 ) Physical purchase/sale contracts — (1.9 ) — (1.9 ) Total net financial liabilities $ (3.0 ) $ (6.1 ) $ — $ (9.1 ) Predecessor December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ — $ (0.1 ) $ — $ (0.1 ) Physical purchase/sale contracts — 0.7 (1.1 ) (0.4 ) Total net financial assets (liabilities) $ — $ 0.6 $ (1.1 ) $ (0.5 ) 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), Baltic Exchange 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: • 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) 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 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 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 2016, the credit valuation adjustment as of December 31, 2016 is considered to be a significant unobservable input in the valuation of the contracts resulting in Level 3 classification. Upon emergence from the Chapter 11 Cases, two of the major rating agencies upgraded the Company’s corporate credit rating. With the credit rating upgrade, the credit valuation adjustment as of December 31, 2017 no longer has a material impact on the valuation of contracts and is in line with the Company’s historical range. 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. Decreases in the number of third-party brokers or market liquidity could erode the quality of market information and therefore the valuation of the Company’s market positions. The Company’s valuation techniques include basis adjustments to the foregoing price inputs for quality, such as 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. 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 liabilities: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Beginning of period $ (0.7 ) $ (1.1 ) $ (15.6 ) $ 2.1 Transfers into Level 3 — — 5.3 (4.4 ) Transfers out of Level 3 0.7 0.2 (0.4 ) — Total gains realized/unrealized: Included in earnings — 0.2 (2.4 ) (10.1 ) Purchases — — — (0.5 ) Sales — — — (0.1 ) Settlements — — 12.0 (2.6 ) End of period $ — $ (0.7 ) $ (1.1 ) $ (15.6 ) The Company had no transfers between Levels 1 and 2 during any of the periods presented. Transfers of liabilities into/out of Level 3 from/to Level 2 during the periods presented were due to the relative value of unobservable inputs to the total fair value measurement of certain derivative contracts falling below, or in the case of transfers in, 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 gains (losses) relating to Level 3 net financial liabilities held both as of the beginning and the end of the period: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Changes in unrealized gains (losses) (1) $ — $ 0.3 $ — $ (6.2 ) (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, 2017 , the majority of the estimated future realization of the value of the Company’s trading portfolio is expected to all be realized in 2018 . 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 may seek 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 non-performance risk, if present, on a case-by-case basis. As of December 31, 2017 , 71% of the Company’s credit exposure related to coal trading activities was with investment grade counterparties and 29% was with counterparties that are not rated. Performance Assurances and Collateral 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. The Company had posted $35.8 million and $57.4 million of net variation margin at December 31, 2017 and December 31, 2016 , respectively. In addition to the requirements surrounding variation margin, the Company is required by the exchanges upon which it transacts 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. The Company posted initial margin of $18.8 million and $16.2 million as of December 31, 2017 and December 31, 2016 , respectively, which is reflected in “Other current assets” in the consolidated balance sheets. As of December 31, 2017 the Company was in receipt of $1.8 million of the required variation and initial margin, compared to December 31, 2016 when the Company had posted $2.0 million of margin in excess of the required variation and initial margin. 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, 2017 and 2016 , would have amounted to collateral postings to counterparties of approximately $7.0 million and $2.0 million , respectively. As of December 31, 2017 , the Company was required to post approximately $0.4 million in collateral to counterparties for such positions. Approximately $1.0 million in collateral was required to be posted to counterparties as of December 31, 2016 . 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 the fourth quarter of 2017 , one major rating agency upgraded the Company’s corporate credit rating, thus improving the Company’s credit position with its counterparties. The Company’s collateral requirement owed to its counterparties for these ratings based derivative trading instruments for December 31, 2017 remained at zero , consistent with December 31, 2016 . As of December 31, 2017 and 2016 , no collateral was posted to counterparties to support such derivative trading instruments. |
Intangible Contract Assets and
Intangible Contract Assets and Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Contract Assets and Liabilities Disclosure [Abstract] | |
Intangible Assets and Liabilities [Text Block] | Intangible Contract Assets and Liabilities As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” at the Effective Date, the Company recorded intangible assets of $314.9 million and liabilities of $58.7 million to reflect the inherent fair value of certain U.S. coal supply agreements as a result of favorable and unfavorable differences between contract terms and estimated market terms for the same coal products, and also recorded intangible liabilities of $116.2 million related to unutilized capacity under its port and rail take-or-pay contracts. The balances and respective balance sheet classifications of such assets and liabilities at December 31, 2017, net of accumulated amortization, are set forth in the following table: Successor December 31, 2017 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 177.2 $ (42.7 ) $ 134.5 Take-or-pay contracts — (106.1 ) (106.1 ) Total $ 177.2 $ (148.8 ) $ 28.4 Balance sheet classification: Investments and other assets $ 177.2 $ — $ 177.2 Accounts payable and accrued expenses — (42.0 ) (42.0 ) Other noncurrent liabilities — (106.8 ) (106.8 ) Total $ 177.2 $ (148.8 ) $ 28.4 Amortization of the intangible assets and liabilities related to coal supply agreements occurs ratably based upon coal volumes shipped per contract and is recorded as a component of “Depreciation, depletion and amortization” in the accompanying consolidated statements of operations. Such amortization amounted to $121.3 million during the Successor period April 2, 2017 through December 31, 2017. The Company anticipates net amortization of coal supply agreements, based upon expected future shipments, to be an expense of approximately $100 million , $25 million , $7 million , $1 million and $1 million for the years 2018 through 2022, respectively. Future unutilized capacity and the amortization periods related to the take-or-pay contract intangible liabilities are based upon estimates of forecasted usage. Such amortization, which is classified as a reduction to “Operating costs and expenses” in the accompanying consolidated statements of operations, amounted to $22.5 million during the Successor period April 2, 2017 through December 31, 2017. The Company anticipates net amortization of take-or-pay contract intangible liabilities to be approximately $30 million , $20 million , $10 million , $5 million and $5 million , for the years 2018 through 2022, respectively. |
Property, Plant, Equipment and
Property, Plant, Equipment and Mine Development (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and December 31, 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Land and coal interests $ 3,890.5 $ 10,330.8 Buildings and improvements 470.6 1,507.6 Machinery and equipment 1,149.3 2,130.2 Less: Accumulated depreciation, depletion and amortization (398.5 ) (5,191.9 ) Property, plant, equipment and mine development, net $ 5,111.9 $ 8,776.7 As more fully described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” all of the Company’s property, plant, equipment and mine development assets were adjusted to fair value upon emergence from the Chapter 11 Cases in connection with fresh start reporting. Land and coal interests included coal reserves with a net book value of $3.0 billion and $5.5 billion as of December 31, 2017 and 2016, respectively. Such coal reserves were comprised of mineral rights for leased coal interests and advance royalties that had a net book value of $2.0 billion and $4.4 billion as of December 31, 2017 and 2016, respectively, and coal reserves held by fee ownership of $1.0 billion and $1.1 billion at December 31, 2017 and 2016, respectively. The amount of coal reserves not subject to current depletion at properties where the Company was not currently engaged in mining operations or leasing to third parties was $0.2 billion and $1.6 billion as of December 31, 2017 and 2016, respectively. Land and coal interests also include acquired interests in mineral rights at certain Australian exploration properties that had a net book value of $0.1 billion and $1.2 billion as of December 31, 2017 and 2016, respectively. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting”, the Plan provided that the Company’s pre-petition equity and certain obligations were canceled and extinguished and a significant portion of its long-term debt was discharged in exchange for new Common Stock and other consideration. Generally, absent an exception, for U.S. tax purposes a debtor recognizes cancellation of debt income (CODI) upon discharge of its outstanding indebtedness for an amount of consideration less than the adjusted issue price of such indebtedness. The Company excluded CODI with respect to the Plan from its taxable income in accordance with U.S. Internal Revenue Code (IRC) Section 108, which allows a taxpayer that is a debtor in a reorganization case to exclude CODI from taxable income if the discharge is granted by a bankruptcy court or pursuant to a plan of reorganization approved by a bankruptcy court. However, in such event, Section 108 requires a reduction in certain income tax attributes otherwise available to the taxpayer, in most cases by the amount of such CODI. Generally, the amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any consideration, including equity, issued to the creditors. CODI from the discharge of indebtedness was $8.5 billion , of which, $3.9 billion related to third-party indebtedness. The additional $4.6 billion of CODI resulted from the restructuring of a foreign intercompany receivable as part of the Plan. A previous impairment of the same receivable resulted in a tax deduction which increased the Company’s federal net operating losses (NOLs) by $4.6 billion in 2017. The Company retains approximately $3.6 billion of gross U.S. federal NOLs, $97.4 million of general business credits (GBCs), $91.3 million of alternative minimum tax (AMT) credits, and $262.0 million of foreign tax credits (FTCs) after giving effect to such required reductions. Additionally, the Company’s tax basis in certain assets was reduced by $587.0 million and its capital loss carryovers were reduced by $204.0 million . In connection with the Company’s emergence from bankruptcy, the Company experienced an “ownership change” as defined in U.S. IRC Section 382. As a result, the Company’s ability to use pre-ownership change NOLs, GBCs, AMT credits, FTCs and other tax attributes to offset future taxable income or taxes owed is limited. Under U.S. IRC Section 382 and Section 383, an entity that experiences an ownership change in bankruptcy generally is subject to an annual limitation (the Annual Limitation) on its use of its pre-ownership change NOLs and other tax attributes after the ownership change equal to the equity value of the entity immediately after implementation of the plan of reorganization (reflecting the increase, if any, in value resulting from the surrender or cancellation of any claims against the Company thereunder), multiplied by the long-term tax exempt rate posted by the Internal Revenue Service (IRS), subject to certain adjustments. A significant portion of the Company’s retained NOLs (stated above) are not subject to the Annual Limitation because they are deemed attributable to the period after the ownership change. The Company also had a net unrealized built-in gain at the time of the ownership change; therefore, certain built-in gains recognized within five years after the ownership change will increase the Annual Limitation for the five year recognition period beginning April 3, 2017 through April 2, 2022. The estimated Annual Limitation of $62.0 million , plus the estimated built-in gains recognized, will not prevent the usage of NOLs, GBCs and $1.6 million of FTCs, provided there is sufficient income in the carryforward period. The Company has written off $260.4 million of FTCs based on the Annual Limitation and their short remaining carryover period. The Company maintains a full valuation allowance against its U.S. net deferred tax assets. Income (loss) from continuing operations before income taxes for the periods presented below consisted of the following: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) U.S. $ 10.4 $ 2,408.7 $ (49.7 ) $ (515.9 ) Non-U.S. 541.7 (2,868.0 ) (708.6 ) (1,474.4 ) Total $ 552.1 $ (459.3 ) $ (758.3 ) $ (1,990.3 ) Total income tax benefit for the periods presented below consisted of the following: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Current: U.S. federal $ (101.4 ) $ (3.1 ) $ (12.4 ) $ (71.9 ) Non-U.S. 40.4 8.3 14.4 3.7 State (0.4 ) (6.7 ) 0.5 (0.6 ) Total current (61.4 ) (1.5 ) 2.5 (68.8 ) Deferred: U.S. federal (85.1 ) (101.0 ) (82.1 ) (117.4 ) Non-U.S. (14.5 ) (160.4 ) (12.8 ) (15.0 ) State — (0.9 ) (2.1 ) (5.9 ) Total deferred (99.6 ) (262.3 ) (97.0 ) (138.3 ) Total income tax benefit $ (161.0 ) $ (263.8 ) $ (94.5 ) $ (207.1 ) The following is a reconciliation of the expected statutory federal income tax expense (benefit) to the Company’s income tax benefit for the periods presented below: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Expected income tax expense (benefit) at U.S. federal statutory rate $ 193.2 $ (160.8 ) $ (265.4 ) $ (696.6 ) Changes in valuation allowance, income tax (744.9 ) (777.2 ) 2,453.9 452.9 Remeasurement due to the Tax Cuts and Jobs Act 473.5 — — — Reorganization costs — 2,130.0 29.6 — Bad debt deduction — (1,639.6 ) — — Worthless partnership — — (2,204.4 ) — Changes in tax reserves 7.2 (9.2 ) 2.3 (21.4 ) Excess depletion (40.4 ) (11.2 ) (37.2 ) (53.7 ) Foreign earnings provision differential (26.3 ) 158.2 27.5 146.5 General business tax credits (0.2 ) (0.1 ) (14.2 ) (15.7 ) Remeasurement of foreign income tax accounts (0.3 ) 9.4 (2.0 ) (22.1 ) State income taxes, net of federal tax benefit (3.1 ) 40.6 (90.2 ) (20.1 ) Other, net (19.7 ) (3.9 ) 5.6 23.1 Total income tax benefit $ (161.0 ) $ (263.8 ) $ (94.5 ) $ (207.1 ) Certain reconciliation items included in the above table exclude the remeasurement of foreign income tax accounts as these foreign currency effects are separately presented. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the Act) was signed into law making significant changes to the IRC. Key provisions of the Act that impact the Company include: (i) reduction of the U.S. federal corporate tax rate from 35% to 21% , (ii) repeal of the corporate AMT system, (iii) replacement of the worldwide taxation system with a territorial tax system which exempts certain foreign operations from U.S. taxation and includes a one-time deemed repatriation tax on deferred foreign earnings, (iv) further limitation on the deductibility of certain executive compensation and (v) allowance for immediate capital expensing of certain qualified property. Other provisions of the Act that do not have a current impact but could impact the Company in the future include: (i) creation of a new minimum tax on global intangible low-taxed income (GILTI), (ii) creation of a new base erosion anti-abuse tax (Base Erosion), (iii) repeal of the domestic production deductions, (iv) limitation on the deduction for net interest expense incurred by a U.S. corporation and (v) modification and/or repeal of a number of other international provisions. The Company has completed its assessment for the income tax effects of the Act for the following item: • One-time tax on deferred foreign earnings: The Company does not have any undistributed earnings from its foreign subsidiaries and is not impacted by the one-time transition tax. The Company has not completed its assessment for the income tax effects of the Act but has recorded a reasonable estimate of the effects for the items below. The Company anticipates completing the analysis for the estimate by December 31, 2018, within the one year measurement period, for the following items: • Repeal of the corporate AMT system: Existing AMT credits as of December 31, 2017 will be refunded over the next four years. The refund may or may not be subject to an IRS budget sequestration reduction rate of approximately 7% . The Company has determined that it will receive a refund of existing AMT credits of approximately $84.9 million after an estimated sequestration reduction of $6.4 million . The valuation allowance previously recorded against these credits has been released and a tax benefit of $84.9 million was recorded as a component of income tax expense from continuing operations. The Company’s accounting policy regarding the balance sheet presentation of the credits is to continue to reflect the balance as a deferred tax asset until a return is filed claiming the credit, at which time the amount will be presented as a tax receivable. • Remeasurement of deferred tax assets and liabilities: Deferred tax assets and liabilities attributable to the U.S. were remeasured from 35% to the reduced tax rate of 21% . The Company recorded a provision amount of $473.5 million and an offsetting valuation allowance adjustment for the remeasurement. The Company is still analyzing certain aspects of the Act and refining the calculation, which could potentially affect the measurement of these balances. Filing of both U.S. and foreign tax returns for the 2017 tax years is required to complete the analysis. • Elimination of executive compensation exemptions: The Act made major changes to the $1 million limit on deductible compensation paid to certain “covered” employees. The Act eliminated exemptions for qualified performance based compensation and compensation paid after termination and expanded the number of employees to which the limit applies. The Company recorded a provisional amount of $0.5 million and an offsetting valuation allowance adjustment for the impact of these changes. This amount is equal to the elimination of deferred tax assets associated with deferred compensation amounts that will likely exceed the $1 million limit when paid. The Act contains transitional rules, the implementation of which is not entirely clear at this time. The Company is still analyzing related aspects of the Act including the impact of the transitional rules. The provisional amount detailed above may change when further guidance is released that addresses these rules. The Company has not completed its assessment for the income tax effects of the Act and is unable to calculate a reasonable estimate of such effect for the item below. The Company anticipates completing the analysis for this item by December 31, 2018, within the one year measurement period: • Changes to international taxation: The Act modifies various aspects of international taxation and the application of these changes to the current foreign tax credit system is unclear. These rules are complex and require further clarity through the issuance of regulations and final technical interpretation. The Company has a deferred tax asset of $1.6 million relating to FTCs that carry a full valuation allowance. Depending on the final interpretation of the new Act, it may be more likely than not that realization of a portion of the credits may occur. The Company has determined that a reasonable estimate cannot be made at this time. Information needed to complete the analysis is as follows: (i) final technical analysis of the new tax law and (ii) finalization of necessary calculations, including an assessment on how these new provisions will impact the utilization of these credits in the future. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2017 and 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Deferred tax assets: Tax loss carryforwards and credits $ 2,068.0 $ 4,284.4 Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 463.8 424.4 Accrued postretirement benefit obligations 194.2 364.5 Asset retirement obligations 30.6 163.6 Financial guarantees 2.0 77.9 Employee benefits 25.3 57.0 Take or pay obligations 27.2 — Hedge activities 10.5 21.0 Investments and other assets 137.2 — Workers’ compensation obligations 6.4 7.5 Other 16.1 2.1 Total gross deferred tax assets 2,981.3 5,402.4 Valuation allowance, income tax (2,432.5 ) (4,037.5 ) Total deferred tax assets 548.8 1,364.9 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 353.3 1,324.8 Unamortized discount on Convertible Junior Subordinated Debentures — 127.7 Coal supply agreements 29.6 — Investments and other assets 85.7 86.3 Total deferred tax liabilities 468.6 1,538.8 Net deferred tax asset (liability) $ 80.2 $ (173.9 ) Deferred taxes are classified as follows: Noncurrent deferred income tax asset $ 85.6 $ — Noncurrent deferred income tax liability (5.4 ) (173.9 ) Net deferred tax asset (liability) $ 80.2 $ (173.9 ) The Company’s tax loss carryforwards and credits included gross federal NOL carryforwards of $3.6 billion , state NOL carryforwards of $97.0 million , FTCs of $1.6 million , U.S. AMT credits of $91.3 million , tax GBCs of $97.4 million , charitable contribution carryforwards of $2.7 million and foreign NOL carryforwards of $1,021.3 million as of December 31, 2017. The AMT credits and foreign NOLs have no expiration date. The federal NOLs begin to expire in 2036. The state NOLs begin to expire in 2018. The FTCs and GBCs begin to expire in 2025 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. For the year ended December 31, 2017 , the Company continued to record valuation allowance of $2.4 billion against net deferred tax asset positions, comprised primarily of $0.9 billion in the U.S. and $1.5 billion in Australia. 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 income (loss)”), which limited the Company’s ability to look to future taxable income in assessing the realizability of the related assets. Unrecognized Tax Benefits Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2017 and 2016 : Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Deferred income taxes $ 10.9 $ 8.9 Other noncurrent liabilities 1.8 11.2 Net unrecognized tax benefits $ 12.7 $ 20.1 Gross unrecognized tax benefits $ 12.7 $ 20.1 The amount of the Company’s gross unrecognized tax benefits decreased by $7.4 million since January 1, 2017 due to adjustments to existing positions as part of fresh start reporting, finalization settlement of state audits and additions for current positions. The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate was $12.7 million and $20.1 million at December 31, 2017 and 2016 , respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the periods presented below is as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Balance at beginning of period $ 12.5 $ 20.1 $ 22.9 $ 44.5 Additions for current year tax positions 0.8 — 1.5 2.3 Reductions for prior year tax positions (0.5 ) (7.6 ) (2.8 ) (23.5 ) Reductions for settlements with tax authorities (0.1 ) — (1.5 ) (0.4 ) Balance at end of period $ 12.7 $ 12.5 $ 20.1 $ 22.9 The Company recognizes interest and penalties related to unrecognized tax benefits in its income tax provision. The Company recorded $4.8 million of gross interest and penalties for the Successor period April 2 through December 31, 2017 and reversed gross interest and penalties of $2.1 million , $0.4 million and $2.1 million for the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 , respectively. The Company had $5.0 million and $2.4 million of accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2017 and 2016, respectively. The Company expects that during the next twelve months it is reasonably possible for a $0.5 million decrease in its net unrecognized tax benefits due to potential audit settlements and the expiration of statutes of limitations. Tax Returns Subject to Examination The Company’s federal income tax returns for the 2014 and 2016 tax years are subject to potential examinations by the IRS. 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. Australian income tax returns for tax years 2013 through 2016 continue to be subject to potential examinations by the Australian Taxation Office (ATO). Foreign Earnings As of December 31, 2017, the Company has a consolidated earnings deficit outside the U.S. but with some immaterial unremitted earnings in certain jurisdictions. The Company continues to be permanently reinvested with respect to its current and historical earnings. However, when appropriate, the Company has the ability to access foreign cash without incurring residual cash taxes due to the existence of NOLs. Tax Payments and Refunds The following table summarizes the Company’s income tax (refunds) payments, net for the periods presented below: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) U.S. — federal $ (11.2 ) $ — $ (56.5 ) $ (38.1 ) U.S. — state and local — — 1.4 0.4 Non-U.S. 10.4 5.5 15.0 11.9 Total income tax (refunds) payments, net $ (0.8 ) $ 5.5 $ (40.1 ) $ (25.8 ) |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Trade accounts payable $ 388.0 $ 288.6 Accrued payroll and related benefits 239.7 201.2 Other accrued expenses 225.3 190.1 Accrued taxes other than income 111.7 119.6 Accrued royalties 67.4 62.8 Asset retirement obligations 34.1 41.0 Income taxes payable 20.6 6.2 Accrued interest 15.5 1.2 Accrued health care insurance 10.6 16.0 Workers’ compensation obligations 7.6 7.8 Liabilities associated with discontinued operations 70.6 55.9 Accounts payable and accrued expenses $ 1,191.1 $ 990.4 |
Long-term Debt (Notes)
Long-term Debt (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt The Company’s total indebtedness as of December 31, 2017 and 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) 6.00% Senior Secured Notes due March 2022 $ 500.0 $ — 6.375% Senior Secured Notes due March 2025 500.0 — Senior Secured Term Loan due 2022, net of original issue discount 444.2 — 2013 Revolver — 1,558.1 2013 Term Loan Facility due September 2020 — 1,162.3 6.00% Senior Notes due November 2018 — 1,518.8 6.50% Senior Notes due September 2020 — 650.0 6.25% Senior Notes due November 2021 — 1,339.6 10.00% Senior Secured Second Lien Notes due March 2022 — 979.4 7.875% Senior Notes due November 2026 — 247.8 Convertible Junior Subordinated Debentures due December 2066 — 386.1 Capital lease and other obligations 76.0 20.1 Less: Debt issuance costs (59.4 ) (70.8 ) 1,460.8 7,791.4 Less: Current portion of long-term debt 42.1 20.2 Less: Liabilities subject to compromise — 7,771.2 Long-term debt $ 1,418.7 $ — As more fully described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting”, on the Effective Date, all of the debt instruments associated with the Predecessor indebtedness included in the above table, with the exception of “Capital lease and other obligations”, were canceled and the debt obligations discharged. In accordance with the Plan, the Company was concurrently recapitalized with new debt and equity instruments, including the 6.000% Senior Secured Notes due March 2022, the 6.375% Senior Secured Notes due March 2025, and the Senior Secured Term Loan due 2022, included with the Successor obligations in the above table. In connection with the Chapter 11 Cases, the Company was required to pay monthly adequate protection payments to certain first lien creditors in accordance with the rates defined in its existing prepetition credit facility which included the 2013 Revolver and the 2013 Term Loan Facility due September 2020. The adequate protection payments were recorded as “Interest expense” in the consolidated statement of operations, which totaled $29.8 million during the Predecessor period January 1 through April 1, 2017 . For the remaining non-first lien Predecessor indebtedness included in the table above, with the exception of capital lease and other obligations, the Company did not record interest expense subsequent to the filing of the Bankruptcy Petitions. The amount of contractual interest for such obligations which was automatically stayed in accordance with Section 502(b)(2) of the Bankruptcy Code was $92.9 million for the period January 1, 2017 through the Effective Date. 6.00% and 6.375% Senior Secured Notes (collectively, the Successor Notes) The Successor Notes were issued at par value. The Company paid aggregate debt issuance costs of $49.5 million related to the offering, which will be amortized over the respective terms of the Successor Notes. Interest payments on the Successor Notes are scheduled to occur each year on March 31st and September 30th until maturity. During the Successor period April 2 through December 31, 2017 , the Company recorded interest expense of $45.7 million related to the Successor Notes. The Company may redeem the 6.00% Senior Secured Notes due March 2022, in whole or in part, beginning in 2019 at 103.0% of par, in 2020 at 101.5% of par and in 2021 and thereafter at par. The 6.375% Senior Secured Notes due March 2025 may be redeemed, in whole or in part, beginning in 2020 at 104.8% of par, in 2021 at 103.2% of par, in 2022 at 101.6% of par and in 2023 and thereafter at par. In addition, prior to the first date on which the Successor Notes are redeemable at the redemption prices noted above, the Company may also redeem some or all of the Successor Notes at a calculated make-whole premium, plus accrued and unpaid interest. The indenture underlying the Successor Notes (Indenture) contains customary conditions of default and imposes certain restrictions on the Company’s activities, including its ability to incur debt, incur liens, make investments, engage in fundamental changes such as mergers and dissolutions, dispose of assets, enter into transactions with affiliates and make certain restricted payments, such as cash dividends and share repurchases. The Successor Notes rank senior in right of payment to any subordinated indebtedness and equally in right of payment with any senior indebtedness to the extent of the collateral securing that indebtedness. The Successor Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of the Company’s material domestic subsidiaries and secured by first priority liens over (1) substantially all of the assets of the Company and the guarantors, except for certain excluded assets, (2) 100% of the capital stock of each domestic restricted subsidiary of the Company, (3) 100% of the non-voting capital stock of each first tier foreign subsidiary of the Company or a foreign subsidiary holding company and no more than 65% of the voting capital stock of each first tier foreign subsidiary of the Company or a foreign subsidiary holding company, (4) a legal charge of 65% of the voting capital stock and 100% of the non-voting capital stock of Peabody Investments (Gibraltar) Limited and (5) all intercompany debt owed to the Company or any guarantor, in each case, subject to certain exceptions. The obligations under the Successor Notes are secured on a pari passu basis by the same collateral securing the Successor Credit Agreement, subject to certain exceptions. Successor Credit Agreement Following the prepayments described below, the Successor Credit Agreement provides for a $450.0 million first lien senior secured term loan (the Senior Secured Term Loan), which currently bears interest at LIBOR plus 3.50% per annum with a 1.00% LIBOR floor. During the Successor period April 2 through December 31, 2017 , the Company recorded interest expense of $34.9 million related to the Senior Secured Term Loan. Proceeds from the Senior Secured Term Loan were received net of an original issue discount and deferred financing costs of $37.3 million that will be amortized over its five -year term. The loan principal is due in March 2022. The loan principal is voluntarily prepayable at 101% of the principal amount repaid if voluntarily prepaid prior to March 18, 2018 (subject to certain exceptions, including prepayments made with internally generated cash) and is voluntarily prepayable at any time thereafter without premium or penalty. The Senior Secured Term Loan may require mandatory principal prepayments of 75% of Excess Cash Flow (as defined in the Successor Credit Agreement) for any fiscal year (commencing with the fiscal year ended December 31, 2018). The mandatory principal prepayment requirement is (i) 50% of Excess Cash Flow if the Company’s Total Leverage Ratio (as defined in the Successor Credit Agreement and calculated as of December 31) is less than or equal to 2.00 :1.00 and greater than 1.50 :1.00, (ii) 25% of Excess Cash Flow if the Company’s Total Leverage Ratio is less than or equal to 1.50 :1.00 and greater than 1.00 :1.00, or (iii) zero if the Company’s Total Leverage Ratio is less than or equal to 1.00 :1.00. If required, mandatory prepayments resulting from Excess Cash Flows are payable within 100 days after the end of each fiscal year. In certain circumstances, the Senior Secured Term Loan also requires that Excess Proceeds (as defined in the Successor Credit Agreement) of $10.0 million or greater from sales of Company assets be applied against the loan principal, unless such proceeds are reinvested within one year. Under the Successor Credit Agreement, the Company’s annual capital expenditures are limited to $220.0 million , $250.0 million , $250.0 million , and $300.0 million from 2018 through 2021, respectively, subject to certain carryforward, carryback and other provisions. The agreement contains customary conditions of default and imposes certain restrictions on the Company’s activities, including its ability to incur liens, incur debt, make investments, engage in fundamental changes such as mergers and dissolutions, dispose of assets, enter into transactions with affiliates, and make certain restricted payments, such as cash dividends and share repurchases. Obligations under the Successor Credit Agreement are secured on a pari passu basis by the same collateral securing the Successor Notes. The Company voluntarily prepaid $500.0 million of the original $950.0 loan principal amount on the Senior Secured Term Loan in $150.0 million installments on July 31, 2017 and September 11, 2017 and a $200.0 million installment on December 29, 2017. On September 18, 2017, the Company entered into an amendment to the Successor Credit Agreement (the Amendment) which lowered the interest rate from LIBOR plus 4.50% per annum with a 1.00% LIBOR floor to LIBOR plus 3.50% per annum with a 1.00% LIBOR floor. The Amendment permitted the Company to add an incremental revolving credit facility in addition to the Company’s ability to add one or more incremental term loan facilities under the Successor Credit Agreement. The incremental revolving credit facility and/or incremental term loan facilities can be in an aggregate principal amount of up to $350.0 million plus additional amounts so long as the Company is below Total Leverage Ratio requirements as set forth in the Successor Credit Agreement. The Amendment also made available an additional restricted payment basket that permits additional repurchases, dividends or other distributions with respect to the Company’s Common and Preferred Stock in an aggregate amount up to $450.0 million so long as the Company’s Fixed Charge Coverage Ratio (as defined in the Successor Credit Agreement) would not exceed 2.00 :1.00 on a pro forma basis. During the fourth quarter of 2017, the Company entered into the incremental revolving credit facility (the Revolver) for an aggregate commitment of $350.0 million for general corporate purposes. The Company paid aggregate debt issuance costs of $4.7 million . The Revolver matures in November 2020 and permits loans which bear interest at LIBOR plus 3.25% . The Revolver is subject to a 2.00 :1.00 Total Leverage Ratio requirement, modified to limit unrestricted cash netting to $800.0 million . Capacity under the Revolver may also be utilized for letters of credit which incur combined fees of 3.375% per annum. Unused capacity under the Revolver bears a commitment fee of 0.5% per annum. As of December 31, 2017, the Revolver had only been drawn upon for letters of credit amounting to $156.2 million . Such letters of credit were primarily in support of the Company’s reclamation obligations, as further described in Note 24. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees.” The voluntary prepayments of $500.0 million were accounted for as a partial debt extinguishment and accordingly, a pro rata portion of debt issuance costs and original issue discount of $19.0 million was charged to “Loss on early debt extinguishment” in the accompanying consolidated statements of operations during the Successor period April 2 through December 31, 2017. The Amendment was accounted for partially as a debt modification and partially as an extinguishment, the latter of which relating to certain lenders no longer participating in the Senior Secured Term Loan syndicate subsequent to the Amendment. As a result, the Company charged an additional pro rata portion of debt issuance costs and original issue discount of $1.9 million to “Loss on early debt extinguishment” in the accompanying consolidated statements of operations during the Successor period of April 2 through December 31, 2017 . The Company also recorded $6.1 million of deferred financing costs paid to the remaining lenders and expensed $2.0 million of other fees associated with the Amendment to “Interest expense” in the accompanying consolidated statements of operations during the Successor period of April 2 through December 31, 2017 . Restricted Payments Under the Successor Notes and Successor Credit Agreement In addition to the $450.0 million restricted payment basket provided for under the Amendment, the Indenture and the Successor Credit Agreement allow for $50.0 million of otherwise restricted payments. Additive to this general limit are certain “builder basket” provisions that may increase the amount of allowable restricted payments, as calculated periodically based upon the Company’s operating performance. Beginning on January 1, 2018, the payment of dividends and purchases of the Company’s Common Stock are permitted under additional provisions in the Indenture and the Successor Credit Agreement in an aggregate amount in any calendar year not to exceed $25.0 million , so long as the Company’s Total Leverage Ratio would not exceed 1.25 :1.00 on a pro forma basis. During the Successor period of April 2 through December 31, 2017 , the Company made repurchases of its Common Stock, as described in Note 21. “Resource Management and Other Commercial Events”. Capital Lease Obligations Refer to Note 14. “Leases” for additional information associated with the Company’s capital leases, which pertain to the financing of mining equipment used in operations. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Leases The Company leases equipment and facilities under various non-cancellable lease agreements and historically, the majority of the Company’s leases have been accounted for as operating leases. 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. During the Chapter 11 Cases, the Company amended and assumed certain leases and made lump sum payments to terminate certain other leases. In relation to the Company's non-Debtor subsidiaries, the Company successfully negotiated standstill agreements during the Chapter 11 Cases and successfully amended the leases, with those amendments becoming effective upon emergence from the Chapter 11 Cases. Certain of these amendments resulted in new lease agreements which are being accounted for as capital leases with an initial aggregate obligation of approximately $79.9 million . Rental expense under operating leases, including expense related to short-term operating leases, was $146.3 million for the Successor period April 2 through December 31, 2017 and $57.6 million , $264.7 million and $290.1 million for the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 , 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 Successor period April 2 through December 31, 2017 or the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 . The gross book value of property, plant, and equipment under capital leases was $125.3 million and $77.9 million as of December 31, 2017 and 2016 , respectively, related primarily to the leasing of mining equipment. The accumulated depreciation for these items was $20.6 million and $48.6 million at December 31, 2017 and 2016 , 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 $364.6 million for the Successor period April 2 through December 31, 2017 and $115.2 million , $389.7 million and $444.5 million for the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 , 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. During 2016, the Company completed substantially all of its required lease payments under U.S. federal coal reserve leases with the U.S. Bureau of Land Management. 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, 2017 are as follows: Capital Leases Operating Leases Coal Lease and Royalty Obligations Year Ending December 31, (Dollars in millions) 2018 $ 39.9 $ 68.5 $ 6.9 2019 28.1 46.7 6.7 2020 8.1 39.3 6.5 2021 0.5 29.0 6.3 2022 0.5 11.2 6.1 2023 and thereafter 9.2 22.9 33.0 Total minimum lease payments 86.3 $ 217.6 $ 65.5 Less interest 10.3 Present value of minimum capital lease payments $ 76.0 As of December 31, 2017 , certain of the Company’s coal lease obligations were secured by outstanding surety bonds totaling $95.4 million . |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Reconciliations of the Company’s asset retirement obligations are as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Balance at beginning of period $ 664.2 $ 758.8 $ 712.1 Liabilities settled or disposed (65.2 ) (2.7 ) (41.5 ) Accretion expense 32.6 12.5 45.7 Revisions to estimates 59.5 (104.4 ) 42.5 Balance at end of period $ 691.1 $ 664.2 $ 758.8 Less: Current portion (included in “Accounts payable and accrued expenses”) 34.1 31.1 41.0 Noncurrent obligation (included in “Asset retirement obligations”) $ 657.0 $ 633.1 $ 717.8 Balance at end of period — active locations $ 612.9 $ 540.1 $ 634.8 Balance at end of period — closed or inactive locations $ 78.2 $ 124.1 $ 124.0 During the Successor period April 2 through December 31, 2017 , the Company sold its Burton Mine and the related asset retirement obligations, as further discussed in Note 21. “Resource Management, Acquisitions and Other Commercial Events.” The changes in mine operations impacted reclamation estimates and are reflected in the asset retirement obligation asset and liability as of December 31, 2017 . The credit-adjusted, risk-free interest rates utilized to estimate the Company’s asset retirement obligations were 9.71% , 9.36% and 13.45% for its U.S. reclamation obligations and 4.65% , 4.36% and 4.92% for its Australia reclamation obligations at December 31, 2017 , April 1, 2017 and December 31, 2016 , respectively. The credit-adjusted, risk-free interest rate at December 31, 2015 was 50.83% . For 2017 and 2016, a distinct rate was developed for Australia due to the amount of cash collateral held in support of the related obligations as of December 31, 2017 , April 1, 2017 and December 31, 2016 . As of December 31, 2017 and 2016 , the Company had $1,136.8 million and $374.3 million , respectively, in surety bonds and bank guarantees outstanding to secure reclamation obligations. The amount of reclamation self-bonding in certain U.S. states in which the Company qualified was $1,094.2 million as of December 31, 2016 . Additionally, the Company had $188.5 million and $80.0 million , respectively, of letters of credit in support of reclamation obligations as of December 31, 2017 and 2016 . The Company also had restricted cash and cash collateral of $205.2 million and $233.2 million as of December 31, 2017 and 2016 , respectively, in support of reclamation obligations. |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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 of its current and certain former subsidiaries 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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Service cost for benefits earned $ 6.9 $ 2.3 $ 10.4 $ 11.2 Interest cost on accumulated postretirement benefit obligation 24.2 8.4 34.5 33.8 Amortization of prior service credit — (2.3 ) (9.2 ) (6.8 ) Amortization of actuarial loss — 5.5 20.4 24.9 Net actuarial gain (22.0 ) — — — Net periodic postretirement benefit cost $ 9.1 $ 13.9 $ 56.1 $ 63.1 In connection with fresh start reporting, the Company made a policy election to prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. The following includes pre-tax amounts recorded in “Accumulated other comprehensive income (loss)”: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Net actuarial loss (gain) arising during year $ — $ 32.3 $ (35.1 ) Amortization: Actuarial loss (5.5 ) (20.4 ) (24.9 ) Prior service credit 2.3 9.2 6.8 Settlement related to the Patriot bankruptcy: Prior service credit (cost) — 7.2 (16.6 ) Total recorded in “Accumulated other comprehensive income (loss)” $ (3.2 ) $ 28.3 $ (69.8 ) Prior to April 2, 2017, the Company amortized actuarial gain and loss using a 0% corridor with an amortization period that covered the average future working lifetime of active employees ( 10.31 years at January 1, 2017 ). The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 803.1 $ 812.1 $ 776.1 Service cost 6.9 2.3 10.4 Interest cost 24.2 8.4 34.5 Participant contributions 0.4 0.2 0.6 Plan changes — — 7.2 Benefits paid (29.3 ) (12.8 ) (49.0 ) Actuarial (gain) loss (22.0 ) — 32.3 Fresh start reporting adjustments — (7.1 ) — Accumulated postretirement benefit obligation at end of period 783.3 803.1 812.1 Change in plan assets: Fair value of plan assets at beginning of period — — — Employer contributions 28.9 12.6 48.4 Participant contributions 0.4 0.2 0.6 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (29.3 ) (12.8 ) (49.0 ) Fair value of plan assets at end of period — — — Funded status at end of period (783.3 ) (803.1 ) (812.1 ) Less: Current portion (included in “Accounts payable and accrued expenses”) 53.3 56.1 55.8 Noncurrent obligation (included in “Accrued postretirement benefit costs”) $ (730.0 ) $ (747.0 ) $ (756.3 ) The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: Successor Predecessor December 31, 2017 2016 Discount rate 3.70 % 4.15 % Measurement date December 31, 2017 December 31, 2016 The weighted-average assumptions used to determine net periodic benefit cost during each period were as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate 4.10 % 4.15 % 4.50 % 4.10 % Measurement date April 1, 2017 December 31, 2016 December 31, 2015 December 31, 2014 The following presents information about the assumed health care cost trend rate: Successor Predecessor Year Ended December 31, 2017 Year Ended December 31, 2016 Pre-Medicare: Health care cost trend rate assumed for next year 7.00 % 6.20 % 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 2023 2021 Post-Medicare: Health care cost trend rate assumed for next year 6.50 % 5.60 % 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 2023 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 for the year ended December 31, 2017: One Percentage- Point Increase One Percentage- Point Decrease (Dollars in millions) Effect on total service and interest cost components $ 3.2 $ (2.9 ) Effect on total postretirement benefit obligation $ 69.1 $ (60.7 ) 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) 2018 $ 52.2 2019 53.5 2020 55.9 2021 57.6 2022 56.9 Years 2023-2027 266.4 |
Pension and Savings Plans
Pension and Savings Plans | 12 Months Ended |
Dec. 31, 2017 | |
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 UMWA under the Western Surface Agreement (the Western Plan). Prior to April 2, 2017, PIC also sponsored an unfunded supplemental retirement plan to provide senior management with benefits in excess of limits under the federal tax law (collectively, the Pension 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 November 2017, the Company purchased a group annuity contract from an insurance company to pay future pension benefits to approximately 1,950 retirees and beneficiaries of the Peabody Plan. As a result of this transaction, the Company settled $71.4 million of its pension obligation, paid from plan assets. The Company also recorded a settlement charge of $2.1 million as a result of this transaction. Net periodic pension (benefit) cost included the following components: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Service cost for benefits earned $ 1.6 $ 0.6 $ 2.5 $ 2.7 Interest cost on projected benefit obligation 28.0 9.7 41.5 40.4 Expected return on plan assets (33.5 ) (11.0 ) (45.3 ) (48.2 ) Amortization of prior service cost — 0.1 0.3 1.0 Amortization of net actuarial losses — 6.3 24.7 39.6 Settlement charge 2.1 — — — Net actuarial gain (23.5 ) — — — Net periodic pension (benefit) cost $ (25.3 ) $ 5.7 $ 23.7 $ 35.5 In connection with fresh start reporting, the Company made a policy election to prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. The following includes pre-tax amounts recorded in “Accumulated other comprehensive income (loss)”: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Net actuarial loss arising during period $ — $ 6.6 $ 30.6 Amortization: Net actuarial loss (6.3 ) (24.7 ) (39.6 ) Prior service cost (0.1 ) (0.3 ) (1.0 ) Total recorded in “Accumulated other comprehensive income (loss)” $ (6.4 ) $ (18.4 ) $ (10.0 ) Prior to April 2, 2017, the Company amortized actuarial gain and loss using a 5% corridor with a five -year amortization period. The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 936.4 $ 959.3 $ 939.3 Service cost 1.6 0.6 2.5 Interest cost 28.0 9.7 41.5 Benefits paid (45.3 ) (15.0 ) (61.1 ) Actuarial loss 25.3 — 37.1 Settlement (71.4 ) — — Fresh start reporting adjustments — (18.2 ) — Projected benefit obligation at end of period 874.6 936.4 959.3 Change in plan assets: Fair value of plan assets at beginning of period 783.1 773.0 757.3 Actual return on plan assets 80.1 25.1 75.7 Employer contributions 30.1 — 1.1 Benefits paid (45.3 ) (15.0 ) (61.1 ) Settlement (71.4 ) — — Fair value of plan assets at end of period 776.6 783.1 773.0 Funded status at end of period $ (98.0 ) $ (153.3 ) $ (186.3 ) Amounts recognized in the consolidated balance sheets: Noncurrent obligation (included in “Other noncurrent liabilities”) $ (98.0 ) $ (153.3 ) $ (163.5 ) Liabilities subject to compromise — — (22.8 ) Net amount recognized $ (98.0 ) $ (153.3 ) $ (186.3 ) The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: Successor Predecessor December 31, 2017 2016 Discount rate 3.70 % 4.15 % Measurement date December 31, 2017 December 31, 2016 The weighted-average assumptions used to determine net periodic pension (benefit) cost during each period were as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate 4.10 % 4.15 % 4.55 % 4.15 % Expected long-term return on plan assets 5.90 % 5.90 % 6.00 % 6.25 % Measurement date April 1, 2017 December 31, 2016 December 31, 2015 December 31, 2014 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, 2018, the Company lowered its expected rate of return on plan assets from 5.90% to 5.65% 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, 2017 and 2016 . The accumulated benefit obligation for all plans was $874.6 million and $959.3 million as of December 31, 2017 and 2016 , respectively. Assets of the Pension 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 Pension Plan’s expected liabilities. To determine the appropriate target asset allocations, the Retirement Committees consider the demographics of each Pension Plan’s participants, the funded status of each Pension 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 Pension 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 Pension Plans reach certain funded status thresholds. As of December 31, 2017 and 2016, the Master Trust investment portfolio reflected the Company’s target asset mix of 27% and 31% equity securities and 73% and 69% fixed income investments, respectively. Master Trust assets also include funds invested in various real estate properties representing approximately 2% of total Master Trust assets as of December 31, 2017 and 2016. 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. Mutual funds. The Master Trust invests in mutual funds for growth and diversification. Investment vehicles include a fund (benchmarked against the performance of the S&P 500 Index) that invests in large-cap publicly traded common stocks (Large-Cap Fund), an institutional fund that holds a diversified portfolio of long-duration corporate fixed income investments (Corporate Bond Fund) and an institutional fund that consists of a diversified portfolio of liquid, short-term instruments of varying maturities (Short-Term Fund). The Large-Cap 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 Corporate Bond Fund and the Short-Term Fund are not traded on a national securities exchange and are valued at NAV, the practical expedient to estimate fair value. Corporate bonds . The Master Trust invests in corporate bonds for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities. Investment vehicles include investment-grade corporate bonds. 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. Corporate bonds are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. U.S. government securities. The Master Trust invests in U.S. government 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 bonds, agency securities and municipal bonds. 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, U.S. government securities are classified within the Level 1 valuation hierarchy; otherwise, U.S. government securities are classified within the Level 2 valuation hierarchy. International government securities. The Master Trust invests in international government securities for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities. Investment vehicles include non-U.S. government bonds. 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. International government securities are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. Common/collective trusts . The Master Trust invests in common/collective trusts (CCT) for growth and diversification. Investment vehicles include a CCT (benchmarked against the performance of the Russell 2000 Index) that invests in small-cap publicly traded common stocks (the Small-Cap CCT), a CCT that invests in publicly traded non-U.S. equity securities (the Equity CCT) and a 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). The Equity CCT and the Equity Index CCT 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. All CCTs are not traded on a national securities exchange and are valued at NAV, the practical expedient to estimate fair value. Cash funds . The Master Trust invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees. Investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature 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. 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. Real estate investment trusts . 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 Pension Plans invest 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: Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Mutual funds $ 108.0 $ — $ — $ 108.0 Corporate bonds — 291.1 — 291.1 U.S. government securities 7.5 21.8 — 29.3 International government securities — 17.7 — 17.7 Cash funds 30.8 — — 30.8 Real estate investment trusts — — 11.8 11.8 Total assets at fair value $ 146.3 $ 330.6 $ 11.8 488.7 Assets measured at net asset value practical expedient (1) Private mutual funds 180.4 Common collective trusts 107.5 287.9 Total plan assets $ 776.6 Predecessor December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in millions) Mutual funds $ 119.9 $ — $ — $ 119.9 Corporate bonds — 265.7 — 265.7 U.S. government securities 25.1 22.7 — 47.8 International government securities — 12.6 — 12.6 Cash funds 17.8 — — 17.8 Real estate investment trusts — — 14.1 14.1 Total assets at fair value $ 162.8 $ 301.0 $ 14.1 477.9 Assets measured at net asset value practical expedient (1) Private mutual funds 186.1 Common collective trusts 109.0 295.1 Total plan assets $ 773.0 (1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans. The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Balance, beginning of period $ 13.8 $ 14.1 $ 23.0 Realized gains — 0.6 1.8 Unrealized gains (losses) relating to investments still held at the reporting date 2.2 (0.6 ) 0.2 Purchases, sales and settlements, net (4.2 ) (0.3 ) (10.9 ) Balance, end of period $ 11.8 $ 13.8 $ 14.1 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 Successor period April 2 through December 31, 2017 , the Company contributed $30.1 million to its qualified pension plans including a discretionary contribution of $25.0 million . The Company did not make any contributions to its qualified and non-qualified plans during the Predecessor period January 1 through April 1, 2017. Effective April 2, 2017, the Company no longer sponsors any non-qualified pension plans. As of December 31, 2017, the Company’s qualified plans are expected to be at or above the Pension Protection Act thresholds. Minimum funding standards are legislated by ERISA and are modified by pension funding stabilization provisions included in the Moving Ahead for Progress in the 21st Century Act of 2012, the Highway and Transportation Funding Act of 2014 and the Bipartisan Budget Act of 2015. Based upon minimum funding requirements, the Company is not required to make any payments to its qualified pension plans to meet minimum funding requirements. 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: Successor Pension Benefits (Dollars in millions) 2018 $ 57.2 2019 57.2 2020 58.6 2021 59.5 2022 58.9 Years 2023-2027 280.1 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 $25.5 million for the Successor period April 2 through December 31, 2017 and $5.5 million , $19.2 million and $22.0 million for the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 , respectively. A performance contribution feature in one of the plans allows for additional discretionary contributions from the Company. The performance contribution expected to be paid in 2018, relating to the 2017 plan year is $9.5 million . There were no performance contributions paid during the Successor period April 2 through December 31, 2017 , the Predecessor period January 1 through April 1, 2017 or the year ended December 31, 2016. The performance contribution paid during the year ended December 31, 2015 was $19.5 million . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Successor Company Common Stock The following table summarizes Common Stock activity from April 2, 2017 to December 31, 2017: Successor April 2 through December 31, 2017 (In millions) Shares outstanding at the beginning of the period 70.9 Shares issued for preferred share conversions 33.8 Shares issued for warrant conversions 6.2 Shares issued for vested restricted stock units 0.1 Shares repurchased (5.8 ) Shares outstanding at the end of the period 105.2 See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information. Preferred Stock The following table summarizes the Series A Convertible Preferred Stock activity from April 2, 2017 to December 31, 2017: Successor April 2 through December 31, 2017 (In millions) Shares outstanding at the beginning of the period 30.0 Shares converted to Common Stock (17.2 ) Shares issued for payable in-kind preferred stock dividends 0.7 Shares outstanding at the end of the period 13.5 As of December 31, 2017, there were 13.5 million outstanding shares of Series A Convertible Preferred Stock. No other series of preferred stock was outstanding as of December 31, 2017. On January 31, 2018, the remaining outstanding shares of Series A Convertible Preferred Stock were converted into shares of Common Stock. See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information. Treasury Stock Share repurchases. On August 1, 2017, the Board authorized a $500.0 million share repurchase program. Repurchases may be made from time to time at the Company’s discretion. The specific timing, price and size of purchases will depend on the share price, general market and economic conditions and other considerations, including compliance with various debt agreements as they may be amended from time to time. No expiration date has been set for the repurchase program, and the program may be discontinued at any time. During the Successor period ended December 31, 2017, the Company repurchased approximately 1.5 million shares of its Common Stock for $40.0 million in connection with an underwritten secondary offering and made additional open-market purchases of approximately 4.3 million shares of its Common Stock for $135.7 million . Subsequent to December 31, 2017 and through February 19, 2018, the Company purchased approximately 0.9 million additional shares of Common Stock for $38.5 million . Shares relinquished. The Company routinely allows employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under its equity incentive plans. The number of shares of Common Stock relinquished was less than 0.1 million for the Successor period ended December 31, 2017 . The value of the Common Stock tendered by employees was based upon the closing price on the dates of the respective transactions. Predecessor Company As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” in accordance with the Plan and as previously disclosed, each share of the Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect as of the Effective Date. Furthermore, all of the Company’s equity award agreements under prior incentive plans, and the awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect as of the Effective Date. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation Successor Company The Company has established the 2017 Incentive Plan (the 2017 Incentive Plan) for employees, non-employee directors and consultants that allows for the issuance of share-based compensation in various forms including options (including non-qualified stock options and incentive stock options), stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, dividend equivalents and cash incentive awards. In accordance with the Plan, the 2017 Incentive Plan became effective as of the Effective Date. Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information regarding the 2017 Incentive Plan and the grant of emergence awards. Under the 2017 Incentive Plan, approximately 14.0 million shares of the Company’s Common Stock were reserved for issuance. As of December 31, 2017 , there are approximately 10.5 million shares of the Company’s Common Stock available for grant. 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 is reflected as a financing activity in the consolidated statements of cash flows. Share-based compensation expense and cash flow amounts were as follows: Successor April 2 through December 31, 2017 (Dollars in millions) Share-based compensation expense - equity classified awards $ 21.8 Share-based compensation expense - liability classified awards — Total share-based compensation expense 21.8 Tax benefit — Share-based compensation expense, net of tax benefit $ 21.8 Cash received upon the exercise of stock options and from employee stock purchases — Write-off tax benefits related to share-based compensation — As of December 31, 2017 , the total unrecognized compensation cost related to nonvested awards was $57.5 million , net of taxes, which is expected to be recognized over 2.5 years with a weighted-average period of 1.0 years. Deferred Stock Units During the Successor period April 2 through December 31, 2017 , 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 on a monthly basis over 12 months and are settled in Common Stock three years after the date of grant. Restricted Stock Units On the Effective Date, the Company granted the Emergence Awards. The Emergence Awards granted to the Company’s executive officers generally will vest ratably on each of the first three anniversaries of the Effective Date, subject to, among other things, each such executive officer’s continued employment with the Company. The Emergence Awards will become fully vested upon each such executive officer’s termination of employment by the Company and its subsidiaries without Cause or by the executive for Good Reason (each, as defined in the 2017 Incentive Plan or award agreement) or due to a termination of employment with the Company and its subsidiaries by reason of death or Disability (as defined in the 2017 Incentive Plan or award agreement). In order to receive the Emergence Awards, the executive officers were required to execute restrictive covenant agreements protecting the Company’s interests. The Company grants restricted stock units to certain senior management and non-senior management employees. 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 senior management employees vest at various times (none of which exceed three 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 during the Successor period April 2 through December 31, 2017 will be settled in the Company’s Common Stock. A summary of restricted stock unit activity is as follows: Successor April 2 through December 31, 2017 Weighted Average Grant-Date Fair Value Nonvested at April 2, 2017 — $ — Granted 3,618,309 22.04 Vested (29,555 ) 22.03 Forfeited (74,801 ) 22.03 Nonvested at December 31, 2017 3,513,953 $ 22.04 The total fair value at grant date of restricted stock units granted during the Successor period April 2 through December 31, 2017 was $79.8 million . The total fair value of restricted stock units vested was $0.9 million during the Successor period April 2 through December 31, 2017 Predecessor Company In accordance with the Plan and as previously disclosed, each share of the Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect as of the Effective Date. Furthermore, all of the Company’s equity award agreements under prior incentive plans, and the awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect as of the Effective Date. Share-Based Compensation Expense and Cash Flows The Predecessor Company’s share-based compensation expense was recorded in “Selling and administrative expenses” in the consolidated statements of operations. Cash received by the Predecessor Company upon the exercise of stock options and when employees purchased stock under the employee stock purchase plans was reflected as a financing activity in the consolidated statements of cash flows. Share-based compensation expense and cash flow amounts were as follows: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Share-based compensation expense - equity classified awards $ 1.9 $ 11.3 $ 26.2 Share-based compensation expense - liability classified awards — 1.5 2.0 Total share-based compensation expense 1.9 12.8 28.2 Tax benefit — — — Share-based compensation expense, net of tax benefit $ 1.9 $ 12.8 $ 28.2 Cash received upon the exercise of stock options and from employee stock purchases — — 3.4 Write-off tax benefits related to share-based compensation — — — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
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 Credit (Cost) Associated with Postretirement Plans Cash Flow Hedges Total Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Predecessor Company 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 from other comprehensive income to earnings — 21.0 (5.6 ) 146.3 161.7 Current period change (1.8 ) (13.5 ) (4.5 ) — (19.8 ) December 31, 2016 (148.2 ) (256.3 ) 21.7 (94.2 ) (477.0 ) Reclassification from other comprehensive income to earnings — 5.8 (1.4 ) 18.6 23.0 Current period change 5.5 — — — 5.5 Fresh start reporting adjustment 142.7 250.5 (20.3 ) 75.6 448.5 April 1, 2017 $ — $ — $ — $ — $ — Successor Company Current period change 1.4 — — — 1.4 December 31, 2017 $ 1.4 $ — $ — $ — $ 1.4 The components of accumulated other comprehensive income (loss) related to postretirement plans and workers’ compensation obligations and cash flow hedges related to Predecessor periods were eliminated in accordance with fresh start reporting as described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting. The following table provides additional information regarding items reclassified out of “Accumulated other comprehensive income (loss)” into earnings during the periods presented below: Amount reclassified from accumulated other comprehensive income (loss) (1) Predecessor Details about accumulated other comprehensive loss components January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Affected line item in the consolidated statement of operations (Dollars in millions) Net actuarial loss associated with postretirement plans and workers’ compensation obligations: Postretirement health care and life insurance benefits $ (5.5 ) $ (20.4 ) $ (24.9 ) Operating costs and expenses Defined benefit pension plans (5.3 ) (20.5 ) (32.9 ) Operating costs and expenses Defined benefit pension plans (1.0 ) (4.2 ) (6.7 ) Selling and administrative expenses Workers’ compensation amortization 2.7 11.7 8.0 Operating costs and expenses (9.1 ) (33.4 ) (56.5 ) Total before income taxes 3.3 12.4 20.9 Income tax benefit $ (5.8 ) $ (21.0 ) $ (35.6 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 2.3 $ 9.2 $ 6.8 Operating costs and expenses Defined benefit pension plans (0.1 ) (0.3 ) (1.0 ) Operating costs and expenses 2.2 8.9 5.8 Total before income taxes (0.8 ) (3.3 ) (2.1 ) Income tax provision $ 1.4 $ 5.6 $ 3.7 Total after income taxes Cash flow hedges: Foreign currency cash flow contracts $ (16.6 ) $ (145.6 ) $ (316.4 ) Operating costs and expenses Fuel and explosives commodity swaps (11.0 ) (86.1 ) (120.4 ) Operating costs and expenses Coal trading commodity futures, swaps and options — — 51.8 Other revenues Insignificant items (0.1 ) (0.5 ) (0.7 ) (27.7 ) (232.2 ) (385.7 ) Total before income taxes 9.1 85.9 134.0 Income tax benefit $ (18.6 ) $ (146.3 ) $ (251.7 ) Total after income taxes (1) Presented as gains (losses) in the consolidated statements of operations. Comprehensive loss for the Predecessor periods differed from net loss by the amount of unrealized gain or loss resulting from valuation changes of the Company’s cash flow hedges (see Note 7. “Derivatives and Fair Value Measurements” and Note 8. “Coal Trading” for information related to the Company’s cash flow hedges), the change in actuarial loss and prior service cost of postretirement plans and workers’ compensation obligations (see Note 16. “Postretirement Health Care and Life Insurance Benefits,” Note 17. “Pension and Savings Plans” and Note 4. “Discontinued Operations” 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 were 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, 2017 | |
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. Included in the Company’s consolidated statements of operations were aggregate restructuring charges, primarily comprised of cash severance costs of $7.6 million during the Successor period April 2 through December 31, 2017 and $15.5 million and $23.5 million during the years ended December 31, 2016 and 2015, respectively. Divestitures and Other Transactions On November 28, 2017, the Company paid $3.0 million for a third-party’s assumption of all rights and obligations related to a guarantee liability recorded pursuant to a 2007 transaction wherein the Company purchased approximately 345 million tons of coal reserves and surface lands in the Illinois Basin. In conjunction with the 2007 purchase, the Company agreed to guarantee certain reclamation and bonding commitments of an affiliate of the seller. The Company extinguished its associated $34.2 million liability upon completion of the 2017 transaction and recorded a gain of $31.2 million which is included within “Net gain on disposals” in the accompanying consolidated statements of operations for the Successor period ended December 31, 2017. On November 27, 2017, the Company completed the sale of the majority of its Burton Mine and related infrastructure to the Lenton Joint Venture for $11.7 million . The Lenton Joint Venture assumed the reclamation obligations associated with the assets acquired in the sale. The transaction reduced the Company’s asset retirement obligation by $40.5 million and reduced the amount of restricted cash held in support of such obligations by approximately $30.0 million . The Burton Mine, located in Queensland’s Bowen Basin, entered a care, maintenance and rehabilitation phase in December 2016 and had no carrying value at the time of sale. In connection with the transaction, the Company recorded a gain of $52.2 million which is included within “Net gain on disposals” in the accompanying consolidated statements of operations for the Successor period ended December 31, 2017. On August 29, 2017, the Company entered into an agreement to sell its 50% interest in the Red Mountain Joint Venture (RMJV) with BHP Billiton Mitsui Coal Pty Ltd (BMC) for $20.0 million . RMJV operates the coal handling and preparation plant utilized by the Company’s Millennium Mine. The transaction closed on February 6, 2018. BMC assumed the reclamation obligations and other commitments associated with the assets of RMJV. The Millennium Mine will have continued usage of the coal handling and preparation plant and the associated rail loading facility until the end of 2019. The Company had a 37.5% interest in Dominion Terminal Associates, a partnership that operates a coal export terminal in Newport News, Virginia that exports both metallurgical and thermal coal primarily to Europe and Brazil. On March 31, 2017, the Company completed a sale of its interest in Dominion Terminal Associates to Contura Terminal, LLC and Ashland Terminal, Inc., both of which are partners of the Dominion Terminal Associates. The Company collected $20.5 million in proceeds and recorded $19.7 million of gain on the sale, which was classified in “Net gain on disposals” in the consolidated statement of operations during the Predecessor period January 1, 2017 through April 1, 2017. In November 2016, the Company entered into a definitive share sale and purchase agreement (SPA) for the sale of all of its equity interest in Metropolitan Collieries Pty Ltd, the entity that owns the Metropolitan Mine in New South Wales, Australia and the associated interest in the Port Kembla Coal Terminal, to South32 Limited (South32). The SPA provided for a cash purchase price of $200.0 million and certain contingent consideration, subject to a customary working capital adjustment. South32 terminated the agreement in April 2017 after it was unable to obtain necessary approvals from the Australian Competition and Consumer Commission within the timeframe required under the SPA. As a result of the termination, the Company retained an earnest deposit posted by South32 which was recorded in “Other revenues” in the accompanying consolidated statements of operations during the Successor period April 2, 2017 through December 31, 2017. In May 2016, the Company completed the sale of its 5.06% participation interest in the Prairie State Energy Campus to the Wabash Valley Power Association for $57.1 million . The Company recognized a gain on sale of $6.2 million related to the transaction, which was classified in “Net gain on disposals” in the consolidated statement of operations for the year ended December 31, 2016. In May 2016, the Company entered into sale and purchase agreements with Australia-based Pembroke Resources to sell its interest in undeveloped metallurgical reserve tenements in Queensland’s Bowen Basin. The transaction included Olive Downs South, Olive Downs South Extended and Willunga tenements, which were sold for $64.1 million in cash plus a royalty stream. The Company recognized a gain on sale of $2.8 million related to those tenements, which was classified in “Net gain on disposals” in the consolidated statement of operations for the year ended December 31, 2016. The sale and purchase agreement for the remaining tenements, namely the Olive Downs North tenements, terminated in October 2017 as certain closing conditions were not satisfied within the prescribed time period. In November 2015, the Company entered into a definitive agreement to sell its New Mexico and Colorado assets to Bowie Resource Partners, LLC (Bowie) in exchange for cash proceeds of $358 million and the assumption of certain liabilities. Bowie agreed to pay the Company a termination fee of $20 million (Termination Fee) in the event the Company terminated the agreement because Bowie failed to obtain financing and close the transaction. On April 12, 2016, Peabody terminated the agreement and demanded payment of the Termination Fee. Following a favorable judgment by the Bankruptcy Court, the Company collected the Termination Fee from Bowie. The Termination Fee is included in “Other revenues” in the accompanying consolidated statements of operations during the Successor period April 2, 2017 through December 31, 2017. 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 the fourth quarter of 2018, 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, 2017 | |
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 convertible preferred stock is considered a participating security because holders are entitled to receive dividends on an if-converted basis. The Predecessor Company’s restricted stock awards were considered participating securities because holders were entitled to receive non-forfeitable dividends during the vesting term. Diluted EPS includes securities that could potentially dilute basic EPS during a reporting period and assumes that participating securities are not executed or converted. As such, the Company includes the share-based compensation awards in its potentially dilutive securities. The calculation of diluted EPS for the Predecessor Company also considered the impact of the Debentures. 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 Predecessor Company’s 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 Predecessor Company’s performance units, their contingent features resulted 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 19. “Share-Based Compensation.” Up to the time of cancellation, a conversion of the Debentures could have resulted in payment for any conversion value in excess of the principal amount of the Debentures in the Predecessor Company’s common stock. For diluted EPS purposes, potential common stock was calculated based on whether the market price of the Predecessor Company’s common stock at the end of each reporting period was in excess of the conversion price of the Debentures. 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 for the Successor Company excluded aggregate share-based compensation awards of less than 0.1 million for the period April 2 through December 31, 2017 . The computation of diluted EPS for the Predecessor Company excluded aggregate share-based compensation awards of approximately 0.2 million , 0.4 million and 0.6 million for the period January 1 through April 1, 2017 , and the years ended December 31, 2016 and 2015 , 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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions, except per share amounts) EPS numerator: Income (loss) from continuing operations, net of income taxes $ 713.1 $ (195.5 ) $ (663.8 ) $ (1,783.2 ) Less: Series A Convertible Preferred Stock dividends 179.5 — — — Less: Net income attributable to noncontrolling interests 15.2 4.8 7.9 7.1 Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities 518.4 (200.3 ) (671.7 ) (1,790.3 ) Less: Earnings allocated to participating securities 129.0 — — — Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) 389.4 (200.3 ) (671.7 ) (1,790.3 ) Loss from discontinued operations, net of income taxes (19.8 ) (16.2 ) (57.6 ) (175.0 ) Less: Loss from discontinued operations allocated to participating securities (4.9 ) — — — Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (14.9 ) (16.2 ) (57.6 ) (175.0 ) Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) $ 374.5 $ (216.5 ) $ (729.3 ) $ (1,965.3 ) EPS denominator: Weighted average shares outstanding — basic 101.1 18.3 18.3 18.1 Impact of dilutive securities 1.4 — — — Weighted average shares outstanding — diluted (2) 102.5 18.3 18.3 18.1 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 3.85 $ (10.93 ) $ (36.72 ) $ (98.65 ) Loss from discontinued operations (0.15 ) (0.88 ) (3.15 ) (9.64 ) Net income (loss) attributable to common stockholders $ 3.70 $ (11.81 ) $ (39.87 ) $ (108.29 ) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 3.81 $ (10.93 ) $ (36.72 ) $ (98.65 ) Loss from discontinued operations $ (0.14 ) $ (0.88 ) $ (3.15 ) $ (9.64 ) Net income (loss) attributable to common stockholders $ 3.67 $ (11.81 ) $ (39.87 ) $ (108.29 ) (1) The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $1.2 million for the Successor period April 2 through December 31, 2017 . (2) The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 33.5 million shares related to the participating securities for the Successor period April 2 through December 31, 2017 . In accordance with the Plan, each share of the Predecessor Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect after the Effective Date. Furthermore, all of the Predecessor Company’s equity award agreements under prior incentive plans, and the equity awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect after the Effective Date. As of December 31, 2017, approximately 17.2 million shares of Preferred Stock had been converted and no Warrants remained unexercised, which together resulted in the issuance of an additional 40.0 million shares of Common Stock. As discussed in Note 13. “Current and Long-term Debt” and Note 18. “Stockholders’ Equity,” approximately 5.8 million shares of Common Stock had been repurchased as of December 31, 2017. |
Management - Labor Relations
Management - Labor Relations | 12 Months Ended |
Dec. 31, 2017 | |
Risk Management Labor Relations [Abstract] | |
Management - Labor Relations | Management — Labor Relations On December 31, 2017 , the Company had approximately 7,100 employees worldwide, including approximately 5,500 hourly employees; the employee amounts exclude employees that were employed at operations classified as discontinued operations. Approximately 38% of those hourly employees were represented by organized labor unions and were employed by mines that generated 20% of the Company’s 2017 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, 2017 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 (2) December 2018 Wambo Underground (2) April 2015 North Goonyella (3) December 2018 Metropolitan (4) January 2021 Millennium (5) March 2019 Wilpinjong (6) May 2020 Coppabella (7) December 2016 Moorvale (8) June 2020 (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 7% 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, 2017 . (2) Employees of the Wambo Open-Cut Mine operate under a separate enterprise agreement which will expire in December 2018. Negotiations for a new agreement are expected to commence in the fourth quarter of 2018. There were no wage increases over the three-year term of the current labor agreement. Employees of the Company's Wambo Underground Mine operate under a separate labor agreement. That agreement expired in April 2015. The parties are currently renegotiating the new labor agreement and reached an agreement in principle which is subject to an employee vote in the first quarter of 2018. There have been no wage increases and no disruptions in the mine’s operations since the agreement expired. The Wambo coal handling and preparation plant hourly employees are under a separate labor agreement that expires in December 2018 and extension negotiations are expected to commence in the fourth quarter of 2018. Hourly employees of these mines comprise approximately 20% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 19% of the Company’s Australian production during the year ended December 31, 2017 . (3) Employees of the North Goonyella Mine operate under a separate enterprise agreement which will expire in December 2018. Negotiations for a new agreement are expected to commence in the fourth quarter of 2018. There were no wage increases over the three-year term of the current labor agreement. Hourly employees of this mine comprise approximately 7% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 11% of the Company’s Australian production during the year ended December 31, 2017. (4) Employees of the Company’s Metropolitan Mine operate under a separate labor agreement, which expires in January 2021. There is also a deputy labor agreement which expired in September 2015. The parties have been in ongoing negotiations for an extension to the agreement. There have been no disruptions to the mine’s operations as a result of the expiration of the agreement. Hourly employees of this mine comprise approximately 12% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 3% of the Company’s Australian production during the year ended December 31, 2017 . (5) In March 2017, the Company entered into a new two-year labor agreement which expires in March 2019. The new agreement has minimal wage increases. Hourly employees of this mine comprise approximately 15% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 10% of the Company’s Australian production during the year ended December 31, 2017. (6) In May 2017, the Company entered into a new three-year labor agreement which expires in May 2020. The new agreement has minimal wage increases. Hourly employees of this mine comprise approximately 21% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 42% of the Company’s Australian production during the year ended December 31, 2017 . (7) Employees of the Company’s Coppabella Mine operate under a separate enterprise agreement which expired in December 2016. The negotiations for a new labor agreement are progressing and the parties reached an agreement in principle which is subject to an employee vote in the first quarter of 2018. There were no wage increases or disruptions to the mine’s operations as a result of the expiration of the agreement. Hourly employees of this mine comprise approximately 16% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 9% of the Company’s Australian production during the year ended December 31, 2017 . (8) Employees of the Company’s Moorvale Mine operate on individual contracts underpinned by a non-union enterprise agreement. Employees are managed according to their individual contracts rather than the enterprise agreement. In July 2017, all employees signed a memorandum of understanding agreeing to a rollover of the existing enterprise agreement until June 20, 2020. |
Financial Instruments and Other
Financial Instruments and Other Guarantees (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial Instruments 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, some of which carry off-balance-sheet risk and 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. Reclamation Bonding The Company is required to provide various forms of financial assurance in support of its mining reclamation obligations in the jurisdictions in which it operates. Such requirements are typically established by statute or under mining permits. Historically, such assurances have taken the form of third-party instruments such as surety bonds, bank guarantees, letters of credit, cash collateral held in restricted accounts, and self-bonding arrangements in the U.S. In connection with its emergence from the Chapter 11 Cases, the Company elected to utilize primarily a portfolio of surety bonds to support its U.S. obligations. At December 31, 2017 , the Company’s asset retirement obligations for its U.S. operations of $457.9 million were supported by surety bonds of $1,075.2 million , as well as letters of credit issued under the Company’s receivables securitization program and Revolver amounting to $174.0 million . At December 31, 2017 , the Company’s asset retirement obligations for its Australia operations of $233.2 million were supported by a combination of $205.2 million of restricted cash and cash collateral, $61.6 million of bank guarantees and $14.5 million of similarly issued letters of credit. Accounts Receivable Securitization As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” the Company entered into the Receivables Purchase Agreement to extend the receivables securitization facility previously in place and expand that facility to include certain receivables from the Company’s Australian operations. The term of the receivables securitization program (Securitization Program) ends on April 3, 2020, subject to certain liquidity requirements and other customary events of default set forth in the Receivables Purchase Agreement. The Securitization Program provides for up to $250.0 million in funding accounted for as a secured borrowing, limited to the availability of eligible receivables, and may be secured by a combination of cash collateral and the trade receivables underlying the program, from time to time. Funding capacity under the Securitization Program may also be drawn upon for letters of credit in support of other obligations. During 2017, the Company entered into amendments to the Securitization Program to include the receivables of additional Australian operations, reduce the restrictions on the availability of certain eligible receivables, add an additional servicer and reduce program fees. Under the terms of the Securitization Program, the Company contributes the trade receivables of its participating subsidiaries on a revolving basis to P&L Receivables, its wholly-owned, bankruptcy-remote subsidiary, which then sells the receivables to unaffiliated banks. P&L Receivables retains the ability to repurchase the receivables in certain circumstances. The assets and liabilities of P&L Receivables are consolidated with Peabody, and the Securitization Program is treated as a secured borrowing for accounting purposes, but the assets of P&L Receivables will be used first to satisfy the creditors of P&L Receivables, not Peabody’s creditors. The borrowings under the Securitization Program remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables, by continuing to contribute trade receivables to P&L Receivables, unless an event of default occurs. At December 31, 2017 , the Company had no outstanding borrowings and $169.5 million of letters of credit drawn under the Securitization Program. The letters of credit were primarily in support of portions of the Company’s obligations for reclamation, workers’ compensation and postretirement benefits. The Company had no cash collateral requirement under the Securitization Program at December 31, 2017 and $40.5 million required under its former receivables securitization facility in place prior to the Effective Date at December 31, 2016. The Company incurred fees associated with the Securitization Program of $5.3 million during the Successor period April 2, 2017 through December 31, 2017 , which have been recorded as “Interest expense” in the accompanying statements of operations. As it relates to the former receivables securitization facility in place prior to the Effective Date, the Company incurred interest expense of $2.0 million during the Predecessor Period January 1, 2017 through April 1, 2017 and $8.2 million and $1.8 million for the years ended December 31, 2016 and 2015. Restricted Cash Collateral The Company has restricted cash held as collateral for financial assurances associated with a variety of long-term obligations and commitments surrounding the mining, reclamation and shipping of its production. At December 31, 2017 and December 31, 2016 , the Company had $323.1 million and $529.3 million , respectively, related to such obligations. The Company also had $40.1 million and $13.8 million of restricted cash at December 31, 2017 and December 31, 2016 , respectively, related to various short-term obligations. Other 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 (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Unconditional Purchase Obligations As of December 31, 2017 , purchase commitments for capital expenditures were $159.0 million , all of which is obligated within the next three years, with $41.9 million obligated in 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 25 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, 2017 , these Australian and U.S. commitments under take-or-pay arrangements totaled $1.3 billion , of which approximately $182 million is obligated within the next year. 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. Effect of Automatic Stay. The Debtors filed voluntary petitions for relief under the Bankruptcy Code on the Petition Date in the Bankruptcy Court. During the pendency of the Chapter 11 Cases, each of the Debtors continued to operate its business and manage its property as a debtor-in-possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. Subject to certain exceptions under the Bankruptcy Code, the filing of the Debtors’ Chapter 11 Cases, pursuant to Section 362(a) of the Bankruptcy Code, automatically enjoined, or stayed, among other things, the continuation of most judicial or administrative proceedings or the filing of other actions against or on behalf of the Debtors or their property to recover on, collect or secure a claim arising prior to the Petition Date or to exercise control over property of the Debtors’ bankruptcy estates. The automatic stay was lifted when the Plan became effective on April 3, 2017 and was replaced by the injunction provisions under the Debtors’ confirmed Plan. The Plan’s injunction provisions provide that all holders of prepetition claims or interests are enjoined, or stayed, from, among other things, (a) commencing, conducting or continuing any suit, action or other proceeding against the Debtors, their estates or the reorganized Debtors, (b) enforcing, levying, attaching, collecting or otherwise recovering an award against the Debtors, their property or the assets or property of the reorganized Debtors, (c) creating, perfecting or otherwise enforcing a lien against the Debtors, their estates or the reorganized Debtors, and (d) asserting any setoff, right of subrogation or recoupment against any obligation due a Debtor or a reorganized Debtor. The Chapter 11 Cases impacted the liabilities of the Debtors described below and in Note 4. “Discontinued Operations,” as well as certain other contingent liabilities the Debtors may have. For example, if a contingent litigation liability of the Debtors is ultimately allowed as a prepetition claim under the Bankruptcy Code, that claim will be subject to the applicable treatment set forth in the Plan and be discharged pursuant to the terms of the Plan. A group of creditors (the Ad Hoc Committee) that held certain interests in the Company's prepetition indebtedness appealed the Bankruptcy Court's order confirming the Plan. On December 29, 2017, the United States District Court for the Eastern District of Missouri (the District Court) entered an order dismissing the Ad Hoc Committee's appeal, and, in the alternative, affirming the order confirming the Plan. On January 26, 2018, the Ad Hoc Committee appealed the District Court's order to the United States Court of Appeals for the Eighth Circuit (the Eighth Circuit). In its appeal, the Ad Hoc Committee does not ask the Eighth Circuit to reverse the order confirming the Plan. Instead, the Ad Hoc Committee asks the Eighth Circuit to award the Ad Hoc Committee members either unspecified damages or the right to buy an unspecified amount of Company stock at a discount. The Company does not believe the appeal is meritorious and will vigorously defend it. 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, that was then known as 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. Orders have been made by the court relating to trial preparation steps, with the steps expected to be completed by the end of April 2018. The court ordered the parties to participate in a mediation by the end of August 2018 and expects to set some trial dates in the second half of 2018 with the remainder of trial to be completed in 2019. Based on the Company’s evaluation of the issues and their potential impact, the amount of any future loss currently cannot be reasonably estimated. Berenergy Corporation. The Company has been in a legal dispute with Berenergy Corporation (Berenergy) regarding Berenergy’s access to certain of its underground oil deposits beneath the Company’s North Antelope Rochelle Mine and contiguous undisturbed areas. The Company believes that any claims related to this matter constitute prepetition claims. On October 13, 2016, the Sixth Judicial Court in the state of Wyoming (Wyoming Court) entered an order (Wyoming Court Decision) allowing the Company the right to mine through certain wells owned by Berenergy but required the Company to compensate Berenergy for damages of $0.9 million , which the Company recognized during 2016. Further, the Wyoming Court ruled that should Berenergy obtain approval from the Wyoming Oil and Gas Conservation Commission (the Commission) to recover certain secondary deposits beneath the mine’s contiguous undisturbed areas, the Company would be liable to Berenergy for the cost of certain special procedures and equipment required to access the secondary deposits remotely from outside the Company’s mine area, which has been estimated as $13.1 million by Berenergy. Berenergy so far has not applied to the Commission for approval and the Company believes it is not probable that the Commission would approve access to the secondary deposits if Berenergy applied based on the Company’s view of a lack of economic feasibility and certain restrictions on Berenergy’s legal claim to the deposits. Based upon these factors, the Company has not accrued a liability related to the secondary deposits as of December 31, 2017. On December 21, 2016, Berenergy filed a Notice of Appeal with the Wyoming Supreme Court of the Wyoming Court Decision. On January 5, 2017, Peabody filed a Notice of Cross-Appeal with the Wyoming Supreme Court of the Wyoming Court Decision. Both parties filed appellate briefs on April 17, 2017. The matter before the Wyoming Supreme Court has been fully briefed by the parties and oral arguments were held on August 16, 2017. On June 22, 2017, the Bankruptcy Court entered an order disallowing Berenergy’s proof of claim for the amounts awarded in the Wyoming Court Decision, which the Company believes discharged its obligation to pay these amounts. On January 4, 2018, the Wyoming Supreme Court vacated the Wyoming Court Decision and remanded the case with instructions to dismiss the case if the federal lessors could not be joined. On February 6, 2018, the Wyoming Supreme Court ordered a rehearing to decide whether its January 4, 2018 decision would apply to Berenergy’s access rights under a private, as opposed to a Federal, lease. County of San Mateo, County of Marin, City of Imperial Beach. The Company was named as a defendant, along with numerous other companies, in three nearly identical lawsuits. The lawsuits seek to hold a wide variety of companies that produce fossil fuels liable for the alleged impacts of the greenhouse gas emissions attributable to those fuels. The lawsuits primarily assert that the companies’ products have caused a sea level rise that is damaging the plaintiffs. The complaints specifically alleged that the defendants’ activities from 1965 to 2015 caused such damage. The Company filed a motion to enforce the Confirmation Order in the Bankruptcy Court because the Confirmation Order enjoins claims that arose before the effective date of the Plan. The motion to enforce was heard on October 5, 2017 and granted on October 24, 2017. The Bankruptcy Court ordered the plaintiffs to dismiss their lawsuits against the Company. On November 26, 2017, the plaintiffs appealed the Bankruptcy Court’s October 24, 2017 order to the U.S. District Court for the Eastern District of Missouri. On November 28, 2017, plaintiffs sought a stay pending appeal from the Bankruptcy Court, which was denied December 8, 2017. On December 19, 2017, the plaintiffs moved the U.S. District Court for the Eastern District of Missouri for a stay pending appeal. In the underlying cases pending in California, the parties are litigating whether the complaints should be heard in federal or state court. 10th Circuit U.S. Bureau of Land Management (BLM) Appeal. On September 15, 2017, the Tenth Circuit Court of Appeals reversed the District Court of Wyoming’s decision upholding BLM’s approval of four coal leases in the Powder River Basin. Two of the four leases relate to the Company’s North Antelope Rochelle Mine in Wyoming. There is no immediate impact on the Company’s leases as the Court of Appeals did not vacate the leases as part of its ruling. Rather, the Court of Appeals remanded the case back to the District Court with directions to order BLM to revise its environmental analysis. On November 27, 2017, the District Court remanded BLM to revise its environmental analysis. On January 31, 2018, the federal respondents filed a status report advising the District Court that they would conduct an environmental assessment to remedy the National Environmental Policy Act defect found by the Tenth Circuit, and anticipated that the environmental assessment would be completed in approximately six months. The Company’s operations will continue in the normal course during this period since the decision has no impact on mining at this time. The Company currently believes that its operations are unlikely to be materially impacted by this case, but the timing and magnitude of any impact on the Company’s future operations is not certain. Wilpinjong Extension Project (WEP). Wollar Progress Association has applied to the Land & Environment Court for a judicial review of the New South Wales Planning Assessment Commission’s decision to approve the WEP. The matter was heard by the court in early February 2018. However, a decision has not yet been ordered. In the interim, the Company’s Wilpinjong Mine continues to mine in accordance with its approvals. 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 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 PEC despite the fact that Gold Fields and many of its subsidiaries had no ongoing operations and PEC had no prior involvement in the past operations of Gold Fields and its subsidiaries. Prior to the Effective Date, Gold Fields was one of PEC’s subsidiaries. As part of separate transactions, both PEC and Gold Fields agreed to indemnify Blue Tee with respect to certain claims relating to the historical operations of a predecessor of Blue Tee, which is a former affiliate of Gold Fields. Neither PEC nor Gold Fields had any involvement with the past operations of the Blue Tee predecessor. Environmental assessments for remediation, past and future costs, and/or natural resource damages were also asserted by the United States Environmental Protection Agency (EPA) and natural resources trustees against Gold Fields related to historical activities of Gold Fields’ predecessor. As a result of filing the Chapter 11 Cases, Gold Fields ceased its response actions and other engagements with the EPA at these sites and ceased paying remediation costs on Blue Tee’s behalf. During the Chapter 11 Cases, Blue Tee and several governmental entities including the EPA, the Department of the Interior and several states filed claims against Gold Fields and PEC and objections to the Plan. Gold Fields and PEC filed various objections to the claims. On March 16, 2017, the Debtors agreed to settle the objections to the Plan filed by Blue Tee and several government entities in the Chapter 11 Cases. Under the settlements, the Debtors will (1) not seek to recover federal tax refunds owed to Debtors in the amount of approximately $11 million ; (2) transfer $12 million of insurance settlement proceeds from Century and Pacific Employers Insurance Company relating to environmental liabilities to the Gold Fields Liquidating Trust (as described in the Plan); and (3) pay $20 million to the Gold Fields Liquidating Trust. On March 16 and 17, 2017, the Bankruptcy Court entered orders approving these settlements. On July 13, 2017, the Debtors and government entities entered into a settlement agreement to reflect the above settlement. Notice of the settlement agreement was given in the Federal Register on July 20, 2017. On September 5, 2017, the Bankruptcy Court gave final approval of the settlement agreement after the notice and comment period expired. As of the Effective Date, all Gold Fields assets and liabilities have been transferred to the Gold Fields Liquidating Trust and the Reorganized Debtors have no further obligations with respect to Gold Fields. Other At times the Company becomes a party to other disputes, including those related to contract miner performance, claims, lawsuits, arbitration proceedings, regulatory investigations 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. |
Summary Quarterly Financial Inf
Summary Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Summary Quarterly Financial Information (Unaudited) | Summary of Quarterly Financial Information (Unaudited) A summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 is presented below. Year Ended December 31, 2017 Predecessor Successor First Quarter April 1 April 2 through June 30 Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,326.2 $ — $ 1,258.3 $ 1,477.2 $ 1,517.1 Operating profit 198.1 — 146.0 202.9 338.2 Income (loss) from continuing operations, net of income taxes 124.3 (319.8 ) 101.4 233.7 378.0 Net income (loss) 120.2 (331.9 ) 98.7 230.0 364.6 Net income (loss) attributable to common stockholders 115.4 (331.9 ) (20.2 ) 201.4 317.4 Basic EPS — continuing operations (1) $ 6.46 $ (17.44 ) $ (0.18 ) $ 1.51 $ 2.50 Diluted EPS — continuing operations (1) $ 6.44 $ (17.44 ) $ (0.18 ) $ 1.49 $ 2.47 Weighted average shares used in calculating basic EPS 18.3 18.3 96.8 101.6 104.8 Weighted average shares used in calculating diluted EPS 18.4 18.3 96.8 103.1 106.5 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. Operating profit for the first quarter of 2017 included $30.5 million of asset impairment costs, related to terminated coal lease contracts in the Midwestern U.S. Operating profit for the fourth quarter of 2017 reflected $45.2 million of net mark-to-market gains on actuarially determined liabilities partially offset by $6.6 million of restructuring charges. The operating profit for the fourth quarter of 2017 also included net gain on disposals of $83.1 million , primarily driven by the sale of the Burton Mine and the extinguishment of a guarantee liability for reclamation and bonding commitments of $52.2 million and $31.2 million , respectively. Operating profit for the first, third and fourth quarters of 2017 , as well as the period April 2 through June 30, 2017 included steady income from equity affiliates of $15.0 million , $10.5 million , $22.8 million , and $15.7 million , respectively, due to favorable coal pricing at Middlemount. Income from continuing operations, net of income taxes for the first quarter and April 1, 2017 reflected $41.4 million and $585.8 million , respectively, of reorganization items, net due to the Company’s emergence from the Chapter 11 Cases. Income from continuing operations, net of income taxes for the period April 2 through June 30, 2017 and the third quarter of 2017 reflected $41.4 million and $42.5 million , respectively, of interest expense, while the fourth quarter experienced a decrease in interest expense due to prepayments on the Senior Secured Term Loan, reducing interest payments. Income from continuing operations, net of income taxes for the third and fourth quarters of 2017 included a loss on debt extinguishment of $12.9 million and $8.0 million , respectively, resulting from the prepayments of the Senior Secured Term Loan. Year Ended December 31, 2016 Predecessor First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,027.2 $ 1,040.2 $ 1,207.1 $ 1,440.8 Operating profit (loss) (102.7 ) (107.7 ) (21.6 ) (44.9 ) Loss from continuing operations, net of income taxes (167.7 ) (223.2 ) (97.7 ) (175.2 ) Net loss (171.1 ) (226.2 ) (135.8 ) (188.3 ) Net loss attributable to common stockholders (171.1 ) (227.9 ) (137.6 ) (192.7 ) Basic and diluted EPS — continuing operations (1) $ (9.17 ) $ (12.30 ) $ (5.44 ) $ (9.82 ) Weighted average shares used in calculating basic and diluted EPS 18.3 18.3 18.3 18.3 (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 first quarter and second quarter of 2016 reflected $26.4 million and $10.3 million of debt restructuring costs, respectively. Operating loss for the first and fourth quarters of 2016 included $17.2 million and $230.7 million of asset impairment costs, respectively, primarily driven by the impairment of Metropolitan Mine to reflect estimated selling price. The operating loss for the second quarter of 2016 included net gain on disposals of $13.7 million , primarily driven by net gains on sale of the Olive Downs South tenements and participation interest in Prairie State Energy Campus of $2.8 million and $6.2 million , respectively. Operating loss for the fourth quarter of 2016 included income from equity affiliates of $28.8 million , due to favorable coal pricing at Middlemount. Loss from continuing operations, net of income taxes for the first quarter included $126.2 million of interest expense, while the following three quarters experienced significant decreases in interest expense due to the bankruptcy filing and stay of interest payments. Loss from continuing operations, net of income taxes for the second, third and fourth quarters of 2016 reflected $95.4 million , $29.7 million and $33.9 million of reorganization items, net due to the bankruptcy filing and ongoing Chapter 11 cases, respectively. Loss from continuing operations, net of income taxes for the fourth quarter of 2016 included a loss on debt extinguishment of $29.5 million resulting from the repayment of debtor-in-possession term loan. Loss from discontinued operations, net of income for the third and fourth quarters reflected $38.1 million and $13.1 million of Patriot bankruptcy related charges associated with black lung liabilities and the UMWA Combined Benefit fund, respectively. |
Segment and Geographic Informat
Segment and Geographic Information (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company 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. 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 include 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 and coal with a mid-range sulfur content and Btu. 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 U.S. Mining 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 metallurgical and thermal coal is sold within Australia. Generally, revenues from individual countries vary year by year based on electricity and steel 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 one in 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 coking coal and pulverized coal injection coal. The Company’s Australian Thermal Mining operations 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 its 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, certain 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 chief operating decision maker (CODM) uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance. Adjusted EBITDA is defined as income (loss) from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses, depreciation, depletion and amortization and reorganization items, net. Adjusted EBITDA is also adjusted for the discrete items, which are reflected in the reconciliation below, that management excluded in analyzing the segments’ operating performance. 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 Successor period April 2 through December 31, 2017 were as follows: Successor Powder River Basin Mining Midwestern Western Australian Metallurgical Mining Australian Thermal Mining Trading and Corporate Consolidated (Dollars in millions) Revenues $ 1,178.7 $ 592.3 $ 440.7 $ 1,221.0 $ 772.5 $ 33.6 $ 13.8 $ 4,252.6 Adjusted EBITDA 278.8 124.4 131.8 414.9 306.6 (6.9 ) (104.3 ) 1,145.3 Additions to property, plant, equipment and mine development 32.6 21.7 13.8 56.0 39.2 — 3.3 166.6 Income from equity affiliates — — — — — — (49.0 ) (49.0 ) Segment results for the Predecessor period January 1 through April 1, 2017 were as follows: Predecessor 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 $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 Adjusted EBITDA 91.7 50.0 50.0 109.6 75.6 8.8 (44.4 ) 341.3 Additions to property, plant, equipment and mine development 19.3 2.8 3.1 5.2 2.3 — 0.1 32.8 Federal coal lease expenditures — — 0.5 — — — — 0.5 Income from equity affiliates — — — — — — (15.0 ) (15.0 ) Segment results for the year ended December 31, 2016 were as follows: Predecessor 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 $ 1,473.3 $ 792.5 $ 526.0 $ 1,090.4 $ 824.9 $ 28.9 $ (20.7 ) $ 4,715.3 Adjusted EBITDA 379.9 217.3 101.6 (16.3 ) 217.6 (32.4 ) (335.7 ) 532.0 Additions to property, plant, equipment and mine development 33.0 18.7 20.8 29.9 22.1 — 2.1 126.6 Federal coal lease expenditures 248.4 — 0.6 — — — — 249.0 Income from equity affiliates — — — — — — (16.2 ) (16.2 ) Segment results for the year ended December 31, 2015 were as follows: Predecessor 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 $ 40.6 $ 33.8 $ 5,609.2 Adjusted EBITDA 482.9 269.7 184.6 (18.2 ) 193.6 24.8 (705.0 ) 432.4 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 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, 2017 were as follows: Successor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 3,848.6 $ 2,656.3 $ 99.1 $ 1,577.2 $ 8,181.2 Property, plant, equipment and mine development, net 3,361.0 1,501.7 0.5 248.7 5,111.9 Assets as of December 31, 2016 were as follows: Predecessor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,255.9 $ 5,402.2 $ 128.7 $ 1,990.9 $ 11,777.7 Property, plant, equipment and mine development, net 3,970.6 3,905.8 0.2 900.1 8,776.7 Assets as of December 31, 2015 were as follows: Predecessor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,105.8 $ 5,319.9 $ 217.2 $ 1,304.0 $ 10,946.9 Property, plant, equipment and mine development, net 3,854.5 4,469.6 0.5 933.9 9,258.5 A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 713.1 $ (195.5 ) $ (663.8 ) $ (1,783.2 ) Depreciation, depletion and amortization 521.6 119.9 465.4 572.2 Asset retirement obligation expenses 41.2 14.6 41.8 45.5 Selling and administrative expenses related to debt restructuring — — 21.5 — Net mark-to-market adjustment on actuarially determined liabilities (45.2 ) — — — Asset impairment — 30.5 247.9 1,277.8 Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates (17.3 ) (5.2 ) (7.5 ) 3.9 Interest expense 119.7 32.9 298.6 465.4 Loss on early debt extinguishment 20.9 — 29.5 67.8 Interest income (5.6 ) (2.7 ) (5.7 ) (7.7 ) Break fees related to terminated asset sales (28.0 ) — — — Unrealized losses on non-coal trading derivative contracts 1.5 — — — Unrealized losses (gains) on economic hedges 23.0 (16.6 ) 39.8 (2.2 ) Coal inventory revaluation 67.3 — — — Take-or-pay contract-based intangible recognition (22.5 ) — — — Reorganization items, net — 627.2 159.0 — Gain on disposal of reclamation liability (31.2 ) — — — Gain on disposal of Burton Mine (52.2 ) — — — Income tax benefit (161.0 ) (263.8 ) (94.5 ) (207.1 ) Total Adjusted EBITDA $ 1,145.3 $ 341.3 $ 532.0 $ 432.4 The following table presents revenues as a percent of total revenue from external customers by geographic region: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 U.S. 48.9 % 55.2 % 54.7 % 57.4 % Japan 11.7 % 11.4 % 6.9 % 8.1 % Taiwan 8.7 % 5.7 % 4.6 % 3.5 % China 7.5 % 5.6 % 5.4 % 7.1 % India 6.7 % 2.7 % 3.0 % 4.0 % Australia 5.3 % 4.2 % 4.2 % 3.0 % South Korea 1.1 % 0.5 % 1.5 % 4.1 % Other 10.1 % 14.7 % 19.7 % 12.8 % Total 100.0 % 100.0 % 100.0 % 100.0 % The Company attributes revenue to individual countries based on the location of the physical delivery of the coal. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | PEABODY ENERGY CORPORATION SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Charged to Other Accounts Deductions (1) Other Balance (Dollars in millions) Successor April 2 through December 31, 2017 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ — $ — $ — $ — $ — $ — Reserve for materials and supplies — 1.0 — (0.4 ) — 0.6 Allowance for doubtful accounts — 4.6 — — — 4.6 Tax valuation allowances 3,288.4 (744.9 ) — — (111.0 ) (6) 2,432.5 Predecessor January 1 through April 1, 2017 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.8 $ — $ (7.4 ) (5) $ (0.4 ) $ — $ — Reserve for materials and supplies 5.6 0.5 (6.1 ) (5) — — — Allowance for doubtful accounts 13.1 — (12.8 ) (5) (0.3 ) — — Tax valuation allowances 4,037.5 (777.2 ) 28.1 (5) — — 3,288.4 Year Ended December 31, 2016 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 8.3 $ 0.5 $ — $ (1.0 ) (2) $ — $ 7.8 Reserve for materials and supplies 4.7 4.3 — (3.4 ) — 5.6 Allowance for doubtful accounts 6.6 7.9 — (1.4 ) — 13.1 Tax valuation allowances 1,614.1 2,453.9 — — (30.5 ) (3) 4,037.5 Year Ended December 31, 2015 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.6 $ — $ — $ (0.9 ) (2) $ 1.6 (4) $ 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 1,366.5 452.9 — — (205.3 ) (3) 1,614.1 (1) Reserves utilized, unless otherwise indicated. (2) Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. (3) Includes the impact of the decrease in Australian dollar exchange rates. (4) Balances transferred from other accounts. (5) Fresh start reporting adjustments. (6) Release of valuation allowance primarily related to carrybacks of U.S. net operating losses. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Discussion (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its affiliates. The Company, or Peabody, are used interchangeably to refer to Peabody Energy Corporation, to Peabody Energy Corporation and its subsidiaries, or to such subsidiaries, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder 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. |
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 the U.S., Australia, China, and the United Kingdom. The Company’s other energy-related commercial activities include managing its coal reserve and real estate holdings and supporting the development of clean coal technologies. |
Plan of Reorganization and Emergence from Chapter 11 Cases | Plan of Reorganization and Emergence from Chapter 11 Cases On April 13, 2016, (the Petition Date), PEC and a majority of its wholly owned domestic subsidiaries, as well as one international subsidiary in Gibraltar (collectively with PEC, the Debtors), filed voluntary petitions (the Bankruptcy Petitions) under Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Eastern District of Missouri (the Bankruptcy Court). The Debtors’ Chapter 11 cases (the Chapter 11 Cases) were jointly administered under the caption In re Peabody Energy Corporation, et al. , Case No. 16-42529. For periods subsequent to filing the Bankruptcy Petitions, the Company applied the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 852, “Reorganizations”, in preparing its consolidated financial statements. ASC 852 requires that financial statements distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that were realized or incurred in the bankruptcy proceedings were recorded in “Reorganization items, net” in the consolidated statements of operations. In addition, the pre-petition obligations that were impacted by the bankruptcy reorganization process were classified as “Liabilities subject to compromise” in the accompanying consolidated balance sheet at December 31, 2016. On January 27, 2017, the Debtors filed with the Bankruptcy Court the Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (as further modified, the Plan) and the Second Amended Disclosure Statement with Respect to the Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (previous versions of the Plan and Disclosure Statement were filed with the Bankruptcy Court on December 22, 2016 and January 25, 2017). Subsequently, the Debtors solicited votes on the Plan. On March 15, 2017, the Debtors filed a revised version of the Plan and on March 16, 2017, the Bankruptcy Court held a hearing to determine whether the Plan should be confirmed. On March 17, 2017, the Bankruptcy Court entered an order, Docket No. 2763 (the Confirmation Order), confirming the Plan. On April 3, 2017, (the Effective Date), the Debtors satisfied the conditions to effectiveness set forth in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases. On the Effective Date, in accordance with ASC 852, the Company applied fresh start reporting which requires the Company to allocate its reorganization value to the fair value of assets and liabilities in conformity with the guidance for the acquisition method of accounting for business combinations. The Company was permitted to use fresh start reporting because (i) the holders of existing voting shares of the Predecessor (as defined below) company received less than 50% of the voting shares of the emerging entity upon reorganization and (ii) the reorganization value of the Company’s assets immediately prior to Plan confirmation was less than the total of all postpetition liabilities and allowed claims. Upon adoption of fresh start reporting, the Company became a new entity for financial reporting purposes, reflecting the Successor (as defined below) capital structure. As a result, a new accounting basis in the identifiable assets and liabilities assumed was established with no retained earnings or accumulated other comprehensive income (loss) for financial reporting purposes. The Company selected an accounting convenience date of April 1, 2017 for purposes of applying fresh start reporting as the activity between the convenience date and the Effective Date does not result in a material difference in the results. References to “Successor” in the financial statements and accompanying footnotes are in reference to reporting dates on or after April 2, 2017; references to “Predecessor” in the financial statements and accompanying footnotes are in reference to reporting dates through April 1, 2017 which includes the impact of the Plan provisions and the application of fresh start reporting. As such, the Company’s financial statements for the Successor will not be comparable in many respects to its financial statements for periods prior to the adoption of fresh start reporting and prior to the accounting for the effects of the Plan. For further information on the Plan and fresh start reporting, see Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting.” In connection with fresh start reporting, the Company made certain accounting policy elections that impact the Successor periods presented herein and will impact prospective periods. The Company will classify the amortization associated with its asset retirement obligation assets within “Depreciation, depletion and amortization” in its consolidated statements of operations, rather than within “Asset retirement obligation expenses”, as in Predecessor periods. With respect to its accrued postretirement benefit and pension obligations, the Company will prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. |
Amortization of Asset Retirement Obligation Assets | The Company will classify the amortization associated with its asset retirement obligation assets within “Depreciation, depletion and amortization” in its consolidated statements of operations, rather than within “Asset retirement obligation expenses”, as in Predecessor periods. |
Prior Service Cost & Actuarial Valuation Changes - Post-retirement Benefit and Pension Obligations | With respect to its accrued postretirement benefit and pension obligations, the Company will prospectively record amounts attributable to prior service cost and actuarial valuation changes, as applicable, currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | 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. generally accepted accounting principles (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. The new standard will be effective for interim and annual periods beginning after December 15, 2017 (January 1, 2018 for the Company), with early adoption permitted. The Company’s primary source of revenue is from the sale of coal through both short-term and long-term contracts with utilities, industrial customers and steel producers whereby revenue is currently recognized when risk of loss has passed to the customer. Upon adoption of this new standard, the Company believes that the timing of revenue recognition related to its coal sales will remain consistent with its current practice. The Company has reviewed its portfolio of coal sales contracts and the various terms and clauses within each contract and believes it is unlikely that its revenue recognition policies for such contracts will be materially impacted by the standard. The Company has also evaluated other revenue streams to determine the impact related to the adoption of the standard, as well as potential disclosures required by the standard. The Company will adopt the new revenue guidance effective January 1, 2018 under the modified retrospective approach, by recognizing the cumulative effect of initially applying the new standard as a decrease to the opening balance of retained earnings. This adjustment is estimated to be less than $15 million , with an immaterial impact to the Company’s total revenue and net income prospectively. Lease Accounting. In February 2016, the FASB issued accounting guidance that will require a lessee to recognize on its 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 December 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. Financial Instruments - Credit Losses. In June 2016, the FASB issued accounting guidance related to the measurement of credit losses on financial instruments. The pronouncement replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through net income. This standard is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for the Company) and interim periods therein, with early adoption permitted for fiscal years, and interim periods therein, beginning after December 15, 2018. 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. Classification of Certain Cash Receipts and Cash Payments. In August 2016, the FASB issued accounting guidance to amend the classification of certain cash receipts and cash payments in the statement of cash flows to reduce diversity in practice. The new guidance will be effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. The amendments in the classification should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The classification requirements under the new guidance are either consistent with the Company’s current practices or are not applicable to its activities, and as such, are not expected to have a material impact on classification of cash receipts and cash payments in the Company’s statements of cash flows. Restricted Cash. In November 2016, the FASB issued accounting guidance which will reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The new guidance will be effective retrospectively for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. As a result of this guidance, the Company will combine restricted cash with unrestricted cash and cash equivalents when reconciling the beginning and end of period balances on its statements of cash flows. Compensation - Retirement Benefits. In March 2017, the FASB issued accounting guidance which requires employers that sponsor defined benefit pension and other postretirement plans to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to report the service cost component in the same line item as other compensation costs and to report the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. The new guidance will be effective retrospectively for fiscal years beginning after December 15, 2017 (January 1, 2018 for the Company) and interim periods therein, with early adoption permitted. While adoption of this guidance will impact financial statement presentation, it will not materially impact the Company’s results of operations, financial condition, or cash flows. Derivatives and Hedging. In August 2017, the FASB issued accounting guidance to amend the hedge accounting rules to simplify the application of hedge accounting guidance and better align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, as well as eases certain hedge effectiveness assessment requirements. The new guidance will be effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for the Company) and interim periods therein, with early adoption permitted. The amendments to cash flow and net investment hedge relationships that exist on the date of adoption will be applied using a modified retrospective approach. The presentation and disclosure requirements will be applied prospectively. The Company is currently 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 and Other Revenues | Sales The majority of the Company’s revenue is derived from coal sales (excluding trading and brokerage transactions). 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. The Company’s U.S. operating platform primarily sells thermal coal to electric utilities in the U.S. under long-term contracts, with a portion sold into the seaborne markets as market conditions warrant. A significant portion of the coal production from the U.S. mining segments is sold under long-term supply agreements, and customers of those segments continue to pursue long-term sales agreements in recognition of the importance of reliability, service and predictable coal prices to their operations. The terms of coal supply agreements result from competitive bidding and extensive negotiations with customers. Consequently, the terms of those agreements may vary in many respects, including price adjustment features, price reopener terms, coal quality requirements, quantity parameters, permitted sources of supply, treatment of environmental constraints, extension options, force majeure and termination and assignment provisions. The Company's Australian operating platform is primarily export focused with customers spread across several countries, while a portion of the metallurgical and thermal coal is sold within Australia. Generally, revenues from individual countries vary year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. A majority of these sales are executed through annual and multi-year international coal supply agreements that contain provisions requiring both parties to renegotiate pricing periodically. Industry commercial practice, and the Company’s typical practice, is to negotiate pricing for those metallurgical and seaborne thermal coal contracts on a quarterly and annual basis, respectively, with a portion sold and priced on a shorter-term basis. The portion of volume priced on a shorter-term basis has increased in recent years. Many of the Company’s coal supply agreements contain provisions that permit the parties to adjust the contract price upward or downward at specified times. These contract prices may be adjusted based on inflation or deflation and/or changes in the factors affecting the cost of producing coal, such as taxes, fees, royalties and changes in the laws regulating the mining, production, sale or use of coal. In a limited number of contracts, failure of the parties to agree on a price under those provisions may allow either party to terminate the contract. The Company sometimes experiences a reduction in coal prices in new long-term coal supply agreements replacing some of its expiring contracts. Coal supply agreements also typically contain force majeure provisions allowing temporary suspension of performance by the Company or the customer during the duration of specified events beyond the control of the affected party. Most of the coal supply agreements contain provisions requiring the Company to deliver coal meeting quality thresholds for certain characteristics such as Btu, sulfur content, ash content, grindability and ash fusion temperature. Failure to meet these specifications could result in economic penalties, including price adjustments, the rejection of deliveries or termination of the contracts. Moreover, some of these agreements allow the Company’s customers to terminate their contracts in the event of changes in regulations affecting the industry that restrict the use or type of coal permissible at the customer’s plant or increase the price of coal beyond specified limits. Other Revenues "Other revenues" may include net revenues from coal trading activities as discussed in Note 8. "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, and property and facility rentals. 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 | 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 4. “Discontinued Operations” for additional details related to discontinued operations. |
Cash and Cash Equivalents | 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 . |
Accounts Receivable | Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or at periodic intervals in accordance with contractual terms . Payments are generally received within thirty days of invoicing. |
Inventories | 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 net realizable value. 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. Net realizable value 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 net realizable value, less a reserve for obsolete or surplus items. This reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. |
Property, Plant, Equipment and Mine Development | 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 all periods presented 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 2 to 28 Machinery and equipment 2 to 28 Leasehold improvements Shorter of Useful Life or Remaining Life of Lease |
Equity and Cost Method Investments | 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 “(Income) 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 income (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 3. “Asset Impairment” and Note 6. “Investments” for details regarding other-than-temporary impairment losses of $276.5 million recorded during the year ended December 31, 2015 related to certain of the Company’s equity and cost method investments. No such impairment losses were recorded during the Successor period April 2 through December 31, 2017 , or the Predecessor periods January 1 through April 1, 2017 and the year ended December 31, 2016 . |
Asset Retirement Obligations | 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 and regulations 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 | 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 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 | Income 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. |
Postretirement Health Care and Life Insurance Benefits and Pension Plans | Postretirement 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 16. “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 17. “Pension and Savings Plans” for information related to pension plans. |
Restructuring Activities | Restructuring 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 market 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 charges” in the Company’s consolidated statements of operations for the Successor period April 2 through December 31, 2017 and the Predecessor years ended December 31, 2016 and 2015 were aggregate restructuring charges of $7.6 million , $15.5 million and $23.5 million , respectively, primarily associated with voluntary and involuntary workforce reductions. There were no restructuring charges during the Predecessor period January 1 through April 1, 2017 . All of the cash expenditures associated with the charges recognized in 2017 will be paid in 2018. |
Derivatives | Derivatives 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 income (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 7. “Derivatives and Fair Value Measurements” and Note 8. “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. |
Business Combinations | Business 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 | Impairment 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 as a triggering event for conducting impairment tests because of historic price volatility. However, the Company generally does view a sustained trend of depressed coal 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 3. “Asset Impairment” for details regarding impairment charges related to long-lived assets of $30.5 million , $247.9 million , and $1,001.3 million recognized during the Predecessor period January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 , respectively. There were no impairment charges related to long-lived assets during the Successor period April 2 through December 31, 2017 . |
Fair Value | Fair 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. |
Foreign Currency | Foreign 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 are 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,” 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 gain of $0.7 million and $10.6 million for the Successor period April 2 through December 31, 2017 and the Predecessor period January 1 through April 1, 2017 , respectively, and a net loss of $7.4 million and $6.4 million for the years ended December 31, 2016 and 2015 , respectively. 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 income (loss).” Australian dollar denominated stockholder 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 gains of $1.4 million and $5.5 million for the Successor period April 2 through December 31, 2017 and the Predecessor period January 1 through April 1, 2017 , respectively, and losses of $1.8 million and $34.9 million for the years ended December 31, 2016 and 2015 , respectively. |
Share-Based Compensation | Share-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 19. “Share-Based Compensation” for information related to share-based compensation. |
Exploration and Drilling Costs | Exploration 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. |
Advance Stripping Costs | Advance 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 | Use of Estimates in the Preparation of the Consolidated Financial Statements These consolidated financial statements have been prepared in conformity with U.S. GAAP. In doing so, estimates and assumptions are made that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and on various other assumptions deemed reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Company’s actual results may differ materially from these estimates. Significant estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, asset retirement obligations, evaluation of long-lived assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies. |
Derivatives and Fair Value Me38
Derivatives and Fair Value Measurements Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Derivatives - Accounting Policies [Abstract] | |
Corporate Hedging [Policy Text Block] | 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 coal produced by and diesel fuel 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 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 have historically been used to manage the Company’s risk exposure to foreign currency exchange rate risk, primarily on Australian dollar expenditures made in its Australian mining platform. This risk was historically 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 has also used derivative instruments to manage its exposure to the variability of diesel fuel prices used in production in the U.S. and Australia with swaps or options, which it has also designated as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted diesel fuel purchases. These risk management activities are collectively referred to as “Corporate Hedging” and are actively monitored for compliance with the Company’s risk management policies. |
Fair Value Transfer, Policy [Policy Text Block] | The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Coal Trading Accounting Policie
Coal Trading Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Coal Trading [Member] | |
Coal Trading [Line Items] | |
Corporate Hedging - Coal Trading [Policy Text Block] | 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. Decreases in the number of third-party brokers or market liquidity could erode the quality of market information and therefore the valuation of the Company’s market positions. The Company’s valuation techniques include basis adjustments to the foregoing price inputs for quality, such as 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 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Discussion (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Estimated Useful Life of Property, Plant, Equipment and Mine Development [Line Items] | |
Estimated useful life of plant and equipment | The estimated useful lives by category of assets are as follows: Years Building and improvements 2 to 28 Machinery and equipment 2 to 28 Leasehold improvements Shorter of Useful Life or Remaining Life of Lease |
Emergence from the Chapter 1141
Emergence from the Chapter 11 Cases and Fresh Start Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
Treatment of classified claims and interests [Table Text Block] | The following summarizes the various classes of claimants’ recoveries under the Plan. Undefined capitalized terms used in this section, Treatment of Classified Claims and Interests , are defined in the Plan. First Lien Lender Claims (Classes 1A - 1D) Paid in full in cash. Second Lien Notes Claims (Classes 2A - 2D) A combination of (1) $450 million of cash, first lien debt and/or new second lien notes and (2)(a) new common stock, par value $0.01 per share, of the Reorganized Peabody (Common Stock) and (b) subscription rights in the Rights Offering. Other Secured Claims (Classes 3A - 3E) At the election of the Debtors, (1) reinstatement, (2) payment in full in cash, (3) receipt of the applicable collateral or (4) such other treatment consistent with section 1129(b) of the Bankruptcy Code. Other Priority Claims (Classes 4A - 4E) Paid in full in cash. General Unsecured Claims Class 5A: Against Peabody Energy: a pro rata share of $5 million in cash plus an amount of additional cash (up to $2 million) not otherwise paid to holders of Convenience Claims. Class 5B: Against the Encumbered Guarantor Debtors: (1) Common Stock and subscription rights in the Rights Offering or (2) at the election of the claim holder, cash from a pool of $75 million in cash to be paid by the Debtors and the Reorganized Debtors into a segregated account in accordance with the terms set forth in the Plan. Class 5C: Against the Gold Fields Debtors: units in the Gold Fields Liquidating Trust. Class 5D: Against Peabody Holdings (Gibraltar) Limited: no recoveries. Class 5E: Against the Unencumbered Debtors: cash in the amount of such holder’s allowed claim, less any amounts attributable to late fees, postpetition interest or penalties. Convenience Claims Class 6A: Against Peabody Energy: up to 72.5% of such claim in cash, provided that total payments to Convenience Claims may not exceed $2 million. Class 6B: Against the Encumbered Guarantor Debtors: up to 72.5% of such claim in cash, provided that total payments to Convenience Claims may not exceed $18 million. United Mine Workers of America 1974 Pension Plan Claim (Classes 7A - 7E) $75 million in cash paid over five years. See Note 4. “Discontinued Operations,” for additional details. Unsecured Subordinated Debentures Claims (Class 8A) (1) Payment of the reasonable and documented fees and expenses of the trustee under the 2066 subordinated indenture up to $350,000; and (2) because this class voted in favor of the Plan and in connection with the settlement of certain potential intercreditor disputes as part of the global settlement embodied therein, and because the trustee under the 2066 subordinated indenture did not object to, and affirmatively supported, the Plan, holders of allowed Unsecured Subordinated Debenture Claims received from specified noteholder co-proponents their pro rata share of penny warrants exercisable for 1.0% of the fully diluted Reorganized Peabody common stock from the pool of penny warrants issued to the noteholder co-proponents under the Rights Offering and/or the terms of the Backstop Commitment Agreement (as defined below). Section 510(b) Claims (Class 10A) No recovery. Peabody Energy Equity Interests (Class 11A) No recovery, as further described under Cancellation of Prior Common Stock below. |
Schedule of impacts of the implementation of the Plan and the application of fresh start reporting | The following balance sheet illustrates the impacts of the implementation of the Plan and the application of fresh start reporting, which results in the opening balance sheet of the Successor company. As of April 1, 2017 Predecessor (a) Effect of Plan (b) Fresh Start Adjustments (c) Successor (Dollars in millions) ASSETS Current assets Cash and cash equivalents $ 1,068.1 $ (14.4 ) (d) $ — $ 1,053.7 Restricted cash 80.7 (54.7 ) (d) — 26.0 Successor Notes issuance proceeds - restricted cash 1,000.0 (1,000.0 ) (d) — — Accounts receivable, net 312.1 — — 312.1 Inventories 250.8 — 70.1 (k) 320.9 Assets from coal trading activities, net 0.6 — — 0.6 Other current assets 493.9 (18.1 ) (e) (333.0 ) (l) 142.8 Total current assets 3,206.2 (1,087.2 ) (262.9 ) 1,856.1 Property, plant, equipment and mine development, net 8,653.9 — (3,461.4 ) (m) 5,192.5 Investments and other assets 976.4 3.9 (f) 238.0 (n) 1,218.3 Total assets $ 12,836.5 $ (1,083.3 ) $ (3,486.3 ) $ 8,266.9 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Current portion of long-term debt $ 18.2 $ 9.5 (g) $ — $ 27.7 Liabilities from coal trading activities, net 0.7 — — 0.7 Accounts payable and accrued expenses 967.3 257.6 (h) 14.8 (o) 1,239.7 Total current liabilities 986.2 267.1 14.8 1,268.1 Long-term debt, less current portion 950.5 903.2 (g) — 1,853.7 Deferred income taxes 179.2 — (177.8 ) (p) 1.4 Asset retirement obligations 707.0 — (73.9 ) (q) 633.1 Accrued postretirement benefit costs 753.9 — (6.9 ) (r) 747.0 Other noncurrent liabilities 511.1 — 120.6 (s) 631.7 Total liabilities not subject to compromise 4,087.9 1,170.3 (123.2 ) 5,135.0 Liabilities subject to compromise 8,416.7 (8,416.7 ) (i) — — Total liabilities 12,504.6 (7,246.4 ) (123.2 ) 5,135.0 Stockholders’ equity Common Stock (Predecessor) 0.2 (0.2 ) (j) — — Common Stock (Successor) — 0.7 (b) — 0.7 Series A Preferred Stock (Successor) — 1,305.4 (b) — 1,305.4 Additional paid-in capital (Predecessor) 2,423.9 (2,423.9 ) (j) — — Additional paid-in capital (Successor) — 1,774.9 (b) — 1,774.9 Treasury stock, at cost (371.9 ) 371.9 (j) — — Accumulated deficit (1,284.1 ) 5,134.3 (j) (3,850.2 ) (t) — Accumulated other comprehensive loss (448.5 ) — 448.5 (t) — Peabody Energy Corporation stockholders’ equity 319.6 6,163.1 (3,401.7 ) 3,081.0 Noncontrolling interests 12.3 — 38.6 (u) 50.9 Total stockholders’ equity 331.9 6,163.1 (3,363.1 ) 3,131.9 Total liabilities and stockholders’ equity $ 12,836.5 $ (1,083.3 ) $ (3,486.3 ) $ 8,266.9 (a) Represents the Predecessor consolidated balance sheet at April 1, 2017. (b) Represents amounts recorded for the implementation of the Plan on the Effective Date. This includes the settlement of liabilities subject to compromise through a combination of cash payments, the issuance of new common stock and warrants and the issuance of new debt. The following is the calculation of the total pre-tax gain on the settlement of the liabilities subject to compromise. (Dollars in millions) Liabilities subject to compromise $ 8,416.7 Less amounts issued to settle claims: Successor Common Stock (at par) (0.7 ) Successor Series A Convertible Preferred Stock (1,305.4 ) Successor Additional paid-in capital (1,774.9 ) Issuance of Successor Notes (1,000.0 ) Issuance of Successor Term Loan (950.0 ) Cash payments and accruals for claims and professional fees (336.4 ) Other: Write-off of Predecessor debt issuance costs, see also (e) below (18.1 ) Total pre-tax gain on plan effects, see also (j) below $ 3,031.2 At the Effective Date, 70.9 million shares of Common Stock were issued and outstanding at a par value of $0.01 per share. Preferred Stock was recorded at fair value and is based upon the $750.0 million cash raised upon emergence from bankruptcy through the Private Placement Agreement, plus a premium to account for the fair value of the Preferred Stocks’ conversion and dividend features. Each share of Preferred Stock is convertible, at the holder’s election or upon the occurrence of certain triggering events, into shares of Common Stock at a 35% discount relative to the initial per share purchase price of $25.00 and provides for three years of guaranteed paid-in-kind dividends, payable semiannually, at a rate of 8.5% per annum. The 46.2 million shares of Common Stock issuable upon conversion of the Preferred Stock issued under the Plan and an additional 13.1 million shares of Common Stock attributable to such Preferred Stocks’ guaranteed paid-in-kind dividend feature constitute approximately 42% ownership of the Plan Equity Value (as defined in the Plan) of $3,105.0 million in the reorganized Company, and thus have a fair value of $1,305.4 million . Successor Additional paid-in capital was recorded at the Plan Equity Value less the amounts recorded for par value of the Common Stock, the fair value of the Preferred Stock, and certain fees incurred associated with the Registration Rights Agreement. (c) Represents the fresh start reporting adjustments required to record the assets and liabilities of the Company at fair value. (d) The following table reflects the sources and uses of cash and restricted cash at emergence: (Dollars in millions) Sources: Private placement and rights offering $ 1,500.0 Net proceeds from Senior Secured Term Loan 912.7 Escrowed interest from Successor Notes offering 8.0 Net impact on collateral requirements 11.6 Uses: Payments to secured lenders (3,489.2 ) Professional fees (8.3 ) Securitization facility deferred financing costs (3.9 ) Total cash outflow at emergence $ (1,069.1 ) (e) Primarily represents the write off of deferred financing costs associated with the cancellation and discharge of Predecessor revolving debt obligations. (f) Represents the payment of deferred financing costs associated with the Receivables Purchase Agreement. (g) Represents a new $950 million Senior Secured Term Loan, net of an original issue discount and deferred financing costs of $37.3 million , as contemplated by the Plan. Under the Plan, the Company also issued $1.0 billion of Successor Notes, net of $49.5 million of deferred financing costs. The Successor Notes and the related proceeds held in escrow were included on the Company’s unaudited condensed consolidated balance sheet at March 31, 2017. The new debt instruments issued in accordance with the Plan are further described in Note 13. “Current and Long-term Debt.” (h) Represents an accrual to account for amounts paid subsequent to the Effective Date for professional fees and certain unsecured claims and settlements set forth in the Plan. (i) Liabilities subject to compromise include secured and unsecured liabilities incurred prior to the Petition Date. These liabilities represent the amounts expected to be allowed on known or potential claims to be resolved through the Chapter 11 Cases and remain subject to future adjustments based on negotiated settlements with claimants, actions of the Bankruptcy Court, rejection of executory contracts, proofs of claims or other events. Additionally, liabilities subject to compromise also include certain items that were assumed under the Plan, and as such, were subsequently reclassified to liabilities not subject to compromise. Generally, actions to enforce or otherwise effect payment of prepetition liabilities are subject to the injunction provisions set forth in the Plan, as discussed in Note 25. “Commitments and Contingencies”. Liabilities subject to compromise consisted of the following immediately prior to emergence and at December 31, 2016: Predecessor April 1, 2017 December 31, 2016 (Dollars in millions) Debt (1) $ 8,077.4 $ 8,080.3 Interest payable 172.6 172.6 Environmental liabilities 61.9 61.9 Trade payables 55.2 58.4 Postretirement benefit obligations (2) 23.0 34.6 Other accrued liabilities 26.6 32.4 Liabilities subject to compromise $ 8,416.7 $ 8,440.2 (1) Includes $7,768.3 million and $7,771.2 million of first lien, second lien and unsecured debt at April 1, 2017 and December 31, 2016, respectively, and $257.3 million of derivative contract terminations, and $51.8 million of liabilities secured by prepetition letters of credit at April 1, 2017 and December 31, 2016. (2) Includes liabilities for unfunded non-qualified pension plans, all the participants of which are former employees. (j) Reflects the impacts of the reorganization adjustments: (Dollars in millions) Total pre-tax gain on plan effects, see also (b) above $ 3,031.2 Cancellation of Predecessor Common Stock 0.2 Cancellation of Predecessor Additional paid-in capital 2,423.9 Cancellation of Predecessor Treasury stock (371.9 ) Successor debt issuance costs and other items, see also (f) and (g) above 50.9 Net impact on accumulated deficit $ 5,134.3 (k) Represents adjustment to increase the book value of coal inventories to their estimated fair value, less costs to sell the inventories. (l) Represents adjustments comprising $228.5 million related to assets classified as held-for-sale at March 31, 2017 which were reclassified as held-for-use and considered in connection with the valuations described in (m) below, $89.5 million to write off certain existing short-term mine development costs, and $15.0 million of various prepaid assets deemed to have no future utility subsequent to the Effective Date. (m) Represents a $3,461.4 million reduction in property, plant and equipment to estimated fair value as discussed below: Predecessor Fresh Start Adjustments Successor (Dollars in millions) Land and coal interests $ 10,297.7 $ (6,511.8 ) $ 3,785.9 Buildings and improvements 1,479.3 (1,013.2 ) 466.1 Machinery and equipment 2,143.8 (1,203.3 ) 940.5 Less: Accumulated depreciation, depletion and amortization (5,266.9 ) 5,266.9 — Net impact on accumulated deficit $ 8,653.9 $ (3,461.4 ) $ 5,192.5 The fair value of land and coal interests, excluding the asset related to the Company’s asset retirement obligations described below, was established at $3,504.7 million utilizing a DCF model and the market approach. The market approach was used to provide a starting value of the coal mineral reserves without consideration for economic obsolescence. The DCF model was based on assumptions market participants would use in the pricing of these assets as well as projections of revenues and expenditures that would be incurred to mine or maintain these coal reserves through the life of mine. The basis of the DCF analysis was the Company’s prepared projections which included a variety of estimates and assumptions, such as pricing and demand for coal. The Company’s pricing was based on its view of the market taking into account third-party forward pricing curves adjusted for the quality of products sold by the Company. The fair value of land and coal interests also includes $281.2 million corresponding to the asset retirement obligation discussed in item (q) below. The fair value of buildings and improvements and machinery and equipment were set at $466.1 million and $940.5 million , respectively, utilizing both market and cost approaches. The market approach was used to estimate the value of assets where detailed information for the asset was available and an active market was identified with a sufficient number of sales of comparable property that could be independently verified through reliable sources. The cost approach was utilized where there were limitations in the secondary equipment market to derive values from. The first step in the cost approach is the estimation of the cost required to replace the asset via construction or purchasing a new asset with similar utility adjusting for depreciation due to physical deterioration, functional obsolescence due to technology changes and economic obsolescence due to external factors such as regulatory changes. Useful lives were assigned to all assets based on remaining future economic benefit of each asset. (n) Primarily to recognize fair value of $314.9 million inherent in certain U.S. coal supply agreements as a result of favorable differences between contract terms and estimated market terms for the same coal products, partially offset by a reduction in the fair value of certain equity method investments. The intangible asset related to coal supply agreements will be amortized on a per ton shipped basis through 2025, predominately over the next three years. See also Note 9. “Intangible Contract Assets and Liabilities.” (o) Represents $32.6 million to account for the short-term portion of the value of certain contract-based intangibles primarily consisting of unutilized capacity of certain port and rail take-or-pay contracts, partially offset by $15.7 million related to liabilities classified as held-for-sale at March 31, 2017 which were reclassified as held-for-use and considered in connection with the valuations described in (m) above, and various other fair value adjustments. The intangible liabilities related to port and rail take-or-pay contracts will be amortized ratably over the terms of each contact, which vary in duration through 2043. (p) Represents the tax impact of fresh start reporting. See also Note 11. “Income Taxes.” (q) Represents the fair value adjustment related to the Company’s asset retirement obligations which was calculated using DCF models based on current mine plans. The credit-adjusted, risk-free interest rates utilized to estimate the Company’s asset retirement obligations were 9.36% for its U.S. reclamation obligations and 4.36% for its Australia reclamation obligations. (r) Represents the remeasurement of liabilities associated with the Company’s postretirement benefits obligations as of the Effective Date as the reorganization of the Company pursuant to the Plan represented a remeasurement event under ASC 715 “Compensation - Retirement Benefits.” The relevant discount rate was adjusted to 4.1% from 4.15% used in the Company’s most recent year-end remeasurement process. (s) Represents $83.6 million to account for the long-term portion of the value of contract-based intangibles related to unutilized capacity of port and rail take-or-pay contracts as described in (o) above and $58.7 million to account for the fair value inherent in certain U.S. coal supply agreements as a result of unfavorable differences between contract terms and estimated market terms for the same coal products as described in (n) above, partially offset by a remeasurement reduction of $9.2 million of the Company’s pension liabilities in accordance with ASC 715 as described in (r) above, as the relevant discount rate was adjusted to 4.1% from 4.15% used in the Company’s most recent year-end remeasurement process, and certain other valuation adjustments. (t) Represents the elimination of remaining equity balances in accordance with fresh start reporting requirements. (u) Represents adjustment to increase the book value of noncontrolling interests to fair value based on an estimate of the rights of the noncontrolling interests. |
Pre-tax gain on the settlement of the liabilities subject to compromise | Liabilities subject to compromise consisted of the following immediately prior to emergence and at December 31, 2016: Predecessor April 1, 2017 December 31, 2016 (Dollars in millions) Debt (1) $ 8,077.4 $ 8,080.3 Interest payable 172.6 172.6 Environmental liabilities 61.9 61.9 Trade payables 55.2 58.4 Postretirement benefit obligations (2) 23.0 34.6 Other accrued liabilities 26.6 32.4 Liabilities subject to compromise $ 8,416.7 $ 8,440.2 (1) Includes $7,768.3 million and $7,771.2 million of first lien, second lien and unsecured debt at April 1, 2017 and December 31, 2016, respectively, and $257.3 million of derivative contract terminations, and $51.8 million of liabilities secured by prepetition letters of credit at April 1, 2017 and December 31, 2016. (2) Includes liabilities for unfunded non-qualified pension plans, all the participants of which are former employees. The following is the calculation of the total pre-tax gain on the settlement of the liabilities subject to compromise. (Dollars in millions) Liabilities subject to compromise $ 8,416.7 Less amounts issued to settle claims: Successor Common Stock (at par) (0.7 ) Successor Series A Convertible Preferred Stock (1,305.4 ) Successor Additional paid-in capital (1,774.9 ) Issuance of Successor Notes (1,000.0 ) Issuance of Successor Term Loan (950.0 ) Cash payments and accruals for claims and professional fees (336.4 ) Other: Write-off of Predecessor debt issuance costs, see also (e) below (18.1 ) Total pre-tax gain on plan effects, see also (j) below $ 3,031.2 |
Schedule of sources and uses of cash and restricted cash at emergence | The following table reflects the sources and uses of cash and restricted cash at emergence: (Dollars in millions) Sources: Private placement and rights offering $ 1,500.0 Net proceeds from Senior Secured Term Loan 912.7 Escrowed interest from Successor Notes offering 8.0 Net impact on collateral requirements 11.6 Uses: Payments to secured lenders (3,489.2 ) Professional fees (8.3 ) Securitization facility deferred financing costs (3.9 ) Total cash outflow at emergence $ (1,069.1 ) |
Impact of the reorganization adjustments | Reflects the impacts of the reorganization adjustments: (Dollars in millions) Total pre-tax gain on plan effects, see also (b) above $ 3,031.2 Cancellation of Predecessor Common Stock 0.2 Cancellation of Predecessor Additional paid-in capital 2,423.9 Cancellation of Predecessor Treasury stock (371.9 ) Successor debt issuance costs and other items, see also (f) and (g) above 50.9 Net impact on accumulated deficit $ 5,134.3 |
Adjustments to property, plant and equipment | Represents a $3,461.4 million reduction in property, plant and equipment to estimated fair value as discussed below: Predecessor Fresh Start Adjustments Successor (Dollars in millions) Land and coal interests $ 10,297.7 $ (6,511.8 ) $ 3,785.9 Buildings and improvements 1,479.3 (1,013.2 ) 466.1 Machinery and equipment 2,143.8 (1,203.3 ) 940.5 Less: Accumulated depreciation, depletion and amortization (5,266.9 ) 5,266.9 — Net impact on accumulated deficit $ 8,653.9 $ (3,461.4 ) $ 5,192.5 |
Schedule of Reorganization Items [Table Text Block] | The Company’s reorganization items for the period January 1 through April 1, 2017, and the year ended December 31, 2016 consisted of the following: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Gain on settlement of claims (per above) $ (3,031.2 ) $ — Fresh start adjustments, net (per above) 3,363.1 — Fresh start income tax adjustments, net 253.9 — Loss on termination of derivative contracts — 75.2 Professional fees 42.5 88.4 Accounts payable settlement gains (0.7 ) (1.8 ) Interest income (0.4 ) (1.8 ) Other — (1.0 ) Reorganization items, net $ 627.2 $ 159.0 Cash paid for “Reorganization items, net” $ 45.8 $ 68.1 |
Asset Impairment and Mine Clo42
Asset Impairment and Mine Closure Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Predecessor 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, 2016: Predecessor Reportable Segment Australian Metallurgical Mining Corporate and Other Consolidated (Dollars in millions) Asset impairment charges $ 193.2 $ 54.7 $ 247.9 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Assets and liabilities classified as discontinued operations included in the Company’s consolidated balance sheets were as follows: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.2 Investments and other assets — 15.9 Total assets classified as discontinued operations $ 0.3 $ 16.1 Liabilities: Accounts payable and accrued expenses $ 70.6 $ 55.9 Other noncurrent liabilities 170.0 198.5 Liabilities subject to compromise — 20.9 Total liabilities classified as discontinued operations $ 240.6 $ 275.3 |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Discontinued operations include certain former Australian Thermal Mining and Midwestern U.S. Mining segment assets that have ceased production and other previously divested legacy operations, 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, 2017 , 2016 and 2015 : Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Loss from discontinued operations before income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (182.2 ) Income tax benefit — — — 7.2 Loss from discontinued operations, net of income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (175.0 ) There were no significant revenues from discontinued operations during the years ended December 31, 2017 , 2016 and 2015 . Assets and Liabilities of Discontinued Operations Assets and liabilities classified as discontinued operations included in the Company’s consolidated balance sheets were as follows: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Assets: Other current assets $ 0.3 $ 0.2 Investments and other assets — 15.9 Total assets classified as discontinued operations $ 0.3 $ 16.1 Liabilities: Accounts payable and accrued expenses $ 70.6 $ 55.9 Other noncurrent liabilities 170.0 198.5 Liabilities subject to compromise — 20.9 Total liabilities classified as discontinued operations $ 240.6 $ 275.3 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 from discontinued operations, net of income taxes” for the year ended December 31, 2015 is a $9.7 million charge related to the settlement of that litigation. In September 2016, a settlement was reached under which the Company agreed to pay $13.0 million Australian dollars ( $9.9 million USD) to QBH in a full and final settlement of all claims each party had against the other in relation to the CPSA litigation. Patriot-Related Matters 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 United Mine Workers of America (UMWA), on behalf of itself, its represented Patriot employees and its represented Patriot retirees, to resolve all then disputed issues related to Patriot’s bankruptcy. In May 2015, Patriot again filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code in the Eastern District of Virginia and subsequently initiated a process to sell some or all of its assets to qualified bidders. On October 9, 2015, Patriot’s bankruptcy court entered an order confirming Patriot’s plan of reorganization, which provided, among other things, for the sale of substantially all of Patriot’s assets to two different buyers. 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 2013 Agreement included Patriot’s affirmance of indemnities provided in the spin-off agreements, including the indemnity relating to such black lung liabilities; however, Patriot rejected this indemnity in its May 2015 bankruptcy. By statute, the Company had secondary liability 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 amount of the liability was $134.0 million at December 31, 2017 , which was determined on an actuarial basis based on the best information available to the Company. In connection with the actuarial valuation, the Company recorded a mark-to-market adjustment of $7.9 million to increase the liability during the Successor period ended December 31, 2017. While the Company has recorded a liability, it intends to review each claim on a case-by-case basis and contest liability estimates as appropriate. 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. 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’s accounting for the black lung liabilities related to Patriot is based on an interpretation of applicable statutes. Management believes that there exist inconsistencies among the applicable statutes, regulations promulgated under those statutes and the Department of Labor’s interpretative guidance. The Company may seek clarification from the Department of Labor regarding these inconsistencies and the accounting for these liabilities could be reduced in the future depending on the Department of Labor’s responses to inquiries. 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 to the Combined Fund for the approximately $40.0 million of its subsidiaries’ obligations 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 recorded additional charges of $0.6 million during the Successor period April 2 through December 31, 2017 and $0.2 million and $1.2 million during the Predecessor period January 1 through April 1, 2017 and the year ended December 31, 2016, respectively. The Company made payments into the fund of $1.7 million during the Successor period April 2 through December 31, 2017 and $0.6 million during the Predecessor period January 1 through April 1, 2017 and 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. The liability related to the fund was $20.2 million at December 31, 2017 . UMWA 1974 Pension Plan (UMWA Plan) Litigation On July 16, 2015, a lawsuit was filed by the UMWA Plan, the UMWA 1974 Pension Trust (Trust) and the Trustees of the UMWA Plan and Trust (Trustees) in the United States District Court for the District of Columbia, against PEC, PHC, a subsidiary of the Company, and Arch Coal, Inc. (Arch). The plaintiffs sought, pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA), a declaratory judgment that the defendants were obligated to arbitrate any opposition to the Trustees’ determination that the defendants have statutory withdrawal liability as a result of the 2015 Patriot bankruptcy. After a legal and arbitration process and with the approval of the Bankruptcy Court, on January 25, 2017, the UMWA Plan and the Debtors agreed to a settlement of the claim whereby the UMWA Plan will be entitled to $75 million to be paid by the Company in increments through 2021. In connection with the settlement, the Company recorded a liability representing the present value of the installments of $54.3 million and recognized an equivalent charge to “Loss from discontinued operations, net of income taxes” in the consolidated statement of operations for the year ended December 31, 2016. The balance of the liability was $46.0 million at December 31, 2017. |
Results of discontinued operations [Table Text Block] | Results from discontinued operations were as follows during the years ended December 31, 2017 , 2016 and 2015 : Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Loss from discontinued operations before income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (182.2 ) Income tax benefit — — — 7.2 Loss from discontinued operations, net of income taxes $ (19.8 ) $ (16.2 ) $ (57.6 ) $ (175.0 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of December 31, 2017 and December 31, 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Materials and supplies $ 101.5 $ 104.5 Raw coal 78.1 29.6 Saleable coal 111.7 69.6 Inventories $ 291.3 $ 203.7 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Method Investments [Table Text Block] | The table below summarizes the book value of those investments and related financing receivables, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “(Income) loss from equity affiliates”: Successor Predecessor Successor Predecessor Book Value at (Income) Loss from Equity Affiliates December 31, 2017 December 31, 2016 April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Equity method investment and financing receivables related to Middlemount $ 82.1 $ 84.8 $ (48.6 ) $ (17.4 ) $ (22.6 ) $ 7.0 Other equity method investments 1.7 0.5 (0.4 ) 2.4 6.4 8.9 Total equity method investments and financing receivables related to Middlemount $ 83.8 $ 85.3 $ (49.0 ) $ (15.0 ) $ (16.2 ) $ 15.9 |
Derivatives and Fair Value Me46
Derivatives and Fair Value Measurements (Tables) - Non Coal Trading [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Derivative Instruments, Gain (Loss) | The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives during the period April 2 through December 31, 2017 , January 1 through April 1, 2017 and the years ended December 31, 2016 and 2015 : Successor April 2 through December 31, 2017 Income Statement Classification Total gain recognized in income Gain realized in income on derivatives Unrealized loss recognized in income on derivatives Financial Instrument (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 1.8 $ 3.3 $ (1.5 ) Total $ 1.8 $ 3.3 $ (1.5 ) Predecessor January 1 through April 1, 2017 Income Statement Classification Total loss recognized in income Loss reclassified from other comprehensive loss into income Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (11.0 ) $ (11.0 ) Foreign currency forward contracts Operating costs and expenses (16.6 ) (16.6 ) Total $ (27.6 ) $ (27.6 ) Predecessor Year Ended December 31, 2016 Income Statement Classification Total realized loss recognized in income Loss reclassified from other comprehensive income into income (effective portion) (1) (Loss) gain reclassified from other comprehensive income into income (ineffective portion) Financial Instrument (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (98.0 ) $ (86.1 ) $ (11.9 ) Commodity swap contracts Reorganization items, net (38.8 ) — (38.8 ) Foreign currency forward contracts Operating costs and expenses (142.9 ) (145.6 ) 2.7 Foreign currency forward contracts Reorganization items, net (36.4 ) — (36.4 ) Total $ (316.1 ) $ (231.7 ) $ (84.4 ) (1) Includes the reclassification from "Accumulated other comprehensive loss" into earnings of $13.6 million and $9.0 million of previously unrecognized losses on foreign currency and fuel contracts, respectively, monetized in the first quarter of 2016. Predecessor 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. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables set forth the hierarchy of the Company’s net financial asset positions for which fair value is measured on a recurring basis: Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 4.2 $ — $ 4.2 Total net financial assets $ — $ 4.2 $ — $ 4.2 |
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: Predecessor December 31, 2016 Commodity Contracts Foreign Currency Contracts Total (Dollars in millions) Beginning of period $ 123.7 $ 200.7 $ 324.4 Total net losses realized/unrealized: Included in earnings 15.7 (48.0 ) (32.3 ) Settlements / terminations (139.4 ) (152.7 ) (292.1 ) End of period $ — $ — $ — |
Carrying Amounts And Estimated Fair Values Of Companys Debt [Table Text Block] | The carrying amount and estimated fair value of the Company’s current and long-term debt as of December 31, 2017 are summarized as follows: Successor December 31, 2017 Carrying Amount Estimated Fair Value (Dollars in millions) Current and Long-term debt $ 1,460.8 $ 1,547.4 |
Coal Trading (Tables)
Coal Trading (Tables) - Coal Trading [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Coal Trading [Line Items] | |
Trading revenue by type of instrument | Trading revenues recognized during the periods presented below were as follows: Successor Predecessor Trading Revenues by Type of Instrument April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Futures, swaps and options $ (37.7 ) $ (10.2 ) $ (66.5 ) $ 107.3 Physical purchase/sale contracts 71.3 25.2 95.4 (66.7 ) Total trading revenues $ 33.6 $ 15.0 $ 28.9 $ 40.6 |
Schedule of Derivative Instruments [Table Text Block] | The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of December 31, 2017 and 2016 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 posted (1) Net Amounts of Assets (Liabilities) Presented in the Consolidated Balance Sheets (Dollars in millions) Successor Fair Value as of December 31, 2017 Assets from coal trading activities, net $ 77.1 $ (74.5 ) $ — $ 2.6 Liabilities from coal trading activities, net (122.0 ) 74.5 35.8 (11.7 ) Total, net $ (44.9 ) $ — $ 35.8 $ (9.1 ) Predecessor Fair Value as of December 31, 2016 Assets from coal trading activities, net $ 191.2 $ (190.5 ) $ — $ 0.7 Liabilities from coal trading activities, net (249.1 ) 190.5 57.4 (1.2 ) Total, net $ (57.9 ) $ — $ 57.4 $ (0.5 ) (1) None of the net variation margin posted at December 31, 2017 and 2016 , 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, 2017 and 2016 : Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ (3.0 ) $ (4.2 ) $ — $ (7.2 ) Physical purchase/sale contracts — (1.9 ) — (1.9 ) Total net financial liabilities $ (3.0 ) $ (6.1 ) $ — $ (9.1 ) Predecessor December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ — $ (0.1 ) $ — $ (0.1 ) Physical purchase/sale contracts — 0.7 (1.1 ) (0.4 ) Total net financial assets (liabilities) $ — $ 0.6 $ (1.1 ) $ (0.5 ) |
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 liabilities: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Beginning of period $ (0.7 ) $ (1.1 ) $ (15.6 ) $ 2.1 Transfers into Level 3 — — 5.3 (4.4 ) Transfers out of Level 3 0.7 0.2 (0.4 ) — Total gains realized/unrealized: Included in earnings — 0.2 (2.4 ) (10.1 ) Purchases — — — (0.5 ) Sales — — — (0.1 ) Settlements — — 12.0 (2.6 ) End of period $ — $ (0.7 ) $ (1.1 ) $ (15.6 ) |
Changes in unrealized gains (losses) relating to Level 3 net financial assets | The following table summarizes the changes in net unrealized gains (losses) relating to Level 3 net financial liabilities held both as of the beginning and the end of the period: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Changes in unrealized gains (losses) (1) $ — $ 0.3 $ — $ (6.2 ) (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. |
Intangible Contract Assets an48
Intangible Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Contract Assets and Liabilities Disclosure [Abstract] | |
Schedule Of Intangible Assets And Liabilities [Table Text Block] | The balances and respective balance sheet classifications of such assets and liabilities at December 31, 2017, net of accumulated amortization, are set forth in the following table: Successor December 31, 2017 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 177.2 $ (42.7 ) $ 134.5 Take-or-pay contracts — (106.1 ) (106.1 ) Total $ 177.2 $ (148.8 ) $ 28.4 Balance sheet classification: Investments and other assets $ 177.2 $ — $ 177.2 Accounts payable and accrued expenses — (42.0 ) (42.0 ) Other noncurrent liabilities — (106.8 ) (106.8 ) Total $ 177.2 $ (148.8 ) $ 28.4 |
Property, Plant, Equipment an49
Property, Plant, Equipment and Mine Development (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and December 31, 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Land and coal interests $ 3,890.5 $ 10,330.8 Buildings and improvements 470.6 1,507.6 Machinery and equipment 1,149.3 2,130.2 Less: Accumulated depreciation, depletion and amortization (398.5 ) (5,191.9 ) Property, plant, equipment and mine development, net $ 5,111.9 $ 8,776.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Loss from continuing operations before income taxes | oss) from continuing operations before income taxes for the periods presented below consisted of the following: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) U.S. $ 10.4 $ 2,408.7 $ (49.7 ) $ (515.9 ) Non-U.S. 541.7 (2,868.0 ) (708.6 ) (1,474.4 ) Total $ 552.1 $ (459.3 ) $ (758.3 ) $ (1,990.3 ) |
Components of income tax provision (benefit) | Total income tax benefit for the periods presented below consisted of the following: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Current: U.S. federal $ (101.4 ) $ (3.1 ) $ (12.4 ) $ (71.9 ) Non-U.S. 40.4 8.3 14.4 3.7 State (0.4 ) (6.7 ) 0.5 (0.6 ) Total current (61.4 ) (1.5 ) 2.5 (68.8 ) Deferred: U.S. federal (85.1 ) (101.0 ) (82.1 ) (117.4 ) Non-U.S. (14.5 ) (160.4 ) (12.8 ) (15.0 ) State — (0.9 ) (2.1 ) (5.9 ) Total deferred (99.6 ) (262.3 ) (97.0 ) (138.3 ) Total income tax benefit $ (161.0 ) $ (263.8 ) $ (94.5 ) $ (207.1 ) |
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 expense (benefit) to the Company’s income tax benefit for the periods presented below: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Expected income tax expense (benefit) at U.S. federal statutory rate $ 193.2 $ (160.8 ) $ (265.4 ) $ (696.6 ) Changes in valuation allowance, income tax (744.9 ) (777.2 ) 2,453.9 452.9 Remeasurement due to the Tax Cuts and Jobs Act 473.5 — — — Reorganization costs — 2,130.0 29.6 — Bad debt deduction — (1,639.6 ) — — Worthless partnership — — (2,204.4 ) — Changes in tax reserves 7.2 (9.2 ) 2.3 (21.4 ) Excess depletion (40.4 ) (11.2 ) (37.2 ) (53.7 ) Foreign earnings provision differential (26.3 ) 158.2 27.5 146.5 General business tax credits (0.2 ) (0.1 ) (14.2 ) (15.7 ) Remeasurement of foreign income tax accounts (0.3 ) 9.4 (2.0 ) (22.1 ) State income taxes, net of federal tax benefit (3.1 ) 40.6 (90.2 ) (20.1 ) Other, net (19.7 ) (3.9 ) 5.6 23.1 Total income tax benefit $ (161.0 ) $ (263.8 ) $ (94.5 ) $ (207.1 ) |
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, 2017 and 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Deferred tax assets: Tax loss carryforwards and credits $ 2,068.0 $ 4,284.4 Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 463.8 424.4 Accrued postretirement benefit obligations 194.2 364.5 Asset retirement obligations 30.6 163.6 Financial guarantees 2.0 77.9 Employee benefits 25.3 57.0 Take or pay obligations 27.2 — Hedge activities 10.5 21.0 Investments and other assets 137.2 — Workers’ compensation obligations 6.4 7.5 Other 16.1 2.1 Total gross deferred tax assets 2,981.3 5,402.4 Valuation allowance, income tax (2,432.5 ) (4,037.5 ) Total deferred tax assets 548.8 1,364.9 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 353.3 1,324.8 Unamortized discount on Convertible Junior Subordinated Debentures — 127.7 Coal supply agreements 29.6 — Investments and other assets 85.7 86.3 Total deferred tax liabilities 468.6 1,538.8 Net deferred tax asset (liability) $ 80.2 $ (173.9 ) Deferred taxes are classified as follows: Noncurrent deferred income tax asset $ 85.6 $ — Noncurrent deferred income tax liability (5.4 ) (173.9 ) Net deferred tax asset (liability) $ 80.2 $ (173.9 ) |
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, 2017 and 2016 : Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Deferred income taxes $ 10.9 $ 8.9 Other noncurrent liabilities 1.8 11.2 Net unrecognized tax benefits $ 12.7 $ 20.1 Gross unrecognized tax benefits $ 12.7 $ 20.1 |
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 periods presented below is as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Balance at beginning of period $ 12.5 $ 20.1 $ 22.9 $ 44.5 Additions for current year tax positions 0.8 — 1.5 2.3 Reductions for prior year tax positions (0.5 ) (7.6 ) (2.8 ) (23.5 ) Reductions for settlements with tax authorities (0.1 ) — (1.5 ) (0.4 ) Balance at end of period $ 12.7 $ 12.5 $ 20.1 $ 22.9 |
Summary of Companys tax (refunds) payments | The following table summarizes the Company’s income tax (refunds) payments, net for the periods presented below: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) U.S. — federal $ (11.2 ) $ — $ (56.5 ) $ (38.1 ) U.S. — state and local — — 1.4 0.4 Non-U.S. 10.4 5.5 15.0 11.9 Total income tax (refunds) payments, net $ (0.8 ) $ 5.5 $ (40.1 ) $ (25.8 ) |
Accounts Payable and Accrued 51
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses | Accounts payable and accrued expenses consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) Trade accounts payable $ 388.0 $ 288.6 Accrued payroll and related benefits 239.7 201.2 Other accrued expenses 225.3 190.1 Accrued taxes other than income 111.7 119.6 Accrued royalties 67.4 62.8 Asset retirement obligations 34.1 41.0 Income taxes payable 20.6 6.2 Accrued interest 15.5 1.2 Accrued health care insurance 10.6 16.0 Workers’ compensation obligations 7.6 7.8 Liabilities associated with discontinued operations 70.6 55.9 Accounts payable and accrued expenses $ 1,191.1 $ 990.4 |
Current and Long-term Debt (Tab
Current and Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company’s total indebtedness as of December 31, 2017 and 2016 consisted of the following: Successor Predecessor December 31, 2017 December 31, 2016 (Dollars in millions) 6.00% Senior Secured Notes due March 2022 $ 500.0 $ — 6.375% Senior Secured Notes due March 2025 500.0 — Senior Secured Term Loan due 2022, net of original issue discount 444.2 — 2013 Revolver — 1,558.1 2013 Term Loan Facility due September 2020 — 1,162.3 6.00% Senior Notes due November 2018 — 1,518.8 6.50% Senior Notes due September 2020 — 650.0 6.25% Senior Notes due November 2021 — 1,339.6 10.00% Senior Secured Second Lien Notes due March 2022 — 979.4 7.875% Senior Notes due November 2026 — 247.8 Convertible Junior Subordinated Debentures due December 2066 — 386.1 Capital lease and other obligations 76.0 20.1 Less: Debt issuance costs (59.4 ) (70.8 ) 1,460.8 7,791.4 Less: Current portion of long-term debt 42.1 20.2 Less: Liabilities subject to compromise — 7,771.2 Long-term debt $ 1,418.7 $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leased Assets [Line Items] | |
Leases And Royalty Future Minimum Payments [Table Text Block] | Future minimum lease and royalty payments as of December 31, 2017 are as follows: Capital Leases Operating Leases Coal Lease and Royalty Obligations Year Ending December 31, (Dollars in millions) 2018 $ 39.9 $ 68.5 $ 6.9 2019 28.1 46.7 6.7 2020 8.1 39.3 6.5 2021 0.5 29.0 6.3 2022 0.5 11.2 6.1 2023 and thereafter 9.2 22.9 33.0 Total minimum lease payments 86.3 $ 217.6 $ 65.5 Less interest 10.3 Present value of minimum capital lease payments $ 76.0 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliations of the Company's ARO liability | Reconciliations of the Company’s asset retirement obligations are as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Balance at beginning of period $ 664.2 $ 758.8 $ 712.1 Liabilities settled or disposed (65.2 ) (2.7 ) (41.5 ) Accretion expense 32.6 12.5 45.7 Revisions to estimates 59.5 (104.4 ) 42.5 Balance at end of period $ 691.1 $ 664.2 $ 758.8 Less: Current portion (included in “Accounts payable and accrued expenses”) 34.1 31.1 41.0 Noncurrent obligation (included in “Asset retirement obligations”) $ 657.0 $ 633.1 $ 717.8 Balance at end of period — active locations $ 612.9 $ 540.1 $ 634.8 Balance at end of period — closed or inactive locations $ 78.2 $ 124.1 $ 124.0 |
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, 2017 | |
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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Service cost for benefits earned $ 6.9 $ 2.3 $ 10.4 $ 11.2 Interest cost on accumulated postretirement benefit obligation 24.2 8.4 34.5 33.8 Amortization of prior service credit — (2.3 ) (9.2 ) (6.8 ) Amortization of actuarial loss — 5.5 20.4 24.9 Net actuarial gain (22.0 ) — — — Net periodic postretirement benefit cost $ 9.1 $ 13.9 $ 56.1 $ 63.1 |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in “Accumulated other comprehensive income (loss)”: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Net actuarial loss (gain) arising during year $ — $ 32.3 $ (35.1 ) Amortization: Actuarial loss (5.5 ) (20.4 ) (24.9 ) Prior service credit 2.3 9.2 6.8 Settlement related to the Patriot bankruptcy: Prior service credit (cost) — 7.2 (16.6 ) Total recorded in “Accumulated other comprehensive income (loss)” $ (3.2 ) $ 28.3 $ (69.8 ) |
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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 803.1 $ 812.1 $ 776.1 Service cost 6.9 2.3 10.4 Interest cost 24.2 8.4 34.5 Participant contributions 0.4 0.2 0.6 Plan changes — — 7.2 Benefits paid (29.3 ) (12.8 ) (49.0 ) Actuarial (gain) loss (22.0 ) — 32.3 Fresh start reporting adjustments — (7.1 ) — Accumulated postretirement benefit obligation at end of period 783.3 803.1 812.1 Change in plan assets: Fair value of plan assets at beginning of period — — — Employer contributions 28.9 12.6 48.4 Participant contributions 0.4 0.2 0.6 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (29.3 ) (12.8 ) (49.0 ) Fair value of plan assets at end of period — — — Funded status at end of period (783.3 ) (803.1 ) (812.1 ) Less: Current portion (included in “Accounts payable and accrued expenses”) 53.3 56.1 55.8 Noncurrent obligation (included in “Accrued postretirement benefit costs”) $ (730.0 ) $ (747.0 ) $ (756.3 ) |
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: Successor Predecessor December 31, 2017 2016 Discount rate 3.70 % 4.15 % Measurement date December 31, 2017 December 31, 2016 The weighted-average assumptions used to determine net periodic benefit cost during each period were as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate 4.10 % 4.15 % 4.50 % 4.10 % Measurement date April 1, 2017 December 31, 2016 December 31, 2015 December 31, 2014 |
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate: Successor Predecessor Year Ended December 31, 2017 Year Ended December 31, 2016 Pre-Medicare: Health care cost trend rate assumed for next year 7.00 % 6.20 % 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 2023 2021 Post-Medicare: Health care cost trend rate assumed for next year 6.50 % 5.60 % 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 2023 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 for the year ended December 31, 2017: One Percentage- Point Increase One Percentage- Point Decrease (Dollars in millions) Effect on total service and interest cost components $ 3.2 $ (2.9 ) Effect on total postretirement benefit obligation $ 69.1 $ (60.7 ) |
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) 2018 $ 52.2 2019 53.5 2020 55.9 2021 57.6 2022 56.9 Years 2023-2027 266.4 |
Pension and Savings Plans (Tabl
Pension and Savings Plans (Tables) - Pension Plans, Defined Benefit [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net periodic pension cost | Net periodic pension (benefit) cost included the following components: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Service cost for benefits earned $ 1.6 $ 0.6 $ 2.5 $ 2.7 Interest cost on projected benefit obligation 28.0 9.7 41.5 40.4 Expected return on plan assets (33.5 ) (11.0 ) (45.3 ) (48.2 ) Amortization of prior service cost — 0.1 0.3 1.0 Amortization of net actuarial losses — 6.3 24.7 39.6 Settlement charge 2.1 — — — Net actuarial gain (23.5 ) — — — Net periodic pension (benefit) cost $ (25.3 ) $ 5.7 $ 23.7 $ 35.5 |
Amounts recognized in accumulated other comprehensive loss | The following includes pre-tax amounts recorded in “Accumulated other comprehensive income (loss)”: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Net actuarial loss arising during period $ — $ 6.6 $ 30.6 Amortization: Net actuarial loss (6.3 ) (24.7 ) (39.6 ) Prior service cost (0.1 ) (0.3 ) (1.0 ) Total recorded in “Accumulated other comprehensive income (loss)” $ (6.4 ) $ (18.4 ) $ (10.0 ) |
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 Pension Plans: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 936.4 $ 959.3 $ 939.3 Service cost 1.6 0.6 2.5 Interest cost 28.0 9.7 41.5 Benefits paid (45.3 ) (15.0 ) (61.1 ) Actuarial loss 25.3 — 37.1 Settlement (71.4 ) — — Fresh start reporting adjustments — (18.2 ) — Projected benefit obligation at end of period 874.6 936.4 959.3 Change in plan assets: Fair value of plan assets at beginning of period 783.1 773.0 757.3 Actual return on plan assets 80.1 25.1 75.7 Employer contributions 30.1 — 1.1 Benefits paid (45.3 ) (15.0 ) (61.1 ) Settlement (71.4 ) — — Fair value of plan assets at end of period 776.6 783.1 773.0 Funded status at end of period $ (98.0 ) $ (153.3 ) $ (186.3 ) Amounts recognized in the consolidated balance sheets: Noncurrent obligation (included in “Other noncurrent liabilities”) $ (98.0 ) $ (153.3 ) $ (163.5 ) Liabilities subject to compromise — — (22.8 ) Net amount recognized $ (98.0 ) $ (153.3 ) $ (186.3 ) |
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: Successor Predecessor December 31, 2017 2016 Discount rate 3.70 % 4.15 % Measurement date December 31, 2017 December 31, 2016 |
Weighted-average assumptions used to determine net periodic benefit cost | The weighted-average assumptions used to determine net periodic pension (benefit) cost during each period were as follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate 4.10 % 4.15 % 4.55 % 4.15 % Expected long-term return on plan assets 5.90 % 5.90 % 6.00 % 6.25 % Measurement date April 1, 2017 December 31, 2016 December 31, 2015 December 31, 2014 |
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: Successor December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Mutual funds $ 108.0 $ — $ — $ 108.0 Corporate bonds — 291.1 — 291.1 U.S. government securities 7.5 21.8 — 29.3 International government securities — 17.7 — 17.7 Cash funds 30.8 — — 30.8 Real estate investment trusts — — 11.8 11.8 Total assets at fair value $ 146.3 $ 330.6 $ 11.8 488.7 Assets measured at net asset value practical expedient (1) Private mutual funds 180.4 Common collective trusts 107.5 287.9 Total plan assets $ 776.6 Predecessor December 31, 2016 Level 1 Level 2 Level 3 Total (Dollars in millions) Mutual funds $ 119.9 $ — $ — $ 119.9 Corporate bonds — 265.7 — 265.7 U.S. government securities 25.1 22.7 — 47.8 International government securities — 12.6 — 12.6 Cash funds 17.8 — — 17.8 Real estate investment trusts — — 14.1 14.1 Total assets at fair value $ 162.8 $ 301.0 $ 14.1 477.9 Assets measured at net asset value practical expedient (1) Private mutual funds 186.1 Common collective trusts 109.0 295.1 Total plan assets $ 773.0 (1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans. |
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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 (Dollars in millions) Balance, beginning of period $ 13.8 $ 14.1 $ 23.0 Realized gains — 0.6 1.8 Unrealized gains (losses) relating to investments still held at the reporting date 2.2 (0.6 ) 0.2 Purchases, sales and settlements, net (4.2 ) (0.3 ) (10.9 ) Balance, end of period $ 11.8 $ 13.8 $ 14.1 |
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: Successor Pension Benefits (Dollars in millions) 2018 $ 57.2 2019 57.2 2020 58.6 2021 59.5 2022 58.9 Years 2023-2027 280.1 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Summary Of Common Stock Activity [Table Text Block] | The following table summarizes Common Stock activity from April 2, 2017 to December 31, 2017: Successor April 2 through December 31, 2017 (In millions) Shares outstanding at the beginning of the period 70.9 Shares issued for preferred share conversions 33.8 Shares issued for warrant conversions 6.2 Shares issued for vested restricted stock units 0.1 Shares repurchased (5.8 ) Shares outstanding at the end of the period 105.2 |
Summary of Preferred Stock Activity [Table Text Block] | The following table summarizes the Series A Convertible Preferred Stock activity from April 2, 2017 to December 31, 2017: Successor April 2 through December 31, 2017 (In millions) Shares outstanding at the beginning of the period 30.0 Shares converted to Common Stock (17.2 ) Shares issued for payable in-kind preferred stock dividends 0.7 Shares outstanding at the end of the period 13.5 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Successor April 2 through December 31, 2017 (Dollars in millions) Share-based compensation expense - equity classified awards $ 21.8 Share-based compensation expense - liability classified awards — Total share-based compensation expense 21.8 Tax benefit — Share-based compensation expense, net of tax benefit $ 21.8 Cash received upon the exercise of stock options and from employee stock purchases — Write-off tax benefits related to share-based compensation — |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of restricted stock unit activity is as follows: Successor April 2 through December 31, 2017 Weighted Average Grant-Date Fair Value Nonvested at April 2, 2017 — $ — Granted 3,618,309 22.04 Vested (29,555 ) 22.03 Forfeited (74,801 ) 22.03 Nonvested at December 31, 2017 3,513,953 $ 22.04 |
Share-based Compensation Expense and Cash Flow Amounts [Table Text Block] | Share-based compensation expense and cash flow amounts were as follows: Predecessor January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Share-based compensation expense - equity classified awards $ 1.9 $ 11.3 $ 26.2 Share-based compensation expense - liability classified awards — 1.5 2.0 Total share-based compensation expense 1.9 12.8 28.2 Tax benefit — — — Share-based compensation expense, net of tax benefit $ 1.9 $ 12.8 $ 28.2 Cash received upon the exercise of stock options and from employee stock purchases — — 3.4 Write-off tax benefits related to share-based compensation — — — |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Credit (Cost) Associated with Postretirement Plans Cash Flow Hedges Total Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Predecessor Company 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 from other comprehensive income to earnings — 21.0 (5.6 ) 146.3 161.7 Current period change (1.8 ) (13.5 ) (4.5 ) — (19.8 ) December 31, 2016 (148.2 ) (256.3 ) 21.7 (94.2 ) (477.0 ) Reclassification from other comprehensive income to earnings — 5.8 (1.4 ) 18.6 23.0 Current period change 5.5 — — — 5.5 Fresh start reporting adjustment 142.7 250.5 (20.3 ) 75.6 448.5 April 1, 2017 $ — $ — $ — $ — $ — Successor Company Current period change 1.4 — — — 1.4 December 31, 2017 $ 1.4 $ — $ — $ — $ 1.4 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides additional information regarding items reclassified out of “Accumulated other comprehensive income (loss)” into earnings during the periods presented below: Amount reclassified from accumulated other comprehensive income (loss) (1) Predecessor Details about accumulated other comprehensive loss components January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Affected line item in the consolidated statement of operations (Dollars in millions) Net actuarial loss associated with postretirement plans and workers’ compensation obligations: Postretirement health care and life insurance benefits $ (5.5 ) $ (20.4 ) $ (24.9 ) Operating costs and expenses Defined benefit pension plans (5.3 ) (20.5 ) (32.9 ) Operating costs and expenses Defined benefit pension plans (1.0 ) (4.2 ) (6.7 ) Selling and administrative expenses Workers’ compensation amortization 2.7 11.7 8.0 Operating costs and expenses (9.1 ) (33.4 ) (56.5 ) Total before income taxes 3.3 12.4 20.9 Income tax benefit $ (5.8 ) $ (21.0 ) $ (35.6 ) Total after income taxes Prior service credit (cost) associated with postretirement plans: Postretirement health care and life insurance benefits $ 2.3 $ 9.2 $ 6.8 Operating costs and expenses Defined benefit pension plans (0.1 ) (0.3 ) (1.0 ) Operating costs and expenses 2.2 8.9 5.8 Total before income taxes (0.8 ) (3.3 ) (2.1 ) Income tax provision $ 1.4 $ 5.6 $ 3.7 Total after income taxes Cash flow hedges: Foreign currency cash flow contracts $ (16.6 ) $ (145.6 ) $ (316.4 ) Operating costs and expenses Fuel and explosives commodity swaps (11.0 ) (86.1 ) (120.4 ) Operating costs and expenses Coal trading commodity futures, swaps and options — — 51.8 Other revenues Insignificant items (0.1 ) (0.5 ) (0.7 ) (27.7 ) (232.2 ) (385.7 ) Total before income taxes 9.1 85.9 134.0 Income tax benefit $ (18.6 ) $ (146.3 ) $ (251.7 ) 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, 2017 | |
Earnings Per Share [Abstract] | |
Earnings allocation method utilized in the calculation of basic and diluted EPS | The computation of diluted EPS for the Successor Company excluded aggregate share-based compensation awards of less than 0.1 million for the period April 2 through December 31, 2017 . The computation of diluted EPS for the Predecessor Company excluded aggregate share-based compensation awards of approximately 0.2 million , 0.4 million and 0.6 million for the period January 1 through April 1, 2017 , and the years ended December 31, 2016 and 2015 , 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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (In millions, except per share amounts) EPS numerator: Income (loss) from continuing operations, net of income taxes $ 713.1 $ (195.5 ) $ (663.8 ) $ (1,783.2 ) Less: Series A Convertible Preferred Stock dividends 179.5 — — — Less: Net income attributable to noncontrolling interests 15.2 4.8 7.9 7.1 Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities 518.4 (200.3 ) (671.7 ) (1,790.3 ) Less: Earnings allocated to participating securities 129.0 — — — Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) 389.4 (200.3 ) (671.7 ) (1,790.3 ) Loss from discontinued operations, net of income taxes (19.8 ) (16.2 ) (57.6 ) (175.0 ) Less: Loss from discontinued operations allocated to participating securities (4.9 ) — — — Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (14.9 ) (16.2 ) (57.6 ) (175.0 ) Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) $ 374.5 $ (216.5 ) $ (729.3 ) $ (1,965.3 ) EPS denominator: Weighted average shares outstanding — basic 101.1 18.3 18.3 18.1 Impact of dilutive securities 1.4 — — — Weighted average shares outstanding — diluted (2) 102.5 18.3 18.3 18.1 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 3.85 $ (10.93 ) $ (36.72 ) $ (98.65 ) Loss from discontinued operations (0.15 ) (0.88 ) (3.15 ) (9.64 ) Net income (loss) attributable to common stockholders $ 3.70 $ (11.81 ) $ (39.87 ) $ (108.29 ) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 3.81 $ (10.93 ) $ (36.72 ) $ (98.65 ) Loss from discontinued operations $ (0.14 ) $ (0.88 ) $ (3.15 ) $ (9.64 ) Net income (loss) attributable to common stockholders $ 3.67 $ (11.81 ) $ (39.87 ) $ (108.29 ) (1) The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $1.2 million for the Successor period April 2 through December 31, 2017 . (2) The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 33.5 million shares related to the participating securities for the Successor period April 2 through December 31, 2017 . In accordance with the Plan, each share of the Predecessor Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect after the Effective Date. Furthermore, all of the Predecessor Company’s equity award agreements under prior incentive plans, and the equity awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect after the Effective Date. As of December 31, 2017, approximately 17.2 million shares of Preferred Stock had been converted and no Warrants remained unexercised, which together resulted in the issuance of an additional 40.0 million shares of Common Stock. As discussed in Note 13. “Current and Long-term Debt” and Note 18. “Stockholders’ Equity,” approximately 5.8 million shares of Common Stock had been repurchased as of December 31, 2017. |
Management - Labor Relations Ri
Management - Labor Relations Risk Management - Labor Relations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risk Management Labor Relations [Abstract] | |
Schedule of operations with employees represented by labor unions | The following table presents the Company’s active mining operations as of December 31, 2017 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 (2) December 2018 Wambo Underground (2) April 2015 North Goonyella (3) December 2018 Metropolitan (4) January 2021 Millennium (5) March 2019 Wilpinjong (6) May 2020 Coppabella (7) December 2016 Moorvale (8) June 2020 (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 7% 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, 2017 . (2) Employees of the Wambo Open-Cut Mine operate under a separate enterprise agreement which will expire in December 2018. Negotiations for a new agreement are expected to commence in the fourth quarter of 2018. There were no wage increases over the three-year term of the current labor agreement. Employees of the Company's Wambo Underground Mine operate under a separate labor agreement. That agreement expired in April 2015. The parties are currently renegotiating the new labor agreement and reached an agreement in principle which is subject to an employee vote in the first quarter of 2018. There have been no wage increases and no disruptions in the mine’s operations since the agreement expired. The Wambo coal handling and preparation plant hourly employees are under a separate labor agreement that expires in December 2018 and extension negotiations are expected to commence in the fourth quarter of 2018. Hourly employees of these mines comprise approximately 20% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 19% of the Company’s Australian production during the year ended December 31, 2017 . (3) Employees of the North Goonyella Mine operate under a separate enterprise agreement which will expire in December 2018. Negotiations for a new agreement are expected to commence in the fourth quarter of 2018. There were no wage increases over the three-year term of the current labor agreement. Hourly employees of this mine comprise approximately 7% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 11% of the Company’s Australian production during the year ended December 31, 2017. (4) Employees of the Company’s Metropolitan Mine operate under a separate labor agreement, which expires in January 2021. There is also a deputy labor agreement which expired in September 2015. The parties have been in ongoing negotiations for an extension to the agreement. There have been no disruptions to the mine’s operations as a result of the expiration of the agreement. Hourly employees of this mine comprise approximately 12% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 3% of the Company’s Australian production during the year ended December 31, 2017 . (5) In March 2017, the Company entered into a new two-year labor agreement which expires in March 2019. The new agreement has minimal wage increases. Hourly employees of this mine comprise approximately 15% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 10% of the Company’s Australian production during the year ended December 31, 2017. (6) In May 2017, the Company entered into a new three-year labor agreement which expires in May 2020. The new agreement has minimal wage increases. Hourly employees of this mine comprise approximately 21% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 42% of the Company’s Australian production during the year ended December 31, 2017 . (7) Employees of the Company’s Coppabella Mine operate under a separate enterprise agreement which expired in December 2016. The negotiations for a new labor agreement are progressing and the parties reached an agreement in principle which is subject to an employee vote in the first quarter of 2018. There were no wage increases or disruptions to the mine’s operations as a result of the expiration of the agreement. Hourly employees of this mine comprise approximately 16% of the Company’s Australian subsidiaries’ hourly employees, who generated approximately 9% of the Company’s Australian production during the year ended December 31, 2017 . (8) Employees of the Company’s Moorvale Mine operate on individual contracts underpinned by a non-union enterprise agreement. Employees are managed according to their individual contracts rather than the enterprise agreement. In July 2017, all employees signed a memorandum of understanding agreeing to a rollover of the existing enterprise agreement until June 20, 2020. |
Summary Quarterly Financial I62
Summary Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | A summary of the unaudited quarterly results of operations for the years ended December 31, 2017 and 2016 is presented below. Year Ended December 31, 2017 Predecessor Successor First Quarter April 1 April 2 through June 30 Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,326.2 $ — $ 1,258.3 $ 1,477.2 $ 1,517.1 Operating profit 198.1 — 146.0 202.9 338.2 Income (loss) from continuing operations, net of income taxes 124.3 (319.8 ) 101.4 233.7 378.0 Net income (loss) 120.2 (331.9 ) 98.7 230.0 364.6 Net income (loss) attributable to common stockholders 115.4 (331.9 ) (20.2 ) 201.4 317.4 Basic EPS — continuing operations (1) $ 6.46 $ (17.44 ) $ (0.18 ) $ 1.51 $ 2.50 Diluted EPS — continuing operations (1) $ 6.44 $ (17.44 ) $ (0.18 ) $ 1.49 $ 2.47 Weighted average shares used in calculating basic EPS 18.3 18.3 96.8 101.6 104.8 Weighted average shares used in calculating diluted EPS 18.4 18.3 96.8 103.1 106.5 (1) EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis. |
Quarterly Financial Information - PY [Table Text Block] | Year Ended December 31, 2016 Predecessor First Quarter Second Quarter Third Quarter Fourth Quarter (In millions, except per share data) Revenues $ 1,027.2 $ 1,040.2 $ 1,207.1 $ 1,440.8 Operating profit (loss) (102.7 ) (107.7 ) (21.6 ) (44.9 ) Loss from continuing operations, net of income taxes (167.7 ) (223.2 ) (97.7 ) (175.2 ) Net loss (171.1 ) (226.2 ) (135.8 ) (188.3 ) Net loss attributable to common stockholders (171.1 ) (227.9 ) (137.6 ) (192.7 ) Basic and diluted EPS — continuing operations (1) $ (9.17 ) $ (12.30 ) $ (5.44 ) $ (9.82 ) Weighted average shares used in calculating basic and diluted EPS 18.3 18.3 18.3 18.3 (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 Inform63
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Operating segment results | Segment results for the Successor period April 2 through December 31, 2017 were as follows: Successor Powder River Basin Mining Midwestern Western Australian Metallurgical Mining Australian Thermal Mining Trading and Corporate Consolidated (Dollars in millions) Revenues $ 1,178.7 $ 592.3 $ 440.7 $ 1,221.0 $ 772.5 $ 33.6 $ 13.8 $ 4,252.6 Adjusted EBITDA 278.8 124.4 131.8 414.9 306.6 (6.9 ) (104.3 ) 1,145.3 Additions to property, plant, equipment and mine development 32.6 21.7 13.8 56.0 39.2 — 3.3 166.6 Income from equity affiliates — — — — — — (49.0 ) (49.0 ) Segment results for the Predecessor period January 1 through April 1, 2017 were as follows: Predecessor 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 $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 Adjusted EBITDA 91.7 50.0 50.0 109.6 75.6 8.8 (44.4 ) 341.3 Additions to property, plant, equipment and mine development 19.3 2.8 3.1 5.2 2.3 — 0.1 32.8 Federal coal lease expenditures — — 0.5 — — — — 0.5 Income from equity affiliates — — — — — — (15.0 ) (15.0 ) Segment results for the year ended December 31, 2016 were as follows: Predecessor 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 $ 1,473.3 $ 792.5 $ 526.0 $ 1,090.4 $ 824.9 $ 28.9 $ (20.7 ) $ 4,715.3 Adjusted EBITDA 379.9 217.3 101.6 (16.3 ) 217.6 (32.4 ) (335.7 ) 532.0 Additions to property, plant, equipment and mine development 33.0 18.7 20.8 29.9 22.1 — 2.1 126.6 Federal coal lease expenditures 248.4 — 0.6 — — — — 249.0 Income from equity affiliates — — — — — — (16.2 ) (16.2 ) Segment results for the year ended December 31, 2015 were as follows: Predecessor 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 $ 40.6 $ 33.8 $ 5,609.2 Adjusted EBITDA 482.9 269.7 184.6 (18.2 ) 193.6 24.8 (705.0 ) 432.4 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 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets as of December 31, 2017 were as follows: Successor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 3,848.6 $ 2,656.3 $ 99.1 $ 1,577.2 $ 8,181.2 Property, plant, equipment and mine development, net 3,361.0 1,501.7 0.5 248.7 5,111.9 Assets as of December 31, 2016 were as follows: Predecessor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,255.9 $ 5,402.2 $ 128.7 $ 1,990.9 $ 11,777.7 Property, plant, equipment and mine development, net 3,970.6 3,905.8 0.2 900.1 8,776.7 Assets as of December 31, 2015 were as follows: Predecessor U.S. Mining Australian Mining Trading and Brokerage Corporate and Other Consolidated (Dollars in millions) Total assets $ 4,105.8 $ 5,319.9 $ 217.2 $ 1,304.0 $ 10,946.9 Property, plant, equipment and mine development, net 3,854.5 4,469.6 0.5 933.9 9,258.5 |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations | A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 713.1 $ (195.5 ) $ (663.8 ) $ (1,783.2 ) Depreciation, depletion and amortization 521.6 119.9 465.4 572.2 Asset retirement obligation expenses 41.2 14.6 41.8 45.5 Selling and administrative expenses related to debt restructuring — — 21.5 — Net mark-to-market adjustment on actuarially determined liabilities (45.2 ) — — — Asset impairment — 30.5 247.9 1,277.8 Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates (17.3 ) (5.2 ) (7.5 ) 3.9 Interest expense 119.7 32.9 298.6 465.4 Loss on early debt extinguishment 20.9 — 29.5 67.8 Interest income (5.6 ) (2.7 ) (5.7 ) (7.7 ) Break fees related to terminated asset sales (28.0 ) — — — Unrealized losses on non-coal trading derivative contracts 1.5 — — — Unrealized losses (gains) on economic hedges 23.0 (16.6 ) 39.8 (2.2 ) Coal inventory revaluation 67.3 — — — Take-or-pay contract-based intangible recognition (22.5 ) — — — Reorganization items, net — 627.2 159.0 — Gain on disposal of reclamation liability (31.2 ) — — — Gain on disposal of Burton Mine (52.2 ) — — — Income tax benefit (161.0 ) (263.8 ) (94.5 ) (207.1 ) Total Adjusted EBITDA $ 1,145.3 $ 341.3 $ 532.0 $ 432.4 |
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: Successor Predecessor April 2 through December 31, 2017 January 1 through April 1, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 U.S. 48.9 % 55.2 % 54.7 % 57.4 % Japan 11.7 % 11.4 % 6.9 % 8.1 % Taiwan 8.7 % 5.7 % 4.6 % 3.5 % China 7.5 % 5.6 % 5.4 % 7.1 % India 6.7 % 2.7 % 3.0 % 4.0 % Australia 5.3 % 4.2 % 4.2 % 3.0 % South Korea 1.1 % 0.5 % 1.5 % 4.1 % Other 10.1 % 14.7 % 19.7 % 12.8 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco64
Valuation and Qualifying Accounts Schedule II (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Charged to Other Accounts Deductions (1) Other Balance (Dollars in millions) Successor April 2 through December 31, 2017 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ — $ — $ — $ — $ — $ — Reserve for materials and supplies — 1.0 — (0.4 ) — 0.6 Allowance for doubtful accounts — 4.6 — — — 4.6 Tax valuation allowances 3,288.4 (744.9 ) — — (111.0 ) (6) 2,432.5 Predecessor January 1 through April 1, 2017 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.8 $ — $ (7.4 ) (5) $ (0.4 ) $ — $ — Reserve for materials and supplies 5.6 0.5 (6.1 ) (5) — — — Allowance for doubtful accounts 13.1 — (12.8 ) (5) (0.3 ) — — Tax valuation allowances 4,037.5 (777.2 ) 28.1 (5) — — 3,288.4 Year Ended December 31, 2016 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 8.3 $ 0.5 $ — $ (1.0 ) (2) $ — $ 7.8 Reserve for materials and supplies 4.7 4.3 — (3.4 ) — 5.6 Allowance for doubtful accounts 6.6 7.9 — (1.4 ) — 13.1 Tax valuation allowances 1,614.1 2,453.9 — — (30.5 ) (3) 4,037.5 Year Ended December 31, 2015 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 7.6 $ — $ — $ (0.9 ) (2) $ 1.6 (4) $ 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 1,366.5 452.9 — — (205.3 ) (3) 1,614.1 (1) Reserves utilized, unless otherwise indicated. (2) Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. (3) Includes the impact of the decrease in Australian dollar exchange rates. (4) Balances transferred from other accounts. (5) Fresh start reporting adjustments. (6) Release of valuation allowance primarily related to carrybacks of U.S. net operating losses. |
Summary of Significant Accoun65
Summary of Significant Accounting Policies Discussion Textuals (Details) - USD ($) $ in Millions | Nov. 28, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Significant Accounting Policies Textuals | ||||||
Period considered to treat short-term, highly liquid investments as cash equivalents | three months or less | |||||
Accounts Receivable Invoicing Terms | Customers are invoiced as coal is shipped or at periodic intervals in accordance with contractual terms | |||||
Recognition of tax benefits from uncertain tax positions | greater than fifty percent likelihood of being realized upon ultimate settlement | |||||
Buildings and improvements [Member] | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 2 to 28 | |||||
Machinery and equipment | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 2 to 28 | |||||
Leasehold improvements [Member] | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | Shorter of Useful Life or Remaining Life of Lease | |||||
Minimum | Buildings and improvements [Member] | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 2 | |||||
Minimum | Machinery and equipment | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 2 | |||||
Maximum | Buildings and improvements [Member] | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 28 | |||||
Maximum | Machinery and equipment | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Estimated useful life | 28 | |||||
Scenario, Forecast | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 15 | |||||
Predecessor | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Other-than-temporary impairment losses on equity and cost method investments | $ 0 | $ 276.5 | ||||
Restructuring charges for voluntary and involuntary workforce reductions | 0 | $ 15.5 | 23.5 | |||
Asset impairment charges related to long-lived assets | 30.5 | 247.9 | 1,001.3 | |||
Foreign currency remeasurement gain (loss) | 10.6 | (7.4) | (6.4) | |||
Foreign currency translation adjustment | $ 5.5 | $ (1.8) | $ (34.9) | |||
Successor | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Other-than-temporary impairment losses on equity and cost method investments | $ 0 | |||||
Restructuring charges for voluntary and involuntary workforce reductions | $ 3 | 7.6 | ||||
Asset impairment charges related to long-lived assets | 0 | |||||
Foreign currency remeasurement gain (loss) | 0.7 | |||||
Foreign currency translation adjustment | $ 1.4 | |||||
Successor | Interest In Middlemount Coal Pty Limited [Member] | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Ownership percentage of equity method investment | 50.00% |
Summary of Provisions (Details)
Summary of Provisions (Details) - USD ($) | Jan. 31, 2018 | Apr. 01, 2017 | Mar. 31, 2018 | Dec. 31, 2017 |
Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Conversion of Stock, Shares Issued | 6,200,000 | |||
Successor | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stock and warrants issued, value | $ 750,000,000 | |||
Warrants issued (in shares) | 6,200,000 | |||
Successor | First Lien Senior Secured Notes | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Principal amount | 1,000,000,000 | |||
Successor | First LIen Credit Facility | Line of Credit | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Principal amount | 950,000,000 | |||
Scenario, Forecast | ||||
Fresh-Start Adjustment [Line Items] | ||||
Conversion of Stock, Amount Issued | $ 103,000,000 | |||
Series A Preferred Stock | Successor | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Preferred stock | $ 750,000,000 | |||
Preferred Stock, Shares Issued | 30,000,000 | |||
Common Stock | Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Conversion of Stock, Shares Issued | 40,000,000 | |||
Common Stock | Successor | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stock issued (in shares) | $ 70,900,000 | |||
Subsequent Event [Member] | ||||
Fresh-Start Adjustment [Line Items] | ||||
Conversion of Stock, Shares Issued | 24,800,000 |
Treatment of Classified Claims
Treatment of Classified Claims and Interest (Details) - Effect of Plan | Apr. 01, 2017USD ($)$ / shares |
Second Lien Notes Claims (Classes 2A - 2D) | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, amount to be recovered | $ 450,000,000 |
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.01 |
United Mine Workers of America 1974 Pension Plan Claim (Classes 7A - 7E) | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, amount to be recovered | $ 75 |
Cash claims, payment period | 5 years |
Unsecured Subordinated Debentures Claims (Class 8A) | |
Fresh-Start Adjustment [Line Items] | |
Fees and expenses of trustee | $ 350,000 |
Ceiling of penny warrants exercisable, as percent of common stock | 1.00% |
Peabody Energy | General Unsecured Claims | |
Fresh-Start Adjustment [Line Items] | |
Cash amount from which claimants receive pro rata share | $ 5,000,000 |
Cash claims, maximum additional amount to be recovered by claimants under plan | $ 2,000,000 |
Peabody Energy | Convenience Claims, Class 6A | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, threshold percent | 72.50% |
Encumbered Guarantor Debtors | General Unsecured Claims | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, amount to be recovered | $ 75,000,000 |
Encumbered Guarantor Debtors | Convenience Claims, Class 6B | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, threshold percent | 72.50% |
Maximum | Peabody Energy | Convenience Claims, Class 6A | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, amount to be recovered | $ 2,000,000 |
Maximum | Encumbered Guarantor Debtors | Convenience Claims, Class 6B | |
Fresh-Start Adjustment [Line Items] | |
Cash claims, amount to be recovered | $ 0 |
Issuance of Equity Securities (
Issuance of Equity Securities (Details) $ / shares in Units, $ in Millions | Jan. 31, 2018shares | Apr. 01, 2017USD ($)days$ / sharesshares | Feb. 19, 2018shares | Dec. 31, 2017shares | Dec. 31, 2017shares | Jul. 03, 2017 |
Fresh-Start Adjustment [Line Items] | ||||||
Treasury stock, shares, acquired | 5,800,000 | |||||
Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Common stock, outstanding (in shares) | 130,700,000 | 130,700,000 | ||||
Warrant | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Number of securities called by each right | 1 | |||||
Exercise price | $ / shares | $ 0.01 | |||||
Warrants issued (in shares) | 6,200,000 | |||||
Warrants unexercised, percent | 0.10% | |||||
Preferred Stock | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Conversion of Stock, Shares Converted | 17,200,000 | |||||
Series A Preferred Stock | Preferred Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Preferred stock, dividend rate | 8.50% | |||||
Preferred stock, conversion price (in dollars per share) | $ / shares | $ 16.25 | |||||
Discount percent of common stock value | 35.00% | |||||
Threshold price of common stock | $ / shares | $ 32.50 | |||||
Threshold trading days | days | 45 | |||||
Threshold consecutive trading days | days | 60 | |||||
Threshold last trading days in consecutive trading period | days | 20 | |||||
Conversion period threshold after initial issuance | 3 years | |||||
Section 1145 Securities | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Stock issued | $ | $ 704.4 | |||||
Section 1145 Securities | Common Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 51,200,000 | |||||
Section 1145 Securities | Warrant | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 2,900,000 | |||||
Parties to Private Placement and Backstop Commitment Agreement | Section 4(a)(2) Securities | Common Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 4,800,000 | |||||
Parties to Private Placement and Backstop Commitment Agreement | Section 4(a)(2) Securities | Warrant | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 3,100,000 | |||||
Parties to Private Placement Agreement | Section 4(a)(2) Securities | Preferred Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Stock issued | $ | $ 750 | |||||
Parties to Private Placement Agreement | Section 4(a)(2) Securities | Series A Preferred Stock | Preferred Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 30,000,000 | |||||
Parties to Backstop Commitment Agreement | Section 4(a)(2) Securities | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Stock issued | $ | $ 45.6 | |||||
Parties to Backstop Commitment Agreement | Section 4(a)(2) Securities | Common Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 3,300,000 | |||||
Parties to Backstop Commitment Agreement | Section 4(a)(2) Securities | Warrant | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 200,000 | |||||
2017 Incentive Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Treasury stock, shares, acquired | 5,800,000 | |||||
2017 Incentive Plan | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Common stock, outstanding (in shares) | 3,500,000 | 3,500,000 | ||||
Allowed Claims In Classes 2A, 2B, 2C, 2D And 5B | Rights Offering | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Units authorized | 54,500,000 | |||||
Number of securities called by each right | 1 | |||||
Exercise price | $ / shares | $ 13.75 | |||||
Rights offering, units purchased | 51,200,000 | |||||
Allowed Claims In Classes 2A, 2B, 2C, 2D And 5B | Section 1145 Securities | Common Stock | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
New shares issued (in shares) | 11,600,000 | |||||
Allowed Claims In Classes 2A, 2B, 2C, 2D And 5B | Parties to Backstop Commitment Agreement | Rights Offering | Effect of Plan | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Rights offering, units purchased | 3,300,000 | |||||
Subsequent Event [Member] | ||||||
Fresh-Start Adjustment [Line Items] | ||||||
Treasury stock, shares, acquired | 900,000 | |||||
Conversion of Stock, Shares Converted | 13,200,000 |
Debt Securities (Details)
Debt Securities (Details) - USD ($) | Sep. 18, 2017 | Apr. 03, 2017 | Apr. 01, 2017 | Feb. 15, 2017 |
Fresh-Start Adjustment [Line Items] | ||||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ 950,000,000 | |||
Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ 903,200,000 | |||
6.00% Senior Secured Notes due March 2022 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Principal amount | $ 500,000,000 | |||
Stated interest rate | 6.00% | |||
6.375% Senior Secured Notes due March 2025 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Principal amount | $ 500,000,000 | |||
Stated interest rate | 6.375% | |||
Successor Credit Agreement | Term Loan | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Principal amount | $ 950,000,000 | |||
10.00% Senior Secured Second Lien Notes due March 2022 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stated interest rate | 10.00% | |||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ (1,000,000,000) | |||
6.50% Senior Notes due September 2020 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stated interest rate | 6.50% | |||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ (650,000,000) | |||
6.00% Senior Notes due November 2018 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stated interest rate | 6.00% | |||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ (1,518,800,000) | |||
6.25% Senior Notes due November 2021 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stated interest rate | 6.25% | |||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ (1,339,600,000) | |||
7.875% Senior Notes due November 2026 | Senior Notes | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Stated interest rate | 7.875% | |||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | $ (250,000,000) | |||
Convertible Junior Subordinated Debentures Due December 2006 [Member] | Subordinated Debt | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | (732,500,000) | |||
2013 Term Loan Facility | Term Loan | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Credit facility canceled | 1,170,000,000 | |||
2013 Revolver | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Credit facility canceled | 947,000,000 | |||
2013 Revolver | Revolving Credit Facility | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Credit facility canceled | 1,650,000,000 | |||
2013 Revolver | Letter of credit | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Credit facility canceled | $ 675,000,000 | |||
London Interbank Offered Rate (LIBOR) | Successor Credit Agreement | Term Loan | Effect of Plan | ||||
Fresh-Start Adjustment [Line Items] | ||||
Basis spread on variable rate | 3.50% | 4.50% | ||
Floor interest rate | 1.00% | 1.00% |
Additional Information (Details
Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Apr. 03, 2017 | Mar. 31, 2017 | Feb. 15, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Common stock, shares issued (in shares) | 130.7 | |||||||
Assets held-for-sale | $ 228,500,000 | |||||||
Write off of mine development costs | $ 89,500,000 | |||||||
Write off of prepaid assets | $ 15,000,000 | |||||||
Successor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Common stock, shares outstanding (in shares) | 70.9 | 105.2 | ||||||
Postconfirmation, preferred stock | $ 1,305,400,000 | |||||||
Postconfirmation, total stockholders' equity | 3,131,900,000 | |||||||
Postconfirmation, long-term debt | 1,853,700,000 | |||||||
Debt issuance cost | $ 59,400,000 | $ 70,800,000 | ||||||
Successor | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Final equity value | $ 3,081,000,000 | |||||||
Postconfirmation, common stock, share price (in dollars per share) | $ 22.03 | |||||||
Common stock, shares issued (in shares) | 70.9 | |||||||
Common stock, par value per share (in dollars per share) | $ 0.01 | |||||||
Postconfirmation, preferred stock | $ 750,000,000 | |||||||
Discount percent of common stock value | 35.00% | |||||||
Postconfirmation, common stock, initial share price estimate | $ 25 | |||||||
Dividends, common stock, paid in kind, guaranteed period | 3 years | |||||||
Dividends, common stock, paid in kind, annual stated rate | 8.50% | |||||||
Convertible preferred stock, shares issued upon conversion | 46.2 | |||||||
Equity ownership percent | 42.00% | |||||||
Postconfirmation, total stockholders' equity | $ 3,105,000,000 | |||||||
Convertible preferred stock, converted shares, fair value | $ 1,305,400,000 | |||||||
Discount rate | 4.10% | 4.15% | ||||||
Remeasurement reduction in pension liabilities | $ 9,200,000 | |||||||
Predecessor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Credit adjusted risk free interest rates | 50.83% | |||||||
2017 Incentive Plan | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Common stock reserved for future issuance | 14 | |||||||
Incentive plan expiration period | 10 years | |||||||
Common stock, shares issued (in shares) | 3.5 | |||||||
2017 Incentive Plan | Predecessor | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Common stock reserved for future issuance | 14 | |||||||
Minimum | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Final equity value | $ 4,200,000,000 | |||||||
Discounted cash flow, estimated weighed average cost of capital, percent | 11.00% | |||||||
Maximum | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Final equity value | $ 4,900,000,000 | |||||||
Discounted cash flow, estimated weighed average cost of capital, percent | 14.50% | |||||||
Restricted Stock | 2017 Incentive Plan | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Fair value of stock granted | $ 80,000,000 | |||||||
Paid In Kind | Successor | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Convertible preferred stock, shares issued upon conversion | 13.1 | |||||||
Successor Credit Agreement | Term Loan | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Principal amount | $ 950,000,000 | |||||||
Successor Credit Agreement | Term Loan | Successor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Principal amount | $ 450,000,000 | |||||||
6.00% Senior Secured Notes due March 2022 | Senior Notes | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Principal amount | $ 500,000,000 | |||||||
6.375% Senior Secured Notes due March 2025 | Senior Notes | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Principal amount | $ 500,000,000 | |||||||
Senior Secured Term Loan | Term Loan | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Postconfirmation, long-term debt | $ 950,000,000 | |||||||
Debt issuance cost | 37,300,000 | |||||||
Successor Notes | Senior Notes | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Debt issuance cost | 49,500,000 | |||||||
Principal amount | 1,000,000,000 | |||||||
Coal supply agreements | Successor | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Finite-lived intangible assets, fair value | $ 314,900,000 | |||||||
Useful life | 3 years | |||||||
Finite-lived intangible assets, fair value, noncurrent | $ 58,700,000 | |||||||
Port And Rail Take Or Pay Contracts | Successor | Effect of Plan | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Finite-lived intangible assets, fair value | 32,600,000 | |||||||
Liabilities, held-for-sale | $ 15,700,000 | |||||||
Finite-lived intangible assets, fair value, noncurrent | $ 83,600,000 | |||||||
U.S. Obligations [Member] | Successor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Credit adjusted risk free interest rates | 9.71% | |||||||
U.S. Obligations [Member] | Predecessor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Credit adjusted risk free interest rates | 9.36% | 13.45% | ||||||
Australian Operations [Member] | Successor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Credit adjusted risk free interest rates | 4.65% | |||||||
Australian Operations [Member] | Predecessor | ||||||||
Fresh-Start Adjustment [Line Items] | ||||||||
Credit adjusted risk free interest rates | 4.36% | 4.92% |
Effect of Reorganization Plan a
Effect of Reorganization Plan and Fresh Start Adjustments on Balance Sheet (Details) $ in Millions | Apr. 01, 2017USD ($) |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), restricted cash | $ 1,000 |
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract] | |
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | 950 |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Fresh-start adjustment, increase (decrease), Series A preferred stock | 1,305.4 |
Net impact on accumulated deficit | 5,134.3 |
Effect of Plan | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), cash and cash equivalents | (14.4) |
Fresh-start adjustment, increase (decrease), accounts receivable, net | 0 |
Fresh-start adjustment, increase (decrease), inventories | 0 |
Fresh-start adjustment, increase (decrease), assets from coal trading activities, net | 0 |
Fresh-start adjustment, increase (decrease), other current assets | (18.1) |
Fresh-start adjustment, increase (decrease), total current assets | (1,087.2) |
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | 0 |
Fresh-start adjustment, increase (decrease), Investments | 3.9 |
Fresh-start adjustment, increase (decrease), total assets | (1,083.3) |
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract] | |
Fresh-start adjustment, increase (decrease), current portion of long-term debt | 9.5 |
Fresh-start adjustment, increase (decrease), liabilities from coal trading activities, net | 0 |
Fresh-start adjustment, increase (decrease), accounts payable and accrued expenses | 257.6 |
Fresh-start adjustment, increase (decrease), total current liabilities | 267.1 |
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | 903.2 |
Fresh-start adjustment, increase (decrease), deferred income taxes | 0 |
Fresh-start adjustment, increase (decrease), asset retirement obligations | 0 |
Fresh-start adjustment, increase (decrease), accrued postretirement benefit costs | 0 |
Fresh-start adjustment, increase (decrease), other noncurrent liabilities | 0 |
Fresh-start adjustment, increase (decrease), total liabilities not subject to compromise | 1,170.3 |
Fresh-start adjustment, increase (decrease), liabilities subject to compromise | (8,416.7) |
Fresh-start adjustment, increase (decrease), total liabilities | (7,246.4) |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Cancellation of Predecessor Treasury stock | 371.9 |
Net impact on accumulated deficit | 5,134.3 |
Fresh-start adjustment, increase (decrease), Peabody Energy Corporation stockholders' equity | 6,163.1 |
Fresh-start adjustment, increase (decrease), noncontrolling interests | 0 |
Fresh-start adjustment, increase (decrease), total stockholders' equity | 6,163.1 |
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity | (1,083.3) |
Fresh Start Adjustments | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), cash and cash equivalents | 0 |
Fresh-start adjustment, increase (decrease), accounts receivable, net | 0 |
Fresh-start adjustment, increase (decrease), inventories | 70.1 |
Fresh-start adjustment, increase (decrease), assets from coal trading activities, net | 0 |
Fresh-start adjustment, increase (decrease), other current assets | (333) |
Fresh-start adjustment, increase (decrease), total current assets | (262.9) |
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | (3,461.4) |
Fresh-start adjustment, increase (decrease), Investments | 238 |
Fresh-start adjustment, increase (decrease), total assets | (3,486.3) |
Fresh-Start Adjustment, Increase (Decrease), Liabilities [Abstract] | |
Fresh-start adjustment, increase (decrease), current portion of long-term debt | 0 |
Fresh-start adjustment, increase (decrease), liabilities from coal trading activities, net | 0 |
Fresh-start adjustment, increase (decrease), accounts payable and accrued expenses | 14.8 |
Fresh-start adjustment, increase (decrease), total current liabilities | 14.8 |
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | 0 |
Fresh-start adjustment, increase (decrease), deferred income taxes | (177.8) |
Fresh-start adjustment, increase (decrease), asset retirement obligations | (73.9) |
Fresh-start adjustment, increase (decrease), accrued postretirement benefit costs | (6.9) |
Fresh-start adjustment, increase (decrease), other noncurrent liabilities | 120.6 |
Fresh-start adjustment, increase (decrease), total liabilities not subject to compromise | (123.2) |
Fresh-start adjustment, increase (decrease), liabilities subject to compromise | 0 |
Fresh-start adjustment, increase (decrease), total liabilities | (123.2) |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Net impact on accumulated deficit | (3,850.2) |
Fresh-start adjustment, increase (decrease), accumulated other comprehensive loss | 448.5 |
Fresh-start adjustment, increase (decrease), Peabody Energy Corporation stockholders' equity | (3,401.7) |
Fresh-start adjustment, increase (decrease), noncontrolling interests | 38.6 |
Fresh-start adjustment, increase (decrease), total stockholders' equity | (3,363.1) |
Fresh-start adjustment, increase (decrease), liabilities and stockholders' equity | (3,486.3) |
Predecessor | |
Preconfirmation, Current Assets [Abstract] | |
Preconfirmation, cash and cash equivalents | 1,068.1 |
Preconfirmation, accounts receivable, net | 312.1 |
Preconfirmation, inventories | 250.8 |
Preconfirmation, assets from coal trading activities, net | 0.6 |
Preconfirmation, other current assets | 493.9 |
Preconfirmation, total current assets | 3,206.2 |
Preconfirmation, property, plant, equipment and mine development, net | 8,653.9 |
Preconfirmation, investments and orher assets | 976.4 |
Preconfirmation, total assets | 12,836.5 |
Preconfirmation, Current Liabilities [Abstract] | |
Preconfirmation, current portion of long-term debt | 18.2 |
Preconfirmation, liabilities from coal trading activities, net | 0.7 |
Preconfirmation, accounts payable and accrued expenses | 967.3 |
Preconfirmation, total current liabilities | 986.2 |
Preconfirmation, long-term debt, less current portion | 950.5 |
Preconfirmation, deferred income taxes | 179.2 |
Preconfirmation, asset retirement obligations | 707 |
Preconfirmation, accrued postretirement benefit costs | 753.9 |
Preconfirmation, other noncurrent liabilities | 511.1 |
Preconfirmation, total liabilities not subject to compromise | 4,087.9 |
Preconfirmation, liabilities subject to compromise | 8,416.7 |
Preconfirmation, total liabilities | 12,504.6 |
Preconfirmation, Stockholders' Equity [Abstract] | |
Preconfirmation, common stock | 0.2 |
Preconfirmation, additional paid-in capital | 2,423.9 |
Preconfirmation, treasury stock, at cost | (371.9) |
Preconfirmation, accumulated deficit | (1,284.1) |
Preconfirmation, accumulated other comprehensive loss | (448.5) |
Preconfirmation, Peabody Energy Corporation stockholders' equity | 319.6 |
Preconfirmation, noncontrolling interests | 12.3 |
Preconfirmation, total stockholders' equity | 331.9 |
Preconfirmation, total liabilities and stockholders' equity | 12,836.5 |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Successor Common Stock | 0.2 |
Successor Additional paid-in capital | 2,423.9 |
Cancellation of Predecessor Treasury stock | (371.9) |
Predecessor | Effect of Plan | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Successor Common Stock | (0.2) |
Successor Additional paid-in capital | (2,423.9) |
Successor | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Successor Common Stock | 0.7 |
Successor Additional paid-in capital | 1,774.9 |
Postconfirmation, Current Assets [Abstract] | |
Postconfirmation, cash and cash equivalents | 1,053.7 |
Postconfirmation, accounts receivable, net | 312.1 |
Postconfirmation, inventories | 320.9 |
Postconfirmation, assets from coal trading activities | 0.6 |
Postconfirmation, other current assets | 142.8 |
Postconfirmation, total current assets | 1,856.1 |
Postconfirmation, property, plant, equipment and mine development, net | 5,192.5 |
Postconfirmation, investments and orher assets | 1,218.3 |
Postconfirmation, total assets | 8,266.9 |
Postconfirmation, current portion of long-term debt | 27.7 |
Postconfirmation, liabilities from coal trading activities, net | 0.7 |
Postconfirmation, accounts payable and accrued expenses | 1,239.7 |
Postconfirmation, total current liabilities | 1,268.1 |
Postconfirmation, long-term debt, less current portion | 1,853.7 |
Postconfirmation, deferred income taxes | 1.4 |
Postconfirmation, asset retirement obligations | 633.1 |
Postconfirmation, accrued postretirement benefit costs | 747 |
Postconfirmation, other noncurrent liabilities | 631.7 |
Postconfirmation, total liabilities not subject to compromise | 5,135 |
Postconfirmation, liabilities subject to compromise | 0 |
Postconfirmation, total liabilities | 5,135 |
Postconfirmation, common stock | 0.7 |
Postconfirmation, Series A preferred stock | 1,305.4 |
Postconfirmation, additional paid-in capital | 1,774.9 |
Postconfirmation, treasury stock, at cost | 0 |
Postconfirmation, accumulated deficit | 0 |
Postconfirmation, accumulated other comprehensive loss | 0 |
Postconfirmation, noncontrolling interests | 50.9 |
Postconfirmation, total stockholders' equity | 3,131.9 |
Postconfirmation, total liabilities and stockholders' equity | 8,266.9 |
Successor | Effect of Plan | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Successor Common Stock | 0.7 |
Fresh-start adjustment, increase (decrease), Series A preferred stock | 1,305.4 |
Successor Additional paid-in capital | 1,774.9 |
Postconfirmation, Current Assets [Abstract] | |
Postconfirmation, Series A preferred stock | 750 |
Postconfirmation, Peabody Energy Corporation stockholders' equity | 3,081 |
Postconfirmation, total stockholders' equity | 3,105 |
Successor | Fresh Start Adjustments | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity [Abstract] | |
Successor Common Stock | 0 |
Fresh-start adjustment, increase (decrease), Series A preferred stock | 0 |
Successor Additional paid-in capital | 0 |
Cancellation of Predecessor Treasury stock | 0 |
Restricted Cash Other Than Proceeds from Successor Notes | Effect of Plan | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), restricted cash | (54.7) |
Restricted Cash Other Than Proceeds from Successor Notes | Fresh Start Adjustments | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), restricted cash | 0 |
Restricted Cash Other Than Proceeds from Successor Notes | Predecessor | |
Preconfirmation, Current Assets [Abstract] | |
Preconfirmation, restricted cash | 80.7 |
Restricted Cash Other Than Proceeds from Successor Notes | Successor | |
Postconfirmation, Current Assets [Abstract] | |
Postconfirmation, restricted cash | 26 |
Proceeds from Successor Notes | Effect of Plan | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), restricted cash | (1,000) |
Proceeds from Successor Notes | Fresh Start Adjustments | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Fresh-start adjustment, increase (decrease), restricted cash | 0 |
Proceeds from Successor Notes | Predecessor | |
Preconfirmation, Current Assets [Abstract] | |
Preconfirmation, restricted cash | 1,000 |
Proceeds from Successor Notes | Successor | |
Postconfirmation, Current Assets [Abstract] | |
Postconfirmation, restricted cash | $ 0 |
Gain on Settlement of Liabiliti
Gain on Settlement of Liabilities Subject to Compromise (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Fresh-Start Adjustment [Line Items] | |||
Liabilities subject to compromise | $ 8,416.7 | $ 8,440.2 | |
Less amounts issued to settle claims: | |||
Successor Series A Convertible Preferred Stock | 1,305.4 | ||
Issuance of Successor Term Loan | (950) | ||
Cash payments and accruals for claims and professional fees | (336.4) | ||
Other: | |||
Write-off of Predecessor debt issuance costs, see also (e) below | 18.1 | ||
Total pre-tax gain on plan effects, see also (j) below | 3,031.2 | ||
Successor | |||
Fresh-Start Adjustment [Line Items] | |||
Liabilities subject to compromise | $ 0 | ||
Less amounts issued to settle claims: | |||
Successor Common Stock | 0.7 | ||
Successor Additional paid-in capital | $ 1,774.9 |
Sources and Uses of Cash Upon E
Sources and Uses of Cash Upon Emergence (Details) $ in Millions | Apr. 01, 2017USD ($) |
Sources: | |
Private placement and rights offering | $ 1,500 |
Net proceeds from Senior Secured Term Loan | 912.7 |
Escrowed interest from Successor Notes offering | 8 |
Net impact on collateral requirements | 11.6 |
Uses: | |
Payments to secured lenders | (3,489.2) |
Professional fees | (8.3) |
Securitization facility deferred financing costs | (3.9) |
Total cash outflow at emergence | $ (1,069.1) |
Liabilities Subject to Compromi
Liabilities Subject to Compromise (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2016 | |
Fresh-Start Adjustment [Line Items] | |||
Debt | [1] | $ 8,077.4 | $ 8,080.3 |
Interest payable | 172.6 | 172.6 | |
Environmental liabilities | 61.9 | 61.9 | |
Trade payables | 55.2 | 58.4 | |
Postretirement benefit obligations | [2] | 23 | 34.6 |
Other accrued liabilities | 26.6 | 32.4 | |
Liabilities subject to compromise | 8,416.7 | 8,440.2 | |
First Lien, Second Lien And Unsecured Debt | |||
Fresh-Start Adjustment [Line Items] | |||
Debt | 7,768.3 | 7,771.2 | |
Prepetition Letters Of Credit | Derivative Contract Termination | |||
Fresh-Start Adjustment [Line Items] | |||
Debt | $ 257.3 | ||
Prepetition Letters Of Credit | Secured Debt | |||
Fresh-Start Adjustment [Line Items] | |||
Debt | $ 51.8 | ||
[1] | Includes $7,768.3 million and $7,771.2 million of first lien, second lien and unsecured debt at April 1, 2017 and December 31, 2016, respectively, and $257.3 million of derivative contract terminations, and $51.8 million of liabilities secured by prepetition letters of credit at April 1, 2017 and December 31, 2016. | ||
[2] | Includes liabilities for unfunded non-qualified pension plans, all the participants of which are former employees. |
Impact of Reorganization Adjust
Impact of Reorganization Adjustments (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Fresh-Start Adjustment [Line Items] | |||
Total pre-tax gain on plan effects, see also (j) below | $ 3,031.2 | ||
Successor debt issuance costs and other items, see also (f) and (g) above | 50.9 | $ 50.9 | |
Net impact on accumulated deficit | 5,134.3 | 5,134.3 | |
Predecessor | |||
Fresh-Start Adjustment [Line Items] | |||
Total pre-tax gain on plan effects, see also (j) below | 3,031.2 | $ 0 | |
Cancellation of Predecessor Common Stock | 0.2 | 0.2 | |
Cancellation of Predecessor Additional paid-in capital | 2,423.9 | 2,423.9 | |
Cancellation of Predecessor Treasury stock | $ (371.9) | $ (371.9) |
Adjustments to PP&E (Details)
Adjustments to PP&E (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revaluation of Assets | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | $ 3,461.4 | |||
Fresh-start adjustment, increase (decrease), accumulated depreciation, depletion and amortization | 5,266.9 | |||
Predecessor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Preconfirmation, property, plant, equipment and mine development, net | 8,653.9 | |||
Preconfirmation, accumulated depreciation, depletion and amortization | (5,266.9) | |||
Asset retirement obligations | 664.2 | $ 758.8 | $ 712.1 | |
Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Postconfirmation, property, plant, equipment and mine development, net | 5,192.5 | |||
Postconfirmation, accumulated depreciation, depletion and amortization | 0 | |||
Asset retirement obligations | $ 691.1 | 664.2 | ||
Land and coal interests | Revaluation of Assets | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | 6,511.8 | |||
Land and coal interests | Predecessor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Preconfirmation, property, plant, equipment and mine development, net | 10,297.7 | |||
Land and coal interests | Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Postconfirmation, property, plant, equipment and mine development, net | 3,785.9 | |||
PP&E, fair value | 3,504.7 | |||
Asset retirement obligations | 281.2 | |||
Buildings and improvements [Member] | Revaluation of Assets | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | 1,013.2 | |||
Buildings and improvements [Member] | Predecessor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Preconfirmation, property, plant, equipment and mine development, net | 1,479.3 | |||
Buildings and improvements [Member] | Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Postconfirmation, property, plant, equipment and mine development, net | 466.1 | |||
Machinery and equipment | Revaluation of Assets | ||||
Fresh-Start Adjustment [Line Items] | ||||
Fresh-start adjustment, increase (decrease), property, plant, equipment and mine development, net | 1,203.3 | |||
Machinery and equipment | Predecessor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Preconfirmation, property, plant, equipment and mine development, net | 2,143.8 | |||
Machinery and equipment | Successor | ||||
Fresh-Start Adjustment [Line Items] | ||||
Postconfirmation, property, plant, equipment and mine development, net | $ 940.5 |
Reorganization Items, Net (Deta
Reorganization Items, Net (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Adjustment, Reorganization Gain, Net | $ 3,031.2 | ||||||||
Legal and Advisory Professional Fees | 336.4 | ||||||||
Payments of Reorganization Professional Fees | 8.3 | ||||||||
Predecessor | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Adjustment, Reorganization Gain, Net | $ 3,031.2 | $ 0 | |||||||
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity, before Tax | (3,363.1) | 0 | |||||||
Fresh-Start Income Tax Adjustments, Increase (Decrease) in Expense | (253.9) | 0 | |||||||
Net Loss on Rejection of Leases and Other Executory Contracts | 0 | (75.2) | |||||||
Legal and Advisory Professional Fees | 42.5 | 88.4 | |||||||
Gain on Settlement of Other Claims, Net | 0.7 | 1.8 | |||||||
Interest Income on Accumulated Cash | 0.4 | 1.8 | |||||||
Other Expense (Income) | 0 | (1) | |||||||
Reorganization Items, net | 585.8 | 627.2 | $ 41.4 | $ 33.9 | $ 29.7 | $ 95.4 | 159 | $ 0 | |
Payments for Reorganization Items, Net | $ 45.8 | $ 68.1 | |||||||
Predecessor | Income Tax Effect Related to Predecessor Deferred Tax Liabilities [Member] | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Income Tax Adjustments, Increase (Decrease) in Expense | (177.8) | ||||||||
Predecessor | Income Tax Effect Related to AOCI [Member] | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Income Tax Adjustments, Increase (Decrease) in Expense | (81.5) | ||||||||
Predecessor | Income Tax Effect Related to Unrecognized Tax Benefits [Member] | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Income Tax Adjustments, Increase (Decrease) in Expense | (6.7) | ||||||||
Predecessor | Income Tax Effect Related to Predecessor Deferred Tax Assets of Discontinued Operations [Member] | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Fresh-Start Income Tax Adjustments, Increase (Decrease) in Expense | $ 12.1 | ||||||||
Successor | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Reorganization Items, net | $ 0 | ||||||||
Payments of Reorganization Professional Fees | $ 240 |
Asset Impairment and Mine Clo78
Asset Impairment and Mine Closure Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 247.9 | $ 1,001.3 | |||||||
Equity Method Investment, Other than Temporary Impairment | 276.5 | ||||||||
Other than Temporary Impairment Losses, Investments | $ 0 | 276.5 | |||||||
Asset impairment | 30.5 | $ 30.5 | $ 230.7 | $ 17.2 | 247.9 | 1,277.8 | |||
Predecessor | Contract Termination [Member] | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Asset Impairment Charges | $ 30.5 | ||||||||
Predecessor | Australian Mining | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 144.5 | $ 230.5 | 193.2 | 675.2 | |||||
Equity Method Investment, Other than Temporary Impairment | 0 | ||||||||
Asset impairment | 675.2 | ||||||||
Predecessor | Australian Thermal Mining [Member] | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 17.5 | ||||||||
Equity Method Investment, Other than Temporary Impairment | 0 | ||||||||
Asset impairment | 17.5 | ||||||||
Predecessor | Midwestern U.S. Mining [Member] | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 9.7 | 54.7 | 40.2 | ||||||
Equity Method Investment, Other than Temporary Impairment | 0 | ||||||||
Asset impairment | 40.2 | ||||||||
Predecessor | Corporate and Other | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 86.2 | $ 37.5 | 268.4 | ||||||
Asset impairment | $ 544.9 | ||||||||
Successor | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Other than Temporary Impairment Losses, Investments | $ 0 | ||||||||
Asset impairment | 0 | ||||||||
Successor | Contract Termination [Member] | |||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||||||
Asset Impairment Charges | $ 0 |
Asset Impairment and Mine Clo79
Asset Impairment and Mine Closure Costs Textuals (Details) - Predecessor - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets to be Disposed of (after tax) | $ 193.2 | |||||
Impairment of Long-Lived Assets Held-for-use | $ 247.9 | $ 1,001.3 | ||||
Equity Method Investment, Other than Temporary Impairment | 276.5 | |||||
Midwestern U.S. Mining [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 9.7 | 54.7 | 40.2 | |||
Equity Method Investment, Other than Temporary Impairment | 0 | |||||
Australian Mining | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 144.5 | $ 230.5 | 193.2 | 675.2 | ||
Impairment of Long-Lived Assets to be Disposed of | 17.2 | |||||
Equity Method Investment, Other than Temporary Impairment | 0 | |||||
Remediation Property for Sale, Abandonment or Disposal [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 317.7 | |||||
Midwestern Inactive Surface Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 30.5 | |||||
Corporate and Other | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 86.2 | 37.5 | 268.4 | |||
Impairment of Long-Lived Assets to be Disposed of | 182.2 | |||||
Middlemount Mine [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity Method Investment, Other than Temporary Impairment | 46.6 | |||||
Subordinated Borrowing, Name [Domain] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Equity Method Investment, Other than Temporary Impairment | 229.9 | 229.9 | ||||
Middlemount Mine [Member] | Financing Receivable [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Investments and Other Noncurrent Assets | $ 84.8 | $ 65.2 | $ 84.8 | $ 65.2 | ||
Metropolitan Collieries Pty Ltd [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | $ 200 |
Discontinued Operations Results
Discontinued Operations Results (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 01, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (19.8) | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | |||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ (19.8) | |||||
Predecessor | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (16.2) | $ (57.6) | $ (182.2) | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 7.2 | |||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ (16.2) | $ 13.1 | $ 38.1 | $ (57.6) | $ (175) |
Discontinued Operations Assets
Discontinued Operations Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Liabilities subject to compromise | $ 8,416.7 | $ 8,440.2 | |
Predecessor | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0.2 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 15.9 | ||
Disposal Group, Including Discontinued Operation, Assets | 16.1 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 55.9 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 198.5 | ||
Liabilities subject to compromise | 8,440.2 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 275.3 | ||
Successor | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | $ 0.3 | ||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | ||
Disposal Group, Including Discontinued Operation, Assets | 0.3 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 70.6 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 170 | ||
Liabilities subject to compromise | 0 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 240.6 | ||
Discontinued Operations [Member] | Predecessor | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Liabilities subject to compromise | $ 20.9 | ||
Discontinued Operations [Member] | Successor | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Liabilities subject to compromise | $ 0 |
Discontinued Operations Textual
Discontinued Operations Textuals (Details) AUD in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016AUD | Oct. 31, 2007USD ($) | |
Predecessor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Potential exposure from Patriot bankruptcy | $ 150 | |||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | $ 0 | $ 0 | $ 0 | |||||||
Estimated fund obligation | $ 40 | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (16.2) | (57.6) | (182.2) | |||||||
Amount paid to the Combined Benefit Fund | 0.6 | |||||||||
Combined Benefit Fund Lower Estimate | $ 2 | |||||||||
Combined Benefit Fund Future Estimate | $ 3 | |||||||||
Liability related to Combined Benefit Fund | 20.2 | |||||||||
Payment to the VEBA based on the construct of the negotiated settlement | 75 | |||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ (16.2) | $ 13.1 | $ 38.1 | (57.6) | (175) | |||||
Successor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Liability recorded related to Patriot Bankruptcy | 134 | |||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | $ 45.2 | $ (45.2) | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (19.8) | |||||||||
Amount paid to the Combined Benefit Fund | 1.7 | |||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ (19.8) | |||||||||
Wilkie Creek [Member] | Predecessor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Loss Contingency, Loss in Period | 9.7 | |||||||||
Settlement charges total | $ 9.9 | AUD 13 | ||||||||
Combined benefit fund [Member] | Predecessor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 0.2 | $ 1.2 | $ 24.6 | |||||||
Combined benefit fund [Member] | Successor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0.6 | |||||||||
Patriot Coal Corporation [Member] | Successor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | 7.9 | |||||||||
United Mine Workers of America [Member] | Predecessor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ 54.3 | |||||||||
United Mine Workers of America [Member] | Successor | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | $ 46 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Successor | |||||
Inventory [Line Items] | |||||
Materials and supplies | $ 101.5 | ||||
Raw coal | 78.1 | ||||
Saleable coal | 111.7 | ||||
Total | 291.3 | ||||
Predecessor | |||||
Inventory [Line Items] | |||||
Materials and supplies | $ 104.5 | ||||
Raw coal | 29.6 | ||||
Saleable coal | 69.6 | ||||
Total | 203.7 | ||||
Reserve for materials and supplies [Member] | Successor | |||||
Inventory [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $ 0.6 | $ 0 | |||
Reserve for materials and supplies [Member] | Predecessor | |||||
Inventory [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $ 0 | $ 5.6 | $ 4.7 | $ 4.6 |
Inventories Details Textuals (D
Inventories Details Textuals (Details) - Reserve for materials and supplies [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Successor | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Materials and supplies reserves | $ 0.6 | $ 0 | |||
Predecessor | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Materials and supplies reserves | $ 0 | $ 5.6 | $ 4.7 | $ 4.6 |
Investments Equity Method Inves
Investments Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 85.3 | $ 85.3 | |||||||
(Income) loss from equity affiliates | $ (15) | $ (15) | (28.8) | (16.2) | $ 15.9 | ||||
Predecessor | Interest In Middlemount Coal Pty Limited [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | 84.8 | 84.8 | |||||||
(Income) loss from equity affiliates | (17.4) | (22.6) | 7 | ||||||
Predecessor | Other Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 0.5 | 0.5 | |||||||
(Income) loss from equity affiliates | $ 2.4 | $ 6.4 | $ 8.9 | ||||||
Successor | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 83.8 | $ 83.8 | |||||||
(Income) loss from equity affiliates | (22.8) | $ (10.5) | $ (15.7) | (49) | |||||
Successor | Interest In Middlemount Coal Pty Limited [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | 82.1 | 82.1 | |||||||
(Income) loss from equity affiliates | (48.6) | ||||||||
Successor | Other Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 1.7 | 1.7 | |||||||
(Income) loss from equity affiliates | $ (0.4) |
Investments Textuals (Details)
Investments Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ 276.5 | |||
Predecessor | Subordinated Borrowing, Name [Domain] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ 229.9 | 229.9 | ||
Predecessor | Interest In Middlemount Coal Pty Limited [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | 276.5 | |||
Predecessor | Middlemount Mine [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | 47.3 | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 60 | 183 | 160 | |
Equity method investment | 46.6 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 263.4 | |||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 363.5 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 50.3 | |||
Successor | Interest In Middlemount Coal Pty Limited [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 50.00% | |||
Successor | Middlemount Mine [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Current Assets | $ 61.7 | |||
Equity Method Investment, Summarized Financial Information, Revenue | 193 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 232.2 | |||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 313.9 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | $ 41.2 | |||
Middlemount Mine [Member] | Successor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 50.00% | |||
Middlemount Mine [Member] | Successor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Basis spread on variable rate | 3.50% | |||
Debt Instrument, Interest Rate Terms | 0.15 | |||
Financing Receivable [Member] | Middlemount Mine [Member] | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments and Other Noncurrent Assets | 84.8 | $ 65.2 | ||
Financing Receivable, Cash received from Equity Interest | $ 31 | $ 40.6 | ||
Financing Receivable [Member] | Middlemount Mine [Member] | Successor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Financing Receivable, Cash received from Equity Interest | $ 48 | |||
Intercompany Loans | 50 | |||
Intercompany Loans, Carrying Value | $ 0 |
Derivatives and Fair Value Me87
Derivatives and Fair Value Measurements Pre-Tax Gains and Losses on Hedging Derivatives (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 01, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Predecessor | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (27.6) | $ (316.1) | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (199) | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (27.6) | (438.4) | [1] | |||||
loss reclassified from Accumulated OCI into income | [2] | (231.7) | ||||||
loss recognized in income on derivatives | (84.4) | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 1.6 | |||||||
Predecessor | Foreign Exchange Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 13.6 | |||||||
Predecessor | Diesel Fuel Hedge Contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 9 | |||||||
Predecessor | Operating Costs and Expenses [Member] | Commodity Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (11) | (98) | (77) | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (11) | |||||||
loss reclassified from Accumulated OCI into income | (86.1) | [2] | (122) | [1] | ||||
loss recognized in income on derivatives | (11.9) | 1.6 | ||||||
Predecessor | Operating Costs and Expenses [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (16.6) | (142.9) | (122) | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (16.6) | |||||||
loss reclassified from Accumulated OCI into income | (145.6) | [2] | (316.4) | [1] | ||||
loss recognized in income on derivatives | 2.7 | $ 0 | ||||||
Predecessor | Reorganization items [Member] | Commodity Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (38.8) | |||||||
loss reclassified from Accumulated OCI into income | [2] | 0 | ||||||
loss recognized in income on derivatives | (38.8) | |||||||
Predecessor | Reorganization items [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | (36.4) | |||||||
loss reclassified from Accumulated OCI into income | [2] | 0 | ||||||
loss recognized in income on derivatives | $ (36.4) | |||||||
Successor | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | $ 1.8 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.3 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1.5) | |||||||
Successor | Operating Costs and Expenses [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Derivative, Gain (Loss) on Derivative, Net | 1.8 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.3 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1.5) | |||||||
[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 $13.6 million and $9.0 million of previously unrecognized losses on foreign currency and fuel contracts, respectively, monetized in the first quarter of 2016. |
Derivatives and Fair Value Me88
Derivatives and Fair Value Measurements Financial Instruments Measured on a Recurring Basis (Details) - Successor - Fair Value, Measurements, Recurring [Member] $ in Millions | Dec. 31, 2017USD ($) |
Derivative [Line Items] | |
Assets And Liabilities Fair Value Disclosure | $ 4.2 |
Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative Assets (Liabilities), at Fair Value, Net | 4.2 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative [Line Items] | |
Assets And Liabilities Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative [Line Items] | |
Assets And Liabilities Fair Value Disclosure | 4.2 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative Assets (Liabilities), at Fair Value, Net | 4.2 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative [Line Items] | |
Assets And Liabilities Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 |
Derivatives and Fair Value Me89
Derivatives and Fair Value Measurements Changes in Level 3 Hedging Derivatives (Details) - Predecessor - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 324.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (32.3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 292.1 | |
Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 123.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 15.7 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 139.4 | |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | $ 200.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (48) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 152.7 |
Derivatives and Fair Value Me90
Derivatives and Fair Value Measurements Fair Value of Long-term Debt (Details) - Successor $ in Millions | Dec. 31, 2017USD ($) |
Estimate of Fair Value Measurement [Member] | |
Fair Value of Debt [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 1,547.4 |
Carrying Value Measurement [Member] | |
Fair Value of Debt [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 1,460.8 |
Derivatives and Fair Value Me91
Derivatives and Fair Value Measurements Texuals (Details) AUD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2018$ / AUD | Dec. 31, 2017AUD | |
Predecessor | ||||
Derivatives, Fair Value [Line Items] | ||||
Currency Options | $ | $ 257.3 | |||
Foreign Exchange Contract [Member] | Successor | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | AUD | AUD 1,125 | |||
Minimum | Foreign Exchange Contract [Member] | Scenario, Forecast | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Exchange Rate Cap | $ / AUD | 0.79 | |||
Maximum | Foreign Exchange Contract [Member] | Scenario, Forecast | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Exchange Rate Cap | $ / AUD | 0.83 | |||
Gains realized on previously monetized foreign currency cash flow hedges [Member] | Predecessor | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ | $ 14.9 |
Coal Trading Revenues by Type o
Coal Trading Revenues by Type of Instrument (Details) - Coal Trading [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | $ 15 | $ 28.9 | $ 40.6 | |
Predecessor | Commodity Swaps and Options [Member] | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | (10.2) | (66.5) | 107.3 | |
Predecessor | Physical commodity purchase / sale contracts [Member] | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | $ 25.2 | $ 95.4 | $ (66.7) | |
Successor | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | $ 33.6 | |||
Successor | Commodity Swaps and Options [Member] | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | (37.7) | |||
Successor | Physical commodity purchase / sale contracts [Member] | ||||
Principal Transaction Revenue [Line Items] | ||||
Trading Gain (Loss) | $ 71.3 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities from Coal Trading Activities (Details) - Coal Trading [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Predecessor | ||
Fair Value of Assets and Liabilities from Coal Trading Activities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 191.2 | |
Derivative Liability, Fair Value, Gross Liability | 249.1 | |
Derivative, Fair Value, Net | (57.9) | |
Derivative Asset, Fair Value, Gross Liability | (190.5) | |
Derivative Liability, Fair Value, Gross Asset | 190.5 | |
Derivative Fair Value Gross Basis Reclassifications Net | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (57.4) | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 57.4 | |
Derivative Asset | 0.7 | |
Derivative Liability | 1.2 | |
Derivative Assets (Liabilities), at Fair Value, Net | $ (0.5) | |
Successor | ||
Fair Value of Assets and Liabilities from Coal Trading Activities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 77.1 | |
Derivative Liability, Fair Value, Gross Liability | 122 | |
Derivative, Fair Value, Net | (44.9) | |
Derivative Asset, Fair Value, Gross Liability | (74.5) | |
Derivative Liability, Fair Value, Gross Asset | 74.5 | |
Derivative Fair Value Gross Basis Reclassifications Net | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (35.8) | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 35.8 | |
Derivative Asset | 2.6 | |
Derivative Liability | 11.7 | |
Derivative Assets (Liabilities), at Fair Value, Net | (9.1) | |
Cash Flow Hedging [Member] | ||
Fair Value of Assets and Liabilities from Coal Trading Activities [Line Items] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 0 |
Net Financial Asset (Liability)
Net Financial Asset (Liability) Coal Trading Position Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - Coal Trading [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Predecessor | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | $ (0.1) | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | (0.4) | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | (0.5) | |
Predecessor | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | 0 | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | 0 | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | 0 | |
Predecessor | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | (0.1) | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | 0.7 | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | 0.6 | |
Predecessor | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | 0 | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | (1.1) | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | $ (1.1) | |
Successor | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | $ (7.2) | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | (1.9) | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | (9.1) | |
Successor | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | (3) | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | 0 | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | (3) | |
Successor | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | (4.2) | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | (1.9) | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | (6.1) | |
Successor | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Commodity Swaps And Options Fair Value Disclosure | 0 | |
Physical Commodity Purchase Sale Contracts Fair Value Disclosure | 0 | |
Coal Trading Assets and Liabilities, Net, Fair Value Disclosure | $ 0 |
Changes in Recurring Level 3 Ne
Changes in Recurring Level 3 Net Financial Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 295.1 | ||||
Predecessor | Coal Trading [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ (0.7) | (1.1) | $ (15.6) | $ 2.1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 5.3 | (4.4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0.2 | (0.4) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0.2 | (2.4) | (10.1) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | 0 | (0.5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 | (0.1) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | 0 | $ 12 | $ (2.6) | ||
Successor | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 287.9 | ||||
Successor | Coal Trading [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ (0.7) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0.7 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | 0 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | $ 0 |
Changes in Net Unrealized Gains
Changes in Net Unrealized Gains (Losses) of Level 3 Net Financial Assets (Details) - Coal Trading [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Predecessor | |||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | [1] | $ 0.3 | $ 0 | $ (6.2) | |
Successor | |||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | [1] | $ 0 | |||
[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 Textuals (Details)
Coal Trading Textuals (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2017USD ($) | Jun. 30, 2017 | Dec. 31, 2016USD ($) | |
Successor | |||
Coal Trading [Line Items] | |||
Number of major credit rating agencies that adjusted corporate credit rating | 1 | 2 | |
Coal Trading [Member] | |||
Coal Trading [Line Items] | |||
Receivables from Brokers-Dealers and Clearing Organizations | $ 2 | ||
Coal Trading [Member] | Predecessor | |||
Coal Trading [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 57.4 | ||
Derivative, Collateral, Right to Reclaim Cash | 16.2 | ||
Potential collateralization that may be requested by counterparties due to a material adverse event | 2 | ||
Margin posted to counterparties related to credit rating | $ 1 | ||
Coal Trading [Member] | Successor | |||
Coal Trading [Line Items] | |||
Additional potential collateral requirements for a credit downgrade | $ 0 | ||
Receivables from Brokers-Dealers and Clearing Organizations | 1.8 | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 35.8 | ||
Derivative, Collateral, Right to Reclaim Cash | 18.8 | ||
Potential collateralization that may be requested by counterparties due to a material adverse event | 7 | ||
Margin Posted To Counterparties Related To Material Adverse Event | 0.4 | ||
Margin posted to counterparties related to credit rating | $ 0 | ||
External Credit Rating, Investment Grade [Member] | Coal Trading [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | Successor | |||
Coal Trading [Line Items] | |||
Credit Exposure Related to Coal Trading Activities | 71.00% | ||
Non Rated [Member] | Coal Trading [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | Successor | |||
Coal Trading [Line Items] | |||
Credit Exposure Related to Coal Trading Activities | 29.00% |
Intangible Contract Assets an98
Intangible Contract Assets and Liabilities Intangible Contract Assets and Liabilities Disclosure (Details) - Successor - Fresh Start Reporting [Member] $ in Millions | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | $ 177.2 |
Finite Lived Intangible Liabilities | (148.8) |
Finite-Lived Intangible Assets, Net | 28.4 |
Coal supply agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Liabilities | (42.7) |
Take Or Pay Contracts | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Liabilities | (106.1) |
Coal supply agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | 177.2 |
Finite-Lived Intangible Assets, Net | 134.5 |
Take Or Pay Contracts | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | 0 |
Investments And Other Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | 177.2 |
Finite Lived Intangible Liabilities | 0 |
Finite-Lived Intangible Assets, Net | 177.2 |
Accounts Payable and Accrued Liabilities [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | 0 |
Finite Lived Intangible Liabilities | (42) |
Other Noncurrent Liabilities [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | 0 |
Finite Lived Intangible Liabilities | $ (106.8) |
Intangible Contract Assets an99
Intangible Contract Assets and Liabilities Textuals (Details) - USD ($) $ in Millions | 9 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 01, 2017 | |
Coal supply agreements | |||||||
Coal Supply Agreements | |||||||
Amortization of Intangible Assets | $ 121.3 | ||||||
Fresh Start Reporting [Member] | Coal supply agreements | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible Assets | $ 314.9 | ||||||
Liabilities | 58.7 | ||||||
Intangible Liabilities | $ 116.2 | ||||||
Successor | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Liabilities | 4,525.4 | ||||||
Successor | Take Or Pay Contracts | |||||||
Take-or-Pay Contracts | |||||||
Amortization Of Intangible Liabilities | $ 22.5 | ||||||
Scenario, Forecast | Take Or Pay Contracts | |||||||
Take-or-Pay Contracts | |||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Next Twelve Months | $ 30 | ||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Year Two | $ 20 | ||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Year Three | $ 10 | ||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Year Four | $ 5 | ||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Year Five | $ 5 | ||||||
Scenario, Forecast | Coal supply agreements | |||||||
Coal Supply Agreements | |||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 100 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 25 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 7 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 1 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1 |
Property, Plant, Equipment a100
Property, Plant, Equipment and Mine Development (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Successor | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Land and coal interests | $ 3,890.5 | ||
Buildings and improvements | 470.6 | ||
Machinery and equipment | 1,149.3 | ||
Less: accumulated depreciation, depletion and amortization | (398.5) | ||
Property, plant, equipment and mine development, net | 5,111.9 | ||
Coal reserves | 3,000 | ||
Coal reserves not subject to depletion | 200 | ||
Acquired interest in mineral rights | 100 | ||
Successor | Mining Properties and Mineral Rights [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Mineral rights and advanced royalties | 2,000 | ||
Successor | Coal reserves held by fee ownership [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Coal reserves | $ 1,000 | ||
Predecessor | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Land and coal interests | $ 10,330.8 | ||
Buildings and improvements | 1,507.6 | ||
Machinery and equipment | 2,130.2 | ||
Less: accumulated depreciation, depletion and amortization | (5,191.9) | ||
Property, plant, equipment and mine development, net | 8,776.7 | $ 9,258.5 | |
Coal reserves | 5,500 | ||
Coal reserves not subject to depletion | 1,600 | ||
Acquired interest in mineral rights | 1,200 | ||
Predecessor | Mining Properties and Mineral Rights [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Mineral rights and advanced royalties | 4,400 | ||
Predecessor | Coal reserves held by fee ownership [Member] | |||
Property, Plant, Equipment and Mine Development[Line Items] | |||
Coal reserves | $ 1,100 |
Income Taxes Income (Loss) from
Income Taxes Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Income (Loss) From Continuing Operations Before Income Taxes by Location [Line Items] | ||||
U.S. | $ 2,408.7 | $ (49.7) | $ (515.9) | |
Non-U.S. | (2,868) | (708.6) | (1,474.4) | |
Income (loss) from continuing operations before income taxes | $ (459.3) | $ (758.3) | $ (1,990.3) | |
Successor | ||||
Income (Loss) From Continuing Operations Before Income Taxes by Location [Line Items] | ||||
U.S. | $ 10.4 | |||
Non-U.S. | 541.7 | |||
Income (loss) from continuing operations before income taxes | $ 552.1 |
Income Taxes Income Tax Provisi
Income Taxes Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Income Tax Provision (Benefit) [Line Items] | ||||
Current Federal Tax Expense (Benefit) | $ (3.1) | $ (12.4) | $ (71.9) | |
Current Foreign Tax Expense (Benefit) | 8.3 | 14.4 | 3.7 | |
Current State and Local Tax Expense (Benefit) | (6.7) | 0.5 | (0.6) | |
Current Income Tax Expense (Benefit) | (1.5) | 2.5 | (68.8) | |
Deferred Federal Income Tax Expense (Benefit) | (101) | (82.1) | (117.4) | |
Deferred Foreign Income Tax Expense (Benefit) | (160.4) | (12.8) | (15) | |
Deferred State and Local Income Tax Expense (Benefit) | (0.9) | (2.1) | (5.9) | |
Deferred Income Tax Expense (Benefit) | (262.3) | (97) | (138.3) | |
Income Tax (Benefit) Expense | $ (263.8) | $ (94.5) | $ (207.1) | |
Successor | ||||
Income Tax Provision (Benefit) [Line Items] | ||||
Current Federal Tax Expense (Benefit) | $ (101.4) | |||
Current Foreign Tax Expense (Benefit) | 40.4 | |||
Current State and Local Tax Expense (Benefit) | (0.4) | |||
Current Income Tax Expense (Benefit) | (61.4) | |||
Deferred Federal Income Tax Expense (Benefit) | (85.1) | |||
Deferred Foreign Income Tax Expense (Benefit) | (14.5) | |||
Deferred State and Local Income Tax Expense (Benefit) | 0 | |||
Deferred Income Tax Expense (Benefit) | (99.6) | |||
Income Tax (Benefit) Expense | $ (161) |
Income Taxes Reconciliation of
Income Taxes Reconciliation of Expected Federal Income Tax Benefit to Income Tax (Benefit) Provision (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Reconciliation of Expected Feferal Income Tax Benefit to the Company's Income Tax Provision (Benefit) [Line Items] | ||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (160.8) | $ (265.4) | $ (696.6) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (777.2) | 2,453.9 | 452.9 | |
Worthless Partnership Deduction | 0 | (2,204.4) | 0 | |
Changes In Tax Reserves | (9.2) | 2.3 | (21.4) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Amount | (11.2) | (37.2) | (53.7) | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 158.2 | 27.5 | 146.5 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (0.1) | (14.2) | (15.7) | |
Remeasurement of foreign taxes | 9.4 | (2) | (22.1) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 40.6 | (90.2) | (20.1) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | 2,130 | 29.6 | 0 | |
Effective Income Tax Rate Reconciliation, Deduction, Amount | (1,639.6) | 0 | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | $ 473.5 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (3.9) | 5.6 | 23.1 | |
Income Tax (Benefit) Expense | $ (263.8) | $ (94.5) | $ (207.1) | |
Successor | ||||
Reconciliation of Expected Feferal Income Tax Benefit to the Company's Income Tax Provision (Benefit) [Line Items] | ||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 193.2 | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (744.9) | |||
Worthless Partnership Deduction | 0 | |||
Changes In Tax Reserves | 7.2 | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Amount | (40.4) | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (26.3) | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (0.2) | |||
Remeasurement of foreign taxes | (0.3) | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (3.1) | |||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | 0 | |||
Effective Income Tax Rate Reconciliation, Deduction, Amount | 0 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (19.7) | |||
Income Tax (Benefit) Expense | $ (161) |
Income Taxes Tax Effects of Tem
Income Taxes Tax Effects of Temorpary Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Successor | ||
Tax Effects of Temporary Differences on Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred Income Taxes and Other Assets, Noncurrent | $ 85.6 | |
Deferred tax assets: | ||
Deferred Tax Assets, Operating Loss Carryforwards | 2,068 | |
Deferred Tax Assets, Property, Plant and Equipment | 463.8 | |
Accrued postretirement benefit obligations | 194.2 | |
Asset retirement obligations | 30.6 | |
Deferred Tax Assets Financial Guarantee | 2 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 25.3 | |
Deferred Tax Asset, Payments to the VEBA to settle the accumulated postretirement healthcare benefit obligations | 27.2 | |
Deferred Tax Assets, Investments | 10.5 | |
Deferred Tax Assets, Derivative Instruments | 137.2 | |
Workers’ compensation obligations | 6.4 | |
Other | 16.1 | |
Total gross deferred tax assets | 2,981.3 | |
Valuation allowance, income tax | (2,432.5) | |
Deferred Tax Assets, Net of Valuation Allowance | 548.8 | |
Deferred tax liabilities: | ||
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 353.3 | |
Unamortized discount on Convertible Junior Subordinated Debentures | 0 | |
Deferred Tax Liabilities Coal Supply Agreements | 29.6 | |
Investments and other assets | 85.7 | |
Deferred Tax Liabilities, Gross | 468.6 | |
Deferred taxes are classified as follows: | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | (5.4) | |
Deferred Tax Assets, Net | $ (80.2) | |
Predecessor | ||
Tax Effects of Temporary Differences on Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred Income Taxes and Other Assets, Noncurrent | $ 0 | |
Deferred tax assets: | ||
Deferred Tax Assets, Operating Loss Carryforwards | 4,284.4 | |
Deferred Tax Assets, Property, Plant and Equipment | 424.4 | |
Accrued postretirement benefit obligations | 364.5 | |
Asset retirement obligations | 163.6 | |
Deferred Tax Assets Financial Guarantee | 77.9 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 57 | |
Deferred Tax Asset, Payments to the VEBA to settle the accumulated postretirement healthcare benefit obligations | 0 | |
Deferred Tax Assets, Investments | 21 | |
Deferred Tax Assets, Derivative Instruments | 0 | |
Workers’ compensation obligations | 7.5 | |
Other | 2.1 | |
Total gross deferred tax assets | 5,402.4 | |
Valuation allowance, income tax | (4,037.5) | |
Deferred Tax Assets, Net of Valuation Allowance | 1,364.9 | |
Deferred tax liabilities: | ||
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 1,324.8 | |
Unamortized discount on Convertible Junior Subordinated Debentures | 127.7 | |
Deferred Tax Liabilities Coal Supply Agreements | 0 | |
Investments and other assets | 86.3 | |
Deferred Tax Liabilities, Gross | 1,538.8 | |
Deferred taxes are classified as follows: | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | (173.9) | |
Deferred Tax Liabilities, Net | $ (173.9) |
Income Taxes Net Unrecognized T
Income Taxes Net Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Successor | |||||
Unrecognized Tax Benefits Recorded in Balance Sheet [Line Items] | |||||
Unrecognized Tax Benefit Recorded in Deferred Income Taxes | $ 10.9 | ||||
Unrecognized Tax Benefit Recorded in Other Noncurrent Liabilities | 1.8 | ||||
Net Unrecognized Tax Benefit | 12.7 | ||||
Unrecognized Tax Benefits | $ 12.7 | $ 12.5 | |||
Predecessor | |||||
Unrecognized Tax Benefits Recorded in Balance Sheet [Line Items] | |||||
Unrecognized Tax Benefit Recorded in Deferred Income Taxes | $ 8.9 | ||||
Unrecognized Tax Benefit Recorded in Other Noncurrent Liabilities | 11.2 | ||||
Net Unrecognized Tax Benefit | 20.1 | ||||
Unrecognized Tax Benefits | $ 12.5 | $ 20.1 | $ 22.9 | $ 44.5 |
Income Taxes Reconciliation 106
Income Taxes Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor | |||||
Reconciliation of Unrecognized Tax Benefits [Line Items] | |||||
Unrecognized Tax Benefits | $ 12.5 | $ 20.1 | $ 22.9 | $ 44.5 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 1.5 | 2.3 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (7.6) | (2.8) | (23.5) | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | $ (1.5) | $ (0.4) | ||
Successor | |||||
Reconciliation of Unrecognized Tax Benefits [Line Items] | |||||
Unrecognized Tax Benefits | $ 12.5 | $ 12.7 | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0.8 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (0.5) | ||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ (0.1) |
Income Taxes Income Tax Refunds
Income Taxes Income Tax Refunds, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | $ 5.5 | $ (40.1) | $ (25.8) | |
Predecessor | Domestic Tax Authority [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | 0 | (56.5) | (38.1) | |
Predecessor | State and Local Jurisdiction [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | 0 | 1.4 | 0.4 | |
Predecessor | Foreign Tax Authority [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | $ 5.5 | $ 15 | $ 11.9 | |
Successor | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | $ (0.8) | |||
Successor | Domestic Tax Authority [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | (11.2) | |||
Successor | State and Local Jurisdiction [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | 0 | |||
Successor | Foreign Tax Authority [Member] | ||||
Income Tax Refunds, Net [Line Items] | ||||
Income Taxes Paid, Net | $ 10.4 |
Income Taxes Textuals (Details)
Income Taxes Textuals (Details) $ in Millions | Apr. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 22, 2017 |
Scenario, Forecast | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Alternative Minimum Tax Refund | $ 6.4 | |||||||
Predecessor | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Cancellation of Debt Income | $ 8,500 | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 473.5 | $ 0 | $ 0 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 2.1 | 0.4 | 2.1 | |||||
Operating Loss Carryforward | 4,600 | |||||||
Deferred Income Taxes and Tax Credits | (262.3) | (97) | (138.3) | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (5.2) | (7.5) | 3.9 | |||||
Net Unrecognized Tax Benefit | 20.1 | |||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 5 | 2.4 | ||||||
Income Tax (Benefit) Expense | (263.8) | $ (94.5) | $ (207.1) | |||||
Predecessor | Third-party Lender [Member] | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Cancellation of Debt Income | 3,900 | |||||||
Predecessor | Related Party Lender [Member] | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Cancellation of Debt Income | 4,600 | |||||||
Successor | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Executive Compensation Tax Deduction | $ 0.5 | $ 0.5 | ||||||
IRS Budget Sequestration Reduction Rate | 0.07 | 0.07 | ||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 4.8 | |||||||
Change In Unreconized Tax Benefit | 7.4 | |||||||
Operating Loss Carryforwards | 3,600 | 3,600 | ||||||
Deferred Income Taxes and Tax Credits | (99.6) | |||||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 3,600 | $ 3,600 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 97 | 97 | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 262 | 262 | 1.6 | 1.6 | ||||
Tax Basis of Investments, Gross, Unrealized Depreciation | 587 | 587 | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 91.3 | 91.3 | 91.3 | 91.3 | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 84.9 | |||||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 97.4 | 97.4 | 97.4 | 97.4 | ||||
Deferred Tax Assets, Capital Loss Carryforwards | $ 204 | $ 204 | ||||||
Deferred Tax Assets, Charitable Contribution Carryforwards | 2.7 | 2.7 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,021.3 | 1,021.3 | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (17.3) | (2,400) | ||||||
Net Unrecognized Tax Benefit | 12.7 | 12.7 | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0.5 | 0.5 | ||||||
Income Tax (Benefit) Expense | (161) | |||||||
Successor | US Deferred Tax Assets [Member] | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (900) | |||||||
Successor | Australia Deferred Tax Assets [Member] | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,500) | |||||||
Successor | Maximum | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Executive Compensation Tax Deduction | 1 | 1 | ||||||
Operating Loss Carryforwards | 100 | 100 | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 1.6 | $ 1.6 | ||||||
Successor | Foreign Tax Authority [Member] | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Deferred Income Taxes and Tax Credits | $ 260.4 | |||||||
Before Corporate Tax Rate Change [Member] | Successor | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Federal Corporate Tax Rate | 35.00% | |||||||
After Corporate Tax Rate Change [Member] | Successor | ||||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||||
Federal Corporate Tax Rate | 21.00% |
Accounts Payable and Accrued109
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Predecessor | |||
Accounts payable and accrued expenses [Line Items] | |||
Trade accounts payable | $ 288.6 | ||
Accrued payroll and related benefits | 201.2 | ||
Other accrued expenses | 190.1 | ||
Accrued taxes other than income | 119.6 | ||
Accrued royalties | 62.8 | ||
Asset retirement obligations, current | $ 31.1 | 41 | |
Income taxes payable | 6.2 | ||
Accrued interest | 1.2 | ||
Accrued health care insurance | 16 | ||
Workers' compensation obligations | 7.8 | ||
Liabilities associated with discontinued operations | 55.9 | ||
Accounts payable and accrued expenses | $ 990.4 | ||
Successor | |||
Accounts payable and accrued expenses [Line Items] | |||
Trade accounts payable | $ 388 | ||
Accrued payroll and related benefits | 239.7 | ||
Other accrued expenses | 225.3 | ||
Accrued taxes other than income | 111.7 | ||
Accrued royalties | 67.4 | ||
Asset retirement obligations, current | 34.1 | ||
Income taxes payable | 20.6 | ||
Accrued interest | 15.5 | ||
Accrued health care insurance | 10.6 | ||
Workers' compensation obligations | 7.6 | ||
Liabilities associated with discontinued operations | 70.6 | ||
Accounts payable and accrued expenses | $ 1,191.1 |
Schedule of Debt (Details)
Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Less: Liabilities subject to compromise | $ 8,416.7 | $ 8,440.2 | ||
Successor | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligations | $ 76 | $ 79.9 | 20.1 | |
Less: Debt issuance costs | 59.4 | 70.8 | ||
Less: Current portion of long-term debt | 42.1 | |||
Less: Liabilities subject to compromise | 0 | |||
Long-term debt | 1,418.7 | |||
Successor | Carrying Value Measurement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 1,460.8 | |||
Successor | Senior Notes | 6.00% Senior Secured Notes due March 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 500 | |||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 500 | |||
Successor | Term Loan | Senior Secured Term Loan due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 444.2 | |||
Successor | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | Term Loan Facility B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | 6.00% Senior Notes due November 2018 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | 6.50% Senior Notes due September 2020 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | 6.25% Senior Notes due November 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | 10.00% Senior Secured Second Lien Notes due March 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | 7.875% Senior Notes due November 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Successor | Liabilities Subject to Compromise | ||||
Debt Instrument [Line Items] | ||||
Less: Liabilities subject to compromise | $ 0 | |||
Predecessor | ||||
Debt Instrument [Line Items] | ||||
Less: Current portion of long-term debt | 20.2 | |||
Less: Liabilities subject to compromise | 8,440.2 | |||
Long-term debt | 0 | |||
Predecessor | Carrying Value Measurement [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | 7,791.4 | |||
Predecessor | Senior Notes | 6.00% Senior Secured Notes due March 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Predecessor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Predecessor | Term Loan | Senior Secured Term Loan due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | |||
Predecessor | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,558.1 | |||
Predecessor | Term Loan Facility B | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,162.3 | |||
Predecessor | 6.00% Senior Notes due November 2018 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,518.8 | |||
Predecessor | 6.50% Senior Notes due September 2020 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 650 | |||
Predecessor | 6.25% Senior Notes due November 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,339.6 | |||
Predecessor | 10.00% Senior Secured Second Lien Notes due March 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 979.4 | |||
Predecessor | 7.875% Senior Notes due November 2026 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 247.8 | |||
Predecessor | Junior Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 386.1 | |||
Predecessor | Liabilities Subject to Compromise | ||||
Debt Instrument [Line Items] | ||||
Less: Liabilities subject to compromise | $ 7,771.2 |
Current and Long-term Debt Text
Current and Long-term Debt Textuals (Details) | Dec. 29, 2017USD ($) | Sep. 18, 2017USD ($) | Sep. 15, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 2 | ||||||||||||
Loss on early debt extinguishment | $ 19,000,000 | ||||||||||||
Debt Instrument, Restricted Payments Basket | $ 450,000,000 | ||||||||||||
Restricted payments threshold | $ 50,000,000 | $ 450,000,000 | 450,000,000 | ||||||||||
Successor | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance cost | 59,400,000 | $ 70,800,000 | 59,400,000 | $ 70,800,000 | |||||||||
Interest Expense | $ 42,500,000 | $ 41,400,000 | 119,700,000 | ||||||||||
Loss on early debt extinguishment | 8,000,000 | $ 12,900,000 | (20,900,000) | ||||||||||
Capital lease obligations | $ 76,000,000 | 79,900,000 | 20,100,000 | $ 76,000,000 | 20,100,000 | ||||||||
Successor | Senior Notes | 6.00% Senior Secured Notes due March 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 6.00% | 6.00% | |||||||||||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 6.375% | 6.375% | |||||||||||
Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance cost | $ 49,500,000 | $ 49,500,000 | |||||||||||
Interest Expense | 45,700,000 | ||||||||||||
Successor | Revolving Credit Facility | 2017 Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance cost | 4,700,000 | 4,700,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | 350,000,000 | |||||||||||
Unrestricted Cash Netting Limit | 800,000,000 | ||||||||||||
Aggregate Letters of Credit, Maximum | $ 156,200,000 | $ 156,200,000 | |||||||||||
Successor | Revolving Credit Facility | Letter of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Financing Facility, Base Interest Rate | 3.375% | 3.375% | |||||||||||
Successor | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense | $ 34,900,000 | ||||||||||||
Principal amount | 450,000,000 | ||||||||||||
Original issue discount and deferred finance costs | $ 1,900,000 | ||||||||||||
Debt instrument, term | 5 years | ||||||||||||
Debt Instrument, Voluntary Principal Prepayment | 101.00% | 101.00% | |||||||||||
Mandatory principal prepayment, percent of excess cash flow | 75.00% | 75.00% | |||||||||||
Mandatory principal prepayment, if required, period payable, threshold | 100 days | ||||||||||||
Excess proceeds from sales of assets, threshold ($10 million or greater) | $ 10,000,000 | $ 10,000,000 | |||||||||||
Capital expenditure threshold 2018 | 220,000,000 | 220,000,000 | |||||||||||
Capital expenditure threshold 2019 | 250,000,000 | 250,000,000 | |||||||||||
Capital expenditure threshold 2020 | 250,000,000 | 250,000,000 | |||||||||||
Capital expenditure threshold 2021 | 300,000,000 | 300,000,000 | |||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 200,000,000 | $ 500,000,000 | $ 150,000,000 | ||||||||||
Debt Instrument, Fee Amount | 2,000,000 | 2,000,000 | |||||||||||
Successor | Term Loan | Senior Secured Term Loan due 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Original issue discount and deferred finance costs | 6,100,000 | $ 37,300,000 | 6,100,000 | ||||||||||
Secured Debt | $ 950 | $ 950 | |||||||||||
Predecessor | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense, adequate protection payments | $ 29,800,000 | ||||||||||||
Contractual interest expense | 92,900,000 | ||||||||||||
Interest Expense | 32,900,000 | $ 126,200,000 | 298,600,000 | $ 465,400,000 | |||||||||
Loss on early debt extinguishment | $ 0 | $ 29,500,000 | $ (29,500,000) | $ (67,800,000) | |||||||||
Debt Instrument, Redemption, Period One | Successor | Senior Notes | 6.00% Senior Secured Notes due March 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 103.00% | ||||||||||||
Debt Instrument, Redemption, Period One | Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 104.80% | ||||||||||||
Debt Instrument, Redemption, Period Two | Successor | Senior Notes | 6.00% Senior Secured Notes due March 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 101.50% | ||||||||||||
Debt Instrument, Redemption, Period Two | Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 103.20% | ||||||||||||
Debt Instrument, Redemption, Period Three | Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage | 101.60% | ||||||||||||
Peabody Investments (Gibraltar) Limited | Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Collateral, non-voting capital stock, percent | 100.00% | 100.00% | |||||||||||
Collateral, voting capital stock, percent | 65.00% | 65.00% | |||||||||||
London Interbank Offered Rate (LIBOR) | Successor | Revolving Credit Facility | 2017 Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.25% | ||||||||||||
London Interbank Offered Rate (LIBOR) | Successor | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.50% | 4.50% | 3.50% | ||||||||||
Floor interest rate | 1.00% | 1.00% | 1.00% | ||||||||||
Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | Successor | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mandatory principal prepayment, percent of excess cash flow | 50.00% | 50.00% | |||||||||||
Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | Successor | Maximum | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 2 | 2 | |||||||||||
Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | Successor | Minimum | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 1.50 | 1.50 | |||||||||||
Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | Successor | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mandatory principal prepayment, percent of excess cash flow | 25.00% | 25.00% | |||||||||||
Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | Successor | Maximum | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 1.50 | 1.50 | |||||||||||
Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | Successor | Minimum | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 1 | 1 | |||||||||||
Total Leverage Ratio Less or Equal to 1.00 to 1.00 | Successor | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mandatory principal prepayment, percent of excess cash flow | 0.00% | 0.00% | |||||||||||
Total Leverage Ratio | 1 | 1 | |||||||||||
Total Leverage Ration Less Or Equal 2.00 to 1.00 [Member] | Successor | Revolving Credit Facility | 2017 Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 2 | 2 | |||||||||||
Total Leverage Ratio Less or Equal 1.25 to 1.00 | Term Loan | Successor Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Leverage Ratio | 1.25 | 1.25 | |||||||||||
Dividend payment and stock purchase payment threshold | $ 25,000,000 | $ 25,000,000 | |||||||||||
Revolving Credit Facility | Successor | Line of Credit | 2017 Revolver | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | $ 350,000,000 | $ 350,000,000 | |||||||||||
Geographic Distribution, Domestic [Member] | Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Collateral, capital stock, percent | 100.00% | 100.00% | |||||||||||
Geographic Distribution, Foreign [Member] | Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Collateral, non-voting capital stock, percent | 100.00% | 100.00% | |||||||||||
Collateral, voting capital stock, percent | 65.00% | 65.00% |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Details) - Successor $ in Millions | Dec. 31, 2017USD ($) |
Future minimum lease and royalty payments [Line Items] | |
Capital Leases, 2017 | $ 39.9 |
Capital Leases, 2018 | 28.1 |
Capital Leases, 2019 | 8.1 |
Capital Leases, 2020 | 0.5 |
Capital Leases, 2021 | 0.5 |
Capital Leases, 2022 and Thereafter | 9.2 |
Capital Leases, Total minimum lease payments | 86.3 |
Capital Leases, Less interest | 10.3 |
Capital Leases, Present value of minimum capital lease payments | 76 |
Operating Leases, 2017 | 68.5 |
Operating Leases, 2018 | 46.7 |
Operating Leases, 2019 | 39.3 |
Operating Leases, 2020 | 29 |
Operating Leases, 2021 | 11.2 |
Operating Leases, 2022 and thereafter | 22.9 |
Operating Leases, Total minimum lease payments | 217.6 |
Coal Lease and Royalty Obligation, 2017 | 6.9 |
Coal Lease and Royalty Obligation, 2018 | 6.7 |
Coal Lease and Royalty Obligation, 2019 | 6.5 |
Coal Lease and Royalty Obligation, 2020 | 6.3 |
Coal Lease and Royalty Obligation, 2021 | 6.1 |
Coal Lease and Royalty Obligation, 2022 and Thereafter | 33 |
Coal Lease and Royalty Obligation, Total minimum lease payments | $ 65.5 |
Leases Textuals (Details)
Leases Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | |
Operating Leased Assets [Line Items] | |||||
Contingent lease expense | $ 0 | $ 0 | |||
Predecessor | |||||
Operating Leased Assets [Line Items] | |||||
Operating Leases, Rent Expense | $ 57.6 | 264.7 | $ 290.1 | ||
Capital Leased Assets, Gross | 125.3 | 77.9 | |||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 48.6 | ||||
Royalty Expense | $ 115.2 | 389.7 | $ 444.5 | ||
Successor | |||||
Operating Leased Assets [Line Items] | |||||
Operating Leases, Rent Expense | 146.3 | ||||
Contingent lease expense | 0 | ||||
Capital Leased Assets, Gross | 125.3 | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 20.6 | ||||
Royalty Expense | $ 364.6 | ||||
Federal Mineral Lease Term | ten years | ||||
Minimum Annual Production Of Federal Coal Mining Leases On Original Amount | 1.00% | ||||
Monthly federal royalties payable from sale using surface mining methods | 12.50% | ||||
Monthly federal royalties payable of production using underground mining methods | 8.00% | ||||
Period to redetermine royalty rates on Indian tribe leased coal reserves | every ten years | ||||
Company lease Obligations Subject to Surety Bonds | $ 95.4 | ||||
Capital lease and other obligations | $ 76 | $ 20.1 | $ 79.9 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Apr. 01, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | $ 1,136.8 | $ 1,136.8 | $ 374.3 | |||
Amount of reclamation self-bonding in certain states in which the company qualifies | 1,094.2 | |||||
Letters of credit in support of reclamation obligations or activities | 188.5 | 188.5 | 80 | |||
Predecessor | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Total asset retirement obligation | $ 664.2 | 758.8 | $ 712.1 | |||
Current portion | 31.1 | 41 | ||||
Liabilities settled or disposed | (2.7) | (41.5) | ||||
Accretion expense | 12.5 | 45.7 | ||||
Revision to estimates | (104.4) | 42.5 | ||||
Noncurrent obligation | 633.1 | 717.8 | ||||
Balance at end of period — active locations | 540.1 | 634.8 | ||||
Balance at end of period — closed or inactive locations | 124.1 | 124 | ||||
Net gain on disposal of assets | $ (22.8) | $ (13.7) | (23.2) | $ (45) | ||
Credit adjusted, risk-free interest rates | 50.83% | |||||
Cash collateral in support of reclamation obligations or activities | $ 233.2 | |||||
Predecessor | U.S. Obligations [Member] | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Credit adjusted, risk-free interest rates | 9.36% | 13.45% | ||||
Predecessor | Australian Operations [Member] | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Credit adjusted, risk-free interest rates | 4.36% | 4.92% | ||||
Successor | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Total asset retirement obligation | 691.1 | $ 664.2 | 691.1 | |||
Current portion | 34.1 | 34.1 | ||||
Liabilities settled or disposed | (65.2) | |||||
Accretion expense | 32.6 | |||||
Revision to estimates | 59.5 | |||||
Noncurrent obligation | 657 | 657 | ||||
Balance at end of period — active locations | 612.9 | 612.9 | ||||
Balance at end of period — closed or inactive locations | 78.2 | 78.2 | ||||
Net gain on disposal of assets | (83.1) | (84) | ||||
Cash collateral in support of reclamation obligations or activities | $ 205.2 | $ 205.2 | ||||
Successor | U.S. Obligations [Member] | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Credit adjusted, risk-free interest rates | 9.71% | 9.71% | ||||
Successor | Australian Operations [Member] | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
Credit adjusted, risk-free interest rates | 4.65% | 4.65% |
Postretirement Health Care a115
Postretirement Health Care and Life Insurance Benefits Net Periodic Postretirement Benefit Cost(Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Components of net periodic postretirement benefit cost | ||||
Actuarial gain | $ (32.3) | |||
Predecessor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Components of net periodic postretirement benefit cost | ||||
Service cost for benefits earned | $ 2.3 | 10.4 | $ 11.2 | |
Interest cost on accumulated postretirement benefit obligation | 8.4 | 34.5 | 33.8 | |
Amortization of prior service (credit) cost | (2.3) | (9.2) | (6.8) | |
Amortization of actuarial loss | 5.5 | 20.4 | 24.9 | |
Actuarial gain | 0 | 0 | 0 | |
Net periodic pension cost | $ 13.9 | $ 56.1 | $ 63.1 | |
Successor | ||||
Components of net periodic postretirement benefit cost | ||||
Service cost for benefits earned | $ 6.9 | |||
Interest cost on accumulated postretirement benefit obligation | $ 24.2 | |||
Conversion of Stock, Shares Converted | (17.2) | |||
Actuarial gain | $ 22 | |||
Successor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Components of net periodic postretirement benefit cost | ||||
Service cost for benefits earned | 6.9 | |||
Interest cost on accumulated postretirement benefit obligation | 24.2 | |||
Amortization of prior service (credit) cost | 0 | |||
Amortization of actuarial loss | 0 | |||
Actuarial gain | 22 | |||
Net periodic pension cost | $ 9.1 |
Postretirement Health Care a116
Postretirement Health Care and Life Insurance Benefits Pre-Tax Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - Predecessor - Postretirement Health Care and Life Insurance Benefits [Member] $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($)years | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss arising during period | $ 0 | $ 32.3 | $ (35.1) |
Amortization: | |||
Actuarial loss | (5.5) | (20.4) | (24.9) |
Prior service credit (cost) | 2.3 | 9.2 | 6.8 |
Settlement related to the Patriot bankruptcy | |||
Prior service cost | 0 | 7.2 | (16.6) |
Total recorded in other comprehensive (income) loss | $ (3.2) | $ 28.3 | $ (69.8) |
Percentage of actuarial gains and losses amortized | 0.00% | ||
Defined Benefit Plan, Amortization Period | years | 10.31 |
Postretirement Health Care a117
Postretirement Health Care and Life Insurance Benefits Reconciliation of Postretirement Plans' Funded Status to the Balance Sheet (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor | ||||
Reconciled amount of plans funded status | ||||
Projected benefit obligation at beginning of period | $ 803.1 | |||
Service cost | 6.9 | |||
Interest cost | 24.2 | |||
Participant contributions | 0.4 | |||
Plan changes | 0 | |||
Benefits paid | (29.3) | |||
Actuarial loss | (22) | |||
Other | 0 | |||
Projected benefit obligation at end of period | $ 803.1 | 783.3 | ||
Fair value of plan assets at beginning of period | 0 | |||
Employer contributions | 28.9 | |||
Participant contributions | 0.4 | |||
Benefits paid | (29.3) | |||
Fair value of plan assets at end of period | 0 | 0 | ||
Funded status at end of year | (783.3) | |||
Less current portion (included in Accounts payable and accrued expenses) | (53.3) | |||
Successor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Reconciled amount of plans funded status | ||||
Service cost | 6.9 | |||
Interest cost | 24.2 | |||
Actuarial loss | (22) | |||
Noncurrent obligation (included in Accrued postretirement benefit costs) | (730) | |||
Predecessor | ||||
Reconciled amount of plans funded status | ||||
Actuarial loss | $ 32.3 | |||
Other | (7.1) | 0 | ||
Predecessor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Reconciled amount of plans funded status | ||||
Projected benefit obligation at beginning of period | 812.1 | 803.1 | 776.1 | |
Service cost | 2.3 | 10.4 | $ 11.2 | |
Interest cost | 8.4 | 34.5 | 33.8 | |
Participant contributions | 0.2 | 0.6 | ||
Plan changes | 0 | 7.2 | ||
Benefits paid | (12.8) | (49) | ||
Actuarial loss | 0 | 0 | 0 | |
Projected benefit obligation at end of period | 803.1 | 812.1 | 776.1 | |
Fair value of plan assets at beginning of period | 0 | $ 0 | 0 | |
Employer contributions | 12.6 | 48.4 | ||
Participant contributions | 0.2 | 0.6 | ||
Benefits paid | (12.8) | (49) | ||
Fair value of plan assets at end of period | 0 | 0 | $ 0 | |
Funded status at end of year | (803.1) | (812.1) | ||
Less current portion (included in Accounts payable and accrued expenses) | (56.1) | (55.8) | ||
Noncurrent obligation (included in Accrued postretirement benefit costs) | $ (747) | $ (756.3) |
Postretirement Health Care a118
Postretirement Health Care and Life Insurance Benefits Assupmtions Used to Determine the Benefit Obligations and Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Assumed health care cost trend rates, One percentage point increase | ||||
One Percentage-Point Increase Effect on total service and interest cost components | $ 3.2 | |||
One Percentage-Point Decrease Effect on total service and interest cost component | (2.9) | |||
One Percentage-Point Increase Effect on total postretirement benefit obligation | 69.1 | |||
One Percentage-Point Decrease Effect on total postretirement benefit obligation | $ (60.7) | |||
Pre-Medicare [Member] | ||||
Assumed health care cost trend rate | ||||
Health care cost trend rate assumed for next year | 7.00% | 6.20% | ||
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 | 2,023 | 2,021 | ||
Post-Medicare [Member] | ||||
Assumed health care cost trend rate | ||||
Health care cost trend rate assumed for next year | 6.50% | 5.60% | ||
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 | 2,023 | 2,021 | ||
Successor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 3.70% | |||
Measurement date | Dec. 31, 2017 | |||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate | 4.10% | |||
Predecessor | Postretirement Health Care and Life Insurance Benefits [Member] | ||||
Weighted-average assumptions used to determine benefit obligations | ||||
Discount rate | 4.15% | |||
Measurement date | Dec. 31, 2016 | |||
Weighted-average assumptions used to determine net periodic benefit cost | ||||
Discount rate | 4.15% | 4.50% | 4.10% |
Postretirement Health Care a119
Postretirement Health Care and Life Insurance Benefits Estimated Future Benefit Payments (Details) - Postretirement Health Care and Life Insurance Benefits [Member] $ in Millions | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Postretirement Benefits, 2018 | $ 52.2 |
Postretirement Benefits, 2019 | 53.5 |
Postretirement Benefits, 2020 | 55.9 |
Postretirement Benefits, 2021 | 57.6 |
Postretirement Benefits, 2022 | 56.9 |
Postretirement Benefits, Years 2023-2027 | $ 266.4 |
Components of Net Periodic Pens
Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | Pension Plans, Defined Benefit [Member] | ||||
Components of net periodic pension costs | ||||
Service cost for benefits earned | $ 0.6 | $ 2.5 | $ 2.7 | |
Interest cost on projected benefit obligation | 9.7 | 41.5 | 40.4 | |
Expected return on plan assets | (11) | (45.3) | (48.2) | |
Amortization of prior service cost | 0.1 | 0.3 | 1 | |
Amortization of actuarial losses | 6.3 | 24.7 | 39.6 | |
Settlement charge | 0 | 0 | 0 | |
Net actuarial gain | 0 | 0 | 0 | |
Net periodic pension cost | $ 5.7 | $ 23.7 | $ 35.5 | |
Successor | ||||
Components of net periodic pension costs | ||||
Service cost for benefits earned | $ 6.9 | |||
Interest cost on projected benefit obligation | 24.2 | |||
Successor | Pension Plans, Defined Benefit [Member] | ||||
Components of net periodic pension costs | ||||
Service cost for benefits earned | 1.6 | |||
Interest cost on projected benefit obligation | 28 | |||
Expected return on plan assets | (33.5) | |||
Amortization of prior service cost | 0 | |||
Amortization of actuarial losses | 0 | |||
Settlement charge | (2.1) | |||
Net actuarial gain | (23.5) | |||
Net periodic pension cost | $ (25.3) |
Pension and Savings Plans Pre-t
Pension and Savings Plans Pre-tax Amounts Recorded to Accumulated Other Comprehensive Loss (Details) - Pension Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Amounts recognized in accumulated other comprehensive loss | ||||
Net actuarial loss arising during period | $ 0 | $ 6.6 | $ 30.6 | |
Amortization: | ||||
Net actuarial loss | 6.3 | 24.7 | 39.6 | |
Prior service cost | (0.1) | (0.3) | (1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | |
Total recorded in other comprehensive (income) loss | $ (6.4) | $ (18.4) | $ (10) | |
Successor | ||||
Amortization: | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 23.5 |
Pension and Savings Plans Chang
Pension and Savings Plans Change in Benefit Obligation, Plan Assets and Funded Status of Pension Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts recognized in the consolidated balance sheets: | ||||
Liabilities Subject to Compromise | $ (8,416.7) | $ (8,440.2) | ||
Predecessor | ||||
Change in benefit obligation: | ||||
Actuarial loss | 32.3 | |||
Amounts recognized in the consolidated balance sheets: | ||||
Liabilities Subject to Compromise | (8,440.2) | |||
Fresh Start Adjustment, Fair Value Adjustment | 0 | 0 | $ 0 | |
Predecessor | Pension Plan [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation at beginning of period | 959.3 | $ 936.4 | 939.3 | |
Service cost | 0.6 | 2.5 | 2.7 | |
Interest cost | 9.7 | 41.5 | 40.4 | |
Benefits paid | (15) | (61.1) | ||
Actuarial loss | 0 | (37.1) | ||
Projected benefit obligation at end of period | 936.4 | 959.3 | 939.3 | |
Fair value of plan assets at beginning of period | 773 | 757.3 | ||
Actual (loss) return on plan assets | 25.1 | 75.7 | ||
Employer contributions | 0 | 1.1 | ||
Benefits paid | (15) | (61.1) | ||
Fair value of plan assets at end of period | 773 | $ 757.3 | ||
Funded status at end of year | (153.3) | (186.3) | ||
Amounts recognized in the consolidated balance sheets: | ||||
Noncurrent obligation (included in Other noncurrent liabilities) | (153.3) | (163.5) | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Other | 0 | |||
Liabilities Subject to Compromise | (22.8) | |||
Net amount recognized | (153.3) | (186.3) | ||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | ||
Fresh Start Adjustment, Fair Value Adjustment | 18.2 | 0 | ||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | $ 0 | ||
Successor | ||||
Change in benefit obligation: | ||||
Projected benefit obligation at beginning of period | 803.1 | |||
Service cost | 6.9 | |||
Interest cost | 24.2 | |||
Benefits paid | (29.3) | |||
Actuarial loss | (22) | |||
Plan amendments | 0 | |||
Projected benefit obligation at end of period | 803.1 | 783.3 | ||
Fair value of plan assets at beginning of period | 0 | |||
Employer contributions | 28.9 | |||
Benefits paid | (29.3) | |||
Fair value of plan assets at end of period | 0 | 0 | ||
Funded status at end of year | (783.3) | |||
Amounts recognized in the consolidated balance sheets: | ||||
Current obligation (included in Accounts payable and accrued expenses) | (53.3) | |||
Liabilities Subject to Compromise | 0 | |||
Fresh Start Adjustment, Fair Value Adjustment | (22.5) | |||
Successor | Pension Plan [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation at beginning of period | 936.4 | |||
Service cost | 1.6 | |||
Interest cost | 28 | |||
Benefits paid | (45.3) | |||
Actuarial loss | (25.3) | |||
Projected benefit obligation at end of period | 936.4 | 874.6 | ||
Fair value of plan assets at beginning of period | 783.1 | |||
Actual (loss) return on plan assets | 80.1 | |||
Employer contributions | 30.1 | |||
Benefits paid | (45.3) | |||
Fair value of plan assets at end of period | $ 783.1 | 776.6 | ||
Funded status at end of year | (98) | |||
Amounts recognized in the consolidated balance sheets: | ||||
Noncurrent obligation (included in Other noncurrent liabilities) | 0 | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Other | (98) | |||
Net amount recognized | (98) | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 71.4 | |||
Fresh Start Adjustment, Fair Value Adjustment | 0 | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 71.4 |
Pension and Savings Plans Weigh
Pension and Savings Plans Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost(Details) - Pension Plan [Member] | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | |||||
Weighted-average assumptions used to determine benefit obligations | |||||
Discount rate | 4.15% | ||||
Measurement date | Dec. 31, 2016 | ||||
Weighted-average assumptions used to determine net periodic benefit cost | |||||
Discount rate | 4.15% | 4.55% | 4.15% | ||
Expected long-term return on plan assets | 5.90% | 6.00% | 6.25% | ||
Successor | |||||
Weighted-average assumptions used to determine benefit obligations | |||||
Discount rate | 3.70% | 3.70% | |||
Measurement date | Dec. 31, 2017 | ||||
Weighted-average assumptions used to determine net periodic benefit cost | |||||
Discount rate | 4.10% | ||||
Expected long-term return on plan assets | 5.90% | 5.90% | 5.65% |
Pension and Savings Plans Fair
Pension and Savings Plans Fair Value of Assets in the Master Trust by Asset (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 295.1 | |||
Predecessor | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 162.8 | |||
Predecessor | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 301 | |||
Predecessor | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | $ 13.8 | 14.1 | $ 23 | |
Predecessor | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 119.9 | |||
Predecessor | Mutual funds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 119.9 | |||
Predecessor | Mutual funds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Mutual funds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | International equity securities | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 47.8 | |||
Predecessor | U.S. government securities | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 25.1 | |||
Predecessor | U.S. government securities | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 22.7 | |||
Predecessor | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 12.6 | |||
Predecessor | International government securities | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | International government securities | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 12.6 | |||
Predecessor | International government securities | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 109 | |||
Predecessor | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 265.7 | |||
Predecessor | Corporate bonds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Corporate bonds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 265.7 | |||
Predecessor | Corporate bonds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 17.8 | |||
Predecessor | Cash funds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 17.8 | |||
Predecessor | Cash funds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Cash funds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Real estate investment trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 14.1 | |||
Predecessor | Real estate investment trusts | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Real estate investment trusts | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Predecessor | Real estate investment trusts | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 14.1 | |||
Predecessor | Private mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 186.1 | |||
Predecessor | Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 773 | $ 757.3 | ||
Predecessor | Fair Value Pension Plan Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | $ 477.9 | |||
Successor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | $ 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 287.9 | |||
Successor | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 146.3 | |||
Successor | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 330.6 | |||
Successor | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 11.8 | 13.8 | ||
Successor | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 108 | |||
Successor | Mutual funds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 108 | |||
Successor | Mutual funds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Mutual funds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 29.3 | |||
Successor | U.S. government securities | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 7.5 | |||
Successor | U.S. government securities | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 21.8 | |||
Successor | U.S. government securities | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 17.7 | |||
Successor | International government securities | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | International government securities | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 17.7 | |||
Successor | International government securities | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Common collective trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 107.5 | |||
Successor | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 291.1 | |||
Successor | Corporate bonds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Corporate bonds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 291.1 | |||
Successor | Corporate bonds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 30.8 | |||
Successor | Cash funds | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 30.8 | |||
Successor | Cash funds | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Cash funds | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Real estate investment trusts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 11.8 | |||
Successor | Real estate investment trusts | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Real estate investment trusts | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 0 | |||
Successor | Real estate investment trusts | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 11.8 | |||
Successor | Private mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 180.4 | |||
Successor | Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | 776.6 | $ 783.1 | ||
Successor | Fair Value Pension Plan Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at end of period | $ 488.7 |
Pension and Savings Plans Ch125
Pension and Savings Plans Changes in the Fair Value of Master Trust's Level 3 Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Predecessor | 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 | $ 14.1 | ||
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | $ 14.1 | ||
Predecessor | 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 | 14.1 | $ 13.8 | 23 |
Assets Held At Reporting Date: | |||
Realized gains | 0.6 | 1.8 | |
Unrealized gains relatng to investments still held at the reporting date | (0.6) | 0.2 | |
Purchases, sales and settlements, net | (0.3) | (10.9) | |
Fair value of plan assets at end of period | 13.8 | 14.1 | |
Predecessor | 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 | 14.1 | ||
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | 14.1 | ||
Predecessor | Pension Plans, Defined Benefit [Member] | |||
Summary of changes in the fair value of the Master Trust's investments | |||
Fair value of plan assets at beginning of period | 773 | 757.3 | |
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | $ 773 | ||
Successor | |||
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 | |
Successor | Real Estate Investment [Member] | |||
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | 11.8 | ||
Successor | 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 | 13.8 | ||
Assets Held At Reporting Date: | |||
Realized gains | 0 | ||
Unrealized gains relatng to investments still held at the reporting date | 2.2 | ||
Purchases, sales and settlements, net | (4.2) | ||
Fair value of plan assets at end of period | 13.8 | 11.8 | |
Successor | Level 3 [Member] | Real Estate Investment [Member] | |||
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | 11.8 | ||
Successor | Pension Plans, Defined Benefit [Member] | |||
Summary of changes in the fair value of the Master Trust's investments | |||
Fair value of plan assets at beginning of period | 783.1 | ||
Assets Held At Reporting Date: | |||
Fair value of plan assets at end of period | $ 783.1 | $ 776.6 |
Pension and Savings Plans Estim
Pension and Savings Plans Estimated Future Benefit Payments (Details) - Successor - Pension Plan [Member] $ in Millions | Dec. 31, 2017USD ($) |
Estimated Future Benefit Payments | |
2,018 | $ 57.2 |
2,019 | 57.2 |
2,020 | 58.6 |
2,021 | 59.5 |
2,022 | 58.9 |
Years 2023-2027 | $ 280.1 |
Pension and Savings Plans Textu
Pension and Savings Plans Textuals (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 01, 2017USD ($)yearsplan | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Predecessor | ||||||
Defined Contribution Plans [Abstract] | ||||||
Paid discretionary contributions to defined contribution pension plans, company match | $ 5,500,000 | $ (19,200,000) | $ (22,000,000) | |||
Additional discretionary contributions to defined contribution pension plans, performance feature | $ (19,500,000) | |||||
Predecessor | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected long-term return on plan assets | 5.90% | 6.00% | 6.25% | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 959,300,000 | |||||
Defined Contribution Plans [Abstract] | ||||||
Pension obligations | $ 0 | $ 0 | $ 0 | |||
Predecessor | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 31.00% | |||||
Predecessor | Fixed Income Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 69.00% | |||||
Predecessor | Real Estate [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | |||||
Successor | ||||||
Defined Contribution Plans [Abstract] | ||||||
Number of 401(k) plans | plan | 2 | |||||
Paid discretionary contributions to defined contribution pension plans, company match | $ 25,500,000 | |||||
Successor | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Retirees Affected by Pension Settlement | 1,950 | |||||
Percentage of company's qualified pension plans on a GAAP accounting basis | 80.00% | 80.00% | ||||
Expected long-term return on plan assets | 5.90% | 5.90% | 5.65% | |||
Percentage of actuarial gains and losses amortized | 5.00% | |||||
Defined Benefit Plan, Amortization Period | years | 5 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 874,600,000 | $ 874,600,000 | ||||
Payment for Pension and Other Postretirement Benefits | 30,100,000 | |||||
Defined Contribution Plans [Abstract] | ||||||
Paid discretionary contributions to defined contribution pension plans, company match | 25,000,000 | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 71,400,000 | |||||
Pension obligations | $ 2,100,000 | |||||
Successor | Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 27.00% | 27.00% | ||||
Successor | Fixed Income Investments [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 73.00% | |||||
Scenario, Forecast | ||||||
Defined Contribution Plans [Abstract] | ||||||
Additional discretionary contributions to defined contribution pension plans, performance feature | $ 9,500,000 |
Stockholders' Equity Successor
Stockholders' Equity Successor Common Stock Activity (Details) - Successor shares in Millions | 9 Months Ended |
Dec. 31, 2017shares | |
Schedule of Common Stock Activity [Line Items] | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 33.8 |
Shares outstanding at the beginning of the year | 70.9 |
Conversion of Stock, Shares Issued | 6.2 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.1 |
Shares outstanding at the end of the year | 105.2 |
Stock Repurchased During Period, Shares | (5.8) |
Stockholders' Equity Success129
Stockholders' Equity Successor Preferred Stock Activity (Details) - Successor - shares shares in Millions | 9 Months Ended | |
Dec. 31, 2017 | Apr. 01, 2017 | |
Class of Stock [Line Items] | ||
Preferred Stock, shares outstanding | 13.5 | 30 |
Conversion of Stock, Shares Converted | (17.2) | |
Preferred Stock Dividends, Shares | 0.7 |
Stockholders' Equity Textuals (
Stockholders' Equity Textuals (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 23, 2017 | Feb. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Aug. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||||
Treasury stock, shares, acquired | 5.8 | ||||||
Predecessor | |||||||
Class of Stock [Line Items] | |||||||
Treasury Stock, shares | 0.8 | ||||||
Predecessor | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 53.3 | ||||||
Predecessor | Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, shares authorized | 10 | ||||||
Preferred Stock, shares outstanding | 0 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Predecessor | Series Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 40 | ||||||
Predecessor | Perpetual Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, shares authorized | 0.8 | ||||||
Preferred Stock, shares outstanding | 0 | ||||||
Successor | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, shares outstanding | 13.5 | 13.5 | 30 | ||||
Treasury Stock, shares | 5.8 | 5.8 | |||||
Shares Relinquished, Shares | (0.1) | ||||||
Stock Repurchase Program, Authorized Amount | $ 500 | ||||||
Treasury stock, shares, acquired | 1.5 | 4.3 | |||||
Treasury stock, value, acquired | $ 40 | $ 135.7 | $ 175.7 | ||||
Successor | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 450 | 450 | |||||
Successor | Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, shares authorized | 50 | 50 | |||||
Preferred Stock, shares outstanding | 0 | 0 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Successor | Series Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 50 | 50 | |||||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Treasury stock, shares, acquired | 0.9 | ||||||
Treasury stock, value, acquired | $ 38.5 |
Successor Company Share-Based C
Successor Company Share-Based Compensation Expense and Cash Flows (Details) - Successor $ in Millions | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Share-Based Compensation Expense and Cash Flows (Line Items) | |
Share-based Compensation, Total | $ 21.8 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 |
Share Based Compensation Expense Net of Tax | 21.8 |
Proceeds from Stock Options Exercised | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 0 |
Equity Award | |
Share-Based Compensation Expense and Cash Flows (Line Items) | |
Share-based compensation | 21.8 |
Other Liabilities [Member] | |
Share-Based Compensation Expense and Cash Flows (Line Items) | |
Share-based compensation | $ 0 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Stock Award Activity (Details) - Successor - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | |
Dec. 31, 2017 | Apr. 01, 2017 | |
Share-Based Compensation Expense and Cash Flows (Line Items) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,513,953 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,618,309 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 29,555 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 74,801 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 22.04 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 22.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 22.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 22.03 |
Predecessor Company Share-Based
Predecessor Company Share-Based Compensation Expense and Cash Flows (Details) - Predecessor - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-Based Compensation Expense and Cash Flows (Line Items) | |||
Share-based Compensation, Total | $ 1.9 | $ 12.8 | $ 28.2 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | 0 |
Share Based Compensation Expense Net of Tax | 1.9 | 12.8 | 28.2 |
Proceeds from Stock Options Exercised | 0 | 0 | 3.4 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 0 | 0 | 0 |
Equity Award | |||
Share-Based Compensation Expense and Cash Flows (Line Items) | |||
Share-based compensation | 1.9 | 11.3 | 26.2 |
Other Liabilities [Member] | |||
Share-Based Compensation Expense and Cash Flows (Line Items) | |||
Share-based compensation | $ 0 | $ 1.5 | $ 2 |
Share-Based Compensation Textua
Share-Based Compensation Textuals (Details) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 01, 2017yearsshares | Dec. 31, 2017USD ($)shares | |
Successor | ||
Share-Based Compensation Textuals [Abstract] | ||
Unrecognized compensation cost related to nonvested awards net of tax Total | $ | $ 57.5 | |
Unrecognized compensation cost period for recognition, years | 2 years 6 months | |
Unrecognized compensation cost period for recognition, weighted-average, years | years | 1 | |
Successor | Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Textuals [Abstract] | ||
Vesting period of performance units | 3 years | |
Total fair value of restricted stock awards granted | $ | $ 79.8 | |
Total fair value of restricted stock awards vested | $ | $ 0.9 | |
Common Stock | Successor | ||
Share-Based Compensation Textuals [Abstract] | ||
Number of Shares Authorized | shares | 10.5 | |
Effect of Plan | 2017 Incentive Plan | ||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||
Common stock reserved for future issuance | shares | 14 | |
Effect of Plan | Predecessor | 2017 Incentive Plan | ||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||
Common stock reserved for future issuance | shares | 14 |
Accumulated Other Comprehens135
Accumulated Other Comprehensive Income (Loss) Components of Comprehensive Income (Loss), After-tax (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 0 | ||||
Other Comprehensive Income (Loss), Postretirement Plans and Workers' Compensation Obligations, Period Increase Decrease, Net of Tax | 0 | ||||
Other Comprehensive Income (Loss), Prior Service Cost Associated with Postretirement Plans, Period Increase Decrease, Net of Tax | 0 | ||||
Decrease in fair value of cash flow hedges | $ 0 | $ 0 | (131.3) | ||
Translation Adjustment Functional to Reporting Currency, Gain (Loss), Reclassified to Earnings, Net of Tax | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (5.8) | (21) | (35.6) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | (1.4) | (5.6) | (3.7) | ||
Reclassification for realized losses (gains) included in net loss | (18.6) | (146.3) | (251.7) | ||
Other Comprehensive Income Reclassification Adjustment Net Of Tax | 23 | 161.7 | 283.6 | ||
Foreign currency translation adjustment | 5.5 | (1.8) | (34.9) | ||
Net actuarial (loss) gain for the period | 0 | (13.5) | 18.1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 0 | 4.5 | (10.4) | ||
Other Comprehensive Income, Derivatives Qualifying As Hedges, Net Unamortized (Gain) Loss Arising During Period, Net of Tax | 0 | 0 | 0 | ||
Other Comprehensive Income Loss Current Period Change Net Of Tax | 5.5 | (19.8) | (6.4) | ||
Other Comprehensive Income (Loss), Fresh Start Reporting Adjustments | 448.5 | ||||
Accumulated Other Comprehensive Loss Net Change in Fair Value of Cash Flow Hedges and Available for Sale Securities | (131.3) | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 0 | (148.2) | (146.4) | $ (111.5) | |
Accumulated Other Comprehensive Income Loss Acturial Loss Associated With Postretirement Plans And Workers Compensation Obligation Net Of Tax | 0 | (256.3) | (263.8) | (317.5) | |
Accumulated Other Comprehensive Income Loss Prior Service Cost Credit Arising During Period Net of tax | 0 | 21.7 | 31.8 | 25.1 | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | (94.2) | (240.5) | (360.9) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | (477) | (618.9) | $ (764.8) | |
Predecessor | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive Income (Loss), Fresh Start Reporting Adjustments | 142.7 | ||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive Income (Loss), Fresh Start Reporting Adjustments | 250.5 | ||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive Income (Loss), Fresh Start Reporting Adjustments | (20.3) | ||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other Comprehensive Income (Loss), Fresh Start Reporting Adjustments | 75.6 | ||||
Predecessor | AOCI Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Foreign currency translation adjustment | $ 5.5 | $ (1.8) | $ (34.9) | ||
Successor | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Decrease in fair value of cash flow hedges | 0 | ||||
Reclassification for realized losses (gains) included in net loss | 0 | ||||
Foreign currency translation adjustment | 1.4 | ||||
Net actuarial (loss) gain for the period | 0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 0 | ||||
Other Comprehensive Income, Derivatives Qualifying As Hedges, Net Unamortized (Gain) Loss Arising During Period, Net of Tax | 0 | ||||
Other Comprehensive Income Loss Current Period Change Net Of Tax | 1.4 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1.4 | ||||
Successor | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 1.4 | ||||
Successor | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated Other Comprehensive Income Loss Acturial Loss Associated With Postretirement Plans And Workers Compensation Obligation Net Of Tax | 0 | ||||
Successor | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated Other Comprehensive Income Loss Prior Service Cost Credit Arising During Period Net of tax | 0 | ||||
Successor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | ||||
Successor | AOCI Attributable to Parent | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Foreign currency translation adjustment | 1.4 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 1.4 |
Accumulated Other Comprehens136
Accumulated Other Comprehensive Income (Loss) Items Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | $ (963.7) | $ (4,107.6) | $ (5,007.7) | ||||||||||
Selling and administrative expenses | 37.2 | 153.4 | 176.4 | ||||||||||
Income Tax (Benefit) Expense | (263.8) | (94.5) | (207.1) | ||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | $ (319.8) | (195.5) | $ 124.3 | $ (175.2) | $ (97.7) | $ (223.2) | $ (167.7) | (663.8) | (1,783.2) | ||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | 2.7 | 11.7 | 8 | ||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (9.1) | (33.4) | (56.5) | ||||||||||
Income Tax (Benefit) Expense | (3.3) | (12.4) | (20.9) | ||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | (5.8) | (21) | (35.6) | ||||||||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Postretirement Health Coverage [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | (5.5) | (20.4) | (24.9) | ||||||||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Plan [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | (5.3) | (20.5) | (32.9) | ||||||||||
Selling and administrative expenses | 1 | 4.2 | 6.7 | ||||||||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 2.2 | 8.9 | 5.8 | ||||||||||
Income Tax (Benefit) Expense | 0.8 | 3.3 | 2.1 | ||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | 1.4 | 5.6 | 3.7 | ||||||||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Postretirement Health Coverage [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | 2.3 | 9.2 | 6.8 | ||||||||||
Predecessor | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Plan [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | (0.1) | (0.3) | (1) | ||||||||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (27.7) | (232.2) | (385.7) | ||||||||||
Income Tax (Benefit) Expense | (9.1) | (85.9) | (134) | ||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | (18.6) | (146.3) | (251.7) | ||||||||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Commodity Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | (11) | (86.1) | (120.4) | ||||||||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Future [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | 0 | 0 | (51.8) | ||||||||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | (16.6) | (145.6) | (316.4) | ||||||||||
Predecessor | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Other Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | $ (0.1) | $ (0.5) | $ (0.7) | ||||||||||
Successor | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Operating Costs and Expenses | $ (3,067.9) | ||||||||||||
Selling and administrative expenses | 105.4 | ||||||||||||
Income Tax (Benefit) Expense | (161) | ||||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | $ 378 | $ 233.7 | $ 101.4 | $ 713.1 |
Resource Management, Acquisi137
Resource Management, Acquisitions and Other Commercial Events (Details) T in Millions, $ in Millions | Nov. 28, 2017USD ($)T | Nov. 27, 2017USD ($) | Dec. 31, 2017USD ($) | Apr. 01, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 29, 2017USD ($) | Nov. 30, 2016USD ($) |
Predecessor | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Restructuring Charges | $ 0 | $ 15.5 | $ 23.5 | ||||||||
Increase (Decrease) in Asset Retirement Obligations | 10.2 | 13.1 | 23.9 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 24.3 | 144.4 | 70.4 | ||||||||
Gain (Loss) on Disposition of Assets | 22.8 | $ 13.7 | 23.2 | 45 | |||||||
Predecessor | Springfield Reclamation Liability [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Sale of Properties | 0 | 0 | 0 | ||||||||
Predecessor | Burton Mine [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Sale of Properties | 0 | 0 | 0 | ||||||||
Predecessor | DTA and PBGC [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Ownership percentage of equity method investment | 37.50% | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 20.5 | ||||||||||
Gain (Loss) on Disposition of Assets | $ 19.7 | ||||||||||
Predecessor | Metropolitan Collieries Pty Ltd [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | $ 200 | ||||||||||
Predecessor | Priairie State Campus [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 57.1 | ||||||||||
Gain (Loss) on Sale of Properties | 6.2 | ||||||||||
Predecessor | Nonstrategic Australian mining tenement [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 64.1 | ||||||||||
Gain (Loss) on Disposition of Assets | $ 2.8 | ||||||||||
Predecessor | Olive Downs South Mining Tenement [Member] [Domain] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Sale of Properties | $ 2.8 | ||||||||||
Predecessor | New Mexico/Colorado Mining Tenement [Member] [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 358 | ||||||||||
Successor | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Restructuring Charges | $ 3 | $ 7.6 | |||||||||
Coal Reserves, in tons | T | 345 | ||||||||||
Reclamation and Mine Shutdown Provision | $ 34.2 | ||||||||||
Increase (Decrease) in Asset Retirement Obligations | 12.1 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 17.9 | ||||||||||
Gain (Loss) on Disposition of Assets | $ 83.1 | $ 84 | |||||||||
Interest in unincorporated joint venture project | 50.00% | 50.00% | |||||||||
Successor | Springfield Reclamation Liability [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Sale of Properties | $ 31.2 | $ (31.2) | |||||||||
Gain (Loss) on Disposition of Assets | $ 31.2 | ||||||||||
Successor | Burton Mine [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Sale of Properties | $ 52.2 | (52.2) | |||||||||
Gain (Loss) on Disposition of Assets | $ 52.2 | ||||||||||
Successor | New Mexico/Colorado Mining Tenement [Member] [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Gain (Loss) on Contract Termination | $ 20 | ||||||||||
Successor | Lenton Joint Venture [Member] | Burton Mine [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | 11.7 | ||||||||||
Increase (Decrease) in Asset Retirement Obligations | 40.5 | ||||||||||
Decrease in Restricted Cash | $ 30 | ||||||||||
Successor | BHP Billiton Mitsui Coal Pty Ltd [Member] | Red Mountain Joint Venture [Member] | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | $ 20 | ||||||||||
Ownership Percentage In Subsidiaries | 50.00% | ||||||||||
Prarie State Energy Campus [Member] | Predecessor | |||||||||||
OtherCommercialEvents [Line Items] | |||||||||||
Undivided Interest Percent Of New Electricity Generation Project | 5.06% | 5.06% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 23, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 03, 2017 | |||||||||
Earnings per Share (EPS) (Textuals) [Abstract] | |||||||||||||||||||||||||
Antidilutive shares excluded from EPS calculation | 0.6 | ||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Treasury stock, shares, acquired | 5.8 | ||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||
Earnings per Share (EPS) (Textuals) [Abstract] | |||||||||||||||||||||||||
Antidilutive shares excluded from EPS calculation | 0.1 | ||||||||||||||||||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 1.2 | ||||||||||||||||||||||||
EPS numerator: | |||||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ 378 | $ 233.7 | $ 101.4 | 713.1 | |||||||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 179.5 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 15.2 | ||||||||||||||||||||||||
Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 518.4 | ||||||||||||||||||||||||
Less: Earnings allocated to participating securities | 129 | ||||||||||||||||||||||||
Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities | 389.4 | ||||||||||||||||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | (19.8) | ||||||||||||||||||||||||
Loss from discontinued operations allocated to participating securities | (4.9) | ||||||||||||||||||||||||
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | (14.9) | ||||||||||||||||||||||||
Net loss attributable to common stockholders, after earnings allocated to participating securities | $ 374.5 | ||||||||||||||||||||||||
EPS denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding, basic | 104.8 | 101.6 | 96.8 | 101.1 | |||||||||||||||||||||
Weighted average number of shares outstanding, basic and diluted | 102.5 | ||||||||||||||||||||||||
Weighted average number diluted shares outstanding adjustment | 1.4 | ||||||||||||||||||||||||
Weighted average shares outstanding, diluted | 106.5 | 103.1 | 96.8 | 33.5 | |||||||||||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||||||||||
Income (loss) from continuing operations, per basic share | $ 2.50 | [1] | $ 1.51 | [1] | $ (0.18) | [1] | $ 3.85 | ||||||||||||||||||
Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | (0.15) | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders, per basic share | 3.70 | ||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Income (loss) from continuing operations, per diluted share | $ 2.47 | [1] | $ 1.49 | [1] | $ (0.18) | [1] | 3.81 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax, per diluted share | (0.14) | ||||||||||||||||||||||||
Net income (loss) attributable to common stockholders, per diluted share | $ 3.67 | ||||||||||||||||||||||||
Conversion of Stock, Shares Converted | (17.2) | ||||||||||||||||||||||||
Conversion of Stock, Shares Issued | 6.2 | ||||||||||||||||||||||||
Treasury stock, shares, acquired | 1.5 | 4.3 | |||||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||
Earnings per Share (EPS) (Textuals) [Abstract] | |||||||||||||||||||||||||
Antidilutive shares excluded from EPS calculation | 0.2 | 0.4 | 0.6 | ||||||||||||||||||||||
EPS numerator: | |||||||||||||||||||||||||
Income (loss) from continuing operations, net of income taxes | $ (319.8) | $ (195.5) | $ 124.3 | $ (175.2) | $ (97.7) | $ (223.2) | $ (167.7) | $ (663.8) | $ (1,783.2) | ||||||||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 4.8 | 7.9 | 7.1 | ||||||||||||||||||||||
Loss from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | (200.3) | (671.7) | (1,790.3) | ||||||||||||||||||||||
Less: Earnings allocated to participating securities | 0 | 0 | 0 | ||||||||||||||||||||||
Loss from continuing operations attributable to common stockholders, after allocation of earnings to participating securities | (200.3) | (671.7) | (1,790.3) | ||||||||||||||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | (16.2) | $ 13.1 | $ 38.1 | (57.6) | (175) | ||||||||||||||||||||
Loss from discontinued operations allocated to participating securities | 0 | 0 | 0 | ||||||||||||||||||||||
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | (16.2) | (57.6) | (175) | ||||||||||||||||||||||
Net loss attributable to common stockholders, after earnings allocated to participating securities | $ (216.5) | $ (729.3) | $ (1,965.3) | ||||||||||||||||||||||
EPS denominator: | |||||||||||||||||||||||||
Weighted average shares outstanding, basic | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.1 | ||||||||||||||||
Weighted average number of shares outstanding, basic and diluted | 18.3 | 18.3 | 18.1 | ||||||||||||||||||||||
Weighted average number diluted shares outstanding adjustment | 0 | 0 | 0 | ||||||||||||||||||||||
Weighted average shares outstanding, diluted | 18.3 | 18.4 | |||||||||||||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||||||||||
Income (loss) from continuing operations, per basic share | $ (17.44) | [1] | $ (10.93) | $ 6.46 | [1] | $ (9.82) | [2] | $ (5.44) | [2] | $ (12.30) | [2] | $ (9.17) | [2] | $ (36.72) | $ (98.65) | ||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | (10.93) | (36.72) | (98.65) | ||||||||||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | (0.88) | (3.15) | (9.64) | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders, per basic share | (11.81) | (39.87) | (108.29) | ||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Income (loss) from continuing operations, per diluted share | $ (17.44) | [1] | (10.93) | $ 6.44 | [1] | (36.72) | (98.65) | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax, per diluted share | (0.88) | (3.15) | (9.64) | ||||||||||||||||||||||
Net income (loss) attributable to common stockholders, per diluted share | $ (11.81) | $ (39.87) | $ (108.29) | ||||||||||||||||||||||
Common Stock | Successor | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Conversion of Stock, Shares Issued | 40 | ||||||||||||||||||||||||
Warrant | Successor | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Warrants unexercised, percent | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 17.2 | ||||||||||||||||||||||||
Effect of Plan | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Common stock, shares issued (in shares) | 130.7 | 130.7 | 130.7 | ||||||||||||||||||||||
Effect of Plan | Successor | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Common stock, shares issued (in shares) | 70.9 | 70.9 | |||||||||||||||||||||||
Effect of Plan | Warrant | |||||||||||||||||||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||||||||||
Warrants unexercised, percent | 0.10% | ||||||||||||||||||||||||
[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) | 3 Months Ended | 9 Months Ended |
Apr. 01, 2017 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | ||
Entity Number of Employees | 7,100 | |
Entity Number Of Hourly Employees | 5,500 | |
Percentage of hourly employees represented by organized labor unions | 38.00% | |
Percentage Of Coal Production Generated By Hourly Employees Represented By Organized Labor Unions | 20.00% | |
Number of US Mines Represented by Unions | 1 | |
Successor | United Mine Workers of America [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of hourly employees represented by organized labor unions | 7.00% | |
Percentage Of Coal Production Generated By Hourly Employees | 4.00% | |
Successor | North Wambo UG Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 20.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 19.00% | |
Successor | North Goonyella UG Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 7.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 11.00% | |
Successor | Metropolitan Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 12.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 3.00% | |
Successor | Coppabella/Moorvale Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 16.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 9.00% | |
Successor | Millenium Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 15.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 10.00% | |
Successor | Wilpinjong Employees [Member] | ||
Concentration Risk [Line Items] | ||
Percentage Of Australian Hourly Employees Under Contract Negotiations | 21.00% | |
Percentage Of Coal Production Generated By Australian Hourly Employees Under Contract Negotiation | 42.00% |
Financial Instruments and Ot140
Financial Instruments and Other Guarantees Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 03, 2017 | |
Guarantee Obligations [Line Items] | ||||||||
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | $ 1,136.8 | $ 374.3 | ||||||
U.S. Mining | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Asset retirement obligations | 457.9 | |||||||
Reclamation Bonding Surety Bond | U.S. Mining | Surety Bond | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Long-term debt | 1,075.2 | |||||||
Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Cash collateral required | 0 | |||||||
Successor | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Asset retirement obligations | $ 664.2 | 691.1 | ||||||
Cash collateral in support of reclamation obligations or activities | 205.2 | |||||||
Interest expense | $ 42.5 | $ 41.4 | 119.7 | |||||
Successor | Obligations [Member] | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Restricted cash collateral | 323.1 | |||||||
Successor | U.S. Mining | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Letters of credit outstanding, amount | 174 | |||||||
Successor | Australian Mining | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Asset retirement obligations | 233.2 | |||||||
Cash collateral in support of reclamation obligations or activities | 205.2 | |||||||
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | 61.6 | |||||||
Letters of credit outstanding, amount | 14.5 | |||||||
Successor | Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Long-term debt | 0 | |||||||
Exit facility, maximum borrowing capacity | $ 250 | |||||||
Letters of credit outstanding, amount | 169.5 | |||||||
Interest expense | 5.3 | |||||||
Successor | Obligations [Member] | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Restricted cash collateral | $ 40.1 | |||||||
Predecessor | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Asset retirement obligations | 664.2 | 758.8 | $ 712.1 | |||||
Cash collateral in support of reclamation obligations or activities | 233.2 | |||||||
Interest expense | 32.9 | $ 126.2 | 298.6 | 465.4 | ||||
Predecessor | Obligations [Member] | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Restricted cash collateral | 529.3 | |||||||
Predecessor | Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Interest expense | $ 2 | 8.2 | $ 1.8 | |||||
Predecessor | Secured Debt | Former Securitization Facility | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Cash collateral required | 40.5 | |||||||
Predecessor | Obligations [Member] | ||||||||
Guarantee Obligations [Line Items] | ||||||||
Restricted cash collateral | $ 13.8 |
Commitments and Contingencie141
Commitments and Contingencies (Details) AUD in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | 336 Months Ended | ||||||
Apr. 01, 2017USD ($) | Dec. 31, 2017AUD | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2042 | Dec. 31, 2017USD ($) | Mar. 16, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016AUD | |
Long-term Purchase Commitment [Line Items] | ||||||||||
Annual payments on coal reserves 2013 to 2016 | $ 247.9 | $ 247.9 | ||||||||
Annual Coal Reserve Payments Pursuant To Belle Ayr North Lease | 42.1 | $ 42.1 | $ 42.1 | |||||||
Annual Coal Reserve Payments Pursuant To Caballo West Lease | 28.6 | 28.6 | 28.6 | |||||||
Annual true up payments for the excess of the $1.10 bid price versus $0.95 under the transferred lease | $ 3.9 | $ 3.9 | $ 3.9 | |||||||
Predecessor | Berenergy [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Litigation Settlement Damages Awarded to Plaintiff | $ 0.9 | |||||||||
Loss Contingency Accrual | $ 13.1 | |||||||||
Predecessor | Wilkie Creek [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Settlement charges total | $ 9.9 | AUD 13 | ||||||||
Predecessor | Debtors vs. Blue Tee [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Bankruptcy Claims, Amount of Tax Refunds to be Foregone to Settle Claims | $ 11 | |||||||||
Bankruptcy Claims, Amount to be Transferred to Settle Claims | 12 | |||||||||
Bankruptcy Claims, Amount to be Paid to Settle Claims | $ 20 | |||||||||
Successor | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Take-or-pay obligations | 1,336.5 | |||||||||
Take-or-pay Obligations Due In One Year | 182.2 | |||||||||
Successor | Capital Additions [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Purchase commitments for capital expenditures | 159 | |||||||||
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 41.9 | |||||||||
Successor | Monto Coal Pty Limited [Member] | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Loss Contingency, Damages Sought, Value | AUD | AUD 15.6 | |||||||||
LossContingencyDamagesSoughtValueMax | AUD | AUD 1,800 | |||||||||
Ownership Percentage In Subsidiaries | 51.00% | |||||||||
Scenario, Forecast | ||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||
Take-or-pay Arrangement Terms Years (Maximum) | 25 |
Summary Quarterly Financial 142
Summary Quarterly Financial Information Summary of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Successor | ||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 1,517.1 | $ 1,477.2 | $ 1,258.3 | $ 4,252.6 | ||||||||||||||||||
Operating income (loss) | 338.2 | 202.9 | 146 | 687.1 | ||||||||||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | 378 | 233.7 | 101.4 | 713.1 | ||||||||||||||||||
Net income (loss), including portion attributable to noncontrolling interest | 364.6 | 230 | 98.7 | 693.3 | ||||||||||||||||||
Net Income (Loss) Attributable to Parent | $ 317.4 | $ 201.4 | $ (20.2) | $ 498.6 | ||||||||||||||||||
Income (loss) from continuing operations, per basic share | $ 2.50 | [1] | $ 1.51 | [1] | $ (0.18) | [1] | $ 3.85 | |||||||||||||||
Income (loss) from continuing operations, per diluted share | $ 2.47 | [1] | $ 1.49 | [1] | $ (0.18) | [1] | $ 3.81 | |||||||||||||||
Weighted average shares outstanding, basic | 104.8 | 101.6 | 96.8 | 101.1 | ||||||||||||||||||
Weighted average shares outstanding, diluted | 106.5 | 103.1 | 96.8 | 33.5 | ||||||||||||||||||
Predecessor | ||||||||||||||||||||||
Quarterly Financial Information [Line Items] | ||||||||||||||||||||||
Revenues | $ 0 | $ 1,326.2 | $ 1,326.2 | $ 1,440.8 | $ 1,207.1 | $ 1,040.2 | $ 1,027.2 | $ 4,715.3 | $ 5,609.2 | |||||||||||||
Operating income (loss) | 0 | 198.1 | 198.1 | (44.9) | (21.6) | (107.7) | (102.7) | (276.9) | (1,464.8) | |||||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | (319.8) | (195.5) | 124.3 | (175.2) | (97.7) | (223.2) | (167.7) | (663.8) | (1,783.2) | |||||||||||||
Net income (loss), including portion attributable to noncontrolling interest | (331.9) | (211.7) | 120.2 | (188.3) | (135.8) | (226.2) | (171.1) | (721.4) | (1,958.2) | |||||||||||||
Net Income (Loss) Attributable to Parent | $ (331.9) | $ (216.5) | $ 115.4 | $ (192.7) | $ (137.6) | $ (227.9) | $ (171.1) | $ (729.3) | $ (1,965.3) | |||||||||||||
Income (loss) from continuing operations, per basic share | $ (17.44) | [1] | $ (10.93) | $ 6.46 | [1] | $ (9.82) | [2] | $ (5.44) | [2] | $ (12.30) | [2] | $ (9.17) | [2] | $ (36.72) | $ (98.65) | |||||||
Income (loss) from continuing operations, per diluted share | $ (17.44) | [1] | $ (10.93) | $ 6.44 | [1] | $ (36.72) | $ (98.65) | |||||||||||||||
Weighted average shares outstanding, basic | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.1 | |||||||||||||
Weighted average shares outstanding, diluted | 18.3 | 18.4 | ||||||||||||||||||||
[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 |
Summary Quarterly Financial 143
Summary Quarterly Financial Information Summary of Quarterly Financial Information Textuals (Details) - USD ($) $ in Millions | Nov. 28, 2017 | Nov. 27, 2017 | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | $ 0 | $ 0 | $ 0 | ||||||||||||
Payments of Debt Restructuring Costs | $ 10.3 | $ 26.4 | |||||||||||||
Asset impairment | 30.5 | $ 30.5 | $ 230.7 | 17.2 | 247.9 | 1,277.8 | |||||||||
Gain (Loss) on Disposition of Assets | 22.8 | 13.7 | 23.2 | 45 | |||||||||||
(Income) loss from equity affiliates | (15) | (15) | (28.8) | (16.2) | 15.9 | ||||||||||
Interest Expense | 32.9 | $ 126.2 | 298.6 | 465.4 | |||||||||||
Reorganization Items | $ 585.8 | 627.2 | $ 41.4 | 33.9 | $ 29.7 | 95.4 | 159 | 0 | |||||||
Loss on early debt extinguishment | 0 | 29.5 | (29.5) | (67.8) | |||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | (16.2) | $ 13.1 | $ 38.1 | (57.6) | (175) | ||||||||||
Predecessor | Nonstrategic Australian mining tenement [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Disposition of Assets | 2.8 | ||||||||||||||
Predecessor | Prarie State Energy Campus [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Disposition of Assets | $ 6.2 | ||||||||||||||
Predecessor | Burton Mine [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Sale of Properties | 0 | 0 | 0 | ||||||||||||
Predecessor | Springfield Reclamation Liability [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Sale of Properties | $ 0 | $ 0 | $ 0 | ||||||||||||
Successor | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | $ 45.2 | $ (45.2) | |||||||||||||
Payments of Debt Restructuring Costs | 6.6 | ||||||||||||||
Asset impairment | 0 | ||||||||||||||
Gain (Loss) on Disposition of Assets | 83.1 | 84 | |||||||||||||
(Income) loss from equity affiliates | (22.8) | $ (10.5) | $ (15.7) | (49) | |||||||||||
Interest Expense | 42.5 | $ 41.4 | 119.7 | ||||||||||||
Reorganization Items | 0 | ||||||||||||||
Loss on early debt extinguishment | 8 | $ 12.9 | (20.9) | ||||||||||||
Income (Loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | (19.8) | ||||||||||||||
Successor | Burton Mine [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Disposition of Assets | $ 52.2 | ||||||||||||||
Gain (Loss) on Sale of Properties | 52.2 | (52.2) | |||||||||||||
Successor | Springfield Reclamation Liability [Member] | |||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||
Gain (Loss) on Disposition of Assets | $ 31.2 | ||||||||||||||
Gain (Loss) on Sale of Properties | $ 31.2 | $ (31.2) |
Segment and Geographic Infor144
Segment and Geographic Information Segment Results (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | $ 0 | $ 1,326.2 | $ 1,326.2 | $ 1,440.8 | $ 1,207.1 | $ 1,040.2 | $ 1,027.2 | $ 4,715.3 | $ 5,609.2 | ||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 341.3 | 532 | 432.4 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 32.8 | 126.6 | 126.8 | ||||||||||
Federal coal lease expenditures | 0.5 | 249 | 277.2 | ||||||||||
(Income) loss from equity affiliates | (15) | $ (15) | $ (28.8) | (16.2) | 15.9 | ||||||||
Predecessor | Powder River Basin Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 394.3 | 1,473.3 | 1,865.9 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 91.7 | 379.9 | 482.9 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 19.3 | 33 | 15 | ||||||||||
Federal coal lease expenditures | 0 | 248.4 | 276.9 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Midwestern U.S. Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 193.2 | 792.5 | 981.2 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 50 | 217.3 | 269.7 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 2.8 | 18.7 | 51.3 | ||||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Western U.S. Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 149.7 | 526 | 682.3 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 50 | 101.6 | 184.6 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 3.1 | 20.8 | 19.3 | ||||||||||
Federal coal lease expenditures | 0.5 | 0.6 | 0.3 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Australian Metallurgical Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 328.9 | 1,090.4 | 1,181.9 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 109.6 | (16.3) | (18.2) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 5.2 | 29.9 | 25.5 | ||||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Australian Thermal Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 224.8 | 824.9 | 823.5 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 75.6 | 217.6 | 193.6 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 2.3 | 22.1 | 13.6 | ||||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Trading and Brokerage | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 15 | 28.9 | 40.6 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 8.8 | (32.4) | 24.8 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||||
(Income) loss from equity affiliates | 0 | 0 | 0 | ||||||||||
Predecessor | Corporate and Other | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 20.3 | (20.7) | 33.8 | ||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | (44.4) | (335.7) | (705) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 0.1 | 2.1 | 2.1 | ||||||||||
Federal coal lease expenditures | 0 | 0 | 0 | ||||||||||
(Income) loss from equity affiliates | $ (15) | $ (16.2) | $ 15.9 | ||||||||||
Successor | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | $ 1,517.1 | $ 1,477.2 | $ 1,258.3 | $ 4,252.6 | |||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 1,145.3 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 166.6 | ||||||||||||
Federal coal lease expenditures | 0 | ||||||||||||
(Income) loss from equity affiliates | $ (22.8) | $ (10.5) | $ (15.7) | (49) | |||||||||
Successor | Powder River Basin Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,178.7 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 278.8 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 32.6 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Midwestern U.S. Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 592.3 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 124.4 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 21.7 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Western U.S. Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 440.7 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 131.8 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 13.8 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Australian Metallurgical Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,221 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 414.9 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 56 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Australian Thermal Mining [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 772.5 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 306.6 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 39.2 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Trading and Brokerage | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 33.6 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | (6.9) | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | ||||||||||||
(Income) loss from equity affiliates | 0 | ||||||||||||
Successor | Corporate and Other | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 13.8 | ||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | (104.3) | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 3.3 | ||||||||||||
(Income) loss from equity affiliates | $ (49) |
Segment and Geographic Infor145
Segment and Geographic Information Reconciliation of Assets by Segment to Consolidated Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 11,777.7 | $ 10,946.9 | |
Property, Plant and Equipment, Net | 8,776.7 | 9,258.5 | |
Predecessor | U.S. Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 4,255.9 | 4,105.8 | |
Property, Plant and Equipment, Net | 3,970.6 | 3,854.5 | |
Predecessor | Australian Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 5,402.2 | 5,319.9 | |
Property, Plant and Equipment, Net | 3,905.8 | 4,469.6 | |
Predecessor | Trading and Brokerage | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 128.7 | 217.2 | |
Property, Plant and Equipment, Net | 0.2 | 0.5 | |
Predecessor | Corporate and Other | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,990.9 | 1,304 | |
Property, Plant and Equipment, Net | $ 900.1 | $ 933.9 | |
Successor | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 8,181.2 | ||
Property, Plant and Equipment, Net | 5,111.9 | ||
Successor | U.S. Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 3,848.6 | ||
Property, Plant and Equipment, Net | 3,361 | ||
Successor | Australian Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 2,656.3 | ||
Property, Plant and Equipment, Net | 1,501.7 | ||
Successor | Trading and Brokerage | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 99.1 | ||
Property, Plant and Equipment, Net | 0.5 | ||
Successor | Corporate and Other | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,577.2 | ||
Property, Plant and Equipment, Net | $ 248.7 |
Segment and Geographic Infor146
Segment and Geographic Information Reconciliation of Consolidated Income (Loss), Net of Income Taxes to Adjusted EBITDA (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Apr. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | $ (319.8) | $ (195.5) | $ 124.3 | $ (175.2) | $ (97.7) | $ (223.2) | $ (167.7) | $ (663.8) | $ (1,783.2) | |||||
Depreciation, depletion and amortization | 119.9 | 465.4 | 572.2 | |||||||||||
Asset Retirement Obligation, Accretion Expense | 14.6 | 41.8 | 45.5 | |||||||||||
Selling and Administrative expenses related to debt restructuring | 0 | 21.5 | 0 | |||||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | 0 | 0 | 0 | |||||||||||
Restructuring Costs and Asset Impairment Charges | 30.5 | 30.5 | 230.7 | $ 17.2 | 247.9 | 1,277.8 | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (5.2) | (7.5) | 3.9 | |||||||||||
Interest Income (Expense), Net | 32.9 | 298.6 | 465.4 | |||||||||||
Loss on early debt extinguishment | 0 | (29.5) | 29.5 | 67.8 | ||||||||||
Interest income | (2.7) | (5.7) | (7.7) | |||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Unrealized Gain (Loss), Net | 16.6 | (39.8) | 2.2 | |||||||||||
Fresh-Start Adjustment, Revaluation of Inventory | 0 | 0 | 0 | |||||||||||
Fresh Start Adjustment, Fair Value Adjustment | 0 | 0 | 0 | |||||||||||
Reorganization Items | $ 585.8 | 627.2 | $ 41.4 | $ 33.9 | $ 29.7 | $ 95.4 | 159 | 0 | ||||||
Income Tax (Benefit) Expense | (263.8) | (94.5) | (207.1) | |||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 341.3 | 532 | 432.4 | |||||||||||
Break Fees On Terminated Asset Sales | 0 | 0 | 0 | |||||||||||
Gain (Loss) on Sale of Commodity Contracts | 0 | 0 | 0 | |||||||||||
Successor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Income (loss) from continuing operations, net of tax, including portion attributable to noncontrolling interest | $ 378 | $ 233.7 | $ 101.4 | $ 713.1 | ||||||||||
Depreciation, depletion and amortization | 521.6 | |||||||||||||
Asset Retirement Obligation, Accretion Expense | 41.2 | |||||||||||||
Selling and Administrative expenses related to debt restructuring | 0 | |||||||||||||
Mark-to-Market Adjustment on Pension and Postretirement Plans, Net | 45.2 | (45.2) | ||||||||||||
Restructuring Costs and Asset Impairment Charges | 0 | |||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (17.3) | $ (2,400) | ||||||||||||
Interest Income (Expense), Net | 119.7 | |||||||||||||
Loss on early debt extinguishment | (8) | $ (12.9) | 20.9 | |||||||||||
Interest income | (5.6) | |||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Unrealized Gain (Loss), Net | (23) | |||||||||||||
Fresh-Start Adjustment, Revaluation of Inventory | 67.3 | |||||||||||||
Fresh Start Adjustment, Fair Value Adjustment | (22.5) | |||||||||||||
Reorganization Items | 0 | |||||||||||||
Income Tax (Benefit) Expense | (161) | |||||||||||||
Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization | 1,145.3 | |||||||||||||
Break Fees On Terminated Asset Sales | 28 | |||||||||||||
Gain (Loss) on Sale of Commodity Contracts | (1.5) | |||||||||||||
Springfield Reclamation Liability [Member] | Predecessor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Gain (Loss) on Sale of Properties | 0 | 0 | 0 | |||||||||||
Springfield Reclamation Liability [Member] | Successor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Gain (Loss) on Sale of Properties | 31.2 | (31.2) | ||||||||||||
Burton Mine [Member] | Predecessor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Gain (Loss) on Sale of Properties | $ 0 | $ 0 | $ 0 | |||||||||||
Burton Mine [Member] | Successor | ||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||||||
Gain (Loss) on Sale of Properties | $ 52.2 | $ (52.2) |
Segment and Geographic Infor147
Segment and Geographic Information Revenues as a Percent of Total Revenues by Geographic Region (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 100.00% | 100.00% | 100.00% | |
Predecessor | UNITED STATES | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 55.20% | 54.70% | 57.40% | |
Predecessor | JAPAN | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 11.40% | 6.90% | 8.10% | |
Predecessor | TAIWAN | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 5.70% | 4.60% | 3.50% | |
Predecessor | CHINA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 5.60% | 5.40% | 7.10% | |
Predecessor | INDIA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 2.70% | 3.00% | 4.00% | |
Predecessor | AUSTRALIA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 4.20% | 4.20% | 3.00% | |
Predecessor | SOUTH KOREA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 0.50% | 1.50% | 4.10% | |
Predecessor | Other Segments | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 14.70% | 19.70% | 12.80% | |
Successor | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 100.00% | |||
Successor | UNITED STATES | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 48.90% | |||
Successor | JAPAN | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 11.70% | |||
Successor | TAIWAN | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 8.70% | |||
Successor | CHINA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 7.50% | |||
Successor | INDIA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 6.70% | |||
Successor | AUSTRALIA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 5.30% | |||
Successor | SOUTH KOREA | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 1.10% | |||
Successor | Other Segments | ||||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | ||||
Segment Reporting, Revenue Percentage | 10.10% |
Valuation and Qualifying Acc148
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Advance royalty recoupment reserve [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Other Accounts | $ (7.4) | [1] | $ 0 | $ 0 | |||||
Reserve for materials and supplies [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Other Accounts | (6.1) | [1] | 0 | 0 | |||||
Allowance for Doubtful Accounts [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Other Accounts | (12.8) | [1] | 0 | 0 | |||||
Valuation Allowance of Deferred Tax Assets [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Other Accounts | 28.1 | [1] | 0 | 0 | |||||
Predecessor | Advance royalty recoupment reserve [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | 0 | 0.5 | 0 | ||||||
Deductions | (0.4) | [2] | (1) | [3] | (0.9) | [3] | |||
Other | 0 | 0 | 1.6 | [4] | |||||
Valuation Allowances and Reserves, Balance | 0 | 7.8 | 8.3 | $ 7.6 | |||||
Predecessor | Reserve for materials and supplies [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | 0.5 | 4.3 | 0.4 | ||||||
Deductions | [2] | 0 | (3.4) | (0.3) | |||||
Other | 0 | 0 | 0 | ||||||
Valuation Allowances and Reserves, Balance | 0 | 5.6 | 4.7 | 4.6 | |||||
Predecessor | Allowance for Doubtful Accounts [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | 0 | 7.9 | 8 | ||||||
Deductions | [2] | (0.3) | (1.4) | (7.2) | |||||
Other | 0 | 0 | 0 | ||||||
Valuation Allowances and Reserves, Balance | 0 | 13.1 | 6.6 | 5.8 | |||||
Predecessor | Valuation Allowance of Deferred Tax Assets [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | (777.2) | 2,453.9 | 452.9 | ||||||
Deductions | [2] | 0 | 0 | 0 | |||||
Other | 0 | (30.5) | [5] | (205.3) | [5] | ||||
Valuation Allowances and Reserves, Balance | 3,288.4 | $ 4,037.5 | $ 1,614.1 | $ 1,366.5 | |||||
Successor | Advance royalty recoupment reserve [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | $ 0 | ||||||||
Charges to Other Accounts | 0 | ||||||||
Deductions | [2] | 0 | |||||||
Other | 0 | ||||||||
Valuation Allowances and Reserves, Balance | 0 | 0 | |||||||
Successor | Reserve for materials and supplies [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | 1 | ||||||||
Charges to Other Accounts | 0 | ||||||||
Deductions | [2] | (0.4) | |||||||
Other | 0 | ||||||||
Valuation Allowances and Reserves, Balance | 0 | 0.6 | |||||||
Successor | Allowance for Doubtful Accounts [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | 4.6 | ||||||||
Charges to Other Accounts | 0 | ||||||||
Deductions | [2] | 0 | |||||||
Other | 0 | ||||||||
Valuation Allowances and Reserves, Balance | 0 | 4.6 | |||||||
Successor | Valuation Allowance of Deferred Tax Assets [Member] | |||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||
Charges to Cost and Expense | (744.9) | ||||||||
Charges to Other Accounts | 0 | ||||||||
Deductions | [2] | 0 | |||||||
Other | [6] | (111) | |||||||
Valuation Allowances and Reserves, Balance | $ 3,288.4 | $ 2,432.5 | |||||||
[1] | Fresh start reporting adjustments. | ||||||||
[2] | Reserves utilized, unless otherwise indicated. | ||||||||
[3] | Deductions to advance royalty recoupment reserve represents the termination of federal and state leases. | ||||||||
[4] | Balances transferred from other accounts. | ||||||||
[5] | Includes the impact of the decrease in Australian dollar exchange rates. | ||||||||
[6] | Release of valuation allowance primarily related to carrybacks of U.S. net operating losses. |