Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PEABODY ENERGY CORP | |
Entity Central Index Key | 1,064,728 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 121.7 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Other operating (income) loss: | |||||
Loss on early debt extinguishment | $ 0 | ||||
Successor | |||||
Revenues | |||||
Sales | $ 1,137.3 | $ 1,059.6 | $ 2,406.4 | ||
Other revenues | 172.1 | 198.7 | 365.7 | ||
Total revenues | 1,309.4 | 1,258.3 | 2,772.1 | ||
Costs and expenses | |||||
Operating costs and expenses (exclusive of items shown separately below) | 946.5 | 927.9 | 2,003.7 | ||
Depreciation, depletion and amortization | 163.9 | 148.3 | 333.5 | ||
Asset retirement obligation expenses | 13.2 | 11 | 25.5 | ||
Selling and administrative expenses | 44.1 | 34.7 | 81.1 | ||
Other operating (income) loss: | |||||
Net loss (gain) on disposals | 1.6 | (0.5) | (29) | ||
Asset impairment | 0 | 0 | 0 | ||
Income from equity affiliates | (25.2) | (15.7) | (47.2) | ||
Operating profit | 165.3 | 152.6 | 404.5 | ||
Interest expense | (38.3) | (41.4) | (74.6) | ||
Loss on early debt extinguishment | 2 | 0 | 2 | ||
Interest income | (7) | (1.5) | (14.2) | ||
Net periodic benefit costs, excluding service cost | 4.6 | 6.6 | 9.1 | ||
Reorganization items, net | 0 | 0 | (12.8) | ||
Income (loss) from continuing operations before income taxes | 127.4 | 106.1 | 345.8 | ||
Income tax provision (benefit) | 7.4 | 4.7 | 17.5 | ||
Income (loss) from continuing operations, net of income taxes | 120 | 101.4 | 328.3 | ||
Loss from discontinued operations, net of income taxes | (3.6) | (2.7) | (4.9) | ||
Net income (loss) | 116.4 | 98.7 | 323.4 | ||
Less: Series A Convertible Preferred Stock dividends | 0 | 115.1 | 102.5 | ||
Less: Net income attributable to noncontrolling interests | 2.7 | 3.8 | 0.6 | ||
Net income (loss) attributable to common stockholders | $ 113.7 | $ (20.2) | $ 220.3 | ||
Income (loss) from continuing operations: | |||||
Basic income per share (in dollars per share) | $ 0.94 | $ (0.18) | $ 1.78 | ||
Diluted income per share (in dollars per share) | 0.93 | (0.18) | 1.76 | ||
Net income (loss) attributable to common stockholders: | |||||
Basic income per share (in dollars per share) | 0.91 | (0.21) | 1.74 | ||
Diluted income per share (in dollars per share) | 0.90 | (0.21) | 1.72 | ||
Dividends declared per share (in dollars per share) | $ 0.115 | $ 0 | $ 0.230 | ||
Predecessor | |||||
Revenues | |||||
Sales | 0 | $ 1,081.4 | |||
Other revenues | 0 | 244.8 | |||
Total revenues | 0 | 1,326.2 | |||
Costs and expenses | |||||
Operating costs and expenses (exclusive of items shown separately below) | 0 | 950.2 | |||
Depreciation, depletion and amortization | 0 | 119.9 | |||
Asset retirement obligation expenses | 0 | 14.6 | |||
Selling and administrative expenses | 0 | 36.3 | |||
Other operating (income) loss: | |||||
Net loss (gain) on disposals | 0 | (22.8) | |||
Asset impairment | 0 | 30.5 | |||
Income from equity affiliates | 0 | (15) | |||
Operating profit | 0 | 212.5 | |||
Interest expense | 0 | (32.9) | |||
Loss on early debt extinguishment | 0 | 0 | |||
Interest income | 0 | (2.7) | |||
Net periodic benefit costs, excluding service cost | 0 | 14.4 | |||
Reorganization items, net | 585.8 | 627.2 | |||
Income (loss) from continuing operations before income taxes | (585.8) | (459.3) | |||
Income tax provision (benefit) | (266) | (263.8) | |||
Income (loss) from continuing operations, net of income taxes | (319.8) | (195.5) | |||
Loss from discontinued operations, net of income taxes | (12.1) | (16.2) | |||
Net income (loss) | (331.9) | (211.7) | |||
Less: Series A Convertible Preferred Stock dividends | 0 | 0 | |||
Less: Net income attributable to noncontrolling interests | 0 | 4.8 | |||
Net income (loss) attributable to common stockholders | $ (331.9) | $ (216.5) | |||
Income (loss) from continuing operations: | |||||
Basic income per share (in dollars per share) | $ (17.44) | $ (10.93) | |||
Diluted income per share (in dollars per share) | (17.44) | (10.93) | |||
Net income (loss) attributable to common stockholders: | |||||
Basic income per share (in dollars per share) | (18.10) | (11.81) | |||
Diluted income per share (in dollars per share) | (18.10) | (11.81) | |||
Dividends declared per share (in dollars per share) | $ 0 | $ 0 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
Net income (loss) | $ 116.4 | $ 98.7 | $ 323.4 | ||
Reclassification for realized losses on cash flow hedges (net of respective net tax provision of $0.0, $0.0, $0.0, $0.0, $0.0 and $9.1) included in net income | 0 | 0 | 0 | ||
Postretirement plans and workers’ compensation obligations (net of respective net tax provision of $0.0, $0.0, $0.0, $0.0, $0.0 and $2.5) | 0 | 0 | |||
Foreign currency translation adjustment | (2.2) | 0.5 | (3) | ||
Other comprehensive (loss) income, net of income taxes | (2.2) | 0.5 | (3) | ||
Comprehensive income (loss) | 114.2 | 99.2 | 320.4 | ||
Less: Series A Convertible Preferred Stock dividends | 0 | 115.1 | 102.5 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 2.7 | 3.8 | 0.6 | ||
Comprehensive income (loss) attributable to common stockholders | $ 111.5 | $ (19.7) | $ 217.3 | ||
Predecessor | |||||
Net income (loss) | $ (331.9) | $ (211.7) | |||
Reclassification for realized losses on cash flow hedges (net of respective net tax provision of $0.0, $0.0, $0.0, $0.0, $0.0 and $9.1) included in net income | 0 | 18.6 | |||
Postretirement plans and workers’ compensation obligations (net of respective net tax provision of $0.0, $0.0, $0.0, $0.0, $0.0 and $2.5) | 0 | 4.4 | |||
Foreign currency translation adjustment | 0 | 5.5 | |||
Other comprehensive (loss) income, net of income taxes | 0 | 28.5 | |||
Comprehensive income (loss) | (331.9) | (183.2) | |||
Less: Series A Convertible Preferred Stock dividends | 0 | 0 | |||
Less: Net income attributable to noncontrolling interests | 0 | 4.8 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 4.8 | |||
Comprehensive income (loss) attributable to common stockholders | $ (331.9) | $ (188) |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
Reclassification for realized losses on cash flow hedges included in net income (loss), tax provision | $ 0 | $ 0 | $ 0 | ||
Postretirement plans and workers' compensation obligations, tax provision | $ 0 | $ 0 | $ 0 | ||
Predecessor | |||||
Reclassification for realized losses on cash flow hedges included in net income (loss), tax provision | $ 0 | $ 9.1 | |||
Postretirement plans and workers' compensation obligations, tax provision | $ 0 | $ 2.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,451.7 | $ 1,012.1 |
Restricted cash | 0 | 40.1 |
Accounts receivable, net of allowance for doubtful accounts of $4.8 at June 30, 2018 and $4.6 at December 31, 2017 | 503 | 552.1 |
Inventories | 290.5 | 291.3 |
Other current assets | 223.2 | 294.4 |
Total current assets | 2,468.4 | 2,190 |
Property, plant, equipment and mine development, net | 4,945.7 | 5,111.9 |
Collateral arrangements | 0 | 323.1 |
Investments and other assets | 296.1 | 470.6 |
Deferred tax assets, noncurrent | 85.5 | 85.6 |
Total assets | 7,795.7 | 8,181.2 |
Current liabilities | ||
Current portion of long-term debt | 45 | 42.1 |
Accounts payable and accrued expenses | 1,038.9 | 1,202.8 |
Total current liabilities | 1,083.9 | 1,244.9 |
Long-term debt, less current portion | 1,358 | 1,418.7 |
Deferred income taxes | 5.1 | 5.4 |
Asset retirement obligations | 672.6 | 657 |
Accrued postretirement benefit costs | 726.8 | 730 |
Other noncurrent liabilities | 404 | 469.4 |
Total liabilities | 4,250.4 | 4,525.4 |
Stockholders’ equity | ||
Peabody Energy Corporation stockholders’ equity | 3,501.9 | 3,606.4 |
Noncontrolling interests | 43.4 | 49.4 |
Total stockholders’ equity | 3,545.3 | 3,655.8 |
Total liabilities and stockholders’ equity | 7,795.7 | 8,181.2 |
Preferred Stock | ||
Stockholders’ equity | ||
Total stockholders’ equity | 0 | 576 |
Common Stock | ||
Stockholders’ equity | ||
Total stockholders’ equity | 1.4 | 1 |
Additional Paid-in Capital | ||
Stockholders’ equity | ||
Additional paid-in capital | 3,285.7 | 2,590.3 |
Total stockholders’ equity | 3,285.7 | 2,590.3 |
Treasury Stock | ||
Stockholders’ equity | ||
Treasury stock, at cost | (564.9) | (175.9) |
Total stockholders’ equity | (564.9) | (175.9) |
Retained earnings | ||
Stockholders’ equity | ||
Retained earnings | 781.3 | 613.6 |
Total stockholders’ equity | 781.3 | 613.6 |
Accumulated Other Comprehensive Income (Loss) | ||
Stockholders’ equity | ||
Accumulated other comprehensive (loss) income | (1.6) | 1.4 |
Total stockholders’ equity | (1.6) | 1.4 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Preferred stock | 0 | 576 |
Preferred Stock | ||
Stockholders’ equity | ||
Preferred stock | 0 | 0 |
Series Common Stock | ||
Stockholders’ equity | ||
Common Stock | 0 | 0 |
Common Stock | Common Stock | ||
Stockholders’ equity | ||
Common Stock | $ 1.4 | $ 1 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - Successor - USD ($) shares in Millions, $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Allowance for doubtful accounts | $ 4.8 | $ 4.6 |
Stockholders' equity | ||
Treasury stock, shares (in shares) | 15.4 | 5.8 |
Convertible Preferred Stock | ||
Stockholders' equity | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 0 | 50 |
Preferred stock, shares issued (in shares) | 0 | 30 |
Preferred stock, shares outstanding (in shares) | 0 | 13.5 |
Preferred Stock | ||
Stockholders' equity | ||
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100 | 50 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series Common Stock | ||
Stockholders' equity | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50 | 50 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Common Stock | ||
Stockholders' equity | ||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 450 | 450 |
Common stock, shares issued (in shares) | 137.7 | 111.8 |
Common stock, shares outstanding (in shares) | 122.3 | 105.2 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | ||
Successor | ||||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ 98.7 | $ 323.4 | ||
Loss from discontinued operations, net of income taxes | 2.7 | 4.9 | ||
Income (loss) from continuing operations, net of income taxes | 101.4 | 328.3 | ||
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 | 148.3 | 333.5 | ||
Noncash coal inventory revaluation | 67.3 | 0 | ||
Noncash interest expense, net | 4.2 | 8.1 | ||
Deferred income taxes | (1.6) | 0.5 | ||
Noncash share-based compensation | 7 | 16.5 | ||
Asset impairment | 0 | 0 | ||
Net loss (gain) on disposals | (0.5) | (29) | ||
Income from equity affiliates | (15.7) | (47.2) | ||
Foreign currency option contracts | (9.3) | 6.4 | ||
Reclassification from other comprehensive earnings for terminated hedge contracts | 0 | 0 | ||
Noncash reorganization items, net | 0 | (12.8) | ||
Changes in current assets and liabilities: | ||||
Accounts receivable | (84.4) | 104.4 | ||
Inventories | (60) | 0.9 | ||
Other current assets | (17.1) | (38.2) | ||
Accounts payable and accrued expenses | (118.5) | (40.1) | ||
Collateral arrangements | 49.7 | 323.1 | ||
Asset retirement obligations | 4.6 | 9.2 | ||
Workers’ compensation obligations | (1.2) | (0.6) | ||
Postretirement benefit obligations | (0.7) | (3.1) | ||
Pension obligations | (2.1) | (46.6) | ||
(Payments for) proceeds from other operating activities | (5.1) | 5.9 | ||
Net cash provided by (used in) continuing operations | 66.3 | 919.2 | ||
Net cash used in discontinued operations | (0.6) | (3.8) | ||
Net cash provided by (used in) operating activities | 65.7 | 915.4 | ||
Cash Flows From Investing Activities | ||||
Additions to property, plant, equipment and mine development | (45.9) | (125.6) | ||
Changes in accrued expenses related to capital expenditures | 1.6 | (0.9) | ||
Federal coal lease expenditures | 0 | (0.5) | ||
Proceeds from disposal of assets | 2.5 | 52.6 | ||
Contributions to joint ventures | (96.3) | (243.8) | ||
Distributions from joint ventures | 95.5 | 236.8 | ||
Advances to related parties | (0.9) | (4.6) | ||
Repayments of loans from related parties | 26.5 | 70.2 | ||
(Payments for) proceeds from other investing activities | (1.5) | (2.2) | ||
Net cash (used in) provided by investing activities | (18.5) | (18) | ||
Cash Flows From Financing Activities | ||||
Proceeds from long-term debt | 0 | 0 | ||
Repayments of long-term debt | (23.8) | (63.5) | ||
Payment of deferred financing costs | 0 | (1.4) | ||
Common stock repurchases | 0 | (374.5) | ||
Repurchases of employee common stock relinquished for tax withholding | 0 | (14.5) | ||
Dividends paid | 0 | (29.3) | ||
Distributions to noncontrolling interests | (6.4) | (6.6) | ||
(Payments for) proceeds from other financing activities | 0 | 0.1 | ||
Net cash (used in) provided by financing activities | (30.2) | (489.7) | ||
Net change in cash, cash equivalents and restricted cash | 17 | 407.7 | ||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 1,070.2 | ||
Cash, cash equivalents and restricted cash at end of period | [2] | 1,477.9 | ||
Cash and cash equivalents at beginning of period | 1,012.1 | |||
Restricted cash at beginning of period | 40.1 | |||
Restricted cash included in investments and other assets at beginning of period | 18 | |||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 1,070.2 | ||
Cash and cash equivalents at end of period | 1,451.7 | |||
Restricted cash at end of period | 0 | |||
Restricted cash included in investments and other assets at end of period | 26.2 | |||
Predecessor | ||||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ (211.7) | |||
Loss from discontinued operations, net of income taxes | 16.2 | |||
Income (loss) from continuing operations, net of income taxes | (195.5) | |||
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 | |||
Noncash coal inventory revaluation | 0 | |||
Noncash interest expense, net | 0.5 | |||
Deferred income taxes | (252.2) | |||
Noncash share-based compensation | 1.9 | |||
Asset impairment | 30.5 | |||
Net loss (gain) on disposals | (22.8) | |||
Income from equity affiliates | (15) | |||
Foreign currency option contracts | 0 | |||
Reclassification from other comprehensive earnings for terminated hedge contracts | 27.6 | |||
Noncash reorganization items, net | (485.4) | |||
Changes in current assets and liabilities: | ||||
Accounts receivable | 159.3 | |||
Inventories | (47.2) | |||
Other current assets | 0.2 | |||
Accounts payable and accrued expenses | (65.5) | |||
Collateral arrangements | (66.4) | |||
Asset retirement obligations | 10.2 | |||
Workers’ compensation obligations | (3.1) | |||
Postretirement benefit obligations | 0.8 | |||
Pension obligations | 5.4 | |||
(Payments for) proceeds from other operating activities | (8) | |||
Net cash provided by (used in) continuing operations | (804.8) | |||
Net cash used in discontinued operations | (8.2) | |||
Net cash provided by (used in) operating activities | (813) | |||
Cash Flows From Investing Activities | ||||
Additions to property, plant, equipment and mine development | (32.8) | |||
Changes in accrued expenses related to capital expenditures | (1.4) | |||
Federal coal lease expenditures | (0.5) | |||
Proceeds from disposal of assets | 24.3 | |||
Contributions to joint ventures | (95.4) | |||
Distributions from joint ventures | 90.5 | |||
Advances to related parties | (0.4) | |||
Repayments of loans from related parties | 31.1 | |||
(Payments for) proceeds from other investing activities | (0.3) | |||
Net cash (used in) provided by investing activities | 15.1 | |||
Cash Flows From Financing Activities | ||||
Proceeds from long-term debt | 1,000 | |||
Repayments of long-term debt | (2.1) | |||
Payment of deferred financing costs | (45.4) | |||
Common stock repurchases | 0 | |||
Repurchases of employee common stock relinquished for tax withholding | (0.1) | |||
Dividends paid | 0 | |||
Distributions to noncontrolling interests | (0.1) | |||
(Payments for) proceeds from other financing activities | 0 | |||
Net cash (used in) provided by financing activities | 952.3 | |||
Net change in cash, cash equivalents and restricted cash | 154.4 | |||
Cash, cash equivalents and restricted cash at beginning of period | 1,095.6 | |||
Cash, cash equivalents and restricted cash at end of period | 1,112.6 | 1,095.6 | ||
Cash and cash equivalents at beginning of period | 1,095.6 | $ 941.2 | ||
Cash, cash equivalents and restricted cash at beginning of period | $ 1,095.6 | |||
Cash and cash equivalents at end of period | $ 1,095.6 | |||
[1] | The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at beginning of period”: | |||
[2] | The following table provides a reconciliation of “Cash, cash equivalents and restricted cash at end of period”: |
Unaudited Condensed Consolidat8
Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2018 - Successor - USD ($) $ in Millions | Total | Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 3,655.8 | $ 576 | $ 1 | $ 2,590.3 | $ (175.9) | $ 613.6 | $ 1.4 | $ 49.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustments due to ASU 2014-09 | (22.5) | (22.5) | ||||||
Net income (loss) | 323.4 | 322.8 | 0.6 | |||||
Dividends declared | (29.3) | 0.8 | (30.1) | |||||
Foreign currency translation adjustment | (3) | (3) | ||||||
Series A Convertible Preferred Stock conversions | 0 | (576) | 0.4 | 678.1 | (102.5) | |||
Share-based compensation for equity-classified awards | 16.5 | 16.5 | ||||||
Common stock repurchases | (374.5) | (374.5) | ||||||
Repurchases of employee common stock relinquished for tax withholding | (14.5) | (14.5) | ||||||
Distributions to noncontrolling interests | (6.6) | (6.6) | ||||||
Ending Balance at Jun. 30, 2018 | $ 3,545.3 | $ 0 | $ 1.4 | $ 3,285.7 | $ (564.9) | $ 781.3 | $ (1.6) | $ 43.4 |
Unaudited Condensed Consolidat9
Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | Apr. 01, 2017 | Apr. 01, 2017 |
Predecessor | ||
Postretirement plans and workers' compensation obligations, tax provision | $ 0 | $ 2.5 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its consolidated subsidiaries and affiliates (along with PEC, the Company or Peabody). 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 unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation and certain prior year amounts have been reclassified for consistency with the current period presentation. As discussed below in Note 2. “Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented,” prior year amounts of net periodic benefit costs, excluding the service cost for benefits earned have been reclassified to conform with the new standard. Balance sheet information presented herein as of December 31, 2017 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2018 . Plan of Reorganization and Emergence from Chapter 11 Cases On April 13, 2016, 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 unaudited condensed consolidated statements of operations. The Company's reorganization items consisted of the following for the periods presented below: Predecessor Successor Predecessor April 1, 2017 Six Months Ended June 30, 2018 January 1 through April 1, 2017 (Dollars in millions) Gain on settlement of claims (1) (2) $ (3,031.2 ) $ (12.8 ) $ (3,031.2 ) Fresh start adjustments, net (1) 3,363.1 — 3,363.1 Fresh start income tax adjustments, net (1) 253.9 — 253.9 Professional fees (3) — — 42.5 Accounts payable settlement gains — — (0.7 ) Interest income — — (0.4 ) Reorganization items, net $ 585.8 $ (12.8 ) $ 627.2 Cash paid for "Reorganization items, net" $ 14.4 $ — $ 45.8 (1) Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for further information related to the adjustments recorded in the periods April 1, 2017 and January 1 through April 1, 2017 . (2) “Reorganization items, net” for the six months ended June 30, 2018 consisted of settlement gains related to certain unsecured claims. (3) Professional fees are only those that were directly related to the reorganization including, but not limited to, fees associated with advisors to the Debtors, the unsecured creditors' committee and certain other secured and unsecured creditors. On March 17, 2017, the Bankruptcy Court entered an order, Docket No. 2763 (the Confirmation Order), confirming the Debtors’ Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (as further modified, 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 did 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . In connection with fresh start reporting, the Company made certain prospective accounting policy elections that impact the Successor periods presented herein. The Company now classifies 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 now records 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 the applicable time periods. |
Newly Adopted Accounting Standa
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | 6 Months Ended |
Jun. 30, 2018 | |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented Newly Adopted Accounting Standards Revenue Recognition. In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606),” that requires recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The FASB has also issued several updates to ASU 2014-09. On January 1, 2018, the Company adopted ASU 2014-09 using the modified retrospective method. 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. The Company recognized the cumulative effect of initially applying ASU 2014-09 as an adjustment to the opening balance of retained earnings. Revenue previously recognized under contracts completed prior to January 1, 2018 was not impacted by adoption and comparative information has not been restated. The impact of the adoption of ASU 2014-09 is expected to be immaterial to the Company’s results of operations, financial condition and cash flows on an ongoing basis. The majority of the Company’s coal sales revenue will continue to be recognized as title and risk of loss transfer to the customer at mines and ports when coal is loaded to the transportation source, as further described in Note 3. “Revenue Recognition.” The impact of the adoption of ASU 2014-09 was limited to a long-term contract in which consideration related to the reimbursement of certain post-mining costs was recognized as costs were incurred, which differs in timing compared to the five-step model described above. The cumulative effects to the Company’s consolidated January 1, 2018 balance sheet were to reduce retained earnings for the amount of revenue that would have been deferred and to reduce long-term customer receivables, as noted in the table below: Balance at December 31, 2017 Adjustments due to ASU 2014-09 Balance at January 1, 2018 (Dollars in millions) ASSETS Investments and other assets $ 470.6 $ (22.5 ) $ 448.1 STOCKHOLDERS’ EQUITY Retained earnings 613.6 (22.5 ) 591.1 ASU 2014-09 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. Such disclosures are included in Note 3. “Revenue Recognition.” Classification of Certain Cash Receipts and Cash Payments . In August 2016, the FASB issued ASU 2016-15 to amend the classification of certain cash receipts and cash payments in the statement of cash flows to reduce diversity in practice. The Company retrospectively adopted all the provisions of this new standard in the first quarter of 2018. 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, did not have a material impact on classification of cash receipts and cash payments in the Company’s unaudited condensed consolidated statements of cash flows. Restricted Cash . In November 2016, the FASB issued ASU 2016-18, which reduces diversity in the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The Company retrospectively adopted all the provisions of this new accounting standard in the first quarter of 2018 and as a result of the new 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. The amendments also require a company to disclose information about the nature of the restrictions and amounts described as restricted cash and restricted cash equivalents. Such disclosures are included in Note 17. “Financial Instruments and Other Guarantees.” Further, as cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the Company reconciled these amounts to the total shown in the statement of cash flows in a tabular format within the Company’s unaudited condensed consolidated statements of cash flows. Compensation - Retirement Benefits . In March 2017, the FASB issued ASU 2017-07, which requires employers that sponsor defined benefit pension and other postretirement plans 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 on a retrospective basis. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The Company adopted all the provisions of this new accounting standard in the first quarter of 2018. While adoption of this guidance did impact financial statement presentation, it did not materially impact the Company’s results of operations, financial condition or cash flows. The retrospective impacts to the unaudited condensed consolidated statements of operations were as follows: Successor April 2 through June 30, 2017 Before Application of Accounting Guidance Adjustment After Application of Accounting Guidance (Dollars in millions) Results of Operations Amounts Operating costs and expenses $ 934.8 $ (6.9 ) $ 927.9 Selling and administrative expenses 34.4 0.3 34.7 Operating profit 146.0 6.6 152.6 Net periodic benefit costs, excluding service cost — 6.6 6.6 Income from continuing operations before income taxes 106.1 — 106.1 Predecessor January 1 through April 1, 2017 Before Application of Accounting Guidance Adjustment After Application of Accounting Guidance (Dollars in millions) Results of Operations Amounts Operating costs and expenses $ 963.7 $ (13.5 ) $ 950.2 Selling and administrative expenses 37.2 (0.9 ) 36.3 Operating profit 198.1 14.4 212.5 Net periodic benefit costs, excluding service cost — 14.4 14.4 Loss from continuing operations before income taxes (459.3 ) — (459.3 ) Compensation - Stock Compensation. In May 2017, the FASB issued ASU 2017-09 to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The Company prospectively applied all the provisions of this new accounting standard on January 1, 2018, and there was no material impact to the Company’s financial statements. Accounting Standards Not Yet Implemented Leases. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which 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). In July 2018, the FASB issued the new transition method and practical expedient to simplify the application of the new leasing standard. Under the new transition method, comparative periods presented in the financial statements in the period of adoption will not need to be restated. Instead, a Company would initially apply the new lease requirements at the effective date, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company would continue to report comparative periods presented in the financial statements in the period of adoption under current GAAP and provide the applicable required disclosures for such periods. The new practical expedient allows lessors to avoid separating lease and associated nonlease components within a contract if certain criteria are met. If elected, lessors will be able to aggregate nonlease components that otherwise would be accounted for under the new revenue standard with the associated lease component if the following conditions are met (1) the timing and pattern of transfer for the nonlease component and the associated lease component are the same and (2) the stand-alone lease component would be classified as an operating lease if accounted for separately. The Company intends to elect some of the available practical expedients on adoption. The Company is in the process of implementing key systems functionality and internal control processes in order to comply with the new reporting requirements of ASU 2016-02 and expects, through the recognition of significant lease assets and lease liabilities, a material impact on its consolidated balance sheets (dependent upon leases outstanding at adoption date) and related disclosures. ASU 2016-02 is not expected to have a material impact on the Company’s results of operations or its cash flows. Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13 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. Derivatives and Hedging. In August 2017, the FASB issued ASU 2017-12 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. Leases - Land Easements. In January 2018, the FASB issued ASU 2018-01 to provide an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under current leasing guidance. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of the new leases requirements in Topic 842 to assess whether they meet the definition of a lease. The amendments in this update affect the amendments in ASU 2016-02. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. 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. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenues [Text Block] | Revenue Recognition The Company accounts for revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers” (ASC 606), which the Company adopted on January 1, 2018, using the modified retrospective approach. See Note 2. “Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented” for further discussion of the adoption, including the impact on the Company’s opening balance sheet. Sales The majority of the Company’s revenue is derived from the sale of coal under long-term coal supply agreements (those with initial terms of one year or longer and which often include price reopener and/or extension provisions) and contracts with terms of less than one year, including sales made on a spot basis. 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 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 seaborne metallurgical coal contracts on a quarterly, spot or index basis and seaborne thermal coal contracts on an annual, spot or index basis. The portion of volume priced on a shorter-term basis and index linked basis has increased in recent years. In the case of periodically negotiated pricing, the Company may deliver coal under provisional pricing until a final agreed-upon price is determined. The resulting make-whole settlements are recognized when reasonably estimable. Contract pricing is set forth on a per ton basis, and revenue is generally recorded as the product of price and volume delivered. 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 7. “Coal Trading,” as well as coal sales revenues that were derived from the Company’s mining operations and sold through the Company’s coal trading business. Also included are revenues from customer contract-related payments, royalties related to coal lease agreements, sales agency commissions, farm income 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. 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. Invoices typically include customary adjustments for the resolution of price variability related to prior shipments, such as coal quality thresholds. Payments are generally received within thirty days of invoicing. “Accounts receivable, net” at June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) Trade receivables, net $ 412.7 $ 504.2 Miscellaneous receivables, net 90.3 47.9 Accounts receivable, net $ 503.0 $ 552.1 Trade receivables, net presented above have been shown net of reserves of $0.5 million and $0.3 million as of June 30, 2018 and December 31, 2017 , respectively. Miscellaneous receivables, net presented above have been shown net of reserves of $4.3 million as of both June 30, 2018 and December 31, 2017 . Included in “Operating costs and expenses” in the unaudited condensed consolidated statements of operations was a charge for doubtful trade receivables of $0.2 million and $4.5 million for the six months ended June 30, 2018 and the period April 2 through June 30, 2017 , respectively. No charges for doubtful accounts were recognized during the three months ended June 30, 2018 or the period January 1 through April 1, 2017 . The Company also records long-term customer receivables related to the reimbursement of certain post-mining costs which are included within “Investments and other assets” in the accompanying condensed consolidated balance sheets. The balance of such receivables was $47.5 million and $139.3 million as of June 30, 2018 and December 31, 2017 , respectively. The balance was adjusted in connection with the adoption of ASC 606, as described in Note 2. “Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented.” Also in connection with the adoption of ASC 606, the Company prospectively records a portion of the consideration received as “Interest income” rather than “Other revenues” in the accompanying unaudited condensed consolidated statements of operations, due to the embedded financing element within the related contract. Interest income related to these arrangements amounted to $2.1 million and $4.2 million during the three and six months ended June 30, 2018 , respectively. Disaggregation of Revenues Revenue by product type and market is set forth in the following tables. With respect to its Australian Mining segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts. Successor Three Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 321.5 $ 196.9 $ 131.1 $ — $ 38.5 $ — $ — $ 688.0 Export — 0.6 4.3 — 228.7 — — 233.6 Total thermal 321.5 197.5 135.4 — 267.2 — — 921.6 Metallurgical coal Export — — — 417.2 — — — 417.2 Total metallurgical — — — 417.2 — — — 417.2 Other — — 4.2 0.3 0.2 10.0 (44.1 ) (29.4 ) Total revenues $ 321.5 $ 197.5 $ 139.6 $ 417.5 $ 267.4 $ 10.0 $ (44.1 ) $ 1,309.4 Successor April 2 through June 30, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 361.1 $ 194.8 $ 123.8 $ — $ 28.1 $ — $ — $ 707.8 Export — — — — 210.9 — — 210.9 Total thermal 361.1 194.8 123.8 — 239.0 — — 918.7 Metallurgical coal Export — — — 287.8 — — — 287.8 Total metallurgical — — — 287.8 — — — 287.8 Other 4.3 0.1 1.6 — 0.2 5.2 40.4 51.8 Total revenues $ 365.4 $ 194.9 $ 125.4 $ 287.8 $ 239.2 $ 5.2 $ 40.4 $ 1,258.3 Successor Six Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 710.7 $ 397.8 $ 261.4 $ — $ 74.6 $ — $ — $ 1,444.5 Export — 1.3 12.3 — 393.6 — — 407.2 Total thermal 710.7 399.1 273.7 — 468.2 — — 1,851.7 Metallurgical coal Export — — — 882.5 — — — 882.5 Total metallurgical — — — 882.5 — — — 882.5 Other 0.1 0.1 9.6 1.2 0.6 30.1 (3.8 ) 37.9 Total revenues $ 710.8 $ 399.2 $ 283.3 $ 883.7 $ 468.8 $ 30.1 $ (3.8 ) $ 2,772.1 Predecessor January 1 through April 1, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 394.3 $ 193.2 $ 133.5 $ — $ 27.3 $ — $ — $ 748.3 Export — — — — 197.2 — — 197.2 Total thermal 394.3 193.2 133.5 — 224.5 — — 945.5 Metallurgical coal Export — — — 324.6 — — — 324.6 Total metallurgical — — — 324.6 — — — 324.6 Other — — 16.2 4.3 0.3 15.0 20.3 56.1 Total revenues $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 Revenue by contract duration was as follows: Successor Three Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 310.8 $ 194.1 $ 126.5 $ 255.1 $ 173.2 $ — $ — $ 1,059.7 Less than one year 10.7 3.4 8.9 162.1 94.0 — — 279.1 Other — — 4.2 0.3 0.2 10.0 (44.1 ) (29.4 ) Total revenues $ 321.5 $ 197.5 $ 139.6 $ 417.5 $ 267.4 $ 10.0 $ (44.1 ) $ 1,309.4 Successor April 2 through June 30, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 326.7 $ 187.3 $ 122.7 $ 253.4 $ 135.6 $ — $ — $ 1,025.7 Less than one year 34.4 7.5 1.1 34.4 103.4 — — 180.8 Other 4.3 0.1 1.6 — 0.2 5.2 40.4 51.8 Total revenues $ 365.4 $ 194.9 $ 125.4 $ 287.8 $ 239.2 $ 5.2 $ 40.4 $ 1,258.3 Successor Six Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 654.2 $ 381.7 $ 253.8 $ 652.6 $ 350.5 $ — $ — $ 2,292.8 Less than one year 56.5 17.4 19.9 229.9 117.7 — — 441.4 Other 0.1 0.1 9.6 1.2 0.6 30.1 (3.8 ) 37.9 Total revenues $ 710.8 $ 399.2 $ 283.3 $ 883.7 $ 468.8 $ 30.1 $ (3.8 ) $ 2,772.1 Predecessor January 1 through April 1, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 357.7 $ 193.2 $ 129.3 $ 240.6 $ 134.1 $ — $ — $ 1,054.9 Less than one year 36.6 — 4.2 84.0 90.4 — — 215.2 Other — — 16.2 4.3 0.3 15.0 20.3 56.1 Total revenues $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 (1) Corporate and Other revenue includes unrealized gains and losses related to mark-to-market activity from financial contract hedge activities intended to secure pricing related to certain coal sales contracts. During the three and six months ended June 30, 2018 , such net unrealized losses were $48.1 million and $9.5 million , respectively. During the periods April 2 through June 30, 2017 and January 1 through April 1, 2017 , such net unrealized gains were $9.4 million and $16.6 million , respectively. When such gains and losses are realized in connection with recognition of the underlying transaction, they are reclassified to realized gains and losses and are then reflected in Trading and Brokerage revenue (realized losses of $9.6 million and $29.5 million during the three and six months ended June 30, 2018 , respectively, and realized losses of $7.7 million and $11.1 million during the periods April 2 through June 30, 2017 and January 1 through April 1, 2017 , respectively). At June 30, 2018 and December 31, 2017 , the financial contracts’ fair values resulted in net liabilities of $48.4 million and $38.9 million , respectively. Assets and liabilities related to the financial contracts were deemed Level 2 according to the U.S. GAAP fair value hierarchy as the valuations are corroborated by the use of market-based pricing. Committed Revenue From Contracts With Customers The Company expects to recognize revenue subsequent to June 30, 2018 of approximately $6.3 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at June 30, 2018 . Approximately 45% of such amount is expected to be recognized over the next twelve months and the remainder thereafter. Actual revenue related to such contracts may differ materially for various reasons, including price adjustment features for coal quality and cost escalations, volume optionality provisions and potential force majeure events. This estimate of future revenue does not include any revenue related to contracts with variable prices per ton that cannot be reasonably estimated, such as the majority of Australian metallurgical and seaborne thermal coal contracts where pricing is negotiated or settled quarterly or annually. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 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 periods presented below: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Loss from discontinued operations, net of income taxes $ (3.6 ) $ (2.7 ) $ (12.1 ) $ (4.9 ) $ (2.7 ) $ (16.2 ) Assets and Liabilities of Discontinued Operations Assets and liabilities classified as discontinued operations included in the Company’s condensed consolidated balance sheets were as follows: June 30, 2018 December 31, 2017 (Dollars in millions) Assets: Other current assets $ 0.5 $ 0.3 Total assets classified as discontinued operations $ 0.5 $ 0.3 Liabilities: Accounts payable and accrued expenses $ 70.9 $ 70.6 Other noncurrent liabilities 171.1 170.0 Total liabilities classified as discontinued operations $ 242.0 $ 240.6 Patriot-Related Matters A significant portion of the liabilities in the table above relate to a former subsidiary, Patriot Coal Corporation. In 2012, Patriot filed voluntary petitions for relief under the Bankruptcy 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 the Bankruptcy 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. The Company’s accounting for the black lung liabilities related to Patriot is based on an interpretation of applicable statutes. Management believes that inconsistencies exist among the applicable statutes, regulations promulgated under those statutes and the DOL’s interpretative guidance. The Company may seek clarification from the DOL regarding these inconsistencies and the accounting for these liabilities could be reduced in the future depending on the DOL’s responses to inquiries. 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 $135.5 million at June 30, 2018 , which was determined on an actuarial basis based on the best information available to the Company. 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. 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, Peabody Holding Company, LLC, a subsidiary of the Company, and Arch Coal, Inc. The plaintiffs sought, pursuant to the Employee Retirement Income Security Act of 1974 (ERISA) and the Multiemployer Pension Plan Amendments Act of 1980, 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. The balance of the liability, on a discounted basis, was $48.8 million at June 30, 2018 . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) Materials and supplies $ 101.3 $ 101.5 Raw coal 63.8 78.1 Saleable coal 125.4 111.7 Total $ 290.5 $ 291.3 Materials and supplies inventories presented above have been shown net of reserves of $0.2 million and $0.6 million as of June 30, 2018 and December 31, 2017 , respectively. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Measurements | 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, 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 previously 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 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. The Company had no diesel fuel derivatives in place as of June 30, 2018 or December 31, 2017 . As of June 30, 2018 , the Company had currency options outstanding with an aggregate notional amount of $1,125.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar expenditures during the remainder of 2018 and over the first three months of 2019. 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 to $0.82 over the remainder of 2018 and the first three months of 2019. The Company does not seek cash flow hedge accounting treatment for the currency options and thus changes in fair value are reflected in current earnings. The currency options’ fair value of $1.8 million and $4.2 million was included in “Other current assets” in the accompanying condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 , respectively. The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives: Successor Three Months Ended June 30, 2018 Financial Instrument Income Statement Classification Total loss recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (2.2 ) $ (2.3 ) $ 0.1 Total $ (2.2 ) $ (2.3 ) $ 0.1 Successor April 2 through June 30, 2017 Financial Instrument Income Statement Classification Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 2.9 $ (0.3 ) $ 3.2 Total $ 2.9 $ (0.3 ) $ 3.2 Successor Six Months Ended June 30, 2018 Financial Instrument Income Statement Classification Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (6.4 ) $ (4.7 ) $ (1.7 ) Total $ (6.4 ) $ (4.7 ) $ (1.7 ) Predecessor January 1 through April 1, 2017 Financial Instrument Income Statement Classification Total loss recognized in income Loss reclassified from other comprehensive loss into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (11.0 ) $ (11.0 ) Foreign currency option contracts Operating costs and expenses (16.6 ) (16.6 ) Total $ (27.6 ) $ (27.6 ) Cash Flow Presentation. The Company classifies the cash effects of its Corporate Hedging derivatives within the “Cash Flows From Operating Activities” section of the accompanying unaudited condensed 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: June 30, 2018 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency contracts $ — $ 1.8 $ — $ 1.8 Total net financial assets $ — $ 1.8 $ — $ 1.8 December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency contracts $ — $ 4.2 $ — $ 4.2 Total net financial assets $ — $ 4.2 $ — $ 4.2 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: • 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. Other Financial Instruments. The Company used the following methods and assumptions in estimating fair values for other financial instruments as of June 30, 2018 and December 31, 2017 : • 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 carrying amounts and estimated fair values of the Company’s current and long-term debt as of June 30, 2018 and December 31, 2017 are summarized as follows: June 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated (Dollars in millions) Current and Long-term debt $ 1,403.0 $ 1,465.2 $ 1,460.8 $ 1,547.4 The Company had no transfers between fair value hierarchy levels for either financial instruments measured on a recurring basis or other financial instruments during the three and six months ended June 30, 2018 , the period April 2 through June 30, 2017 or the period January 1 through April 1, 2017 . The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Coal Trading
Coal Trading | 6 Months Ended |
Jun. 30, 2018 | |
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. 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 Company’s Trading and Brokerage segment also provides transportation-related services, which involve 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 includes instruments associated with coal trading transactions as a part of its trading book. Trading revenues from such transactions are recorded in “Other revenues” in the unaudited condensed consolidated statements of operations and include realized and unrealized gains and losses on derivative instruments, including those that arise from coal deliveries related to contracts accounted for on an accrual basis under the normal purchases and normal sales exception. Therefore, the Company has elected the trading exemption surrounding disclosure of its coal trading activities. Trading revenues (losses) recognized during the periods presented below were as follows: Successor Successor Predecessor Trading Revenues by Type of Instrument Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Futures, swaps and options $ (15.3 ) $ (7.3 ) $ (32.2 ) $ (7.3 ) $ (10.2 ) Physical purchase/sale contracts 25.3 12.5 62.3 12.5 25.2 Total trading revenues $ 10.0 $ 5.2 $ 30.1 $ 5.2 $ 15.0 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 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 condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Other current assets” and “Accounts payable and accrued expenses.” The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of June 30, 2018 and December 31, 2017 is set forth below: Affected Line Item in the Condensed Consolidated Balance Sheets Gross Amounts of Recognized Assets (Liabilities) (1) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Variation Margin Posted Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets (Dollars in millions) Fair Value as of June 30, 2018 Other current assets $ 81.8 $ (74.6 ) $ — $ 7.2 Accounts payable and accrued expenses (137.1 ) 74.6 47.5 (15.0 ) Total, net $ (55.3 ) $ — $ 47.5 $ (7.8 ) Fair Value as of December 31, 2017 Other current assets $ 77.1 $ (74.5 ) $ — $ 2.6 Accounts payable and accrued expenses (122.0 ) 74.5 35.8 (11.7 ) Total, net $ (44.9 ) $ — $ 35.8 $ (9.1 ) (1) Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017 , respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.” The Company is exposed to the risk of changes in coal prices on the value of its coal trading portfolio. At June 30, 2018 , the estimated future realization of the value of the financial trading portfolio was $4.9 million of gains during the remainder of 2018, $0.5 million of losses during 2019, and $2.2 million of losses during 2020. Fair Value Measurements The following tables set forth the hierarchy of the Company’s net financial liability coal trading positions for which fair value is measured on a recurring basis as of June 30, 2018 and December 31, 2017 : June 30, 2018 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ — $ (0.3 ) $ — $ (0.3 ) Physical purchase/sale contracts — (7.5 ) — (7.5 ) Total net financial liabilities $ — $ (7.8 ) $ — $ (7.8 ) 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 ) 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 Group, Intercontinental Exchange, Baltic Exchange and Singapore Exchange 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. Credit and Non-performance Risk. The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk. The Company’s exposure is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses. The Company’s policy is to independently evaluate each customer’s creditworthiness prior to entering into transactions and to regularly monitor the credit extended. If the Company engages in a transaction with a counterparty that does not meet its credit standards, the Company seeks to protect its position by requiring the counterparty to provide an appropriate credit enhancement. Also, when appropriate (as determined by its credit management function), the Company has taken steps to reduce its exposure to customers or counterparties whose credit has deteriorated and who may pose a higher risk of failure to perform under their contractual obligations. These steps include obtaining letters of credit or cash collateral (margin), requiring prepayments for shipments or the creation of customer trust accounts held for the Company’s benefit to serve as collateral in the event of a failure to pay or perform. To reduce its credit exposure related to trading and brokerage activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties and, to the extent required, the Company will post or receive margin amounts associated with exchange-cleared and certain OTC positions. The Company also continually monitors counterparty and contract non-performance risk, if present, on a case-by-case basis. At June 30, 2018 , 27% of the Company’s credit exposure related to coal trading activities was with investment grade counterparties, while 72% was with non-investment grade counterparties and 1% 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. At June 30, 2018 and December 31, 2017 , the Company posted a net variation margin of $47.5 million and $35.8 million , 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 $19.8 million as of June 30, 2018 , compared to $18.8 million as of December 31, 2017 , which is reflected in “Other current assets” in the condensed consolidated balance sheets. As of June 30, 2018 and December 31, 2017 , the Company was in receipt of $1.1 million and $1.8 million , respectively, 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 June 30, 2018 and December 31, 2017 , would have amounted to collateral postings to counterparties of approximately $9.7 million and $7.0 million , respectively. As of June 30, 2018 , the Company was not required to post collateral, whereas on December 31, 2017 , the Company was required to post approximately $0.4 million in collateral to counterparties for such positions. Certain of the Company’s other derivative trading instruments require the parties to provide additional performance assurances whenever a credit downgrade occurs below a certain level, as specified in each underlying contract. The terms of such derivative trading instruments typically require additional collateralization, which is commensurate with the severity of the credit downgrade. The Company’s collateral requirement owed to its counterparties for these ratings based derivative trading instruments for June 30, 2018 remained at zero , consistent with December 31, 2017 . As of June 30, 2018 and December 31, 2017 , no collateral was posted to counterparties to support such derivative trading instruments. |
Intangible Contract Assets and
Intangible Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Intangible Contract Assets and Liabilities | Intangible Contract Assets and Liabilities 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 June 30, 2018 and December 31, 2017 , net of accumulated amortization, are set forth in the following tables: June 30, 2018 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 115.5 $ (35.4 ) $ 80.1 Take-or-pay contracts — (70.5 ) (70.5 ) Total $ 115.5 $ (105.9 ) $ 9.6 Balance sheet classification: Investments and other assets $ 115.5 $ — $ 115.5 Accounts payable and accrued expenses — (22.4 ) (22.4 ) Other noncurrent liabilities — (83.5 ) (83.5 ) Total $ 115.5 $ (105.9 ) $ 9.6 December 31, 2017 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 177.2 $ (42.7 ) $ 134.5 Take-or-pay contracts — (90.7 ) (90.7 ) Total $ 177.2 $ (133.4 ) $ 43.8 Balance sheet classification: Investments and other assets $ 177.2 $ — $ 177.2 Accounts payable and accrued expenses — (27.6 ) (27.6 ) Other noncurrent liabilities — (105.8 ) (105.8 ) Total $ 177.2 $ (133.4 ) $ 43.8 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 unaudited condensed consolidated statements of operations. Such amortization amounted to $25.1 million and $54.4 million during the three and six months ended June 30, 2018 , respectively, and $29.7 million for the period April 2 through June 30, 2017 . The Company anticipates net amortization of sales contracts, based upon expected shipments in the next five years, to be an expense of approximately $43 million during the six months ended December 31, 2018 , and for the years 2019 through 2022 , expense of approximately $27 million , $8 million , $3 million and $1 million , 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 unaudited condensed consolidated statements of operations, amounted to $7.8 million and $16.1 million during the three and six months ended June 30, 2018 , respectively, and $9.5 million for the period April 2 through June 30, 2017 . The Company anticipates net amortization of take-or-pay contract intangible liabilities to be approximately $11 million during the six months ended December 31, 2018 , and for the years 2019 through 2022 , approximately $18 million , $9 million , $4 million and $3 million , respectively, and $25 million thereafter. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2018 | |
Financing Receivables [Abstract] | |
Equity Method Investments and Financing Receivables | Equity Method Investments The Company had total equity method investments of $62.5 million and $83.8 million reflected in “Investments and other assets” in the condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 , respectively, related to Middlemount Coal Pty Ltd (Middlemount). As noted in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 , the carrying value of the equity method investments 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. The Company received cash payments from Middlemount of $34.1 million and $69.8 million during the three and six months ended June 30, 2018 , respectively, and $21.0 million and $31.1 million during the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, respectively. |
Property, Plant, Equipment and
Property, Plant, Equipment and Mine Development | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, Equipment and Mine Development | Property, Plant, Equipment and Mine Development The composition of property, plant, equipment and mine development, net, as of June 30, 2018 and December 31, 2017 is set forth in the table below. Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for details regarding the impact of fresh start reporting on property, plant, equipment and mine development. June 30, 2018 December 31, 2017 (Dollars in millions) Land and coal interests $ 3,899.9 $ 3,890.5 Buildings and improvements 453.4 470.6 Machinery and equipment 1,258.6 1,149.3 Less: Accumulated depreciation, depletion and amortization (666.2 ) (398.5 ) Property, plant, equipment and mine development, net $ 4,945.7 $ 5,111.9 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate before remeasurement for the six months ended June 30, 2018 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax benefit, offset by foreign rate differential and changes in valuation allowance. The Company’s income tax provision of $7.4 million for the three months ended June 30, 2018 included a tax benefit of $0.4 million related to the remeasurement of foreign income tax accounts. The Company recorded an income tax provision of $4.7 million for the period of April 2 through June 30, 2017, which included a tax provision of $0.1 million related to the remeasurement of foreign income tax accounts. The Company recorded an additional income tax benefit of $266.0 million on April 1, 2017. The Company’s income tax provision of $17.5 million for the six months ended June 30, 2018 included tax provisions of $0.1 million related to the remeasurement of foreign income tax accounts. The Company’s income tax benefit of $263.8 million for the period January 1 through April 1, 2017 included a tax provision of $9.4 million related to the remeasurement of foreign income tax accounts. On December 22, 2017, the Tax Cuts and Jobs Act (the Act) was signed into law making significant changes to the Internal Revenue Code. Certain provisions of the Act applied to taxable years beginning after December 31, 2017 and therefore have an impact on the six months ended June 30, 2018. The Company has determined that a significant portion of the provisions will not have a material impact. The Company is continuing to gather additional information and anticipates completing the accounting for the following item by December 31, 2018: • Global Intangible Low-Taxed Income (GILTI): The Act subjects a U.S. shareholder to current tax on GILTI of its controlled foreign corporations (CFCs) for taxable years beginning after December 31, 2017. GILTI is calculated as the excess of a U.S. shareholder’s pro-rata share of net income of CFCs over a calculated return on specific tangible assets of the CFCs. The GILTI will be offset by net operating losses in the U.S. and a corresponding valuation allowance release and will not impact the effective tax rate. The Company has elected to account for GILTI as a period charge in the period the tax arises. The Company has not completed its assessment for the income tax effects of the Act related to the repeal of the corporate alternative minimum tax system, remeasurement of deferred tax assets and liabilities and elimination of executive compensation exemptions. However, as noted in Note 11. “Income Taxes” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, the Company was able to reasonably estimate certain effects for these items and therefore recorded provisional adjustments. The Company has not made any additional measurement-period adjustments related to these items during the six months ended June 30, 2018. The Company is continuing to gather additional information and anticipates completing the analysis for these items by December 22, 2018, within the one-year measurement period. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt In accordance with the Plan, the Company was 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 2025 in the table below. The Company’s total indebtedness as of June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) 6.000% Senior Secured Notes due March 2022 $ 500.0 $ 500.0 6.375% Senior Secured Notes due March 2025 500.0 500.0 Senior Secured Term Loan due 2025, net of original issue discount 397.9 444.2 Capital lease and other obligations 59.5 76.0 Less: Debt issuance costs (54.4 ) (59.4 ) 1,403.0 1,460.8 Less: Current portion of long-term debt 45.0 42.1 Long-term debt $ 1,358.0 $ 1,418.7 In connection with the Chapter 11 Cases, the Company was required to pay adequate protection payments of $29.8 million to certain first lien creditors of the Predecessor company during the period January 1 through April 1, 2017 . The adequate protection payments were recorded as “Interest expense” in the unaudited condensed consolidated statements of operations and ceased upon the Effective Date. The Company did not record interest expense subsequent to the filing of the Bankruptcy Petitions for the majority non-first lien Predecessor indebtedness, which was automatically stayed in accordance with Section 502(b)(2) of the Bankruptcy Code. The amount of contractual interest stayed was $92.9 million for the period January 1, 2017 through the Effective Date. 6.000% and 6.375% Senior Secured Notes On February 15, 2017, one of PEC’s subsidiaries entered into an indenture (the 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 (the 2025 Notes and, together with the 2022 Notes, the Senior Notes). The Senior Notes were sold on February 15, 2017 in a private transaction exempt from the registration requirements of the Securities Act of 1933. The proceeds from the Senior Notes were used to repay the Predecessor company first lien obligations. The Senior 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 Senior Notes. Interest payments on the Senior Notes are scheduled to occur each year on March 31st and September 30th until maturity. During the three and six months ended June 30, 2018 and the period April 2 through June 30, 2017 , the Company recorded interest expense of $17.5 million , $34.9 million and $15.1 million related to the Senior Notes, respectively. The Company may redeem the 2022 Notes, 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 2025 Notes 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 Senior Notes are redeemable at the redemption prices noted above, the Company may also redeem some or all of the Senior Notes at a calculated make-whole premium, plus accrued and unpaid interest. The Indenture 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. The Senior 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 Senior 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 Senior Notes are secured on a pari passu basis by the same collateral securing the Credit Agreement (as defined below), subject to certain exceptions. On July 30, 2018, the Company announced the commencement of solicitations of consents (the Consent Solicitations) to amend the Indenture governing the Senior Notes. The Consent Solicitations are being made to holders of record as of July 30, 2018 (collectively, the Holders). The Consent Solicitations will expire on August 10, 2018, unless extended. The proposed amendments to the Indenture would amend, among other matters, the Restricted Payments, as defined in the Indenture, covenant to permit an additional category of permitted Restricted Payments at any time not to exceed the sum of $650.0 million, and $150.0 million per calendar year, commencing with calendar year 2019, with unused amounts in any calendar year carrying forward to and available for Restricted Payments in any subsequent calendar year. Holders who validly deliver and do not validly revoke consents prior to the expiration will receive a consent fee of $10.00 in cash per $1,000 principal amount of 2022 Notes or $30.00 in cash per $1,000 principal amount of 2025 Notes, subject to the receipt of the requisite consents described below. The Company is soliciting consents as a single proposal from Holders of at least a majority in aggregate principal amount of the outstanding Senior Notes of each series. Accordingly, adoption of the proposed amendments will require the consent of Holders of at least a majority in aggregate principal amount of the Senior Notes of each series outstanding as of July 30, 2018, with the Senior Notes of each series voting separately as a class. 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 Credit Agreement). The Credit Agreement originally provided for a $950.0 million senior secured term loan (the Senior Secured Term Loan), which was to mature in 2022 prior to the amendments described below. The proceeds from the Senior Secured Term Loan were used to repay the Predecessor company first lien obligations. Following the voluntary prepayments and amendments described below, the Credit Agreement provided for a $400.0 million first lien senior secured term loan, which bore interest at LIBOR plus 2.75% per annum as of June 30, 2018 . During the three and six months ended June 30, 2018 and the period April 2 through June 30, 2017 , the Company recorded interest expense of $6.6 million , $13.4 million and $13.1 million related to the Senior Secured Term Loan, respectively. 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 term. The loan principal is payable in quarterly installments plus accrued interest through December 2024 with the remaining balance due in March 2025. The loan principal is voluntarily prepayable at 101% of the principal amount repaid if voluntarily prepaid prior to October 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 Credit Agreement) for any fiscal year (commencing with the fiscal year ending December 31, 2018). The mandatory principal prepayment requirement changes to (i) 50% of Excess Cash Flow if the Company’s Total Leverage Ratio (as defined in the 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 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. The Credit 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 Credit Agreement are secured on a pari passu basis by the same collateral securing the Senior Notes. Since entering into the Credit Agreement, the Company has voluntarily prepaid $546.0 million of the original $950.0 million loan principal amount on the Senior Secured Term Loan in various installments. On September 18, 2017, the Company entered into an amendment to the Credit Agreement which 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 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 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 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 First Lien Leverage Ratio requirement (as defined in the Credit Agreement), 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 June 30, 2018 , the Revolver has only been utilized for letters of credit amounting to $129.8 million . Such letters of credit were primarily in support of the Company’s reclamation obligations, as further described in Note 17. “Financial Instruments and Other Guarantees.” During the three and six months ended June 30, 2018 , the Company recorded interest expense and fees of $1.3 million and $3.1 million , respectively, related to the Revolver. On April 11, 2018, the Company entered into another amendment to the Credit Agreement which lowered the interest rate on the Senior Secured Term Loan to its current level of LIBOR plus 2.75% and eliminated an existing 1.0% LIBOR floor. The amendment also extends the maturity of the Senior Secured Term Loan by three years to 2025 and eliminates previous capital expenditure restriction covenants on both the Senior Secured Term Loan and the Revolver. In connection with this amendment, the Company voluntarily repaid $46.0 million of principal on the Senior Secured Term Loan. 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 a pro rata portion of debt issuance costs and original issue discount of $2.0 million to “Loss on early debt extinguishment” in the accompanying unaudited condensed consolidated statements of operations during the three months ended June 30, 2018 . The Company also capitalized $1.0 million of deferred financing costs for fees paid to the remaining lenders and expensed $0.9 million of other fees associated with the amendment to “Interest expense” in the accompanying unaudited condensed consolidated statements of operations during the three months ended June 30, 2018 . Restricted Payments Under the Senior Notes and Credit Agreement In addition to the $450.0 million restricted payment basket provided for under the September 18, 2017 amendment, the Credit Agreement provides a builder basket for additional restricted payments subject to a maximum Total Leverage Ratio of 2.00 :1.00 (as defined in the Credit Agreement). The Indenture provides a builder basket for restricted payments that is calculated based upon the Company’s Consolidated Net Income, and is subject to a Fixed Charge Coverage Ratio of at least 2.25 :1.00 (as defined in the Indenture). Under both the Indenture and Credit Agreement, additional restricted payments are permitted through a $50.0 million general basket and an annual aggregate $25.0 million basket which allows dividends and Common Stock repurchases. The payment of dividends and purchases of Common Stock under this latter basket are permitted so long as the Company’s Total Leverage Ratio would not exceed 1.25 :1.00 on a pro forma basis (as defined in the Credit Agreement and Indenture). Copies of the Indenture documents are incorporated as Exhibit 4.3 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission (SEC) on April 3, 2017. A copy of the 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 copies of the subsequent amendments referenced above are included as Exhibits 10.1 to the Current Reports on Form 8-K filed by the Company with the SEC on September 18, 2017, November 20, 2017, December 19, 2017 and April 11, 2018, respectively. |
Pension and Postretirement Bene
Pension and Postretirement Benefit Costs | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefit Costs | Pension and Postretirement Benefit Costs The components of net periodic pension and postretirement benefit costs, excluding the service cost for benefits earned, are included in “Net periodic benefit costs, excluding service cost” in the unaudited condensed consolidated statements of operations. Net periodic pension (benefit) cost included the following components: Successor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Service cost for benefits earned $ 0.5 $ 0.6 $ 1.1 $ 0.6 $ 0.6 Interest cost on projected benefit obligation 7.9 9.3 15.7 9.3 9.7 Expected return on plan assets (10.7 ) (11.2 ) (21.4 ) (11.2 ) (11.0 ) Amortization of prior service cost and net actuarial loss — — — — 6.4 Net periodic pension (benefit) cost $ (2.3 ) $ (1.3 ) $ (4.6 ) $ (1.3 ) $ 5.7 Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company’s agreement with the Pension Benefit Guaranty Corporation. Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80% ). As of June 30, 2018 , the Company’s qualified plans were expected to be at or above the Pension Protection Act thresholds. Prior to emergence from the Chapter 11 Cases, the Company incurred pension costs for two non-qualified pension plans which it no longer sponsors. 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 contributions to its qualified pension plans in 2018; however, during the three and six months ended June 30, 2018 , the Company made discretionary contributions of $12.0 million and $42.0 million , respectively, to its qualified pension plans. Net periodic postretirement benefit cost included the following components: Successor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Service cost for benefits earned $ 2.1 $ 2.3 $ 4.1 $ 2.3 $ 2.3 Interest cost on accumulated postretirement benefit obligation 7.1 8.3 14.2 8.3 8.4 Amortization of prior service cost and net actuarial loss — — — — 3.2 Net periodic postretirement benefit cost $ 9.2 $ 10.6 $ 18.3 $ 10.6 $ 13.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The following table sets forth the after-tax components of accumulated other comprehensive income and changes thereto recorded during the six months ended June 30, 2018 : Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) (Dollars in millions) December 31, 2017 $ 1.4 $ 1.4 Current period change (3.0 ) (3.0 ) June 30, 2018 $ (1.6 ) $ (1.6 ) 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” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . The following table provides additional information regarding items reclassified out of “Accumulated other comprehensive income (loss)” into earnings during the period presented below: Amount reclassified from accumulated other comprehensive income (loss) (1) Predecessor Details about accumulated other comprehensive income (loss) components January 1 through April 1, 2017 Affected line item in the unaudited condensed consolidated statement of operations (Dollars in millions) Net actuarial loss associated with postretirement plans and workers’ compensation obligations: Postretirement health care and life insurance benefits $ (5.5 ) Net periodic benefit costs, excluding service cost Defined benefit pension plans (6.3 ) Net periodic benefit costs, excluding service cost Insignificant items 2.7 (9.1 ) Total before income taxes 3.3 Income tax benefit $ (5.8 ) Total after income taxes Prior service credit associated with postretirement plans: Postretirement health care and life insurance benefits $ 2.3 Net periodic benefit costs, excluding service cost Defined benefit pension plans (0.1 ) Net periodic benefit costs, excluding service cost 2.2 Total before income taxes (0.8 ) Income tax provision $ 1.4 Total after income taxes Cash flow hedges: Foreign currency cash flow hedge contracts $ (16.6 ) Operating costs and expenses Fuel and explosives commodity swaps (11.0 ) Operating costs and expenses Insignificant items (0.1 ) (27.7 ) Total before income taxes 9.1 Income tax benefit $ (18.6 ) Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Other Events
Other Events | 6 Months Ended |
Jun. 30, 2018 | |
Other Events [Abstract] | |
Other Events | Other Events Divestitures In June 2018, Peabody entered into an agreement to sell approximately 23 million tonnes of metallurgical coal resources adjacent to its Millennium Mine to Stanmore Coal Limited (Stanmore) for $30.0 million Australian dollars. The sale was completed in July 2018 and the Company recorded a gain of approximately $22 million during the third quarter of 2018. On completion, Stanmore paid Peabody $6.0 million Australian dollars, to be followed by the remaining $24.0 million Australian dollars over the subsequent twelve months. On February 6, 2018, the Company sold its 50% interest in the Red Mountain Joint Venture (RMJV) with BHP Billiton Mitsui Coal Pty Ltd (BMC) for $20.0 million and recorded a gain of $7.1 million , which is included within “Net loss (gain) on disposals” in the accompanying unaudited condensed consolidated statements of operations for the six months ended June 30, 2018 . RMJV operated the coal handling and preparation plant utilized by the Company’s Millennium Mine. 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 via a coal washing take-or-pay agreement with BMC. In January 2018, Peabody entered into an agreement to sell its share in certain surplus land assets in Queensland’s Bowen Basin to Pembroke Resources South Pty Ltd for approximately $37 million Australian dollars, net of transaction costs. The necessary approval of the Australian Foreign Investment Review Board to complete the transaction was received on March 29, 2018, satisfying all the conditions precedent to the sale, and the Company recorded a gain of $20.6 million , which is included within “Net loss (gain) on disposals” in the accompanying unaudited condensed consolidated statements of operations for the six months ended June 30, 2018 . 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 loss (gain) on disposals” in the accompanying unaudited condensed consolidated statements of operations during the period January 1 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 the 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 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 unaudited condensed consolidated statements of operations during the period April 2 through June 30, 2017 . 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 unaudited condensed consolidated statements of operations during the period April 2 through June 30, 2017 . Asset Impairment As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 , the Company adjusted the book values of its property, plant, equipment and mine development assets to their respective estimated fair values at the time of fresh start reporting. During the three and six months ended June 30, 2018 , the Company recognized no asset impairment charges. During the period January 1 through April 1, 2017 , the Company recognized asset impairment charges of $30.5 million related to terminated coal lease contracts in the Midwestern United States. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) Basic and diluted EPS are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s convertible preferred stock was considered a participating security because holders were 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 its Convertible Junior Subordinated Debentures due December 2066 (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 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 performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted. 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 Predecessor periods presented herein because to do so would have been anti-dilutive for those periods. The computation of diluted EPS excluded aggregate share-based compensation awards of less than 0.1 million for the period April 2 through June 30, 2017 and approximately 0.2 million for the periods April 1, 2017 and January 1 through April 1, 2017 , respectively, because to do so would have been anti-dilutive for those periods. No aggregate share-based compensation awards were excluded from the computation of diluted EPS for the three and six months ended June 30, 2018 . 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 Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (In millions, except per share data) EPS numerator: Income (loss) from continuing operations, net of income taxes $ 120.0 $ 101.4 $ (319.8 ) $ 328.3 $ 101.4 $ (195.5 ) Less: Series A Convertible Preferred Stock dividends — 115.1 — 102.5 115.1 — Less: Net income attributable to noncontrolling interests 2.7 3.8 — 0.6 3.8 4.8 Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities 117.3 (17.5 ) (319.8 ) 225.2 (17.5 ) (200.3 ) Less: Earnings allocated to participating securities — — — 6.4 — — Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) 117.3 (17.5 ) (319.8 ) 218.8 (17.5 ) (200.3 ) Loss from discontinued operations, net of income taxes (3.6 ) (2.7 ) (12.1 ) (4.9 ) (2.7 ) (16.2 ) Less: Loss from discontinued operations allocated to participating securities — — — (0.1 ) — — Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (3.6 ) (2.7 ) (12.1 ) (4.8 ) (2.7 ) (16.2 ) Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) $ 113.7 $ (20.2 ) $ (331.9 ) $ 214.0 $ (20.2 ) $ (216.5 ) EPS denominator: Weighted average shares outstanding — basic 124.5 96.8 18.3 122.7 96.8 18.3 Impact of dilutive securities 1.5 — — 1.9 — — Weighted average shares outstanding — diluted (2) 126.0 96.8 18.3 124.6 96.8 18.3 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 0.94 $ (0.18 ) $ (17.44 ) $ 1.78 $ (0.18 ) $ (10.93 ) Loss from discontinued operations (0.03 ) (0.03 ) (0.66 ) (0.04 ) (0.03 ) (0.88 ) Net income (loss) attributable to common stockholders $ 0.91 $ (0.21 ) $ (18.10 ) $ 1.74 $ (0.21 ) $ (11.81 ) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 0.93 $ (0.18 ) $ (17.44 ) $ 1.76 $ (0.18 ) $ (10.93 ) Loss from discontinued operations (0.03 ) (0.03 ) (0.66 ) (0.04 ) (0.03 ) (0.88 ) Net income (loss) attributable to common stockholders $ 0.90 $ (0.21 ) $ (18.10 ) $ 1.72 $ (0.21 ) $ (11.81 ) (1) There was no reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS for the three months ended June 30, 2018 , due to the conversion of all remaining shares of Preferred Stock as of January 31, 2018. The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $0.1 million for the six months ended June 30, 2018 . (2) The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 4.2 million shares and 39.2 million shares related to the participating securities for the six months ended June 30, 2018 and the period April 2 through June 30, 2017 , respectively. 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 January 31, 2018, all 30.0 million shares of Preferred Stock issued upon the Effective Date had been converted into 59.3 million shares of common stock, which is inclusive of the shares that had been issued for the payable in-kind preferred stock dividends. |
Financial Instruments and Other
Financial Instruments and Other Guarantees | 6 Months Ended |
Jun. 30, 2018 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial Instruments and Other Guarantees | Financial Instruments and Other Guarantees In the normal course of business, the Company is a party to various guarantees and financial instruments that carry off-balance-sheet risk and are not reflected in the accompanying condensed consolidated balance sheets. At June 30, 2018 , such instruments included $1,587.9 million of surety bonds and bank guarantees and $276.1 million of letters of credit. Such financial instruments provide support for the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees. The Company periodically evaluates the instruments for on-balance-sheet treatment based on the amount of exposure under the instrument and the likelihood of required performance. The Company does not expect any material losses to result from these guarantees or off-balance-sheet instruments in excess of liabilities provided for in the accompanying condensed consolidated balance sheets. 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, 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 June 30, 2018 , the Company’s asset retirement obligations for its U.S. operations of $474.4 million were supported by surety bonds of $1,077.4 million , as well as letters of credit issued under the Company’s receivables securitization program and Revolver amounting to $138.3 million . At June 30, 2018 , the Company’s asset retirement obligations for its Australia operations of $229.8 million were supported by a combination of $230.7 million of surety bonds and bank guarantees and $14.4 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” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 , the Company entered into the Sixth Amended and Restated Receivables Purchase Agreement, as amended, dated as of April 3, 2017 (the Receivables Purchase Agreement) to extend the Company’s 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 collateral and the trade receivables underlying the program, from time to time. Funding capacity under the Securitization Program may also be utilized 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 June 30, 2018 , the Company had no outstanding borrowings and $146.3 million of letters of credit issued 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 collateral requirement under the Securitization Program at June 30, 2018 and December 31, 2017 . The Company incurred fees associated with the Securitization Program of $1.9 million during the three months ended June 30, 2018 , $3.8 million during the six months ended June 30, 2018 and $4.8 million during the period April 2 through June 30, 2017 , which have been recorded as interest expense in the accompanying unaudited condensed consolidated 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 period January 1 through April 1, 2017 . Collateral Arrangements and Restricted Cash The Company remits cash to certain regulatory authorities and other third parties as collateral for financial assurances associated with a variety of long-term obligations and commitments surrounding the mining, reclamation and shipping of its production. The Company had $323.1 million held by third parties related to such obligations at December 31, 2017 . All such collateral was returned to the Company during the six months ended June 30, 2018 , largely as the result of replacing collateral balances with third-party surety bonding in Australia. The Company also had $40.1 million of restricted cash at December 31, 2017 related to a class of pending unsecured creditors’ claims in connection with the Chapter 11 Cases. The restriction was released on March 22, 2018 after the Debtors satisfied all such claims. 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 | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Unconditional Purchase Obligations As of June 30, 2018 , purchase commitments for capital expenditures were $159.4 million , all of which is obligated within the next three years, with $138.0 million obligated in the next year. There were no other material changes to the Company’s commitments from the information provided in Note 25. “Commitments and Contingencies” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Contingencies From time to time, the Company or its subsidiaries are involved in legal proceedings arising in the ordinary course of business or related to indemnities or historical operations. The Company believes it has recorded adequate reserves for these liabilities. The Company discusses its significant legal proceedings below, including ongoing proceedings and those that impacted the Company’s results of operations for the periods presented. Litigation Relating to the Chapter 11 Cases Ad Hoc Committee . 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 claim was made against Peabody Monto Coal Pty Ltd and Monto Coal 2 Pty Ltd, wholly-owned subsidiaries of Macarthur Coal Limited (Macarthur). The claim alleged that the Macarthur companies breached certain agreements by failing to develop a mine project. The claim was amended to assert that Macarthur induced the alleged breach of the Monto Coal Joint Venture Agreement. The Company acquired Macarthur and its subsidiaries in 2011. These claims, which are pending before the Supreme Court of Queensland, Australia, seek damages of up to $1.8 billion Australian dollars, plus interest and costs. The Company asserts that the Macarthur companies were never under an obligation to develop the mine project because the project was not economically viable. The Company disputes all of the claims brought by the plaintiffs and is vigorously defending its position. 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. Berenergy contends the Company should not be able to mine the area where Berenergy and Peabody hold conflict leases. Berenergy also contends if the Company does mine the area, then the Company should 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. The Company believes that any claims related to this matter are without merit and constitute prepetition claims. The Company is currently seeking to resolve the underlying access conflict through the Bureau of Land Management (BLM), and believes that the likelihood of a material loss resulting from the matter is remote. 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 granted on October 24, 2017, and 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 District Court. 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 District Court for a stay pending appeal. No decision from the District Court has been made on the request for a stay and the briefing on the appeal has been completed. The parties are waiting for a decision on the motion for stay and on the merits of the appeal. In the underlying cases pending in California, the U.S. District Court for the Northern District of California granted plaintiffs’ motion for remand and decided the cases should be heard in state court. The defendants appealed the order granting remand to the Ninth Circuit and sought a stay of the U.S. District Court for the Northern District of California decision pending completion of the Ninth Circuit appeal. The U.S. District Court for the Northern District of California granted defendants’ request for a stay pending completion of the Ninth Circuit appeal. The plaintiffs filed a motion to dismiss part of the appeal. Regardless of whether state court or federal court is the venue, the Company believes the lawsuits should be dismissed under enforcement of the Confirmation Order. The Company does not believe the lawsuits are meritorious and, if the lawsuits are not dismissed, the Company intends to vigorously defend them. 10th Circuit U.S. Bureau of Land Management 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 of Wyoming with directions to order BLM to revise its environmental analysis. On November 27, 2017, the District Court of Wyoming ordered BLM to revise its environmental analysis. Plaintiffs then asked the court to order remedy briefing, which defendants and intervenors opposed because the District Court of Wyoming already addressed the proper remedy in its November 27, 2017 order. On April 2, 2018, the federal respondents filed a status report advising the District Court of Wyoming that they would conduct an environmental assessment to remedy the National Environmental Policy Act defect found by the Tenth Circuit, and that the draft environmental assessment would be completed and ready for public review and comment on or before June 30, 2018. On April 19, 2018, the court orally denied plaintiffs’ request for remedy briefing without prejudice. Plaintiffs may renew their request if BLM does not submit a draft environmental assessment by the end of July 2018. 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). On August 14, 2017, the Wollar Progress Association (WPA) 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. On June 19, 2018, the court rejected the WPA’s application. This decision confirms that Wilpinjong can continue to mine in accordance with its granted approvals. The WPA had 28 days to notify the court of its intention to appeal the decision, and no such notice was filed. Central Arizona Water Conservation District (CAWCD). On May 1, 2018, the Company, along with the Hopi Tribe and the UMWA, filed a lawsuit against the CAWCD. CAWCD operates, on behalf of the Bureau of Reclamation, the Central Arizona Project (CAP), an aqueduct system that brings water from the Colorado River to three counties in Arizona. CAWCD historically obtained most of CAP’s power requirements from the Navajo Generating Station (NGS), which is served by a single Peabody mine. NGS is owned by several private companies and one governmental entity. The non-governmental owners of NGS issued a statement that they do not currently intend to be the operators of the plant beyond December 2019. A potential investor is in the process of negotiating the purchase of the non-governmental ownership interests in NGS. Recently, CAWCD made the decision to obtain a portion of CAP’s power requirements from sources other than NGS for 2020 and thereafter. The lawsuit seeks a determination that federal law requires CAWCD to obtain CAP’s power requirements from NGS. 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reports its results of operations 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 Company’s chief operating decision maker uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance. Adjusted EBITDA is a non-GAAP measure 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 that management excluded in analyzing the segments’ operating performance, as displayed in the reconciliation below. Management believes non-GAAP performance measures are used by investors to measure the Company’s operating performance and lenders to measure the Company’s ability to incur and service debt. 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. Reportable segment results were as follows: Successor Successor Predecessor Three Months Ended April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Revenues: Powder River Basin Mining $ 321.5 $ 365.4 $ 710.8 $ 365.4 $ 394.3 Midwestern U.S. Mining 197.5 194.9 399.2 194.9 193.2 Western U.S. Mining 139.6 125.4 283.3 125.4 149.7 Australian Metallurgical Mining 417.5 287.8 883.7 287.8 328.9 Australian Thermal Mining 267.4 239.2 468.8 239.2 224.8 Trading and Brokerage 10.0 5.2 30.1 5.2 15.0 Corporate and Other (44.1 ) 40.4 (3.8 ) 40.4 20.3 Total $ 1,309.4 $ 1,258.3 $ 2,772.1 $ 1,258.3 $ 1,326.2 Adjusted EBITDA: Powder River Basin Mining $ 62.0 $ 84.8 $ 136.5 $ 84.8 $ 91.7 Midwestern U.S. Mining 42.0 46.5 73.2 46.5 50.0 Western U.S. Mining 33.9 44.9 65.9 44.9 50.0 Australian Metallurgical Mining 158.5 71.9 324.9 71.9 109.6 Australian Thermal Mining 107.6 105.9 169.2 105.9 75.6 Trading and Brokerage 3.1 (5.1 ) 4.3 (5.1 ) 8.8 Corporate and Other (1) (37.5 ) (31.1 ) (40.5 ) (31.1 ) (44.4 ) Total $ 369.6 $ 317.8 $ 733.5 $ 317.8 $ 341.3 (1) Includes the gain of $20.6 million on the sale of certain surplus land assets in Queensland and the gain of $7.1 million recognized on the sale of the Company’s interest in the RMJV during the six months ended June 30, 2018 and the gain of $19.7 million recognized on the sale of Dominion Terminal Associates during the period January 1 through April 1, 2017, as described in Note 15. “Other Events”. A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 120.0 $ 101.4 $ (319.8 ) $ 328.3 $ 101.4 $ (195.5 ) Depreciation, depletion and amortization 163.9 148.3 — 333.5 148.3 119.9 Asset retirement obligation expenses 13.2 11.0 — 25.5 11.0 14.6 Asset impairment — — — — — 30.5 Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates (8.4 ) (4.3 ) — (16.0 ) (4.3 ) (5.2 ) Interest expense 38.3 41.4 — 74.6 41.4 32.9 Loss on early debt extinguishment 2.0 — — 2.0 — — Interest income (7.0 ) (1.5 ) — (14.2 ) (1.5 ) (2.7 ) Reorganization items, net — — 585.8 (12.8 ) — 627.2 Break fees related to terminated asset sales — (28.0 ) — — (28.0 ) — Unrealized losses (gains) on economic hedges 48.1 (9.4 ) — 9.5 (9.4 ) (16.6 ) Unrealized (gains) losses on non-coal trading derivative contracts (0.1 ) (3.2 ) — 1.7 (3.2 ) — Coal inventory revaluation — 67.3 — — 67.3 — Take-or-pay contract-based intangible recognition (7.8 ) (9.9 ) — (16.1 ) (9.9 ) — Income tax provision (benefit) 7.4 4.7 (266.0 ) 17.5 4.7 (263.8 ) Total Adjusted EBITDA $ 369.6 $ 317.8 $ — $ 733.5 $ 317.8 $ 341.3 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Plan of Reorganization and Emergence from Chapter 11 Cases [Policy Text Block] | Plan of Reorganization and Emergence from Chapter 11 Cases On April 13, 2016, 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 unaudited condensed consolidated statements of operations. The Company's reorganization items consisted of the following for the periods presented below: Predecessor Successor Predecessor April 1, 2017 Six Months Ended June 30, 2018 January 1 through April 1, 2017 (Dollars in millions) Gain on settlement of claims (1) (2) $ (3,031.2 ) $ (12.8 ) $ (3,031.2 ) Fresh start adjustments, net (1) 3,363.1 — 3,363.1 Fresh start income tax adjustments, net (1) 253.9 — 253.9 Professional fees (3) — — 42.5 Accounts payable settlement gains — — (0.7 ) Interest income — — (0.4 ) Reorganization items, net $ 585.8 $ (12.8 ) $ 627.2 Cash paid for "Reorganization items, net" $ 14.4 $ — $ 45.8 (1) Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for further information related to the adjustments recorded in the periods April 1, 2017 and January 1 through April 1, 2017 . (2) “Reorganization items, net” for the six months ended June 30, 2018 consisted of settlement gains related to certain unsecured claims. (3) Professional fees are only those that were directly related to the reorganization including, but not limited to, fees associated with advisors to the Debtors, the unsecured creditors' committee and certain other secured and unsecured creditors. On March 17, 2017, the Bankruptcy Court entered an order, Docket No. 2763 (the Confirmation Order), confirming the Debtors’ Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (as further modified, 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 did 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . In connection with fresh start reporting, the Company made certain prospective accounting policy elections that impact the Successor periods presented herein. The Company now classifies 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 now records 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 the applicable time periods. |
Revenues (Policies)
Revenues (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | 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. |
Sales Revenues [Policy Text Block] | Sales The majority of the Company’s revenue is derived from the sale of coal under long-term coal supply agreements (those with initial terms of one year or longer and which often include price reopener and/or extension provisions) and contracts with terms of less than one year, including sales made on a spot basis. 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 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 seaborne metallurgical coal contracts on a quarterly, spot or index basis and seaborne thermal coal contracts on an annual, spot or index basis. The portion of volume priced on a shorter-term basis and index linked basis has increased in recent years. In the case of periodically negotiated pricing, the Company may deliver coal under provisional pricing until a final agreed-upon price is determined. The resulting make-whole settlements are recognized when reasonably estimable. Contract pricing is set forth on a per ton basis, and revenue is generally recorded as the product of price and volume delivered. 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 [Policy Text Block] | Other Revenues "Other revenues" may include net revenues from coal trading activities as discussed in Note 7. “Coal Trading,” as well as coal sales revenues that were derived from the Company’s mining operations and sold through the Company’s coal trading business. Also included are revenues from customer contract-related payments, royalties related to coal lease agreements, sales agency commissions, farm income 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. |
Derivatives and Fair Value Me31
Derivatives and Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [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, 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 previously 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 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 (Policies)
Coal Trading (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Coal Trading [Abstract] | |
Offsetting and Balance Sheet Presentation of Coal Trading Assets and Liabilities [Policy Text Block] | The Company offsets its coal trading asset and liability derivative positions, and variation margin related to those positions, on a counterparty-by-counterparty basis in the condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Other current assets” and “Accounts payable and accrued expenses.” |
Fair Value Valuation Techniques for Level 1 and 2 Financial Assets and Liabilities [Policy Text Block] | 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 Group, Intercontinental Exchange, Baltic Exchange and Singapore Exchange 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. |
Concentration Risk, Credit Risk, Policy | Credit and Non-performance Risk. The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk. The Company’s exposure is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses. The Company’s policy is to independently evaluate each customer’s creditworthiness prior to entering into transactions and to regularly monitor the credit extended. If the Company engages in a transaction with a counterparty that does not meet its credit standards, the Company seeks to protect its position by requiring the counterparty to provide an appropriate credit enhancement. Also, when appropriate (as determined by its credit management function), the Company has taken steps to reduce its exposure to customers or counterparties whose credit has deteriorated and who may pose a higher risk of failure to perform under their contractual obligations. These steps include obtaining letters of credit or cash collateral (margin), requiring prepayments for shipments or the creation of customer trust accounts held for the Company’s benefit to serve as collateral in the event of a failure to pay or perform. To reduce its credit exposure related to trading and brokerage activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties and, to the extent required, the Company will post or receive margin amounts associated with exchange-cleared and certain OTC positions. The Company also continually monitors counterparty and contract non-performance risk, if present, on a case-by-case basis. |
Newly Adopted Accounting Stan33
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented [Abstract] | |
Schedule of Adjustments Due to ASU 2014-09 [Table Text Block] | The cumulative effects to the Company’s consolidated January 1, 2018 balance sheet were to reduce retained earnings for the amount of revenue that would have been deferred and to reduce long-term customer receivables, as noted in the table below: Balance at December 31, 2017 Adjustments due to ASU 2014-09 Balance at January 1, 2018 (Dollars in millions) ASSETS Investments and other assets $ 470.6 $ (22.5 ) $ 448.1 STOCKHOLDERS’ EQUITY Retained earnings 613.6 (22.5 ) 591.1 |
Schedule of the Impacts of ASU 2017-07 [Table Text Block] | The retrospective impacts to the unaudited condensed consolidated statements of operations were as follows: Successor April 2 through June 30, 2017 Before Application of Accounting Guidance Adjustment After Application of Accounting Guidance (Dollars in millions) Results of Operations Amounts Operating costs and expenses $ 934.8 $ (6.9 ) $ 927.9 Selling and administrative expenses 34.4 0.3 34.7 Operating profit 146.0 6.6 152.6 Net periodic benefit costs, excluding service cost — 6.6 6.6 Income from continuing operations before income taxes 106.1 — 106.1 Predecessor January 1 through April 1, 2017 Before Application of Accounting Guidance Adjustment After Application of Accounting Guidance (Dollars in millions) Results of Operations Amounts Operating costs and expenses $ 963.7 $ (13.5 ) $ 950.2 Selling and administrative expenses 37.2 (0.9 ) 36.3 Operating profit 198.1 14.4 212.5 Net periodic benefit costs, excluding service cost — 14.4 14.4 Loss from continuing operations before income taxes (459.3 ) — (459.3 ) |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Accounts Receivable [Table Text Block] | Accounts receivable, net” at June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) Trade receivables, net $ 412.7 $ 504.2 Miscellaneous receivables, net 90.3 47.9 Accounts receivable, net $ 503.0 $ 552.1 |
Disaggregation of Revenue by Product Type and Market [Table Text Block] | With respect to its Australian Mining segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts. Successor Three Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 321.5 $ 196.9 $ 131.1 $ — $ 38.5 $ — $ — $ 688.0 Export — 0.6 4.3 — 228.7 — — 233.6 Total thermal 321.5 197.5 135.4 — 267.2 — — 921.6 Metallurgical coal Export — — — 417.2 — — — 417.2 Total metallurgical — — — 417.2 — — — 417.2 Other — — 4.2 0.3 0.2 10.0 (44.1 ) (29.4 ) Total revenues $ 321.5 $ 197.5 $ 139.6 $ 417.5 $ 267.4 $ 10.0 $ (44.1 ) $ 1,309.4 Successor April 2 through June 30, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 361.1 $ 194.8 $ 123.8 $ — $ 28.1 $ — $ — $ 707.8 Export — — — — 210.9 — — 210.9 Total thermal 361.1 194.8 123.8 — 239.0 — — 918.7 Metallurgical coal Export — — — 287.8 — — — 287.8 Total metallurgical — — — 287.8 — — — 287.8 Other 4.3 0.1 1.6 — 0.2 5.2 40.4 51.8 Total revenues $ 365.4 $ 194.9 $ 125.4 $ 287.8 $ 239.2 $ 5.2 $ 40.4 $ 1,258.3 Successor Six Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 710.7 $ 397.8 $ 261.4 $ — $ 74.6 $ — $ — $ 1,444.5 Export — 1.3 12.3 — 393.6 — — 407.2 Total thermal 710.7 399.1 273.7 — 468.2 — — 1,851.7 Metallurgical coal Export — — — 882.5 — — — 882.5 Total metallurgical — — — 882.5 — — — 882.5 Other 0.1 0.1 9.6 1.2 0.6 30.1 (3.8 ) 37.9 Total revenues $ 710.8 $ 399.2 $ 283.3 $ 883.7 $ 468.8 $ 30.1 $ (3.8 ) $ 2,772.1 Predecessor January 1 through April 1, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 394.3 $ 193.2 $ 133.5 $ — $ 27.3 $ — $ — $ 748.3 Export — — — — 197.2 — — 197.2 Total thermal 394.3 193.2 133.5 — 224.5 — — 945.5 Metallurgical coal Export — — — 324.6 — — — 324.6 Total metallurgical — — — 324.6 — — — 324.6 Other — — 16.2 4.3 0.3 15.0 20.3 56.1 Total revenues $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 |
Disaggregation of Revenue by Contract Duration [Table Text Block] | Revenue by contract duration was as follows: Successor Three Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 310.8 $ 194.1 $ 126.5 $ 255.1 $ 173.2 $ — $ — $ 1,059.7 Less than one year 10.7 3.4 8.9 162.1 94.0 — — 279.1 Other — — 4.2 0.3 0.2 10.0 (44.1 ) (29.4 ) Total revenues $ 321.5 $ 197.5 $ 139.6 $ 417.5 $ 267.4 $ 10.0 $ (44.1 ) $ 1,309.4 Successor April 2 through June 30, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 326.7 $ 187.3 $ 122.7 $ 253.4 $ 135.6 $ — $ — $ 1,025.7 Less than one year 34.4 7.5 1.1 34.4 103.4 — — 180.8 Other 4.3 0.1 1.6 — 0.2 5.2 40.4 51.8 Total revenues $ 365.4 $ 194.9 $ 125.4 $ 287.8 $ 239.2 $ 5.2 $ 40.4 $ 1,258.3 Successor Six Months Ended June 30, 2018 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 654.2 $ 381.7 $ 253.8 $ 652.6 $ 350.5 $ — $ — $ 2,292.8 Less than one year 56.5 17.4 19.9 229.9 117.7 — — 441.4 Other 0.1 0.1 9.6 1.2 0.6 30.1 (3.8 ) 37.9 Total revenues $ 710.8 $ 399.2 $ 283.3 $ 883.7 $ 468.8 $ 30.1 $ (3.8 ) $ 2,772.1 Predecessor January 1 through April 1, 2017 Powder River Basin Mining Midwestern U.S. Mining Western U.S. Mining Australian Metallurgical Mining Australian Thermal Mining Trading and Brokerage Corporate and Other (1) Consolidated (Dollars in millions) One year or longer $ 357.7 $ 193.2 $ 129.3 $ 240.6 $ 134.1 $ — $ — $ 1,054.9 Less than one year 36.6 — 4.2 84.0 90.4 — — 215.2 Other — — 16.2 4.3 0.3 15.0 20.3 56.1 Total revenues $ 394.3 $ 193.2 $ 149.7 $ 328.9 $ 224.8 $ 15.0 $ 20.3 $ 1,326.2 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized results of discontinued operations | Results from discontinued operations were as follows during the periods presented below: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Loss from discontinued operations, net of income taxes $ (3.6 ) $ (2.7 ) $ (12.1 ) $ (4.9 ) $ (2.7 ) $ (16.2 ) Assets and Liabilities of Discontinued Operations Assets and liabilities classified as discontinued operations included in the Company’s condensed consolidated balance sheets were as follows: June 30, 2018 December 31, 2017 (Dollars in millions) Assets: Other current assets $ 0.5 $ 0.3 Total assets classified as discontinued operations $ 0.5 $ 0.3 Liabilities: Accounts payable and accrued expenses $ 70.9 $ 70.6 Other noncurrent liabilities 171.1 170.0 Total liabilities classified as discontinued operations $ 242.0 $ 240.6 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) Materials and supplies $ 101.3 $ 101.5 Raw coal 63.8 78.1 Saleable coal 125.4 111.7 Total $ 290.5 $ 291.3 |
Derivatives and Fair Value Me37
Derivatives and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Classification and amounts of pre-tax gains and losses related to the Company's non coal-trading hedges | The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s Corporate Hedging derivatives: Successor Three Months Ended June 30, 2018 Financial Instrument Income Statement Classification Total loss recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (2.2 ) $ (2.3 ) $ 0.1 Total $ (2.2 ) $ (2.3 ) $ 0.1 Successor April 2 through June 30, 2017 Financial Instrument Income Statement Classification Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 2.9 $ (0.3 ) $ 3.2 Total $ 2.9 $ (0.3 ) $ 3.2 Successor Six Months Ended June 30, 2018 Financial Instrument Income Statement Classification Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on non-designated derivatives (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (6.4 ) $ (4.7 ) $ (1.7 ) Total $ (6.4 ) $ (4.7 ) $ (1.7 ) Predecessor January 1 through April 1, 2017 Financial Instrument Income Statement Classification Total loss recognized in income Loss reclassified from other comprehensive loss into income (Dollars in millions) Commodity swap contracts Operating costs and expenses $ (11.0 ) $ (11.0 ) Foreign currency option contracts Operating costs and expenses (16.6 ) (16.6 ) Total $ (27.6 ) $ (27.6 ) |
Fair Value, Assets 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: June 30, 2018 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency contracts $ — $ 1.8 $ — $ 1.8 Total net financial assets $ — $ 1.8 $ — $ 1.8 December 31, 2017 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency contracts $ — $ 4.2 $ — $ 4.2 Total net financial assets $ — $ 4.2 $ — $ 4.2 |
Carrying amounts and estimated fair values of the Company's debt | The carrying amounts and estimated fair values of the Company’s current and long-term debt as of June 30, 2018 and December 31, 2017 are summarized as follows: June 30, 2018 December 31, 2017 Carrying Estimated Carrying Estimated (Dollars in millions) Current and Long-term debt $ 1,403.0 $ 1,465.2 $ 1,460.8 $ 1,547.4 |
Coal Trading (Tables)
Coal Trading (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Coal Trading [Abstract] | |
Trading revenues by type of instrument | Trading revenues (losses) recognized during the periods presented below were as follows: Successor Successor Predecessor Trading Revenues by Type of Instrument Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Futures, swaps and options $ (15.3 ) $ (7.3 ) $ (32.2 ) $ (7.3 ) $ (10.2 ) Physical purchase/sale contracts 25.3 12.5 62.3 12.5 25.2 Total trading revenues $ 10.0 $ 5.2 $ 30.1 $ 5.2 $ 15.0 |
Fair value of assets and liabilities from coal trading activities and related balance sheet offsetting disclosures | The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of June 30, 2018 and December 31, 2017 is set forth below: Affected Line Item in the Condensed Consolidated Balance Sheets Gross Amounts of Recognized Assets (Liabilities) (1) Gross Amounts Offset in the Condensed Consolidated Balance Sheets Variation Margin Posted Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets (Dollars in millions) Fair Value as of June 30, 2018 Other current assets $ 81.8 $ (74.6 ) $ — $ 7.2 Accounts payable and accrued expenses (137.1 ) 74.6 47.5 (15.0 ) Total, net $ (55.3 ) $ — $ 47.5 $ (7.8 ) Fair Value as of December 31, 2017 Other current assets $ 77.1 $ (74.5 ) $ — $ 2.6 Accounts payable and accrued expenses (122.0 ) 74.5 35.8 (11.7 ) Total, net $ (44.9 ) $ — $ 35.8 $ (9.1 ) (1) Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017 , respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.” |
Fair value coal trading net assets (liabilities) measured on recurring basis | The following tables set forth the hierarchy of the Company’s net financial liability coal trading positions for which fair value is measured on a recurring basis as of June 30, 2018 and December 31, 2017 : June 30, 2018 Level 1 Level 2 Level 3 Total (Dollars in millions) Futures, swaps and options $ — $ (0.3 ) $ — $ (0.3 ) Physical purchase/sale contracts — (7.5 ) — (7.5 ) Total net financial liabilities $ — $ (7.8 ) $ — $ (7.8 ) 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 ) |
Intangible Contract Assets an39
Intangible Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Schedule Of Intangible Assets And Liabilities | The balances and respective balance sheet classifications of such assets and liabilities at June 30, 2018 and December 31, 2017 , net of accumulated amortization, are set forth in the following tables: June 30, 2018 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 115.5 $ (35.4 ) $ 80.1 Take-or-pay contracts — (70.5 ) (70.5 ) Total $ 115.5 $ (105.9 ) $ 9.6 Balance sheet classification: Investments and other assets $ 115.5 $ — $ 115.5 Accounts payable and accrued expenses — (22.4 ) (22.4 ) Other noncurrent liabilities — (83.5 ) (83.5 ) Total $ 115.5 $ (105.9 ) $ 9.6 December 31, 2017 (Dollars in millions) Assets Liabilities Net Total Coal supply agreements $ 177.2 $ (42.7 ) $ 134.5 Take-or-pay contracts — (90.7 ) (90.7 ) Total $ 177.2 $ (133.4 ) $ 43.8 Balance sheet classification: Investments and other assets $ 177.2 $ — $ 177.2 Accounts payable and accrued expenses — (27.6 ) (27.6 ) Other noncurrent liabilities — (105.8 ) (105.8 ) Total $ 177.2 $ (133.4 ) $ 43.8 |
Property, Plant, Equipment an40
Property, Plant, Equipment and Mine Development (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The composition of property, plant, equipment and mine development, net, as of June 30, 2018 and December 31, 2017 is set forth in the table below. Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for details regarding the impact of fresh start reporting on property, plant, equipment and mine development. June 30, 2018 December 31, 2017 (Dollars in millions) Land and coal interests $ 3,899.9 $ 3,890.5 Buildings and improvements 453.4 470.6 Machinery and equipment 1,258.6 1,149.3 Less: Accumulated depreciation, depletion and amortization (666.2 ) (398.5 ) Property, plant, equipment and mine development, net $ 4,945.7 $ 5,111.9 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | In accordance with the Plan, the Company was 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 2025 in the table below. The Company’s total indebtedness as of June 30, 2018 and December 31, 2017 consisted of the following: June 30, 2018 December 31, 2017 (Dollars in millions) 6.000% Senior Secured Notes due March 2022 $ 500.0 $ 500.0 6.375% Senior Secured Notes due March 2025 500.0 500.0 Senior Secured Term Loan due 2025, net of original issue discount 397.9 444.2 Capital lease and other obligations 59.5 76.0 Less: Debt issuance costs (54.4 ) (59.4 ) 1,403.0 1,460.8 Less: Current portion of long-term debt 45.0 42.1 Long-term debt $ 1,358.0 $ 1,418.7 |
Pension and Postretirement Be42
Pension and Postretirement Benefit Costs (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Defined benefit pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs | Net periodic pension (benefit) cost included the following components: Successor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Service cost for benefits earned $ 0.5 $ 0.6 $ 1.1 $ 0.6 $ 0.6 Interest cost on projected benefit obligation 7.9 9.3 15.7 9.3 9.7 Expected return on plan assets (10.7 ) (11.2 ) (21.4 ) (11.2 ) (11.0 ) Amortization of prior service cost and net actuarial loss — — — — 6.4 Net periodic pension (benefit) cost $ (2.3 ) $ (1.3 ) $ (4.6 ) $ (1.3 ) $ 5.7 |
Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs | Net periodic postretirement benefit cost included the following components: Successor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Service cost for benefits earned $ 2.1 $ 2.3 $ 4.1 $ 2.3 $ 2.3 Interest cost on accumulated postretirement benefit obligation 7.1 8.3 14.2 8.3 8.4 Amortization of prior service cost and net actuarial loss — — — — 3.2 Net periodic postretirement benefit cost $ 9.2 $ 10.6 $ 18.3 $ 10.6 $ 13.9 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
After-tax components of comprehensive income (loss) | The following table sets forth the after-tax components of accumulated other comprehensive income and changes thereto recorded during the six months ended June 30, 2018 : Foreign Currency Translation Adjustment Total Accumulated Other Comprehensive Income (Loss) (Dollars in millions) December 31, 2017 $ 1.4 $ 1.4 Current period change (3.0 ) (3.0 ) June 30, 2018 $ (1.6 ) $ (1.6 ) |
Reclassification out of accumulated other comprehensive income (loss) | The following table provides additional information regarding items reclassified out of “Accumulated other comprehensive income (loss)” into earnings during the period presented below: Amount reclassified from accumulated other comprehensive income (loss) (1) Predecessor Details about accumulated other comprehensive income (loss) components January 1 through April 1, 2017 Affected line item in the unaudited condensed consolidated statement of operations (Dollars in millions) Net actuarial loss associated with postretirement plans and workers’ compensation obligations: Postretirement health care and life insurance benefits $ (5.5 ) Net periodic benefit costs, excluding service cost Defined benefit pension plans (6.3 ) Net periodic benefit costs, excluding service cost Insignificant items 2.7 (9.1 ) Total before income taxes 3.3 Income tax benefit $ (5.8 ) Total after income taxes Prior service credit associated with postretirement plans: Postretirement health care and life insurance benefits $ 2.3 Net periodic benefit costs, excluding service cost Defined benefit pension plans (0.1 ) Net periodic benefit costs, excluding service cost 2.2 Total before income taxes (0.8 ) Income tax provision $ 1.4 Total after income taxes Cash flow hedges: Foreign currency cash flow hedge contracts $ (16.6 ) Operating costs and expenses Fuel and explosives commodity swaps (11.0 ) Operating costs and expenses Insignificant items (0.1 ) (27.7 ) Total before income taxes 9.1 Income tax benefit $ (18.6 ) Total after income taxes (1) Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings allocation method utilized in the calculation of basic and diluted EPS | The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS. Successor Predecessor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (In millions, except per share data) EPS numerator: Income (loss) from continuing operations, net of income taxes $ 120.0 $ 101.4 $ (319.8 ) $ 328.3 $ 101.4 $ (195.5 ) Less: Series A Convertible Preferred Stock dividends — 115.1 — 102.5 115.1 — Less: Net income attributable to noncontrolling interests 2.7 3.8 — 0.6 3.8 4.8 Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities 117.3 (17.5 ) (319.8 ) 225.2 (17.5 ) (200.3 ) Less: Earnings allocated to participating securities — — — 6.4 — — Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) 117.3 (17.5 ) (319.8 ) 218.8 (17.5 ) (200.3 ) Loss from discontinued operations, net of income taxes (3.6 ) (2.7 ) (12.1 ) (4.9 ) (2.7 ) (16.2 ) Less: Loss from discontinued operations allocated to participating securities — — — (0.1 ) — — Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities (3.6 ) (2.7 ) (12.1 ) (4.8 ) (2.7 ) (16.2 ) Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) $ 113.7 $ (20.2 ) $ (331.9 ) $ 214.0 $ (20.2 ) $ (216.5 ) EPS denominator: Weighted average shares outstanding — basic 124.5 96.8 18.3 122.7 96.8 18.3 Impact of dilutive securities 1.5 — — 1.9 — — Weighted average shares outstanding — diluted (2) 126.0 96.8 18.3 124.6 96.8 18.3 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 0.94 $ (0.18 ) $ (17.44 ) $ 1.78 $ (0.18 ) $ (10.93 ) Loss from discontinued operations (0.03 ) (0.03 ) (0.66 ) (0.04 ) (0.03 ) (0.88 ) Net income (loss) attributable to common stockholders $ 0.91 $ (0.21 ) $ (18.10 ) $ 1.74 $ (0.21 ) $ (11.81 ) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 0.93 $ (0.18 ) $ (17.44 ) $ 1.76 $ (0.18 ) $ (10.93 ) Loss from discontinued operations (0.03 ) (0.03 ) (0.66 ) (0.04 ) (0.03 ) (0.88 ) Net income (loss) attributable to common stockholders $ 0.90 $ (0.21 ) $ (18.10 ) $ 1.72 $ (0.21 ) $ (11.81 ) (1) There was no reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS for the three months ended June 30, 2018 , due to the conversion of all remaining shares of Preferred Stock as of January 31, 2018. The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $0.1 million for the six months ended June 30, 2018 . (2) The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 4.2 million shares and 39.2 million shares related to the participating securities for the six months ended June 30, 2018 and the period April 2 through June 30, 2017 , respectively |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Reportable segment results | Reportable segment results were as follows: Successor Successor Predecessor Three Months Ended April 2 through June 30, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Revenues: Powder River Basin Mining $ 321.5 $ 365.4 $ 710.8 $ 365.4 $ 394.3 Midwestern U.S. Mining 197.5 194.9 399.2 194.9 193.2 Western U.S. Mining 139.6 125.4 283.3 125.4 149.7 Australian Metallurgical Mining 417.5 287.8 883.7 287.8 328.9 Australian Thermal Mining 267.4 239.2 468.8 239.2 224.8 Trading and Brokerage 10.0 5.2 30.1 5.2 15.0 Corporate and Other (44.1 ) 40.4 (3.8 ) 40.4 20.3 Total $ 1,309.4 $ 1,258.3 $ 2,772.1 $ 1,258.3 $ 1,326.2 Adjusted EBITDA: Powder River Basin Mining $ 62.0 $ 84.8 $ 136.5 $ 84.8 $ 91.7 Midwestern U.S. Mining 42.0 46.5 73.2 46.5 50.0 Western U.S. Mining 33.9 44.9 65.9 44.9 50.0 Australian Metallurgical Mining 158.5 71.9 324.9 71.9 109.6 Australian Thermal Mining 107.6 105.9 169.2 105.9 75.6 Trading and Brokerage 3.1 (5.1 ) 4.3 (5.1 ) 8.8 Corporate and Other (1) (37.5 ) (31.1 ) (40.5 ) (31.1 ) (44.4 ) Total $ 369.6 $ 317.8 $ 733.5 $ 317.8 $ 341.3 (1) |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations, net of income taxes | A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2018 April 2 through June 30, 2017 April 1, 2017 Six Months Ended June 30, 2018 April 2 through June 30, 2017 January 1 through April 1, 2017 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 120.0 $ 101.4 $ (319.8 ) $ 328.3 $ 101.4 $ (195.5 ) Depreciation, depletion and amortization 163.9 148.3 — 333.5 148.3 119.9 Asset retirement obligation expenses 13.2 11.0 — 25.5 11.0 14.6 Asset impairment — — — — — 30.5 Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates (8.4 ) (4.3 ) — (16.0 ) (4.3 ) (5.2 ) Interest expense 38.3 41.4 — 74.6 41.4 32.9 Loss on early debt extinguishment 2.0 — — 2.0 — — Interest income (7.0 ) (1.5 ) — (14.2 ) (1.5 ) (2.7 ) Reorganization items, net — — 585.8 (12.8 ) — 627.2 Break fees related to terminated asset sales — (28.0 ) — — (28.0 ) — Unrealized losses (gains) on economic hedges 48.1 (9.4 ) — 9.5 (9.4 ) (16.6 ) Unrealized (gains) losses on non-coal trading derivative contracts (0.1 ) (3.2 ) — 1.7 (3.2 ) — Coal inventory revaluation — 67.3 — — 67.3 — Take-or-pay contract-based intangible recognition (7.8 ) (9.9 ) — (16.1 ) (9.9 ) — Income tax provision (benefit) 7.4 4.7 (266.0 ) 17.5 4.7 (263.8 ) Total Adjusted EBITDA $ 369.6 $ 317.8 $ — $ 733.5 $ 317.8 $ 341.3 |
Basis of Presentation - Textual
Basis of Presentation - Textuals (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Apr. 03, 2017 | |
Successor | |||||||
Fresh-Start Adjustment [Line Items] | |||||||
Gain on settlement of claims | [1] | $ (12.8) | |||||
Fresh start adjustments, net | 0 | ||||||
Fresh start income tax adjustments, net | 0 | ||||||
Professional fees | [2] | 0 | |||||
Accounts payable settlement gains | 0 | ||||||
Interest income | 0 | ||||||
Reorganization items, net | $ 0 | $ 0 | 12.8 | ||||
Cash paid for Reorganization items, net | $ 0 | ||||||
Predecessor | |||||||
Fresh-Start Adjustment [Line Items] | |||||||
Gain on settlement of claims | [3] | $ (3,031.2) | $ (3,031.2) | ||||
Fresh start adjustments, net | [3] | 3,363.1 | 3,363.1 | ||||
Fresh start income tax adjustments, net | [3] | 253.9 | 253.9 | ||||
Professional fees | [2] | 0 | 42.5 | ||||
Accounts payable settlement gains | 0 | (0.7) | |||||
Interest income | 0 | (0.4) | |||||
Reorganization items, net | (585.8) | (627.2) | |||||
Cash paid for Reorganization items, net | $ 14.4 | $ 45.8 | |||||
Voting shares received upon reorganization (less than 50%) | 50.00% | ||||||
[1] | “Reorganization items, net” for the six months ended June 30, 2018 consisted of settlement gains related to certain unsecured claims. | ||||||
[2] | Professional fees are only those that were directly related to the reorganization including, but not limited to, fees associated with advisors to the Debtors, the unsecured creditors' committee and certain other secured and unsecured creditors. | ||||||
[3] | Refer to Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for further information related to the adjustments recorded in the periods April 1, 2017 and January 1 through April 1, 2017. |
Newly Adopted Accounting Stan47
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented - Adjustments Due to ASC 606 (Details) - Successor - USD ($) $ in Millions | Jan. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Investments and other assets | $ 296.1 | $ 470.6 | |
Adjustments due to ASU 2014-09 | $ (22.5) | ||
Investments and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Investments and other assets | $ 448.1 | 470.6 | |
Adjustments due to ASU 2014-09 | (22.5) | ||
Retained earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | 591.1 | $ 613.6 | |
Adjustments due to ASU 2014-09 | $ (22.5) |
Newly Adopted Accounting Stan48
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented - Adjustments Due to ASU 2017-07 (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating costs and expenses | $ 946.5 | $ 927.9 | $ 2,003.7 | ||
Selling and administrative expenses | 44.1 | 34.7 | 81.1 | ||
Operating profit | 165.3 | 152.6 | 404.5 | ||
Net periodic benefit costs, excluding service cost | (4.6) | (6.6) | (9.1) | ||
Income from continuing operations before income taxes | $ 127.4 | 106.1 | 345.8 | ||
Adjustments due to ASU 2017-07 | $ (22.5) | ||||
Successor | Operating costs and expenses | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | (6.9) | ||||
Successor | Selling and administrative expenses | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 0.3 | ||||
Successor | Operating profit | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 6.6 | ||||
Successor | Net periodic benefit costs, excluding service cost | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 6.6 | ||||
Successor | Income from continuing operations before income taxes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 0 | ||||
Successor | Before Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating costs and expenses | 934.8 | ||||
Selling and administrative expenses | 34.4 | ||||
Operating profit | 146 | ||||
Net periodic benefit costs, excluding service cost | 0 | ||||
Income from continuing operations before income taxes | $ 106.1 | ||||
Predecessor | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating costs and expenses | $ 0 | $ 950.2 | |||
Selling and administrative expenses | 0 | 36.3 | |||
Operating profit | 0 | 212.5 | |||
Net periodic benefit costs, excluding service cost | 0 | (14.4) | |||
Income from continuing operations before income taxes | $ (585.8) | (459.3) | |||
Predecessor | Operating costs and expenses | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | (13.5) | ||||
Predecessor | Selling and administrative expenses | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | (0.9) | ||||
Predecessor | Operating profit | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 14.4 | ||||
Predecessor | Net periodic benefit costs, excluding service cost | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 14.4 | ||||
Predecessor | Income from continuing operations before income taxes | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustments due to ASU 2017-07 | 0 | ||||
Predecessor | Before Adoption [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating costs and expenses | 963.7 | ||||
Selling and administrative expenses | 37.2 | ||||
Operating profit | 198.1 | ||||
Net periodic benefit costs, excluding service cost | 0 | ||||
Income from continuing operations before income taxes | $ (459.3) |
Revenues - Accounts Receivable
Revenues - Accounts Receivable (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables, net | $ 412.7 | $ 504.2 |
Miscellaneous receivables, net | 90.3 | 47.9 |
Accounts receivable, net | $ 503 | $ 552.1 |
Revenues - Revenue by Product T
Revenues - Revenue by Product Type and Market (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | |
Successor | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 1,309.4 | $ 1,258.3 | $ 2,772.1 | |||
Successor | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 921.6 | 918.7 | 1,851.7 | |||
Successor | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 417.2 | 287.8 | 882.5 | |||
Successor | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | (29.4) | 51.8 | 37.9 | |||
Successor | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 688 | 707.8 | 1,444.5 | |||
Successor | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 233.6 | 210.9 | 407.2 | |||
Successor | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 417.2 | 287.8 | 882.5 | |||
Successor | Operating Segments | Powder River Basin Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 321.5 | 365.4 | 710.8 | |||
Successor | Operating Segments | Powder River Basin Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 321.5 | 361.1 | 710.7 | |||
Successor | Operating Segments | Powder River Basin Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Powder River Basin Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 4.3 | 0.1 | |||
Successor | Operating Segments | Powder River Basin Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 321.5 | 361.1 | 710.7 | |||
Successor | Operating Segments | Powder River Basin Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Powder River Basin Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Midwestern U.S. Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 197.5 | 194.9 | 399.2 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 197.5 | 194.8 | 399.1 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0.1 | 0.1 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 196.9 | 194.8 | 397.8 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0.6 | 0 | 1.3 | |||
Successor | Operating Segments | Midwestern U.S. Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Western U.S. Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 139.6 | 125.4 | 283.3 | |||
Successor | Operating Segments | Western U.S. Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 135.4 | 123.8 | 273.7 | |||
Successor | Operating Segments | Western U.S. Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Western U.S. Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 4.2 | 1.6 | 9.6 | |||
Successor | Operating Segments | Western U.S. Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 131.1 | 123.8 | 261.4 | |||
Successor | Operating Segments | Western U.S. Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 4.3 | 0 | 12.3 | |||
Successor | Operating Segments | Western U.S. Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Australian Metallurgical Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 417.5 | 287.8 | 883.7 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 417.2 | 287.8 | 882.5 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0.3 | 0 | 1.2 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Australian Metallurgical Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 417.2 | 287.8 | 882.5 | |||
Successor | Operating Segments | Australian Thermal Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 267.4 | 239.2 | 468.8 | |||
Successor | Operating Segments | Australian Thermal Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 267.2 | 239 | 468.2 | |||
Successor | Operating Segments | Australian Thermal Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Operating Segments | Australian Thermal Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0.2 | 0.2 | 0.6 | |||
Successor | Operating Segments | Australian Thermal Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 38.5 | 28.1 | 74.6 | |||
Successor | Operating Segments | Australian Thermal Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 228.7 | 210.9 | 393.6 | |||
Successor | Operating Segments | Australian Thermal Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 10 | 5.2 | 30.1 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 10 | 5.2 | 30.1 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Trading and Brokerage | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Corporate and Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | (44.1) | 40.4 | (3.8) | ||
Successor | Corporate, Non-Segment | Corporate and Other | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | 0 | 0 | ||
Successor | Corporate, Non-Segment | Corporate and Other | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | 0 | 0 | ||
Successor | Corporate, Non-Segment | Corporate and Other | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | (44.1) | 40.4 | (3.8) | ||
Successor | Corporate, Non-Segment | Corporate and Other | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | 0 | 0 | ||
Successor | Corporate, Non-Segment | Corporate and Other | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | 0 | 0 | ||
Successor | Corporate, Non-Segment | Corporate and Other | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | $ 0 | $ 0 | $ 0 | ||
Predecessor | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | $ 0 | $ 1,326.2 | ||||
Predecessor | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 945.5 | |||||
Predecessor | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 324.6 | |||||
Predecessor | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 56.1 | |||||
Predecessor | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 748.3 | |||||
Predecessor | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 197.2 | |||||
Predecessor | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 324.6 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 394.3 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 394.3 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 394.3 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Powder River Basin Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 193.2 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 193.2 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 193.2 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Western U.S. Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 149.7 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 133.5 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 16.2 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 133.5 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Western U.S. Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 328.9 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 324.6 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 4.3 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 324.6 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 224.8 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 224.5 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0.3 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 27.3 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 197.2 | |||||
Predecessor | Operating Segments | Australian Thermal Mining | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 15 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 15 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | 0 | |||||
Predecessor | Corporate, Non-Segment | Corporate and Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 20.3 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Other | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 20.3 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Domestic | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Export | Thermal coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | 0 | ||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Export | Metallurgical coal | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenues | [1] | $ 0 | ||||
[1] | Corporate and Other revenue includes unrealized gains and losses related to mark-to-market activity from financial contract hedge activities intended to secure pricing related to certain coal sales contracts. During the three and six months ended June 30, 2018, such net unrealized losses were $48.1 million and $9.5 million, respectively. During the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, such net unrealized gains were $9.4 million and $16.6 million, respectively. When such gains and losses are realized in connection with recognition of the underlying transaction, they are reclassified to realized gains and losses and are then reflected in Trading and Brokerage revenue (realized losses of $9.6 million and $29.5 million during the three and six months ended June 30, 2018, respectively, and realized losses of $7.7 million and $11.1 million during the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, respectively). At June 30, 2018 and December 31, 2017, the financial contracts’ fair values resulted in net liabilities of $48.4 million and $38.9 million, respectively. Assets and liabilities related to the financial contracts were deemed Level 2 according to the U.S. GAAP fair value hierarchy as the valuations are corroborated by the use of market-based pricing. |
Revenues - Revenues by Contract
Revenues - Revenues by Contract Duration (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Successor | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | $ 1,309.4 | $ 1,258.3 | $ 2,772.1 | ||||
Unrealized Gain (Loss) on Price Risk Fair Value Hedging Instruments | 48.1 | 9.4 | 9.5 | ||||
Gain (Loss) on Price Risk Fair Value Hedge Ineffectiveness | 9.6 | 7.7 | 29.5 | ||||
Successor | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 1,059.7 | 1,025.7 | 2,292.8 | ||||
Successor | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 279.1 | 180.8 | 441.4 | ||||
Successor | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | (29.4) | 51.8 | 37.9 | ||||
Successor | Operating Segments | Powder River Basin Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 321.5 | 365.4 | 710.8 | ||||
Successor | Operating Segments | Powder River Basin Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 310.8 | 326.7 | 654.2 | ||||
Successor | Operating Segments | Powder River Basin Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 10.7 | 34.4 | 56.5 | ||||
Successor | Operating Segments | Powder River Basin Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | 4.3 | 0.1 | ||||
Successor | Operating Segments | Midwestern U.S. Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 197.5 | 194.9 | 399.2 | ||||
Successor | Operating Segments | Midwestern U.S. Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 194.1 | 187.3 | 381.7 | ||||
Successor | Operating Segments | Midwestern U.S. Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 3.4 | 7.5 | 17.4 | ||||
Successor | Operating Segments | Midwestern U.S. Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | 0.1 | 0.1 | ||||
Successor | Operating Segments | Western U.S. Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 139.6 | 125.4 | 283.3 | ||||
Successor | Operating Segments | Western U.S. Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 126.5 | 122.7 | 253.8 | ||||
Successor | Operating Segments | Western U.S. Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 8.9 | 1.1 | 19.9 | ||||
Successor | Operating Segments | Western U.S. Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 4.2 | 1.6 | 9.6 | ||||
Successor | Operating Segments | Australian Thermal Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 267.4 | 239.2 | 468.8 | ||||
Successor | Operating Segments | Australian Thermal Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 173.2 | 135.6 | 350.5 | ||||
Successor | Operating Segments | Australian Thermal Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 94 | 103.4 | 117.7 | ||||
Successor | Operating Segments | Australian Thermal Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0.2 | 0.2 | 0.6 | ||||
Successor | Operating Segments | Australian Metallurgical Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 417.5 | 287.8 | 883.7 | ||||
Successor | Operating Segments | Australian Metallurgical Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 255.1 | 253.4 | 652.6 | ||||
Successor | Operating Segments | Australian Metallurgical Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 162.1 | 34.4 | 229.9 | ||||
Successor | Operating Segments | Australian Metallurgical Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0.3 | 0 | 1.2 | ||||
Successor | Corporate, Non-Segment | Trading and Brokerage | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 10 | 5.2 | 30.1 | ||||
Successor | Corporate, Non-Segment | Trading and Brokerage | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | 0 | 0 | ||||
Successor | Corporate, Non-Segment | Trading and Brokerage | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | 0 | 0 | ||||
Successor | Corporate, Non-Segment | Trading and Brokerage | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 10 | 5.2 | 30.1 | ||||
Successor | Corporate, Non-Segment | Corporate and Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | (44.1) | 40.4 | (3.8) | |||
Successor | Corporate, Non-Segment | Corporate and Other | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Corporate and Other | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | 0 | 0 | 0 | |||
Successor | Corporate, Non-Segment | Corporate and Other | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | (44.1) | $ 40.4 | (3.8) | |||
Predecessor | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | $ 0 | $ 1,326.2 | |||||
Unrealized Gain (Loss) on Price Risk Fair Value Hedging Instruments | 16.6 | ||||||
Gain (Loss) on Price Risk Fair Value Hedge Ineffectiveness | 11.1 | ||||||
Predecessor | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 1,054.9 | ||||||
Predecessor | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 215.2 | ||||||
Predecessor | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 56.1 | ||||||
Predecessor | Operating Segments | Powder River Basin Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 394.3 | ||||||
Predecessor | Operating Segments | Powder River Basin Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 357.7 | ||||||
Predecessor | Operating Segments | Powder River Basin Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 36.6 | ||||||
Predecessor | Operating Segments | Powder River Basin Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | ||||||
Predecessor | Operating Segments | Midwestern U.S. Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 193.2 | ||||||
Predecessor | Operating Segments | Midwestern U.S. Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 193.2 | ||||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | ||||||
Predecessor | Operating Segments | Midwestern U.S. Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | ||||||
Predecessor | Operating Segments | Western U.S. Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 149.7 | ||||||
Predecessor | Operating Segments | Western U.S. Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 129.3 | ||||||
Predecessor | Operating Segments | Western U.S. Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 4.2 | ||||||
Predecessor | Operating Segments | Western U.S. Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 16.2 | ||||||
Predecessor | Operating Segments | Australian Thermal Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 224.8 | ||||||
Predecessor | Operating Segments | Australian Thermal Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 134.1 | ||||||
Predecessor | Operating Segments | Australian Thermal Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 90.4 | ||||||
Predecessor | Operating Segments | Australian Thermal Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0.3 | ||||||
Predecessor | Operating Segments | Australian Metallurgical Mining | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 328.9 | ||||||
Predecessor | Operating Segments | Australian Metallurgical Mining | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 240.6 | ||||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 84 | ||||||
Predecessor | Operating Segments | Australian Metallurgical Mining | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 4.3 | ||||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 15 | ||||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | ||||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 0 | ||||||
Predecessor | Corporate, Non-Segment | Trading and Brokerage | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | 15 | ||||||
Predecessor | Corporate, Non-Segment | Corporate and Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | 20.3 | |||||
Predecessor | Corporate, Non-Segment | Corporate and Other | One year or longer | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | 0 | |||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Short-term contracts | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | 0 | |||||
Predecessor | Corporate, Non-Segment | Corporate and Other | Other | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenues | [1] | $ 20.3 | |||||
Coal Trading Positions [Member] | Successor | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | [2] | $ (48.4) | $ (48.4) | $ (38.9) | |||
[1] | Corporate and Other revenue includes unrealized gains and losses related to mark-to-market activity from financial contract hedge activities intended to secure pricing related to certain coal sales contracts. During the three and six months ended June 30, 2018, such net unrealized losses were $48.1 million and $9.5 million, respectively. During the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, such net unrealized gains were $9.4 million and $16.6 million, respectively. When such gains and losses are realized in connection with recognition of the underlying transaction, they are reclassified to realized gains and losses and are then reflected in Trading and Brokerage revenue (realized losses of $9.6 million and $29.5 million during the three and six months ended June 30, 2018, respectively, and realized losses of $7.7 million and $11.1 million during the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, respectively). At June 30, 2018 and December 31, 2017, the financial contracts’ fair values resulted in net liabilities of $48.4 million and $38.9 million, respectively. Assets and liabilities related to the financial contracts were deemed Level 2 according to the U.S. GAAP fair value hierarchy as the valuations are corroborated by the use of market-based pricing. | ||||||
[2] | Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017, respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.” |
Revenues - Textuals (Details)
Revenues - Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2017 | |
Successor | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Interest Income | $ 2.1 | $ 4.2 | ||||
Successor | Trade Accounts Receivable [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Allowance for Doubtful Accounts Receivable | 0.5 | 0.5 | $ 0.3 | |||
Provision for Doubtful Accounts | $ 4.5 | 0.2 | ||||
Long-term Investments and Receivables, Net | 47.5 | 47.5 | 139.3 | |||
Successor | Miscellaneous Accounts Receivable [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Allowance for Doubtful Accounts Receivable | $ 4.3 | $ 4.3 | $ 4.3 | |||
Predecessor | Trade Accounts Receivable [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Provision for Doubtful Accounts | $ 0 | |||||
Scenario, Forecast | One year or longer | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Deferred Revenue | $ 6,300 | |||||
Deferred Revenue, Percentage of Total, Expected to be Recognized in Next Twelve Months | 45.00% | |||||
Deferred Revenue, Percentage of Total, Expected to be Recognized Beyond Twelve Months | 55.00% |
Discontinued Operations - Loss,
Discontinued Operations - Loss, Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 |
Successor | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss from discontinued operations, net of income taxes | $ (3.6) | $ (2.7) | $ (4.9) | |||
Successor | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||
Assets: | ||||||
Other current assets | 0.5 | 0.5 | ||||
Total assets classified as discontinued operations | 0.5 | 0.5 | ||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 70.9 | 70.9 | ||||
Other noncurrent liabilities | 171.1 | 171.1 | ||||
Total liabilities classified as discontinued operations | $ 242 | $ 242 | ||||
Predecessor | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss from discontinued operations, net of income taxes | $ (12.1) | $ (16.2) | ||||
Predecessor | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||
Assets: | ||||||
Other current assets | $ 0.3 | |||||
Total assets classified as discontinued operations | 0.3 | |||||
Liabilities: | ||||||
Accounts payable and accrued expenses | 70.6 | |||||
Other noncurrent liabilities | 170 | |||||
Total liabilities classified as discontinued operations | $ 240.6 |
Discontinued Operations - Patri
Discontinued Operations - Patriot Related Matters (Details) - Spinoff - Patriot - USD ($) $ in Millions | Jan. 25, 2017 | Jun. 30, 2018 | Dec. 31, 2007 |
Black Lung Occupational Disease Liability | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Initially Determined Potential Exposure from Patriot Bankruptcy | $ 150 | ||
Potential Exposure from Patriot Bankruptcy | $ 135.5 | ||
UMWA 1974 Pension Plan (UMWA Plan) Litigation | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Settlement of claim, amount awarded to other party | $ 75 | ||
Litigation settlement, liability | $ 48.8 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Inventories [Line Items] | ||
Materials and supplies | $ 101.3 | $ 101.5 |
Raw coal | 63.8 | 78.1 |
Saleable coal | 125.4 | 111.7 |
Total | 290.5 | 291.3 |
Reserve for materials and supplies | ||
Inventories [Line Items] | ||
Valuation Allowances and Reserves, Balance | $ 0.2 | $ 0.6 |
Derivatives and Fair Value Me56
Derivatives and Fair Value Measurements - Gains and Losses on Hedging Derivatives (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | |
Successor | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss realized in income on derivatives | $ (2.3) | $ (0.3) | $ (4.7) | |
Unrealized gain recognized in income on non-designated derivatives | 0.1 | 3.2 | (1.7) | |
Total loss recognized in income | (2.2) | 2.9 | (6.4) | |
Successor | Foreign currency cash flow hedge contracts | Operating costs and expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss realized in income on derivatives | (2.3) | (0.3) | (4.7) | |
Unrealized gain recognized in income on non-designated derivatives | 0.1 | 3.2 | (1.7) | |
Total loss recognized in income | $ (2.2) | $ 2.9 | $ (6.4) | |
Predecessor | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss reclassified from other comprehensive loss into income | $ (27.6) | |||
Loss realized in income on derivatives | 0 | |||
Unrealized gain recognized in income on non-designated derivatives | 0 | |||
Total loss recognized in income | (27.6) | |||
Predecessor | Fuel and explosives commodity swaps | Operating costs and expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss reclassified from other comprehensive loss into income | (11) | |||
Loss realized in income on derivatives | 0 | |||
Unrealized gain recognized in income on non-designated derivatives | 0 | |||
Total loss recognized in income | (11) | |||
Predecessor | Foreign currency cash flow hedge contracts | Operating costs and expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss reclassified from other comprehensive loss into income | (16.6) | |||
Loss realized in income on derivatives | 0 | |||
Unrealized gain recognized in income on non-designated derivatives | 0 | |||
Total loss recognized in income | $ (16.6) |
Derivatives and Fair Value Me57
Derivatives and Fair Value Measurements - Financial Instruments Measured on Recurring Basis (Details) - Successor - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Foreign currency cash flow hedge contracts | ||
Derivative [Line Items] | ||
Transfers Between Hierarchy Levels | $ 0 | |
Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,800,000 | $ 4,200,000 |
Fair Value, Measurements, Recurring | Foreign currency cash flow hedge contracts | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,800,000 | 4,200,000 |
Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign currency cash flow hedge contracts | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,800,000 | 4,200,000 |
Level 2 | Fair Value, Measurements, Recurring | Foreign currency cash flow hedge contracts | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,800,000 | 4,200,000 |
Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign currency cash flow hedge contracts | ||
Derivative [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 0 | $ 0 |
Derivatives and Fair Value Me58
Derivatives and Fair Value Measurements - Long-term debt (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current and Long-term debt | $ 1,403 | $ 1,460.8 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current and Long-term debt | $ 1,465.2 | $ 1,547.4 |
Derivatives and Fair Value Me59
Derivatives and Fair Value Measurements - Texutals (Details) $ in Millions, $ in Millions | Dec. 31, 2018$ / $ | Jun. 30, 2018USD ($) | Jun. 30, 2018AUD ($) | Dec. 31, 2017USD ($) |
Successor | Foreign currency forward contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | $ 1,125 | |||
Successor | Fair Value, Measurements, Recurring | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1.8 | $ 4.2 | ||
Successor | Fair Value, Measurements, Recurring | Foreign currency forward contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 1.8 | $ 4.2 | ||
Scenario, Forecast | Lower rate | Foreign currency forward contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Exchange Rate Cap | $ / $ | 0.790 | |||
Scenario, Forecast | Higher rate | Foreign currency forward contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Exchange Rate Cap | $ / $ | 0.82 |
Coal Trading - Trading Revenues
Coal Trading - Trading Revenues and Balance Sheet Offsetting (Details) - Coal Trading - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | ||
Successor | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | $ 10 | $ 5.2 | $ 30.1 | |||
Coal trading derivative instruments and balance sheet offsetting disclosures: | ||||||
Assets from coal trading activities, gross amounts of recognized assets | [1] | 81.8 | 81.8 | $ 77.1 | ||
Liabilities from coal trading activities, gross amounts of recognized liabilities | [1] | (137.1) | (137.1) | (122) | ||
Assets and (liabilities) from coal trading activities, net amounts recognized before the application of variation margin | [1] | (55.3) | (55.3) | (44.9) | ||
Gross amounts of coal trading liabilities offset against associated coal trading assets | (74.6) | (74.6) | (74.5) | |||
Gross amounts of coal trading assets offset against associated coal trading liabilities | 74.6 | 74.6 | 74.5 | |||
Net coal trading (liabilities) assets offset against associated assets (liabilities) | 0 | 0 | 0 | |||
Variation margin held offset against assets from coal trading activities | 0 | 0 | 0 | |||
Variation margin posted offset against liabilities from coal trading activities | 47.5 | 47.5 | 35.8 | |||
Net variation margin (held) posted | 47.5 | 47.5 | 35.8 | |||
Assets from coal trading activities, net | 7.2 | 7.2 | 2.6 | |||
Liabilities from coal trading activities, net | (15) | (15) | (11.7) | |||
Net assets (liabilities) from coal trading activities | (7.8) | (7.8) | $ (9.1) | |||
Successor | Futures, swaps and options | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | (15.3) | (7.3) | (32.2) | |||
Successor | Physical purchase/sale contracts | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | $ 25.3 | $ 12.5 | $ 62.3 | |||
Predecessor | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | $ 15 | |||||
Predecessor | Futures, swaps and options | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | (10.2) | |||||
Predecessor | Physical purchase/sale contracts | ||||||
Trading Revenues by Type of Instrument [Line Items] | ||||||
Trading Revenues by Type of Instrument | $ 25.2 | |||||
[1] | Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017, respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.” |
Coal Trading - Fair Value (Deta
Coal Trading - Fair Value (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Coal Trading Positions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (48.4) | $ (38.9) |
Coal Trading | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 137.1 | 122 |
Fair Value, Measurements, Recurring | Coal Trading | |||
Fair value coal trading net assets (liabilities) measured on recurring basis: | |||
Futures, swaps and options | (0.3) | (7.2) | |
Physical purchase/sale contracts | (7.5) | (1.9) | |
Total net financial assets (liabilities) | (7.8) | (9.1) | |
Level 1 | Fair Value, Measurements, Recurring | Coal Trading | |||
Fair value coal trading net assets (liabilities) measured on recurring basis: | |||
Futures, swaps and options | 0 | (3) | |
Physical purchase/sale contracts | 0 | 0 | |
Total net financial assets (liabilities) | 0 | (3) | |
Level 2 | Fair Value, Measurements, Recurring | Coal Trading | |||
Fair value coal trading net assets (liabilities) measured on recurring basis: | |||
Futures, swaps and options | (0.3) | (4.2) | |
Physical purchase/sale contracts | (7.5) | (1.9) | |
Total net financial assets (liabilities) | (7.8) | (6.1) | |
Level 3 | Fair Value, Measurements, Recurring | Coal Trading | |||
Fair value coal trading net assets (liabilities) measured on recurring basis: | |||
Futures, swaps and options | 0 | 0 | |
Physical purchase/sale contracts | 0 | 0 | |
Total net financial assets (liabilities) | $ 0 | $ 0 | |
[1] | Amounts include net liabilities of $48.4 million and $38.9 million at June 30, 2018 and December 31, 2017, respectively, representing the fair value of financial contracts related to hedge activities intended to secure pricing under certain coal sales contracts, as further described in Note 3. “Revenue Recognition.” |
Coal Trading - Textuals (Detail
Coal Trading - Textuals (Details) - Coal Trading - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||||
Potential collateralization that may be requested by counterparties related to material adverse event | $ 9.7 | $ 7 | |||
Collateral required to be posted to counterparties | 0 | ||||
External Credit Rating, Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 27.00% | ||||
External Credit Rating, Non Investment Grade [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 72.00% | ||||
Non Rated [Member] | Credit Concentration Risk [Member] | Coal Trading Positions [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 1.00% | ||||
Successor | |||||
Concentration Risk [Line Items] | |||||
Total asset (liabilities) from coal trading activities, net | $ 47.5 | 35.8 | |||
Initial margin posted | 19.8 | 18.8 | |||
Receivables from Brokers-Dealers and Clearing Organizations | 1.1 | $ 1.8 | |||
Additional potential collateral requirements for a credit downgrade | 0 | ||||
Margin posted to counterparties related to credit rating | $ 0 | ||||
Level 3 | Scenario, Forecast | |||||
Concentration Risk [Line Items] | |||||
Estimated Future Realization of Trading Portfolio | $ 2.2 | $ 0.5 | $ (4.9) |
Intangible Contract Assets an63
Intangible Contract Assets and Liabilities - Balances and Balance Sheet Classifications (Details) - Successor - Fresh Start Reporting - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fresh-Start Adjustment [Line Items] | ||
Assets | $ 115.5 | $ 177.2 |
Liabilities | 105.9 | 133.4 |
Net Total | 9.6 | 43.8 |
Take-or-pay contracts | ||
Fresh-Start Adjustment [Line Items] | ||
Assets | 0 | 0 |
Coal supply agreements | ||
Fresh-Start Adjustment [Line Items] | ||
Assets | 115.5 | 177.2 |
Net Total | 80.1 | 134.5 |
Take-or-pay contracts | ||
Fresh-Start Adjustment [Line Items] | ||
Liabilities | 70.5 | 90.7 |
Coal supply agreements | ||
Fresh-Start Adjustment [Line Items] | ||
Liabilities | (35.4) | (42.7) |
Investments and other assets | ||
Fresh-Start Adjustment [Line Items] | ||
Assets | 115.5 | 177.2 |
Liabilities | 0 | 0 |
Net Total | 115.5 | 177.2 |
Accounts payable and accrued expenses | ||
Fresh-Start Adjustment [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 22.4 | 27.6 |
Other noncurrent liabilities | ||
Fresh-Start Adjustment [Line Items] | ||
Assets | 0 | 0 |
Liabilities | $ 83.5 | $ 105.8 |
Intangible Contract Assets an64
Intangible Contract Assets and Liabilities - Textuals (Details) - Fresh Start Reporting - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2017 | |
Sales Contracts | |||||||||
Fresh-Start Adjustment [Line Items] | |||||||||
Intangible assets | $ 314.9 | ||||||||
Liabilities | 58.7 | ||||||||
Intangible liabilities | $ 116.2 | ||||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||||
Amortization of intangible assets and liabilities | $ 25.1 | $ 29.7 | $ 54.4 | ||||||
Take-or-pay contracts | |||||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||||
Amortization of Intangible Liabilities | $ 7.8 | $ 9.5 | $ 16.1 | ||||||
Scenario, Forecast | Sales Contracts | |||||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||||
Amortization, remainder of 2018 | $ 43 | ||||||||
Amortization, 2019 | $ 27 | ||||||||
Amortization, 2020 | $ 8 | ||||||||
Amortization, 2021 | $ 3 | ||||||||
Amortization, 2022 | $ 1 | ||||||||
Scenario, Forecast | Take-or-pay contracts | |||||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||||
Amortization of intangible liabilities, remainder of 2018 | $ 11 | ||||||||
Amortization of intangible liabilities, 2019 | $ 18 | ||||||||
Amortization of intangible liabilities, 2020 | $ 9 | ||||||||
Amortization of intangible liabilities, 2021 | $ 4 | ||||||||
Amortization of intangible liabilities, 2022 | 3 | ||||||||
Finite-Lived Intangible Liabilities, Amortization Expense, Beyond Five Years | $ 25 |
Equity Method Investments - Tex
Equity Method Investments - Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Successor | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Equity method investments and financing receivables | $ 62.5 | $ 62.5 | |||
Successor | Middlemount Mine | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Successor | Financing Receivable | Middlemount Mine | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, cash received from equity Interest | $ 34.1 | $ 21 | $ 69.8 | ||
Predecessor | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Equity method investments and financing receivables | $ 83.8 | ||||
Predecessor | Financing Receivable | Middlemount Mine | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, cash received from equity Interest | $ 31.1 |
Property, Plant, Equipment an66
Property, Plant, Equipment and Mine Development - Textuals (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant, Equipment and Mine Development, Net [Line Items] | ||
Land and coal interests | $ 3,899.9 | $ 3,890.5 |
Buildings and improvements | 453.4 | 470.6 |
Machinery and equipment | 1,258.6 | 1,149.3 |
Less: Accumulated depreciation, depletion and amortization | (666.2) | (398.5) |
Property, plant, equipment and mine development, net | $ 4,945.7 | $ 5,111.9 |
Income Taxes - Textuals (Detail
Income Taxes - Textuals (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
Income Taxes | |||||
Income tax provision (benefit) | $ 7.4 | $ 4.7 | $ 17.5 | ||
Successor | Foreign Tax Authority | |||||
Income Taxes | |||||
Income tax provision (benefit) | $ (0.4) | $ 0.1 | $ 0.1 | ||
Predecessor | |||||
Income Taxes | |||||
Income tax provision (benefit) | $ (266) | $ (263.8) | |||
Predecessor | Foreign Tax Authority | |||||
Income Taxes | |||||
Income tax provision (benefit) | $ 9.4 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Details) - Successor - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Capital lease and other obligations | $ 59.5 | $ 76 |
Less: Debt issuance costs | (54.4) | (59.4) |
Total debt | 1,403 | 1,460.8 |
Less: Current portion of long-term debt | 45 | 42.1 |
Long-term debt | 1,358 | 1,418.7 |
Senior Notes | 6.000% Senior Secured Notes due March 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500 | $ 500 |
Stated interest rate | 6.00% | 6.00% |
Senior Notes | 6.375% Senior Secured Notes due March 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500 | $ 500 |
Stated interest rate | 6.375% | 6.375% |
Term Loan | Senior Secured Term Loan due 2025, net of original issue discount | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 397.9 | $ 444.2 |
Long-term Debt - Textuals (Deta
Long-term Debt - Textuals (Details) | Apr. 01, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Apr. 01, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Sep. 18, 2017USD ($) | Apr. 03, 2017USD ($) | Feb. 15, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | |||||||||
Senior Notes | Effect of Plan | 6.000% Senior Secured Notes due March 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 500,000,000 | |||||||||
Senior Notes | Effect of Plan | 6.375% Senior Secured Notes due March 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 500,000,000 | |||||||||
Term Loan | Successor Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Restricted payments threshold | $ 450,000,000 | $ 50,000,000 | ||||||||
Debt Instrument, Restricted Payments Basket | $ 450,000,000 | |||||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 2.25 | 2 | ||||||||
Term Loan | Successor Credit Agreement | Total Leverage Ration Less Or Equal 2.00 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 2 | 2 | 2 | |||||||
Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal 1.25 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 1.25 | 1.25 | 1.25 | |||||||
Dividend payment and stock purchase payment threshold | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||||||
Term Loan | Effect of Plan | Successor Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 950,000,000 | |||||||||
Successor | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | 54,400,000 | 54,400,000 | $ 59,400,000 | 54,400,000 | ||||||
Interest expense | 38,300,000 | $ 41,400,000 | 74,600,000 | |||||||
Capital lease obligations | 59,500,000 | 59,500,000 | 76,000,000 | $ 59,500,000 | ||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 23,800,000 | 63,500,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | (2,000,000) | 0 | (2,000,000) | |||||||
Payments of Debt Issuance Costs | 0 | 1,400,000 | ||||||||
Successor | Revolving Credit Facility | 2017 Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | 4,700,000 | |||||||||
Interest expense | $ 1,300,000 | $ 3,100,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | |||||||||
Unrestricted Cash Netting Limit | 800,000,000 | |||||||||
Revolving Credit Facility, Fee on Unused Borrowings | 0.50% | 0.50% | 0.50% | |||||||
Aggregate Letters of Credit, Maximum | $ 129,800,000 | |||||||||
Successor | Revolving Credit Facility | 2017 Revolver | Total Leverage Ration Less Or Equal 2.00 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 2 | |||||||||
Successor | Revolving Credit Facility | 2017 Revolver | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% | 3.25% | ||||||||
Successor | Revolving Credit Facility | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Base Interest Rate | 3.375% | |||||||||
Successor | Senior Notes | 6.000% Senior Secured Notes due March 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.00% | 6.00% | 6.00% | 6.00% | ||||||
Long-term debt | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Successor | Senior Notes | 6.000% Senior Secured Notes due March 2022 | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 103.00% | |||||||||
Successor | Senior Notes | 6.000% Senior Secured Notes due March 2022 | Debt Instrument, Redemption, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 101.50% | |||||||||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.375% | 6.375% | 6.375% | 6.375% | ||||||
Long-term debt | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | Debt Instrument, Redemption, Period One | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 104.80% | |||||||||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | Debt Instrument, Redemption, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 103.20% | |||||||||
Successor | Senior Notes | 6.375% Senior Secured Notes due March 2025 | Debt Instrument, Redemption, Period Three | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price, percentage | 101.60% | |||||||||
Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance cost | 49,500,000 | |||||||||
Interest expense | $ 17,500,000 | $ 34,900,000 | $ 15,100,000 | |||||||
Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | Domestic | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Collateral, capital stock, percent | 100.00% | 100.00% | 100.00% | |||||||
Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | Export | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Collateral, non-voting capital stock, percent | 100.00% | 100.00% | 100.00% | |||||||
Collateral, voting capital stock, percent | 65.00% | 65.00% | 65.00% | |||||||
Successor | Senior Notes | 6.00% And 6.375% Senior Secured Notes, Successor Notes | Peabody Investments (Gibraltar) Limited | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Collateral, non-voting capital stock, percent | 100.00% | 100.00% | 100.00% | |||||||
Collateral, voting capital stock, percent | 65.00% | 65.00% | 65.00% | |||||||
Successor | Term Loan | Successor Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest expense | $ 6,600,000 | $ 13,400,000 | $ 13,100,000 | |||||||
Principal amount | 400,000,000 | |||||||||
Original issue discount and deferred finance costs | $ 37,300,000 | |||||||||
Mandatory principal prepayment, percent of excess cash flow | 75.00% | 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 | $ 10,000,000 | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 546,000,000 | |||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 46,000,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | (2,000,000) | |||||||||
Payments of Debt Issuance Costs | 1,000,000 | |||||||||
Other Expenses | $ 900,000 | |||||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mandatory principal prepayment, percent of excess cash flow | 50.00% | 50.00% | 50.00% | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 2 | 2 | 2 | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 2.00 to 1.00 Greater Than 1.50 to 1.00 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 1.50 | 1.50 | 1.50 | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mandatory principal prepayment, percent of excess cash flow | 25.00% | 25.00% | 25.00% | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 1.50 | 1.50 | 1.50 | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 1.50 to 1.00 Greater Than 1.00 to 1.00 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Leverage Ratio | 1 | 1 | 1 | |||||||
Successor | Term Loan | Successor Credit Agreement | Total Leverage Ratio Less or Equal to 1.00 to 1.00 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mandatory principal prepayment, percent of excess cash flow | 0.00% | 0.00% | 0.00% | |||||||
Total Leverage Ratio | 1 | 1 | 1 | |||||||
Successor | Term Loan | Successor Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.75% | |||||||||
Successor | Term Loan | Senior Secured Term Loan due 2025, net of original issue discount | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 397,900,000 | $ 397,900,000 | 444,200,000 | $ 397,900,000 | ||||||
Secured Debt | 950,000,000 | |||||||||
Successor | Line of Credit | 2017 Revolver | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 350,000,000 | |||||||||
Predecessor | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest expense, adequate protection payments | $ 29,800,000 | |||||||||
Contractual interest expense | 92,900,000 | |||||||||
Interest expense | 0 | 32,900,000 | ||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 2,100,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | 0 | ||||||||
Payments of Debt Issuance Costs | $ 45,400,000 |
Pension and Postretirement Be70
Pension and Postretirement Benefit Costs (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
Components of net periodic benefit cost | |||||
Net periodic pension (benefit) cost | $ 4.6 | $ 6.6 | $ 9.1 | ||
Successor | Defined benefit pension plans | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | 0.5 | 0.6 | 1.1 | ||
Interest cost on projected benefit obligation | 7.9 | 9.3 | 15.7 | ||
Expected return on plan assets | (10.7) | (11.2) | (21.4) | ||
Amortization of prior service cost and net actuarial loss | 0 | 0 | 0 | ||
Net periodic pension (benefit) cost | $ (2.3) | (1.3) | $ (4.6) | ||
Other Defined Benefit Plan Information [Abstract] | |||||
Funding threshold | 80.00% | 80.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 12 | $ 42 | |||
Successor | Postretirement benefit plans | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | 2.1 | 2.3 | 4.1 | ||
Interest cost on projected benefit obligation | 7.1 | 8.3 | 14.2 | ||
Amortization of prior service cost and net actuarial loss | 0 | 0 | 0 | ||
Net periodic pension (benefit) cost | $ 9.2 | $ 10.6 | $ 18.3 | ||
Predecessor | |||||
Components of net periodic benefit cost | |||||
Net periodic pension (benefit) cost | $ 0 | $ 14.4 | |||
Predecessor | Defined benefit pension plans | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | 0.6 | ||||
Interest cost on projected benefit obligation | 9.7 | ||||
Expected return on plan assets | (11) | ||||
Amortization of prior service cost and net actuarial loss | 6.4 | ||||
Net periodic pension (benefit) cost | 5.7 | ||||
Predecessor | Postretirement benefit plans | |||||
Components of net periodic benefit cost | |||||
Service cost for benefits earned | 2.3 | ||||
Interest cost on projected benefit obligation | 8.4 | ||||
Amortization of prior service cost and net actuarial loss | 3.2 | ||||
Net periodic pension (benefit) cost | $ 13.9 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 |
Successor | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Foreign Currency Translation Adjustment | $ (2.2) | $ 0.5 | $ (3) | ||
Successor | Foreign Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, beginning of period | 1.4 | ||||
Foreign Currency Translation Adjustment | (3) | ||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, end of period | (1.6) | (1.6) | |||
Successor | Total Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Foreign Currency Translation Adjustment | (3) | ||||
Accumulated other comprehensive income, beginning of period | 1.4 | ||||
Accumulated other comprehensive income (loss), current period change, net of tax | (3) | ||||
Accumulated other comprehensive income, end of period | $ (1.6) | $ (1.6) | |||
Predecessor | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Foreign Currency Translation Adjustment | $ 0 | $ 5.5 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income - Reclassification from AOCI (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | |
Successor | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | $ (946.5) | $ (927.9) | $ (2,003.7) | |||
Net periodic benefit costs, excluding service cost | 4.6 | 6.6 | 9.1 | |||
Net periodic benefit costs, excluding service cost | (44.1) | (34.7) | (81.1) | |||
Income tax benefit (provision) | (7.4) | (4.7) | (17.5) | |||
Total after income taxes | 120 | 101.4 | 328.3 | |||
Successor | Defined benefit pension plans | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | $ (2.3) | $ (1.3) | $ (4.6) | |||
Predecessor | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | $ 0 | $ (950.2) | ||||
Net periodic benefit costs, excluding service cost | 0 | 14.4 | ||||
Net periodic benefit costs, excluding service cost | 0 | (36.3) | ||||
Income tax benefit (provision) | 266 | 263.8 | ||||
Total after income taxes | $ (319.8) | (195.5) | ||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Net actuarial loss associated with postretirement plans and workers' compensation obligations | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Insignificant items | [1] | 2.7 | ||||
Total before income taxes | [1] | (9.1) | ||||
Income tax benefit (provision) | [1] | 3.3 | ||||
Total after income taxes | [1] | (5.8) | ||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Prior service credit associated with postretirement plans | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total before income taxes | [1] | 2.2 | ||||
Income tax benefit (provision) | [1] | (0.8) | ||||
Total after income taxes | [1] | 1.4 | ||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total before income taxes | (27.7) | |||||
Income tax benefit (provision) | [1] | 9.1 | ||||
Total after income taxes | (18.6) | |||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency cash flow hedge contracts | Cash flow hedges | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | (16.6) | ||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Fuel and explosives commodity swaps | Cash flow hedges | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | (11) | ||||
Predecessor | Reclassification out of Accumulated Other Comprehensive Income | Insignificant items | Cash flow hedges | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Insignificant items | [1] | (0.1) | ||||
Predecessor | Postretirement health care and life insurance benefits | Reclassification out of Accumulated Other Comprehensive Income | Net actuarial loss associated with postretirement plans and workers' compensation obligations | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | 5.5 | ||||
Predecessor | Postretirement health care and life insurance benefits | Reclassification out of Accumulated Other Comprehensive Income | Prior service credit associated with postretirement plans | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | (2.3) | ||||
Predecessor | Defined benefit pension plans | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | 5.7 | |||||
Predecessor | Defined benefit pension plans | Reclassification out of Accumulated Other Comprehensive Income | Net actuarial loss associated with postretirement plans and workers' compensation obligations | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | 6.3 | ||||
Predecessor | Defined benefit pension plans | Reclassification out of Accumulated Other Comprehensive Income | Prior service credit associated with postretirement plans | ||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net periodic benefit costs, excluding service cost | [1] | $ 0.1 | ||||
[1] | Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Other Events (Details)
Other Events (Details) T in Millions, $ in Millions, $ in Millions | Apr. 01, 2017USD ($) | Jun. 30, 2018AUD ($)T | Sep. 30, 2018USD ($) | Sep. 30, 2018AUD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Apr. 01, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018AUD ($) | Sep. 30, 2019AUD ($) | Feb. 06, 2018 | Mar. 31, 2017 | Nov. 30, 2016USD ($) | Nov. 30, 2015USD ($) |
Successor | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | $ 2.5 | $ 52.6 | ||||||||||||
Net gain on disposal of assets | $ (1.6) | 0.5 | 29 | |||||||||||
Asset Impairment Charges | 0 | 0 | 0 | |||||||||||
Successor | Contract Termination [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Asset Impairment Charges | $ 0 | 0 | ||||||||||||
Successor | Red Mountain Joint Venture | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | 20 | |||||||||||||
Net gain on disposal of assets | 7.1 | |||||||||||||
Successor | Queensland’s Bowen Basin [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | $ 37 | |||||||||||||
Net gain on disposal of assets | $ 20.6 | |||||||||||||
Successor | DTA and PBGC | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||||||
Predecessor | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | $ 24.3 | |||||||||||||
Net gain on disposal of assets | $ 0 | 22.8 | ||||||||||||
Asset Impairment Charges | $ 0 | 30.5 | ||||||||||||
Predecessor | Contract Termination [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Asset Impairment Charges | 30.5 | |||||||||||||
Predecessor | DTA and PBGC | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Equity method investment, ownership percentage | 37.50% | |||||||||||||
Proceeds from disposal of assets, net of notes receivable | 20.5 | |||||||||||||
Net gain on disposal of assets | 19.7 | $ 19.7 | ||||||||||||
Predecessor | Metropolitan Collieries Pty Ltd [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | $ 200 | |||||||||||||
Stanmore Coal Limited [Member] | Successor | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Coal Reserves, in tons | T | 23 | |||||||||||||
Proceeds from disposal of assets, net of notes receivable | $ 30 | |||||||||||||
Stanmore Coal Limited [Member] | Scenario, Forecast | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | $ 6 | $ 24 | ||||||||||||
Net gain on disposal of assets | $ 22 | |||||||||||||
Bowie Resource Partners, LLC [Member] | Successor | New Mexico And Colorado Assets [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Gain (Loss) on Contract Termination | $ 20 | |||||||||||||
Bowie Resource Partners, LLC [Member] | Predecessor | New Mexico And Colorado Assets [Member] | ||||||||||||||
Other Commercial Events [Line Items] | ||||||||||||||
Planned Divestiture, Agreed Upon Proceeds from Divestiture | $ 358 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jan. 31, 2018 | |
Diluted EPS attributable to common stockholders: | ||||||||
Loss from discontinued operations, per diluted share | $ (0.66) | $ (0.88) | ||||||
Successor | ||||||||
EPS numerator: | ||||||||
Income (loss) from continuing operations, net of income taxes | $ 120 | $ 101.4 | $ 328.3 | |||||
Less: Series A Convertible Preferred Stock dividends | 0 | 115.1 | 102.5 | |||||
Less: Net income attributable to noncontrolling interests | 2.7 | 3.8 | 0.6 | |||||
Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 117.3 | (17.5) | 225.2 | |||||
Less: Earnings allocated to participating securities | 0 | 0 | 6.4 | |||||
Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | [1] | 117.3 | (17.5) | 218.8 | ||||
Loss from discontinued operations, net of income taxes | (3.6) | (2.7) | (4.9) | |||||
Less: Loss from discontinued operations allocated to participating securities | 0 | 0 | (0.1) | |||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (3.6) | (2.7) | (4.8) | |||||
Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) | [1] | $ 113.7 | $ (20.2) | $ 214 | ||||
EPS denominator: | ||||||||
Weighted average shares outstanding — basic | 124.5 | 96.8 | 122.7 | |||||
Impact of dilutive securities | 1.5 | 0 | 1.9 | |||||
Weighted average shares outstanding — diluted | [2] | 126 | 96.8 | 124.6 | ||||
Basic EPS attributable to common stockholders: | ||||||||
Income from continuing operations, per basic share | $ 0.94 | $ (0.18) | $ 1.78 | |||||
Loss from discontinued operation, per basic share | (0.03) | (0.03) | (0.04) | |||||
Basic income per share (in dollars per share) | 0.91 | (0.21) | 1.74 | |||||
Diluted EPS attributable to common stockholders: | ||||||||
Income from continuing operations, per diluted share | 0.93 | (0.18) | 1.76 | |||||
Loss from discontinued operations, per diluted share | (0.03) | (0.03) | (0.04) | |||||
Diluted income per share (in dollars per share) | $ 0.90 | $ (0.21) | $ 1.72 | |||||
Earnings Per Share Table Footnotes [Abstract] | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 0.1 | |||||||
Weighted Average Number of Shares Outstanding, Diluted | 39.2 | 4.2 | ||||||
Antidilutive shares excluded from EPS calculation (less than 0.1 million for the period April 2 through June 30, 2017) | 0.1 | |||||||
Successor | Convertible Preferred Stock | ||||||||
Earnings Per Share Table Footnotes [Abstract] | ||||||||
Preferred stock, shares issued | 0 | 0 | 30 | 30 | ||||
Successor | Common Stock | Common Stock | ||||||||
Earnings Per Share Table Footnotes [Abstract] | ||||||||
Common stock, shares converted from convertible preferred stock | 59.3 | |||||||
Predecessor | ||||||||
EPS numerator: | ||||||||
Income (loss) from continuing operations, net of income taxes | $ (319.8) | $ (195.5) | ||||||
Less: Series A Convertible Preferred Stock dividends | 0 | 0 | ||||||
Less: Net income attributable to noncontrolling interests | 0 | 4.8 | ||||||
Income (loss) from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | (319.8) | (200.3) | ||||||
Less: Earnings allocated to participating securities | 0 | 0 | ||||||
Income (loss) from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | [1] | (319.8) | (200.3) | |||||
Loss from discontinued operations, net of income taxes | (12.1) | (16.2) | ||||||
Less: Loss from discontinued operations allocated to participating securities | 0 | 0 | ||||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (12.1) | (16.2) | ||||||
Net income (loss) attributable to common stockholders, after allocation of earnings to participating securities (1) | [1] | $ (331.9) | $ (216.5) | |||||
EPS denominator: | ||||||||
Weighted average shares outstanding — basic | 18.3 | 18.3 | ||||||
Impact of dilutive securities | 0 | 0 | ||||||
Weighted average shares outstanding — diluted | [2] | 18.3 | 18.3 | |||||
Basic EPS attributable to common stockholders: | ||||||||
Income from continuing operations, per basic share | $ (17.44) | $ (10.93) | ||||||
Loss from discontinued operation, per basic share | (0.66) | (0.88) | ||||||
Basic income per share (in dollars per share) | (18.10) | (11.81) | ||||||
Diluted EPS attributable to common stockholders: | ||||||||
Income from continuing operations, per diluted share | (17.44) | (10.93) | ||||||
Diluted income per share (in dollars per share) | $ (18.10) | $ (11.81) | ||||||
Earnings Per Share Table Footnotes [Abstract] | ||||||||
Antidilutive shares excluded from EPS calculation (less than 0.1 million for the period April 2 through June 30, 2017) | 0.2 | |||||||
[1] | There was no reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS for the three months ended June 30, 2018, due to the conversion of all remaining shares of Preferred Stock as of January 31, 2018. The reallocation adjustment for participating securities to arrive at the numerator to calculate diluted EPS was $0.1 million for the six months ended June 30, 2018 | |||||||
[2] | The two-class method assumes that participating securities are not exercised or converted. As such, weighted average diluted shares outstanding excluded 4.2 million shares and 39.2 million shares related to the participating securities for the six months ended June 30, 2018 and the period April 2 through June 30, 2017, respectively |
Financial Instruments and Oth75
Financial Instruments and Other Guarantees - Textuals (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Apr. 03, 2017 |
Successor | |||||||
Guarantee Obligations [Line Items] | |||||||
Surety Bonds outstanding | $ 1,587.9 | $ 1,587.9 | |||||
Letters of credit outstanding, amount | 276.1 | 276.1 | |||||
Asset retirement obligations | 672.6 | 672.6 | $ 657 | ||||
Interest expense | 38.3 | $ 41.4 | 74.6 | ||||
Collateral arrangements | 0 | 0 | 323.1 | ||||
Net impact on collateral requirements | 49.7 | 323.1 | |||||
Restricted cash | $ 40.1 | ||||||
Successor | Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | |||||||
Guarantee Obligations [Line Items] | |||||||
Letters of credit outstanding, amount | 0 | 0 | |||||
Letters of credit drawn on, amount | 146.3 | 146.3 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | ||||||
Cash collateral required | 0 | 0 | |||||
Interest expense | 1.9 | $ 4.8 | 3.8 | ||||
Successor | U.S Mining | |||||||
Guarantee Obligations [Line Items] | |||||||
Surety Bonds outstanding | 1,077.4 | 1,077.4 | |||||
Letters of credit outstanding, amount | 138.3 | 138.3 | |||||
Asset retirement obligations | 474.4 | 474.4 | |||||
Successor | Australian Mining | |||||||
Guarantee Obligations [Line Items] | |||||||
Surety Bonds outstanding | 230.7 | 230.7 | |||||
Letters of credit outstanding, amount | 14.4 | 14.4 | |||||
Asset retirement obligations | $ 229.8 | $ 229.8 | |||||
Predecessor | |||||||
Guarantee Obligations [Line Items] | |||||||
Interest expense | $ 0 | $ 32.9 | |||||
Net impact on collateral requirements | $ (66.4) | ||||||
Predecessor | Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | |||||||
Guarantee Obligations [Line Items] | |||||||
Interest expense | $ 2 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) - Successor - Capital Addition Purchase Commitments $ in Millions | Jun. 30, 2018USD ($) |
Long-term Purchase Commitment [Line Items] | |
Unrecorded Unconditional Purchase Obligation | $ 159.4 |
Purchase commitments for future capital expenditures | $ 138 |
Commitments and Contingencies77
Commitments and Contingencies - Contingencies (Details) - 6 months ended Jun. 30, 2018 $ in Millions, $ in Billions | AUD ($) | USD ($) |
Maximum | Monto Coal Pty Limited | ||
Loss Contingency [Abstract] | ||
Damages sought, value | $ 1.8 | |
Berenergy Corporation vs. the Company | Berenergy | ||
Loss Contingency [Abstract] | ||
Loss contingency accrual | $ 13.1 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | Apr. 01, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 01, 2017 | Jun. 30, 2018 | |
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Loss on early debt extinguishment | $ 0 | |||||
Successor | ||||||
Reportable segment results | ||||||
Revenues | $ 1,309.4 | $ 1,258.3 | $ 2,772.1 | |||
Total Adjusted EBITDA | 369.6 | 317.8 | 733.5 | |||
Net gain on disposal of assets | (1.6) | 0.5 | 29 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Income (loss) from continuing operations, net of income taxes | 120 | 101.4 | 328.3 | |||
Depreciation, depletion and amortization | 163.9 | 148.3 | 333.5 | |||
Asset retirement obligation expenses | 13.2 | 11 | 25.5 | |||
Asset impairment | 0 | 0 | 0 | |||
Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates | (8.4) | (4.3) | (16) | |||
Interest expense | 38.3 | 41.4 | 74.6 | |||
Loss on early debt extinguishment | 2 | 0 | 2 | |||
Interest income | (7) | (1.5) | (14.2) | |||
Reorganization items, net | 0 | 0 | (12.8) | |||
Break Fees On Terminated Asset Sales | 0 | (28) | 0 | |||
Unrealized losses (gains) on economic hedges | 48.1 | (9.4) | 9.5 | |||
Unrealized (gains) losses on non-coal trading derivative contracts | (0.1) | (3.2) | 1.7 | |||
Fresh-Start Adjustment, Revaluation of Inventory | 0 | 67.3 | 0 | |||
Take-or-pay contract-based intangible recognition | (7.8) | (9.9) | (16.1) | |||
Income tax provision (benefit) | 7.4 | 4.7 | 17.5 | |||
Total Adjusted EBITDA | 369.6 | 317.8 | 733.5 | |||
Successor | Red Mountain Joint Venture | ||||||
Reportable segment results | ||||||
Net gain on disposal of assets | 7.1 | |||||
Successor | Iffley Land Transaction [Member] | ||||||
Reportable segment results | ||||||
Net gain on disposal of assets | 20.6 | |||||
Successor | Powder River Basin Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 321.5 | 365.4 | 710.8 | |||
Total Adjusted EBITDA | 62 | 84.8 | 136.5 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 62 | 84.8 | 136.5 | |||
Successor | Midwestern U.S. Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 197.5 | 194.9 | 399.2 | |||
Total Adjusted EBITDA | 42 | 46.5 | 73.2 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 42 | 46.5 | 73.2 | |||
Successor | Western U.S. Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 139.6 | 125.4 | 283.3 | |||
Total Adjusted EBITDA | 33.9 | 44.9 | 65.9 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 33.9 | 44.9 | 65.9 | |||
Successor | Australian Metallurgical Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 417.5 | 287.8 | 883.7 | |||
Total Adjusted EBITDA | 158.5 | 71.9 | 324.9 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 158.5 | 71.9 | 324.9 | |||
Successor | Australian Thermal Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 267.4 | 239.2 | 468.8 | |||
Total Adjusted EBITDA | 107.6 | 105.9 | 169.2 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 107.6 | 105.9 | 169.2 | |||
Successor | Trading and Brokerage | Corporate, Non-Segment | ||||||
Reportable segment results | ||||||
Revenues | 10 | 5.2 | 30.1 | |||
Total Adjusted EBITDA | 3.1 | (5.1) | 4.3 | |||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 3.1 | (5.1) | 4.3 | |||
Successor | Corporate and Other | Corporate, Non-Segment | ||||||
Reportable segment results | ||||||
Revenues | [1] | (44.1) | 40.4 | (3.8) | ||
Total Adjusted EBITDA | [2] | (37.5) | (31.1) | (40.5) | ||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | [2] | $ (37.5) | (31.1) | $ (40.5) | ||
Predecessor | ||||||
Reportable segment results | ||||||
Revenues | 0 | $ 1,326.2 | ||||
Total Adjusted EBITDA | 0 | 341.3 | ||||
Net gain on disposal of assets | 0 | 22.8 | ||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Income (loss) from continuing operations, net of income taxes | (319.8) | (195.5) | ||||
Depreciation, depletion and amortization | 0 | 119.9 | ||||
Asset retirement obligation expenses | 0 | 14.6 | ||||
Asset impairment | 0 | 30.5 | ||||
Changes in deferred tax asset valuation allowance and amortization of basis difference related to equity affiliates | 0 | (5.2) | ||||
Interest expense | 0 | 32.9 | ||||
Loss on early debt extinguishment | 0 | 0 | ||||
Interest income | 0 | (2.7) | ||||
Reorganization items, net | 585.8 | 627.2 | ||||
Break Fees On Terminated Asset Sales | 0 | 0 | ||||
Unrealized losses (gains) on economic hedges | 0 | (16.6) | ||||
Unrealized (gains) losses on non-coal trading derivative contracts | 0 | 0 | ||||
Fresh-Start Adjustment, Revaluation of Inventory | 0 | 0 | ||||
Take-or-pay contract-based intangible recognition | 0 | 0 | ||||
Income tax provision (benefit) | (266) | (263.8) | ||||
Total Adjusted EBITDA | $ 0 | 341.3 | ||||
Predecessor | DTA and PBGC | ||||||
Reportable segment results | ||||||
Net gain on disposal of assets | $ 19.7 | 19.7 | ||||
Predecessor | Powder River Basin Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 394.3 | |||||
Total Adjusted EBITDA | 91.7 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 91.7 | |||||
Predecessor | Midwestern U.S. Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 193.2 | |||||
Total Adjusted EBITDA | 50 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 50 | |||||
Predecessor | Western U.S. Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 149.7 | |||||
Total Adjusted EBITDA | 50 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 50 | |||||
Predecessor | Australian Metallurgical Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 328.9 | |||||
Total Adjusted EBITDA | 109.6 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 109.6 | |||||
Predecessor | Australian Thermal Mining | Operating Segments | ||||||
Reportable segment results | ||||||
Revenues | 224.8 | |||||
Total Adjusted EBITDA | 75.6 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 75.6 | |||||
Predecessor | Trading and Brokerage | Corporate, Non-Segment | ||||||
Reportable segment results | ||||||
Revenues | 15 | |||||
Total Adjusted EBITDA | 8.8 | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | 8.8 | |||||
Predecessor | Corporate and Other | Corporate, Non-Segment | ||||||
Reportable segment results | ||||||
Revenues | [1] | 20.3 | ||||
Total Adjusted EBITDA | (44.4) | |||||
Reconciliation Of Adjusted EBITDA To Consolidated Loss From Continuing Operations, Net of Income Taxes [Abstract] | ||||||
Total Adjusted EBITDA | $ (44.4) | |||||
[1] | Corporate and Other revenue includes unrealized gains and losses related to mark-to-market activity from financial contract hedge activities intended to secure pricing related to certain coal sales contracts. During the three and six months ended June 30, 2018, such net unrealized losses were $48.1 million and $9.5 million, respectively. During the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, such net unrealized gains were $9.4 million and $16.6 million, respectively. When such gains and losses are realized in connection with recognition of the underlying transaction, they are reclassified to realized gains and losses and are then reflected in Trading and Brokerage revenue (realized losses of $9.6 million and $29.5 million during the three and six months ended June 30, 2018, respectively, and realized losses of $7.7 million and $11.1 million during the periods April 2 through June 30, 2017 and January 1 through April 1, 2017, respectively). At June 30, 2018 and December 31, 2017, the financial contracts’ fair values resulted in net liabilities of $48.4 million and $38.9 million, respectively. Assets and liabilities related to the financial contracts were deemed Level 2 according to the U.S. GAAP fair value hierarchy as the valuations are corroborated by the use of market-based pricing. | |||||
[2] | Includes the gain of $20.6 million on the sale of certain surplus land assets in Queensland and the gain of $7.1 million recognized on the sale of the Company’s interest in the RMJV during the six months ended June 30, 2018 and the gain of $19.7 million recognized on the sale of Dominion Terminal Associates during the period January 1 through April 1, 2017, as described in Note 15. “Other Events”. |