Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-16463 | ||
Entity Registrant Name | PEABODY ENERGY CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-4004153 | ||
Entity Address, Address Line One | 701 Market Street, | ||
Entity Address, City or Town | St. Louis, | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63101-1826 | ||
City Area Code | 314 | ||
Local Phone Number | 342-3400 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | BTU | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,500 | ||
Entity Common Stock, Shares Outstanding | 144,236,926 | ||
Documents Incorporated by Reference | Portions of the Company’s Proxy Statement to be filed with the Securities and Exchange Commission in connection with the Company’s 2023 Annual Meeting of Shareholders (the Company’s 2023 Proxy Statement) are incorporated by reference into Part III hereof. Other documents incorporated by reference in this report are listed in the Exhibit Index of this Form 10-K. | ||
Entity Central Index Key | 0001064728 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Location | St. Louis, Missouri |
Auditor Name | Ernst & Young, LLP |
Auditor Firm ID | 42 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenues | $ 4,981.9 | $ 3,318.3 | $ 2,881.1 |
Costs and expenses | |||
Operating costs and expenses (exclusive of items shown separately below) | 3,290.8 | 2,553.1 | 2,524.9 |
Depreciation, depletion and amortization | 317.6 | 308.7 | 346 |
Asset retirement obligation expenses | 49.4 | 44.7 | 45.7 |
Selling and administrative expenses | 88.8 | 84.9 | 99.5 |
Restructuring charges | 2.9 | 8.3 | 37.9 |
Transaction costs related to joint ventures | 0 | 0 | 23.1 |
Other operating (income) loss: | |||
Net gain on disposals | (29.2) | (31.5) | (15.2) |
Asset impairment | 11.2 | 0 | 1,487.4 |
(Income) loss from equity affiliates | (131.2) | (82.1) | 60.1 |
Operating profit (loss) | 1,381.6 | 432.2 | (1,728.3) |
Interest expense | 140.3 | 183.4 | 139.8 |
Net loss (gain) on early debt extinguishment | 57.9 | (33.2) | 0 |
Interest income | (18.4) | (6.5) | (9.4) |
Amortization of prior service credit | (49) | (38.3) | (1.8) |
Net mark-to-market adjustment on actuarially determined liabilities | (27.8) | (43.4) | (5.1) |
Income (loss) from continuing operations before income taxes | 1,278.6 | 370.2 | (1,851.8) |
Income tax (benefit) provision | (38.8) | 22.8 | 8 |
Income (loss) from continuing operations, net of income taxes | 1,317.4 | 347.4 | (1,859.8) |
Income (loss) from discontinued operations, net of income taxes | 1.7 | 24 | (14) |
Net income (loss) | 1,319.1 | 371.4 | (1,873.8) |
Less: Net income (loss) attributable to noncontrolling interests | 22 | 11.3 | (3.5) |
Net income (loss) attributable to common stockholders | $ 1,297.1 | $ 360.1 | $ (1,870.3) |
Income (loss) from continuing operations: | |||
Basic income (loss) per share | $ 9.12 | $ 3.03 | $ (18.99) |
Diluted income (loss) per share | 8.29 | 3 | (18.99) |
Net income (loss) attributable to common stockholders: | |||
Basic income (loss) per share | 9.13 | 3.24 | (19.14) |
Diluted income (loss) per share | $ 8.31 | $ 3.22 | $ (19.14) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,319.1 | $ 371.4 | $ (1,873.8) |
Postretirement plans (net of $0.0 tax provisions in each period) | (53.8) | 93.1 | 168.1 |
Foreign currency translation adjustment | (1.6) | (1) | 6.1 |
Other comprehensive (loss) income, net of income taxes | (55.4) | 92.1 | 174.2 |
Comprehensive income (loss) | 1,263.7 | 463.5 | (1,699.6) |
Less: Net income (loss) attributable to noncontrolling interests | 22 | 11.3 | (3.5) |
Comprehensive income (loss) attributable to common stockholders | $ 1,241.7 | $ 452.2 | $ (1,696.1) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Postretirement plans (net of $0.0 tax provisions in each period) | $ 0 | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,307.3 | $ 954.3 |
Accounts receivable, net of allowance for credit losses of $0.0 at December 31, 2022 and 2021 | 465.5 | 350.5 |
Inventories, net | 296.1 | 226.7 |
Other current assets | 303.6 | 270.2 |
Total current assets | 2,372.5 | 1,801.7 |
Property, plant, equipment and mine development, net | 2,865 | 2,950.6 |
Operating lease right-of-use assets | 26.9 | 35.5 |
Restricted cash and collateral arrangements | 187.4 | 23.8 |
Investments and other assets | 84.3 | 138.2 |
Deferred income taxes | 74.7 | 0 |
Total assets | 5,610.8 | 4,949.8 |
Current liabilities | ||
Current portion of long-term debt | 13.2 | 59.6 |
Accounts payable and accrued expenses | 905.5 | 872.1 |
Total current liabilities | 918.7 | 931.7 |
Long-term debt, less current portion | 320.6 | 1,078.2 |
Deferred income taxes | 20.4 | 27.3 |
Asset retirement obligations | 665.8 | 654.8 |
Accrued postretirement benefit costs | 156.5 | 212.1 |
Operating lease liabilities, less current portion | 11 | 27.2 |
Other noncurrent liabilities | 223 | 197.7 |
Total liabilities | 2,316 | 3,129 |
Stockholders’ equity | ||
Additional paid-in capital | 3,975.9 | 3,745.6 |
Treasury stock, at cost — 43.2 and 43.0 common shares as of December 31, 2022 and 2021 | (1,372.9) | (1,370.3) |
Retained earnings (accumulated deficit) | 383.9 | (913.2) |
Accumulated other comprehensive income | 242.5 | 297.9 |
Peabody Energy Corporation stockholders’ equity | 3,231.3 | 1,761.8 |
Noncontrolling interests | 63.5 | 59 |
Total stockholders’ equity | 3,294.8 | 1,820.8 |
Total liabilities and stockholders’ equity | 5,610.8 | 4,949.8 |
Preferred Stock | ||
Stockholders’ equity | ||
Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of December 31, 2022 or 2021 | 0 | 0 |
Series Common Stock | ||
Stockholders’ equity | ||
Series Common Stock, Value, Issued | 0 | 0 |
Common Stock | ||
Stockholders’ equity | ||
Common Stock — $0.01 per share par value; 450.0 shares authorized, 187.1 shares issued and 143.9 shares outstanding as of December 31, 2022 and 176.3 shares issued and 133.3 shares outstanding as of December 31, 2021 | $ 1.9 | $ 1.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for credit losses, current | $ 0 | $ 0 |
Preferred Stock, shares authorized (in shares) | 100,000,000 | |
Preferred Stock, shares outstanding (in shares) | 0 | |
Common Stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common Stock, shares issued (in shares) | 187,100,000 | 176,300,000 |
Common Stock, shares outstanding (in shares) | 143,900,000 | 133,300,000 |
Treasury stock (in shares) | 43,200,000 | 43,000,000 |
Preferred Stock | ||
Preferred Stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Series Common Stock | ||
Common Stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, shares issued (in shares) | 0 | 0 |
Common Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock | ||
Common Stock, par value per share (in dollars per share) | $ 0.01 | |
Common Stock, shares authorized (in shares) | 450,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities | |||
Net income (loss) | $ 1,319.1 | $ 371.4 | $ (1,873.8) |
(Income) loss from discontinued operations, net of income taxes | (1.7) | (24) | 14 |
Income (loss) from continuing operations, net of income taxes | 1,317.4 | 347.4 | (1,859.8) |
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 | 317.6 | 308.7 | 346 |
Noncash interest expense, net | 17.7 | 21.3 | 16.2 |
Deferred income taxes | (81.6) | (7.5) | 27.8 |
Noncash share-based compensation | 8.4 | 10 | 13.5 |
Asset impairment | 11.2 | 0 | 1,487.4 |
Net gain on disposals | (29.2) | (31.5) | (15.2) |
Net loss (gain) on early debt extinguishment | 57.9 | (33.2) | 0 |
(Income) loss from equity affiliates | (131.2) | (82.1) | 60.1 |
Foreign currency option contracts | 2.3 | 5.8 | (13) |
Changes in current assets and liabilities: | |||
Accounts receivable | (115) | (105.6) | 84.6 |
Inventories | (69.4) | 35 | 69.9 |
Other current assets | (29.3) | (57.6) | 21 |
Accounts payable and accrued expenses | 68 | 128.1 | (192.4) |
Collateral arrangements | (53.3) | (6.3) | (15) |
Asset retirement obligations | (22.3) | 6.8 | 22.5 |
Workers’ compensation obligations | (0.9) | (2) | 1.8 |
Postretirement benefit obligations | (109.3) | (108.2) | (12.1) |
Pension obligations | 18.6 | 11.6 | (28.4) |
Other, net | 2.7 | 0 | 0.1 |
Net cash provided by continuing operations | 1,180.3 | 440.7 | 15 |
Net cash used in discontinued operations | (6.7) | (20.7) | (24.7) |
Net cash provided by (used in) operating activities | 1,173.6 | 420 | (9.7) |
Cash Flows From Investing Activities | |||
Additions to property, plant, equipment and mine development | (221.5) | (183.1) | (191.4) |
Changes in accrued expenses related to capital expenditures | (2.7) | 7.4 | (6.1) |
Proceeds from disposal of assets, net of receivables | 40.6 | 17.8 | 27.1 |
Contributions to joint ventures | (645.9) | (485.6) | (343) |
Distributions from joint ventures | 631.6 | 470.8 | 330.3 |
Advances to related parties | (1.5) | (0.5) | (23.2) |
Cash receipts from Middlemount Coal Pty Ltd and other related parties | 171.8 | 44.7 | 0 |
Other, net | (1.1) | (3) | (0.4) |
Net cash used in investing activities | (28.7) | (131.5) | (206.7) |
Cash Flows From Financing Activities | |||
Proceeds from long-term debt | 545 | 0 | 375 |
Repayments of long-term debt | (1,407.4) | (285.3) | (169.5) |
Payment of debt issuance and other deferred financing costs | (21.1) | (22.5) | (7) |
Proceeds from common stock issuances, net of costs | 222 | 269.8 | 0 |
Repurchase of employee common stock relinquished for tax withholding | (2.6) | (1.4) | (1.6) |
Distributions to noncontrolling interests | (17.5) | (4) | (3.5) |
Net cash (used in) provided by financing activities | (681.6) | (43.4) | 193.4 |
Net change in cash, cash equivalents and restricted cash | 463.3 | 245.1 | (23) |
Cash and cash equivalents | 1,307.3 | 954.3 | |
Restricted cash included in “Restricted cash and collateral arrangements” | 110.3 | ||
Cash, cash equivalents and restricted cash at beginning of period | 954.3 | 709.2 | 732.2 |
Cash, cash equivalents and restricted cash at end of period (1) | $ 1,417.6 | $ 954.3 | $ 709.2 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions | Total | Common Stock | Common Stock | Common Stock Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Common Stock | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2019 | $ 2,672.5 | $ 1.4 | $ 3,351.1 | $ (1,367.3) | $ 597 | $ 31.6 | $ 58.7 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (1,873.8) | (1,870.3) | (3.5) | |||||||
Postretirement plans (net of $0.0 tax provisions in each period) | 168.1 | 168.1 | ||||||||
Foreign currency translation adjustment | 6.1 | 6.1 | ||||||||
Share-based compensation for equity-classified awards | 13.5 | 13.5 | ||||||||
Repurchase of employee common stock relinquished for tax withholding | (1.6) | (1.6) | ||||||||
Distributions to noncontrolling interests | (3.5) | (3.5) | ||||||||
Ending Balance at Dec. 31, 2020 | 981.3 | 1.4 | 3,364.6 | (1,368.9) | (1,273.3) | 205.8 | 51.7 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 371.4 | 360.1 | 11.3 | |||||||
Postretirement plans (net of $0.0 tax provisions in each period) | 93.1 | 93.1 | ||||||||
Foreign currency translation adjustment | (1) | (1) | ||||||||
Share-based compensation for equity-classified awards | 10 | 10 | ||||||||
Stock Issued During Period, Value, New Issues | 101.9 | $ 269.5 | 0.1 | $ 0.3 | 101.8 | $ 269.2 | ||||
Repurchase of employee common stock relinquished for tax withholding | (1.4) | (1.4) | ||||||||
Distributions to noncontrolling interests | (4) | (4) | ||||||||
Ending Balance at Dec. 31, 2021 | 1,820.8 | 1.8 | 3,745.6 | (1,370.3) | (913.2) | 297.9 | 59 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 1,319.1 | 1,297.1 | 22 | |||||||
Postretirement plans (net of $0.0 tax provisions in each period) | (53.8) | (53.8) | ||||||||
Foreign currency translation adjustment | (1.6) | (1.6) | ||||||||
Share-based compensation for equity-classified awards | 8.4 | 8.4 | ||||||||
Stock Issued During Period, Value, New Issues | $ 222 | $ 0.1 | $ 221.9 | |||||||
Repurchase of employee common stock relinquished for tax withholding | (2.6) | (2.6) | ||||||||
Distributions to noncontrolling interests | (17.5) | (17.5) | ||||||||
Ending Balance at Dec. 31, 2022 | $ 3,294.8 | $ 1.9 | $ 3,975.9 | $ (1,372.9) | $ 383.9 | $ 242.5 | $ 63.5 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Postretirement plans (net of $0.0 tax provisions in each period) | $ 0 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its affiliates. The Company, or Peabody, are used interchangeably to refer to Peabody Energy Corporation, to Peabody Energy Corporation and its subsidiaries, or to such subsidiaries, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in an unincorporated joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenue and expenses of the jointly controlled entities within each applicable line item of the consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain amounts from prior years have been reclassified to conform with the 2022 presentation. Description of Business The Company is engaged in the mining of thermal coal for sale primarily to electric utilities and metallurgical coal for sale to industrial customers. The Company’s mining operations are located in the United States (U.S.) and Australia, including an equity-affiliate mining operation in Australia. The Company also markets and brokers coal from other coal producers and trades coal and freight-related contracts. The Company’s other commercial activities include managing its coal reserves and resources and real estate holdings and supporting the development of clean coal technologies. Newly Adopted Accounting Standards Convertible Debt. In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Among other changes, ASU 2020-06 removes from accounting principles generally accepted in the U.S. (U.S. GAAP) the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification Topic 815, Derivatives and Hedging or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted ASU 2020-06, effective January 1, 2022. In the Company’s accompanying consolidated balance sheets, the adoption of the new standard impacted the accounting for the Company’s $320.0 million of convertible debt issued in March 2022, as further described in Note 10. “Long-term Debt.” In particular, because the related senior notes have cash conversion features, bifurcation of the principal balance between debt and equity is no longer applicable. Additionally, this guidance requires the application of the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share, as reflected in the Company’s calculations within Note 18. “Earnings per Share (EPS).” Accounting Standards Not Yet Implemented The Company does not expect any accounting standards not yet implemented to have a material impact on its consolidated financial statements or disclosures. Revenue 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 control 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 sources that serve 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 seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of the thermal and metallurgical coal sold within Australia. Generally, revenue 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 thermal coal contracts on an annual, spot or index basis and seaborne metallurgical coal contracts on a quarterly, spot or index basis. The portion of sales volume under contracts with a duration of less than one year 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. Variable consideration resulting from provisional pricing arrangements is recognized based on the Company’s best estimate of the amount expected to be received at the time control is transferred to the customer. The Company’s U.S. thermal 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. thermal operating segments is sold under existing long-term supply agreements. Certain customers of those segments utilize 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. 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. Additional revenue may include gains and losses related to mark-to-market adjustments from economic hedge activities intended to hedge future coal sales, revenue from customer contract-related payments and other insignificant items including royalties related to coal lease agreements, sales agency commissions, farm income and property and facility rentals. Royalty income generally results from the lease or sublease of mineral rights to third parties, with payments based upon a percentage of the selling price or an amount per ton of coal produced. Discontinued Operations The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. Discontinued operations include certain former Seaborne Thermal Mining and Other U.S. Thermal 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). In the third quarter of 2021, the Company executed the sale of the closed Wilkie Creek Mine, which reduced its closed mine reclamation liabilities and associated costs. Refer to Note 17. “Other Events” for additional information associated with the Company’s sale of the Wilkie Creek Mine. Assets and Liabilities Held for Sale The Company classifies assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the consolidated balance sheets. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less. Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or at periodic intervals in accordance with contractual terms. 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. Inventories Coal is reported as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer. Coal inventory is valued at the lower of average cost or net realizable value. Coal inventory costs include labor, supplies, equipment (including depreciation thereto) and operating overhead and other related costs incurred at or on behalf of the mining location. Net realizable value considers the projected future sales price of the particular coal product, less applicable selling costs and, in the case of raw coal, estimated remaining processing costs. The valuation of coal inventory is subject to several additional estimates, including those related to ground and aerial surveys used to measure quantities and processing recovery rates. Materials and supplies inventory is valued at the lower of average cost or net realizable value, less a reserve for obsolete or surplus items. This reserve incorporates several factors, such as anticipated usage, inventory turnover and inventory levels. Property, Plant, Equipment and Mine Development Property, plant, equipment and mine development are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. There was no capitalized interest in any of the periods presented. Expenditures which extend the useful lives of existing plant and equipment assets are capitalized. Maintenance and repairs are charged to operating costs as incurred. Costs incurred to develop coal mines or to expand the capacity of operating mines are capitalized. Maintenance and repair costs incurred to maintain current production capacity at a mine are charged to operating costs as incurred. Costs to acquire computer hardware and the development and/or purchase of software for internal use are capitalized and depreciated over the estimated useful lives. Coal reserves and resources are recorded at cost, or at fair value in the case of nonmonetary exchanges of reserves and resources or business acquisitions. Depletion of coal reserves and resources and amortization of advance royalties are computed using the units-of-production method utilizing expected recoverable tons (as adjusted for recoverability factors) in the depletion base. Mine development costs are principally amortized over the estimated lives of the mine using the straight-line method. Depreciation of plant and equipment is computed using the straight-line method over the shorter of the asset’s estimated useful life or the life of the mine. At December 31, 2022, the maximum estimated remaining life for any of the Company’s mines was 30 years. As such, the estimated useful lives of the building and improvements and machinery and equipment asset categories range from 1 to 30 years. The estimated life of leasehold improvements is the shorter of useful life or remaining life of the lease. The Company leases coal reserves under agreements that require royalties to be paid as the coal is mined. Certain agreements also require minimum annual royalties to be paid regardless of the amount of coal mined during the year. Total royalty expense was $450.0 million, $263.0 million and $214.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. A substantial amount of the coal mined by the Company is produced from mineral reserves leased from the owner. One of the major lessors is the U.S. government, from which the Company leases substantially all of the coal it mines in Wyoming under terms set by Congress and administered by the U.S. Bureau of Land Management. These leases are generally for an initial term of ten years but may be extended by diligent development and mining of the reserves until all economically recoverable reserves are depleted. The Company has met the diligent development requirements for substantially all of these federal leases either directly through production, by including the lease as a part of a logical mining unit with other leases upon which development has occurred or by paying an advance royalty in lieu of continued operations. Annual production on these federal leases must total at least 1.0% of the leased reserve or the original amount of coal in the entire logical mining unit in which the leased reserve resides. In addition, royalties are payable monthly at a rate of 12.5% of the gross realization from the sale of the coal mined using surface mining methods and at a rate of 8.0% of the gross realization for coal produced using underground mining methods. The remainder of the leased coal is generally leased from state governments, land holding companies and various individuals. The duration of these leases varies greatly. Typically, the lease terms are automatically extended as long as active mining continues. Royalty payments are generally based upon a specified rate per ton or a percentage of the gross realization from the sale of the coal. Mining and exploration in Australia is generally conducted under leases, licenses or permits granted by the relevant state government. Mining and exploration licenses and their associated environmental protection approvals (granted by the state government, and in some cases also the federal government) contain conditions relating to such matters as minimum annual expenditures, environmental compliance, protection of flora and fauna, restoration and rehabilitation. Royalties are paid to the state government as a percentage of the sales price (less certain allowable deductions in some cases). Generally, landowners do not own the mineral rights or have the ability to grant rights to mine those minerals. These rights are retained by the state government. Compensation is often payable to landowners, occupiers and Aboriginal traditional owners with residual native title rights and interests for the loss of access to the land from the proposed mining activities. The amount and type of compensation and the ability to proceed to grant of a mining tenement may be determined by agreement or court determination, as provided by law. Leases The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. For the purpose of calculating such present values, lease payments include components that vary based upon an index or rate, using the prevailing index or rate at the commencement date, and exclude components that vary based upon other factors. As most of its leases do not contain a readily determinable implicit rate, the Company uses its incremental borrowing rate at commencement to determine the present value of lease payments. The Company does not separate lease components (i.e., fixed payments including rent, real estate taxes and insurance costs) from non-lease components (i.e., common-area maintenance) and recognizes them as a single lease component for the majority of asset classes. Variable lease payments not included within lease contracts are expensed as incurred. The Company's leases may include options to extend or terminate the lease, and such options are reflected in the term when their exercise is reasonably certain. Lease expense is recognized on a straight-line basis over the lease term. For certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. Equity Investments The Company applies the equity method to investments in joint ventures when it has the ability to exercise significant influence over the operating and financial policies of the joint venture. Investments accounted for under the equity method are initially recorded at cost and any difference between the cost of the Company’s investment and the underlying equity in the net assets of the joint venture at the investment date is amortized over the lives of the related assets that gave rise to the difference. The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “(Income) loss from equity affiliates.” Similarly, the Company’s pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S. dollar is reported in the consolidated balance sheets as a component of “Accumulated other comprehensive income,” with periodic changes thereto reflected in the consolidated statements of comprehensive income. With respect to cash flows attributable to its equity investments, the Company applies the cumulative earnings approach, in which distributions received are considered returns on investment and are classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed the cumulative equity in earnings recognized by the Company (as adjusted for amortization of basis differences). When such an excess occurs, current-period distributions up to this excess are considered returns of investment and are classified as cash inflows from investing activities. The Company monitors its equity method investments for indicators that a decrease in investment value has occurred that is other than temporary. Examples of such indicators include a sustained history of operating losses and adverse changes in earnings and cash flow outlook. In the absence of quoted market prices for an investment, discounted cash flow projections are used to assess fair value, the underlying assumptions to which are generally considered unobservable Level 3 inputs under the fair value hierarchy. If the fair value of an investment is determined to be below its carrying value and that loss in fair value is deemed other than temporary, an impairment loss is recognized. No such impairment losses were recorded in any period presented. For the remaining investments, the Company will adjust the carrying value of its investments to fair value based on observable market transactions. The Company also monitors such investments for indicators of impairment should no observable market transactions exist. Refer to Note 3. “Asset Impairment” for details regarding an impairment loss of $1.7 million recorded during the year ended December 31, 2022 related to an investment in an equity security. No such impairment losses were recorded during the years ended December 31, 2021 or 2020. Asset Retirement Obligations The Company’s asset retirement obligation (ARO) liabilities primarily consist of spending estimates for surface land reclamation and support facilities at both surface and underground mines in accordance with applicable reclamation laws and regulations in the U.S. and Australia as defined by each mining permit. Asset retirement obligations are determined for each mine using various estimates and assumptions including, among other items, estimates of disturbed acreage as determined from engineering data and estimates of future costs to reclaim the disturbed acreage. The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering calculations of the amount and timing of the future cash spending for a third party to perform the required work. Spending estimates are escalated for inflation and then discounted at the credit-adjusted, risk-free rate. The Company records an ARO asset associated with the discounted liability for final reclamation and mine closure. The obligation and corresponding asset are recognized in the period in which the liability is incurred. The ARO asset is amortized on the units-of-production method over its expected life and the ARO liability is accreted to the projected spending date. As changes in estimates occur (such as mine plan revisions, changes in estimated costs or changes in timing of the performance of reclamation activities), the revisions to the obligation and asset are recognized at the appropriate credit-adjusted, risk-free rate. Contingent Liabilities From time to time, the Company is subject to legal and environmental matters related to its continuing and discontinued operations and certain historical, non-coal producing operations. In connection with such matters, the Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses. A determination of the amount of reserves required for these matters is made after considerable analysis of each individual issue. The Company accrues for legal and environmental matters within “Operating costs and expenses” when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of possible loss exists and no anticipated loss within the range is more likely than any other anticipated loss, the Company records the accrual at the low end of the range, in accordance with Accounting Standards Codification 450, “Contingencies.” The Company provides disclosure surrounding loss contingencies when it believes that it is at least reasonably possible that a material loss may be incurred or an exposure to loss in excess of amounts already accrued may exist. Adjustments to contingent liabilities are made when additional information becomes available that affects the amount of estimated loss, which information may include changes in facts and circumstances, changes in interpretations of law in the relevant courts, the results of new or updated environmental remediation cost studies and the ongoing consideration of trends in environmental remediation costs. Accrued contingent liabilities exclude claims against third parties and are not discounted. The current portion of these accruals is included in “Accounts payable and accrued expenses” and the long-term portion is included in “Other noncurrent liabilities” in the consolidated balance sheets. In general, legal fees related to environmental remediation and litigation are charged to expense. The Company includes the interest component of any litigation-related penalties within “Interest expense” in the consolidated statements of operations. Income Taxes Income taxes are accounted for using a balance sheet approach. The Company accounts for deferred income taxes by applying statutory tax rates in effect at the reporting date of the balance sheet to differences between the book and tax basis of assets and liabilities. A valuation allowance is established if it is “more likely than not” that the related tax benefits will not be realized. Significant weight is given to evidence that can be objectively verified including history of tax attribute expiration and cumulative income or loss. In determining the appropriate valuation allowance, the Company considers the projected realization of tax benefits based on expected levels of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in carryback years. The Company recognizes the tax benefit from uncertain tax positions only if it is “more likely than not” the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of income tax expense. Postretirement Health Care and Life Insurance Benefits The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the accumulated postretirement benefit obligations of its postretirement benefit plans. The Company accounts for changes in its postretirement benefit obligations as a settlement when an irrevocable action has been effected that relieves the Company of its actuarially-determined liability to individual plan participants and removes substantial risk surrounding the nature, amount and timing of the obligation’s funding and the assets used to effect the settlement. The Company records amounts attributable to actuarial valuation changes currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. See Note 13. “Postretirement Health Care and Life Insurance Benefits” for information related to postretirement benefits. Pension Plans The Company sponsors non-contributory defined benefit pension plans accounted for by accruing the cost to provide the benefits over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plans. The Company records amounts attributable to actuarial valuation changes currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. See Note 14. “Pension and Savings Plans” for information related to pension plans. Restructuring Activities From time to time, the Company initiates restructuring activities in connection with its repositioning efforts to appropriately align its cost structure or optimize its coal production relative to prevailing market conditions. Costs associated with restructuring actions can include the impact of early mine closures, voluntary and involuntary workforce reductions, office closures and other related activities. Costs associated with restructuring activities are recognized in the period incurred. Included as a component of “Restructuring charges” in the Company’s consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 were aggregate restructuring charges of $2.9 million, $8.3 million and $37.9 million, respectively, primarily associated with voluntary and involuntary workforce reductions. As of December 31, 2022, a $0.8 million accrual for restructuring charges remained in “Accounts payable and accrued expenses,” which is expected to be paid in the first quarter of 2023. Derivatives The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in the consolidated balance sheets, with the exception of certain sales contracts for which the Company has elected to apply a normal purchases and normal sales exception. With respect to derivatives used in hedging activities, the Company assesses at hedge incepti |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue Revenue by product type and market is set forth in the following tables. With respect to its seaborne reporting 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. Year Ended December 31, 2022 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 167.6 $ — $ 1,066.0 $ 943.9 $ — $ 2,177.5 Export 1,177.3 — — 3.5 — 1,180.8 Total thermal 1,344.9 — 1,066.0 947.4 — 3,358.3 Metallurgical coal Export — 1,610.8 — — — 1,610.8 Total metallurgical — 1,610.8 — — — 1,610.8 Other (2) 0.7 6.1 (0.5) 4.8 1.7 12.8 Revenue $ 1,345.6 $ 1,616.9 $ 1,065.5 $ 952.2 $ 1.7 $ 4,981.9 Year Ended December 31, 2021 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 173.5 $ — $ 970.7 $ 669.9 $ — $ 1,814.1 Export 759.0 — — 10.0 — 769.0 Total thermal 932.5 — 970.7 679.9 — 2,583.1 Metallurgical coal Export — 719.8 — — — 719.8 Total metallurgical — 719.8 — — — 719.8 Other (2) 1.5 7.9 0.5 9.2 (3.7) 15.4 Revenue $ 934.0 $ 727.7 $ 971.2 $ 689.1 $ (3.7) $ 3,318.3 Year Ended December 31, 2020 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 145.5 $ — $ 993.9 $ 675.2 $ — $ 1,814.6 Export 564.8 — — — — 564.8 Total thermal 710.3 — 993.9 675.2 — 2,379.4 Metallurgical coal Export — 484.3 — — — 484.3 Total metallurgical — 484.3 — — — 484.3 Other (2) 1.5 2.2 (2.8) 32.1 (15.6) 17.4 Revenue $ 711.8 $ 486.5 $ 991.1 $ 707.3 $ (15.6) $ 2,881.1 (1) Corporate and Other includes the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Unrealized losses on derivative contracts related to forecasted sales $ (35.8) $ (115.1) $ (29.6) Realized (losses) gains on derivative contracts related to forecasted sales (455.1) (45.6) 34.3 Revenue from physical sale of coal (3) 470.7 140.3 (28.6) Trading revenue 10.7 6.1 (0.7) Other (2) 11.2 10.6 9.0 Total Corporate and Other $ 1.7 $ (3.7) $ (15.6) (2) Includes revenue from arrangements such as customer contract-related payments associated with volume shortfalls, royalties related to coal lease agreements, sales agency commissions, farm income and property and facility rentals. (3) Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business as part of settling certain derivative contracts. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment. Committed Revenue from Contracts with Customers The Company expects to recognize revenue subsequent to December 31, 2022 of approximately $6.3 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at December 31, 2022. Approximately 40% 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 seaborne metallurgical and seaborne thermal coal contracts where pricing is negotiated or settled quarterly or annually. Accounts Receivable “Accounts receivable, net” at December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Trade receivables, net $ 416.3 $ 307.0 Miscellaneous receivables, net 49.2 43.5 Accounts receivable, net $ 465.5 $ 350.5 |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment | Asset Impairment During the year ended December 31, 2022, the Company recognized impairment charges of $9.5 million related to the sale of certain land interests in Australia and $1.7 million related to the fair value of an investment in equity securities. No asset impairment charges were recognized during the year ended December 31, 2021. During the year ended December 31, 2020, the Company recognized impairment charges of $1,418.1 million related to its North Antelope Rochelle Mine of the Powder River Basin Mining segment. Of this amount, $1,393.7 million related to the property, plant, equipment and mine development assets; $19.9 million related to operating lease right-of-use assets; and $4.5 million related to contract-based intangible assets. The outlook for the North Antelope Rochelle Mine was negatively impacted by the accelerated decline of coal-fired electricity generation in the U.S., driven by the reduced utilization of plants and plant retirements, sustained low natural gas pricing and the increased use of renewable energy sources. These factors led to the expectation of reduced future sales volumes. The impairment charge was based upon the remaining estimated discounted cash flows of the mine. Such cash flows were based upon estimates which generally constitute unobservable Level 3 inputs under the fair value hierarchy, including, but not limited to, future tons sold, coal prices for unpriced coal, production costs (including costs for labor, commodity supplies and contractors), transportation costs and a risk-adjusted cost of capital. During the year ended December 31, 2020, the Company also recognized impairment charges of $69.3 million related to certain unassigned coal reserves and resources in the Midwest due to their low probability of development. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Materials and supplies, net $ 130.8 $ 102.1 Raw coal 98.3 54.6 Saleable coal 67.0 70.0 Inventories, net $ 296.1 $ 226.7 Materials and supplies inventories presented above have been shown net of reserves of $9.5 million and $9.0 million as of December 31, 2022 and 2021, respectively. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment | Equity Method Investments The Company’s equity method investments include its joint venture interest in Middlemount and certain other equity method investments. The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “(Income) loss from equity affiliates”: Book Value at (Income) Loss from Equity Affiliates December 31, Year Ended December 31, 2022 2021 2022 2021 2020 (Dollars in millions) Equity method investment related to Middlemount $ 27.1 $ 62.2 $ (135.1) $ (82.1) $ 60.1 Other equity method investments 7.0 — 3.9 — — Total equity method investments $ 34.1 $ 62.2 $ (131.2) $ (82.1) $ 60.1 The Company received cash payments from Middlemount of $168.4 million and $43.5 million during the years ended December 31, 2022 and 2021, respectively. No payments were received from Middlemount during the year ended December 31, 2020. One of the Company’s Australian subsidiaries is party to an agreement to provide a revolving loan to Middlemount. The Company’s participation in the revolving loan will not, at any time, exceed its 50% equity interest of the revolving loan limit, which was $50 million Australian dollars at December 31, 2022. The revolving loan bears interest at 10% per annum and expires on December 31, 2023. There was no outstanding revolving loan at December 31, 2022 or 2021. During the year ended December 31, 2020, the Company established a valuation allowance on Middlemount’s net deferred tax position of approximately $33 million primarily based upon recent cumulative losses. During the year ended December 31, 2021, the Company determined that the valuation allowance was no longer necessary based on recent cumulative earnings and expectation of future earnings. The determination resulted in approximately $33 million of income related to the release of the previously established valuation allowance. During the year ended December 31, 2021, Middlemount entered into an insurance claim settlement agreement attributable to a business interruption and property damage claim from 2019, which resulted in $12.5 million of income for the Company (on a 50% basis). During the years ended December 31, 2022, 2021 and 2020, respectively, Middlemount generated revenue of approximately $441 million, $265 million and $123 million (on a 50% basis). |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value | Derivatives and Fair Value Measurements Derivatives From time to time, the Company may utilize various types of derivative instruments to manage its exposure to risks in the normal course of business, including (1) foreign currency exchange rate risk and the variability of cash flows associated with forecasted Australian dollar expenditures made in its Australian mining platform, (2) price risk of fluctuating coal prices related to forecasted sales or purchases of coal, or changes in the fair value of a fixed price physical sales contract, (3) price risk and the variability of cash flows related to forecasted diesel fuel purchased for use in its operations and (4) interest rate risk on long-term debt. These risk management activities are actively monitored for compliance with the Company’s risk management policies. On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts. Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value. The Company had no diesel fuel or interest rate derivatives in place as of December 31, 2022. Foreign Currency Option Contracts The Company has historically utilized currency forwards and options to hedge currency risk associated with anticipated Australian dollar expenditures. As of December 31, 2022, the Company had currency options outstanding with an aggregate notional amount of $745.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar expenditures over the nine-month period ending September 30, 2023. The instruments are quarterly average rate options which entitle the Company to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S. dollar exchange rate exceed amounts ranging from $0.70 to $0.77 over the nine-month period ending September 30, 2023. Subsequent to December 31, 2022, the Company entered into additional average rate options with an aggregate notional amount of $135.0 million Australian dollars related to the second and third quarters of 2023 and purchased collars with an aggregate notional amount of $150.0 million Australian dollars related to the second half of 2023. The additional average rate options have a strike price of $0.75. The purchased collars have a floor and ceiling of $0.63 and $0.75, respectively, whereby the Company would incur a loss on the instruments for rates below the floor and gain for rates above the ceiling. Derivative Contracts Related to Forecasted Sales As of December 31, 2022, the Company held coal derivative contracts related to a portion of its forecasted sales with an aggregate notional volume of 0.6 million tonnes. Such financial contracts may include futures, forwards and options. The notional volume is related predominantly to financial derivatives entered to support the profitability of the Wambo Underground Mine as part of a strategy to extend the mine’s life. All such tonnes will settle in 2023. Additionally, the Company classifies certain physical forward sales contracts as derivatives for which the normal purchase, normal sales exception does not apply. During the year ended December 31, 2022, the Company recorded a net unrealized mark-to-market loss of $35.8 million on these coal derivative contracts, which included approximately $65 million of unrealized mark-to-market losses on financial derivatives and approximately $29 million of unrealized mark-to-market gains on physical forward sales contracts. During the year ended December 31, 2021, the Company recorded a net unrealized mark-to-market loss of $115.1 million, which included approximately $86 million of unrealized mark-to-market losses on financial derivatives and approximately $29 million of unrealized mark-to-market losses on physical forward sales contracts. During the year ended December 31, 2020, the Company recorded a net unrealized mark-to-market loss of $29.6 million, which included approximately $28 million of unrealized mark-to-market losses on financial derivatives and approximately $1 million of unrealized mark-to-market losses on physical forward sales contracts. Financial Trading Contracts On a limited basis, the Company may enter coal or freight derivative contracts for trading purposes. Such financial contracts may include futures, forwards and options. The Company held nominal financial trading contracts as of December 31, 2022. Tabular Derivatives Disclosures The Company has master netting agreements with certain of its counterparties which allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company’s credit exposure related to these counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the consolidated balance sheets. The fair value of derivatives reflected in the accompanying consolidated balance sheets are set forth in the table below. December 31, 2022 December 31, 2021 Asset Derivative Liability Derivative Asset Derivative Liability Derivative (Dollars in millions) Foreign currency option contracts $ 3.0 $ — $ 1.4 $ — Derivative contracts related to forecasted sales 100.6 (310.3) 59.5 (184.2) Financial trading contracts 11.7 — 3.4 — Total derivatives 115.3 (310.3) 64.3 (184.2) Effect of counterparty netting (100.6) 100.6 (59.5) 59.5 Variation margin (received) posted (11.7) 209.7 (3.4) 95.2 Net derivatives and variation margin as classified in the balance sheets $ 3.0 $ — $ 1.4 $ (29.5) The Company generally posts or receives variation margin cash with its clearing broker on the majority of its financial derivatives as market values of the financial derivatives fluctuate. As of December 31, 2022, the Company had posted $255.5 million aggregate margin cash, consisting of $198.0 million variation margin cash and $57.5 million initial margin. As of December 31, 2021, the Company had posted $130.1 million aggregate margin cash, consisting of $91.8 million variation margin cash and $38.3 million initial margin. The net amount of asset derivatives, net of variation margin, is included in “Other current assets” and the net amount of liability derivatives, net of variation margin, is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The amounts of initial margin are not included with the derivatives presented in the tabular disclosures above and are included in “Other current assets” in the accompanying consolidated balance sheets. Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings. The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying consolidated statements of operations. Year Ended December 31, 2022 Total (loss) gain recognized in income (Loss) gain realized in income on derivatives Unrealized (loss) gain recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (8.4) $ (6.1) $ (2.3) Derivative contracts related to forecasted sales Revenue (490.9) (455.1) (35.8) Financial trading contracts Revenue 10.7 1.1 9.6 Total $ (488.6) $ (460.1) $ (28.5) Year Ended December 31, 2021 Total (loss) gain recognized in income Gain (loss) realized in income on derivatives Unrealized (loss) gain recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (5.7) $ 1.8 $ (7.5) Derivative contracts related to forecasted sales Revenue (160.7) (45.6) (115.1) Financial trading contracts Revenue 6.1 4.6 1.5 Total $ (160.3) $ (39.2) $ (121.1) Year Ended December 31, 2020 Total gain (loss) recognized in income Gain realized in income on derivatives Unrealized gain (loss) recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 12.9 $ 5.8 $ 7.1 Derivative contracts related to forecasted sales Revenue 4.7 34.3 (29.6) Financial trading contracts Revenue (0.7) 4.2 (4.9) Total $ 16.9 $ 44.3 $ (27.4) The Company classifies the cash effects of its derivatives within the “Cash Flows From Operating Activities” section of the consolidated statements of cash flows. Fair Value Measurements The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants. The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis. Variation margin cash associated with the derivative balances is excluded from this table. December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 3.0 $ — $ 3.0 Derivative contracts related to forecasted sales — (209.7) — (209.7) Financial trading contracts — 11.7 — 11.7 Equity securities — — 2.5 2.5 Total net (liabilities) assets $ — $ (195.0) $ 2.5 $ (192.5) December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 1.4 $ — $ 1.4 Derivative contracts related to forecasted sales — (124.7) — (124.7) Financial trading contracts — 3.4 — 3.4 Equity securities — — 4.0 4.0 Total net (liabilities) assets $ — $ (119.9) $ 4.0 $ (115.9) 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 option contracts are 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. • Derivative contracts related to forecasted sales and financial trading contracts are 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. • Investments in equity securities are based on observed prices in an inactive market (Level 3). Other Financial Instruments . The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of December 31, 2022 and 2021: • Cash and cash equivalents, restricted cash, accounts receivable, including those within the Company’s accounts receivable securitization program, margining cash, 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 when available (Level 2), and otherwise on estimated borrowing rates to discount the cash flows to their present value (Level 3). Market risk associated with the Company’s fixed- and variable-rate long-term debt relates to the potential reduction in the fair value and negative impact to future earnings, respectively, from an increase in interest rates. The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions. December 31, 2022 2021 (Dollars in millions) Total debt at par value $ 343.6 $ 1,173.2 Less: Unamortized debt issuance costs and original issue discount (9.8) (35.4) Net carrying amount $ 333.8 $ 1,137.8 Estimated fair value $ 560.0 $ 1,136.5 The Company’s risk management function, which is independent of the Company’s coal trading function, is responsible for valuation policies and procedures, with oversight from executive management. 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. Generally, the Company’s Level 3 instruments or contracts are valued using bid/ask price quotations and other market assessments obtained from multiple, independent third-party brokers or other transactional data incorporated into internally-generated discounted cash flow models. Decreases in the number of third-party brokers or market liquidity could erode the quality of market information and therefore the valuation of the Company’s market positions. The Company’s valuation techniques include basis adjustments to the foregoing price inputs for quality, such as sulfur and ash content, location differentials, expressed as port and freight costs, and credit risk. The Company’s risk management function independently validates the Company’s valuation inputs, including unobservable inputs, with third-party information and settlement prices from other sources where available. A daily process is performed to analyze market price changes and changes to the portfolio. Further periodic validation occurs at the time contracts are settled with the counterparty. These valuation techniques have been consistently applied in all periods presented, and the Company believes it has obtained the most accurate information available for the types of derivative contracts held. Significant increases or decreases in the inputs in isolation could result in a significantly higher or lower fair value measurement. The unobservable inputs do not have a direct interrelationship; therefore, a change in one unobservable input would not necessarily correspond with a change in another unobservable input. The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Beginning of period $ 4.0 $ 4.0 $ 4.0 Impairment loss included in earnings (1.7) — — Purchases 0.2 — — End of period $ 2.5 $ 4.0 $ 4.0 The Company had no transfers between Levels 1, 2 and 3 during any of the periods presented in the table above. The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Property, Plant, Equipment and
Property, Plant, Equipment and Mine Development | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant, Equipment and Mine Development Property, plant, equipment and mine development, net, as of December 31, 2022 and December 31, 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Land and coal interests $ 2,514.7 $ 2,494.1 Buildings and improvements 594.2 550.8 Machinery and equipment 1,543.1 1,386.2 Less: Accumulated depreciation, depletion and amortization (1,787.0) (1,480.5) Property, plant, equipment and mine development, net $ 2,865.0 $ 2,950.6 Land and coal interests included coal reserves and resources with a net book value of $1.3 billion as of December 31, 2022 and $1.4 billion as of December 31, 2021. Such coal reserves and resources were comprised of mineral rights for leased coal interests and advance royalties that had a net book value of $0.7 billion as of both December 31, 2022 and 2021, and coal reserves and resources held by fee ownership of $0.6 billion as of both December 31, 2022 and 2021, respectively. The amount of coal reserves and resources unassigned to active mining operations, and thus not subject to current depletion, including certain exploratory properties, was $0.1 billion as of both December 31, 2022 and 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income (loss) from continuing operations before income taxes for the periods presented below consisted of the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. $ 59.7 $ (55.0) $ (1,771.5) Non-U.S. 1,218.9 425.2 (80.3) Total $ 1,278.6 $ 370.2 $ (1,851.8) Total income tax (benefit) provision for the periods presented below consisted of the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Current: U.S. federal $ (0.2) $ (0.5) $ (23.9) Non-U.S. 42.9 30.8 2.4 State 0.1 — 1.7 Total current 42.8 30.3 (19.8) Deferred: U.S. federal — — 23.4 Non-U.S. (81.6) (7.5) 4.4 Total deferred (81.6) (7.5) 27.8 Total income tax (benefit) provision $ (38.8) $ 22.8 $ 8.0 The following is a reconciliation of the expected statutory federal income tax expense (benefit) to the Company’s income tax (benefit) provision for the periods presented below: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Expected income tax expense (benefit) at U.S. federal statutory rate $ 268.5 $ 77.7 $ (388.9) Changes in valuation allowance, income tax (595.6) (101.3) 410.1 Changes in tax reserves (1.5) 1.9 (7.7) Excess depletion (17.2) (13.7) (14.5) Foreign earnings repatriation 42.3 — — Foreign earnings provision differential 80.7 17.3 16.4 Global intangible low-taxed income 197.2 67.0 — Tax credits — (26.5) — Remeasurement of foreign income tax accounts (2.6) (1.8) 2.9 State income taxes, net of federal tax benefit 1.1 (1.1) (6.8) Other, net (11.7) 3.3 (3.5) Total income tax (benefit) provision $ (38.8) $ 22.8 $ 8.0 Certain reconciliation items included in the above table exclude the remeasurement of foreign income tax accounts as these foreign currency effects are separately presented. The Company recognizes the tax on global intangible low-taxed income (GILTI) as a period expense and recorded a provision of $197.2 million and $67.0 million for the years ended December 31, 2022 and 2021, respectively, which was fully offset by the release of valuation allowance associated with the net operating losses (NOLs) that absorbed the GILTI inclusion. The Company did not record a provision for the year ended December 31, 2020 due to tested foreign losses. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act was signed into law and contained numerous tax provisions including the acceleration of refunds of previously generated alternative minimum tax (AMT) credits. During the years ended December 31, 2021 and 2020, the Company received AMT credit refunds of $1.2 million and $46.9 million, respectively. The Company does not expect any further AMT refund. The Taxpayer Certainty and Disaster Relief Act of 2020 and the American Rescue Plan Act were enacted on December 27, 2020 and March 1, 2021, respectively. On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law and contained numerous tax provisions including a 15% minimum tax on book income of certain large corporations and a 1% excise tax on net stock repurchases. These acts did not have a material impact on the Company’s tax provision. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Deferred tax assets: Tax loss carryforwards and credits $ 740.1 $ 1,267.6 Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 550.8 571.9 Accrued postretirement benefit obligations 41.4 48.9 Asset retirement obligations 95.1 91.4 Employee benefits 22.1 19.9 Take-or-pay obligations 8.2 9.5 Hedge activities 49.1 36.8 Interest limitation — 7.9 Investments and other assets 37.0 81.8 Workers’ compensation obligations 7.1 7.2 Operating lease liabilities 7.8 11.3 Other 28.3 22.7 Total gross deferred tax assets 1,587.0 2,176.9 Valuation allowance, income tax (1,451.0) (2,120.8) Total deferred tax assets 136.0 56.1 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 67.5 66.4 Operating lease right-of-use assets 7.6 9.4 Investments and other assets 6.6 7.6 Total deferred tax liabilities 81.7 83.4 Net deferred tax asset (liability) $ 54.3 $ (27.3) Deferred taxes are classified as follows: Noncurrent deferred income tax asset $ 74.7 $ — Noncurrent deferred income tax liability (20.4) (27.3) Net deferred tax asset (liability) $ 54.3 $ (27.3) As of December 31, 2022, the Company had gross Australia NOLs of $53.0 million in Australian dollars and gross U.S. federal NOLs of $1.7 billion. The Company’s tax loss carryforwards and credits of $740.1 million as of December 31, 2022 were comprised primarily of net Australia NOLs and capital tax loss carryforwards of $153.4 million, net federal NOLs of $345.3 million, state NOLs of $82.3 million, tax general business credits (GBCs) of $139.1 million and other foreign NOLs of $18.4 million. The foreign tax loss carryforwards have no expiration date. The federal NOLs begin to expire in 2036. The state NOLs begin to expire in 2023 and the GBCs begin to expire in 2027. In assessing the near-term use of NOLs and tax credits and corresponding valuation allowance adjustments, the Company evaluated the expected level of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in carryback years. For the year ended December 31, 2022, the Company released the valuation allowances of $74.7 million recorded against the Australia NOLs and net deferred tax asset position due to the significant current year utilization of NOLs and expected future realization of the deferred tax assets. The Company maintained valuation allowances of $1.5 billion against the U.S net deferred tax asset position of $976.8 million and against certain foreign deferred tax assets, primarily in Australia, of $474.2 million. Recognition of the U.S. valuation allowances was driven by recent cumulative book losses, as determined by considering all sources of available income (including items classified as discontinued operations or recorded directly to “Accumulated other comprehensive income”), which limited the Company’s ability to look to future taxable income in assessing the realizability of the related assets. The valuation allowance against certain foreign deferred tax assets continues to be recorded due to unlikely realization. Unrecognized Tax Benefits Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2022 and 2021: December 31, 2022 2021 (Dollars in millions) Deferred income taxes $ 8.2 $ 9.7 Other noncurrent liabilities 1.3 1.3 Net unrecognized tax benefits $ 9.5 $ 11.0 Gross unrecognized tax benefits $ 9.5 $ 11.0 The amount of the Company’s gross unrecognized tax benefits decreased by $1.5 million since December 31, 2021 due primarily to adjustments for prior year positions partially offset by additions for current positions. The amount of the net unrecognized tax benefits that, if recognized, would directly affect the effective tax rate was $9.5 million and $11.0 million at December 31, 2022 and 2021, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the periods presented below is as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Balance at beginning of period $ 11.0 $ 9.1 $ 16.5 Additions for current year tax positions 0.8 3.0 1.9 Reductions for prior year tax positions (2.3) (1.1) (9.3) Balance at end of period $ 9.5 $ 11.0 $ 9.1 The Company recognizes interest and penalties related to unrecognized tax benefits in its income tax provision. The Company recorded $0.2 million of gross interest and penalties for both the years ended December 31, 2022 and 2021, and reversed gross interest and penalties of $0.4 million for the year ended December 31, 2020. The Company had $5.9 million, $5.7 million and $5.4 million of accrued gross interest and penalties related to unrecognized tax benefits at December 31, 2022, 2021 and 2020, respectively. The Company does not expect a decrease in its net unrecognized tax benefits during the next twelve months. Tax Returns Subject to Examination The Company’s federal income tax returns for the 2019, 2020 and 2021 tax years are subject to potential examinations by the Internal Revenue Service. The Company’s state income tax returns for the tax years 2014 and thereafter remain potentially subject to examination by various state taxing authorities due to NOL carryforwards. Australian income tax returns for tax years 2013 through 2020 continue to be subject to potential examinations by the Australian Taxation Office. Foreign Earnings As of December 31, 2022, the Company has unremitted earnings relating to certain wholly owned subsidiaries that are not permanently reinvested, but there are no residual cash taxes on the unremitted earnings. The Company has an earnings deficit for remaining investments outside the U.S. and continues to be permanently reinvested with respect to its historical earnings. However, when appropriate, the Company has the ability to access foreign cash without incurring residual cash taxes due to the existence of NOLs. Tax Payments and Refunds The following table summarizes the Company’s income tax payments (refunds), net for the periods presented below: Year Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. — federal $ (0.3) $ (1.3) $ (44.6) U.S. — state and local — — 1.6 Non-U.S. 36.9 12.9 3.1 Total income tax payments (refunds), net $ 36.6 $ 11.6 $ (39.9) |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: December 31, 2022 2021 (Dollars in millions) Trade accounts payable $ 240.7 $ 201.7 Accrued payroll and related benefits 199.4 170.5 Other accrued expenses 148.0 161.3 Accrued royalties 88.4 51.4 Asset retirement obligations 84.2 65.0 Liabilities associated with discontinued operations 41.9 45.0 Income taxes payable 25.9 20.2 Accrued insurance 22.7 17.8 Accrued taxes other than income 20.0 78.8 Operating lease liabilities 16.8 16.4 Workers’ compensation obligations 9.3 8.5 Accrued interest 8.2 6.0 Liabilities from coal trading activities — 29.5 Accounts payable and accrued expenses $ 905.5 $ 872.1 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt The Company’s total indebtedness as of December 31, 2022 and 2021 consisted of the following: December 31, Debt Instrument (defined below, as applicable) 2022 2021 (Dollars in millions) 6.000% Senior Secured Notes due March 2022 (2022 Notes) $ — $ 23.1 8.500% Senior Secured Notes due December 2024 (2024 Peabody Notes) — 62.6 10.000% Senior Secured Notes due December 2024 (2024 Co-Issuer Notes) — 193.9 Senior Secured Term Loan due 2024 (Co-Issuer Term Loans) — 206.0 6.375% Senior Secured Notes due March 2025 (2025 Notes) — 334.9 Senior Secured Term Loan due 2025, net of original issue discount (Senior Secured Term Loan) — 322.8 3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes) 320.0 — Finance lease obligations 23.6 29.3 Less: Debt issuance costs (9.8) (34.8) 333.8 1,137.8 Less: Current portion of long-term debt 13.2 59.6 Long-term debt $ 320.6 $ 1,078.2 As further described below, during 2021, the Company completed a significant debt restructuring to extend maturities on its existing debt and obtain covenant relief. Subsequent to these restructuring activities, the Company utilized various methods allowable or required under its relevant debt agreements to retire all of its senior secured long-term debt by December 31, 2022, as only the the 2028 Convertible Notes, which are further described below, and finance lease obligations remain outstanding. 2021 Debt Restructuring During the first quarter of 2021, the Company completed a series of financing transactions to provide the Company with maturity extensions and covenant relief, while allowing it to maintain near-term operating liquidity. These transactions included a senior notes exchange, a revolving credit facility exchange, various amendments to the Company’s existing debt agreements and a support agreement with the Company’s surety bond providers. These transactions were preceded by an organizational realignment in which the Company formed certain wholly-owned subsidiaries (the Co-Issuers) to indirectly own and conduct the operations of the Company’s Wilpinjong Mine in Australia and the designation of such entities as unrestricted subsidiaries under the Company’s then-existing credit agreement (Credit Agreement) and senior notes’ indenture. The senior notes exchange involved the tender of $398.7 million aggregate principal amount of the Company’s 2022 Notes for aggregate consideration consisting of (a) $193.9 million aggregate principal amount of new 2024 Co-Issuer Notes, (b) $195.1 million aggregate principal amount of new 2024 Peabody Notes issued by the Company and (c) a cash payment of approximately $9.4 million. The exchange was accounted for as a debt modification and as such, no gain or loss was recorded. Concurrently with the senior notes exchange, the Company solicited consents from holders of the 2022 Notes to certain proposed amendments to its existing senior notes’ indenture to (i) eliminate substantially all of the restrictive covenants, certain events of default applicable to the 2022 Notes and certain other provisions contained in their indenture and (ii) release the collateral securing the 2022 Notes and eliminate certain other related provisions. The Company received the requisite consents from holders of the 2022 Notes and entered into a supplemental indenture to reflect such amendments. The Company also restructured $216.0 million of existing revolving loans under the Credit Agreement by (i) paying down $10.0 million aggregate principal amount of such loans, (ii) compelling the Co-Issuers to incur $206.0 million of Co-Issuer Term Loans under a separate credit agreement, (iii) entering into a letter of credit facility (the Company LC Agreement) and (iv) amending the Credit Agreement. Under the Company LC Agreement, the Company obtained a $324.0 million letter of credit facility under which its existing letters of credit under the Credit Agreement were deemed to be issued. Undrawn letters of credit under the Company LC Agreement bear interest at 6.00% per annum and unused commitments are subject to a 0.50% per annum commitment fee. The Company LC Agreement was subsequently amended during 2022 to mandatorily reduce its capacity by approximately $22 million to make allowable certain previously restricted payments for joint venture investments. The amendment creates an investment basket which allows payments of $30.0 million per year specifically limited to investment in renewable energy-related projects. The Company has no contractual commitment for such project investment. Unused portions of the basket carryover from year-to-year, and the total amount of investment will further reduce the credit facility capacity by a like amount, or a minimum of $10.0 million per year, through the maturity of the credit facility. In February 2023, the Company LC Agreement was further amended to reduce its capacity by an additional $65.0 million, accelerate its expiration date to December 31, 2023 from December 31, 2024, and eliminate the prepayment premium due upon any reduction of commitments thereunder prior to July 29, 2023. Under the amended Credit Agreement, there remain no revolving commitments or revolving loans and the first lien net leverage ratio covenant was eliminated. The Company LC Agreement requires that the Company’s restricted subsidiaries maintain minimum aggregate liquidity of $125.0 million at the end of each quarter through December 31, 2024. As such, liquidity attributable to the Co-Issuers, its subsidiaries and other unrestricted subsidiaries is excluded from the calculation. Commitments under the Company LC Agreement are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of the Company’s domestic restricted subsidiaries and secured by (a) first priority liens over (1) substantially all of the assets of the Company, except for certain excluded assets, (2) 100% of the capital stock of each domestic restricted subsidiary of the Company, (3) 100% of the capital stock of each first tier foreign subsidiary of the Company or a foreign subsidiary holding company and (4) all intercompany debt owed to the Company, in each case, subject to certain exceptions. The Company LC Agreement contains customary covenants that, among other things, limit the Company’s and its restricted subsidiaries’ ability to incur additional indebtedness, pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments, enter into agreements that restrict distributions from restricted subsidiaries, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of its assets, and place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company. Completion of the 2021 debt restructuring transactions allowed the Company to finalize the surety transaction support agreement described at Note 20. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees.” 2021 Debt Retirements In March 2021, as a requirement of the senior notes exchange, the Company purchased $22.4 million of the 2024 Peabody Notes at 80% of their accreted value, plus accrued and unpaid interest. In June 2021, the Company announced an at-the-market equity offering program pursuant to which, as amended, the Company could offer and sell up to 32.5 million shares of its common stock. The shares are offered and sold pursuant to the Company’s Registration Statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 23, 2021, as supplemented by prospectus supplements dated June 4, 2021, September 17, 2021, and December 17, 2021, relating to the offer and sale of the shares. During the year ended December 31, 2021, the Company sold approximately 24.8 million shares for net cash proceeds of $269.8 million. Such proceeds were utilized, in part, for the retirement of debt as described below. During the year ended December 31, 2021, the Company retired $91.4 million of 2024 Peabody Notes, $117.8 million of 2025 Notes and $61.7 million of its Senior Secured Term Loan primarily through various open market purchases at an aggregate cost of $232.4 million. Also during the year ended December 31, 2021, the Company completed multiple bilateral transactions with note holders in which the Company issued an aggregate 10.0 million shares of its common stock in exchange for $37.3 million aggregate principal amount of the 2022 Notes, $47.2 million aggregate principal amount of the 2025 Notes and $21.6 million aggregate principal amount of the 2024 Peabody Notes. The issuance of shares of common stock in exchange for the 2022 Notes, the 2025 Notes and the 2024 Peabody Notes was made in reliance on the exemption from registration provided in Section 3(a)(9) under the Securities Act of 1933, based in part on representations of holders of the 2022 Notes, the 2025 Notes and the 2024 Peabody Notes, and on the basis that the exchange was completed with existing holders of the Company's securities and no commission or other remuneration was paid or given for soliciting the exchange. The Company’s various debt retirements during 2021 resulted in the realization of net gains from early debt extinguishment of $33.2 million. 2022 Debt Retirements On March 31, 2022, the Company retired the remaining principal balance of 2022 Notes upon maturity for $23.1 million. During the three months ended March 31, 2022, $62.5 million principal amount of the 2024 Peabody Notes was retired using proceeds from the offering of 2028 Convertible Notes, as further described below, and the remaining $0.1 million principal amount was retired through a mandatory repurchase offer required under the terms of their indenture and the Company LC Agreement. Such mandatory repurchase offers were required when the Company made open market repurchases of its debt. In general, the repurchase offers equated to 25% of the principal amount of priority lien debt repurchased in the preceding quarter at a price equal to the weighted average repurchase price paid over that quarter. In addition to the $0.1 million principal amount of 2024 Peabody Notes repurchased through such offers, the Company repurchased $42.2 million of aggregate priority lien obligations under the Company LC Agreement during 2022 at approximately 95%. The repurchases of Company LC Agreement commitments were effected by the posting of $40.1 million of collateral with the administrative agent and did not reduce the availability under the facility. In March 2022, $257.4 million principal amount of the 2025 Notes was retired using proceeds from the offering of 2028 Convertible Notes, as further described below. The remaining 2025 Notes were retired through an open market repurchase of $11.4 million principal amount at 98.00% in September 2022 and, in accordance with the notes’ indenture, a voluntary prepayment of $66.1 million principal amount at 101.59% in December 2022. The Senior Secured Term Loan was retired through various open market purchases of $44.1 million principal amount throughout 2022 at an aggregate cost of $42.1 million, scheduled quarterly principal amortization payments of $3.0 million, and, in accordance with the terms of the Credit Agreement, a voluntary prepayment of $276.2 million principal amount at par in December 2022. The 2024 Co-Issuer Notes and the Co-Issuer Term Loans were subject to mandatory prepayment offers at the end of each six-month period, beginning with June 30, 2021, whereby the Excess Cash Flow (as defined in the 2024 Co-Issuer Notes indenture) generated by the Wilpinjong Mine during each such period could be applied to the principal of such notes and loans on a pro rata basis, provided that the liquidity attributable to the Wilpinjong Mine would not fall below $60.0 million. Such prepayments could be accepted or declined at the option of the debt holders. Based upon the Wilpinjong Mine’s results for the six-month periods ended December 31, 2021 and June 30, 2022 and the resultant mandatory prepayment offers, during 2022, the Company prepaid $18.5 million principal amount of 2024 Co-Issuer Notes at an aggregate cost of $19.2 million and $17.2 million principal amount of Co-Issuer Term Loans at par. Voluntary repurchases of Co-Issuer Term Loans were permissible through various methods, including a modified Dutch auction process in which the Company could solicit acceptable prices from holders. During the year ended December 31, 2022, the Company solicited bids from all holders of Co-Issuer Term Loans at various dates for the repurchase of the remaining outstanding principal amount, resulting in the valid tender and purchase of $185.9 million principal amount at an aggregate cost of $195.8 million. The underlying terms of the 2024 Co-Issuer Notes and Co-Issuer Term Loans required parity between the holders of Co-Issuer Term Loans and holders of the 2024 Co-Issuer Notes with respect to repurchase offers such as those undertaken through the auction processes described above. As such, the Company solicited commensurate bids from all holders of 2024 Co-Issuer Notes at various dates during the year ended December 31, 2022 for the repurchase of the remaining outstanding principal amount, resulting in the valid tender and purchase of $147.3 million principal amount at an aggregate cost of $154.1 million. Subsequent to the modified Dutch auction processes and related transactions, the Company voluntarily prepaid the remaining $28.1 million principal amount of 2024 Co-Issuer Notes and $2.9 million principal amount of Co-Issuer Term Loans at an aggregate cost of $32.8 million, including certain make whole premium amounts. The Company’s various debt retirements during 2022 resulted in the realization of net losses from early debt extinguishment of $34.9 million, excluding the loss recorded in connection with the issuance of 2028 Convertible Notes described below. 3.250% Convertible Senior Notes due 2028 On March 1, 2022, the Company issued $320.0 million in aggregate principal amount of 3.250% Convertible Senior Notes due 2028 (the 2028 Convertible Notes) through a private offering. The 2028 Convertible Notes are senior unsecured obligations of the Company and are governed under an indenture. The Company used the proceeds of the offering of the 2028 Convertible Notes to redeem the remaining $62.5 million of its outstanding 2024 Peabody Notes and, together with available cash, approximately $257.4 million of its outstanding 2025 Notes, and to pay related premiums, fees and expenses relating to the offering of the 2028 Convertible Notes and the redemptions. The Company capitalized $11.2 million of debt issuance costs related to the offering and recognized a loss on early debt extinguishment of $23.0 million during the three months ended March 31, 2022. The 2028 Convertible Notes will mature on March 1, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms. The 2028 Convertible Notes bear interest at a rate of 3.250% per year, payable semi-annually in arrears on March 1 and September 1 of each year. The 2028 Convertible Notes are convertible at the option of the holders only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ended June 30, 2022, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five consecutive trading day period (such five consecutive trading day period, the Measurement Period) in which the trading price per $1,000 principal amount of 2028 Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock; (4) if the Company calls any 2028 Convertible Notes for redemption; and (5) at any time from, and including, September 1, 2027 until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the indenture. The initial conversion rate for the 2028 Convertible Notes will be 50.3816 shares of the Company’s common stock per $1,000 principal amount of 2028 Convertible Notes, which represents an initial conversion price of approximately $19.85 per share of the Company’s common stock. The initial conversion price represents a premium of approximately 32.5% to the $14.98 per share closing price of the Company’s common stock on February 24, 2022. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the indenture. If certain corporate events described in the indenture occur prior to the maturity date, or the Company delivers a notice of redemption (as described below), the conversion rate will be increased for a holder who elects to convert its 2028 Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances. The Company may not redeem the 2028 Convertible Notes prior to March 1, 2025. The Company may redeem for cash all or any portion of the 2028 Convertible Notes, at its option, on or after March 1, 2025 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount of the 2028 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding 2028 Convertible Notes unless at least $75 million aggregate principal amount of 2028 Convertible Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. No sinking fund is provided for the 2028 Convertible Notes. If the Company undergoes a fundamental change (as defined in the indenture), noteholders may require the Company to repurchase their 2028 Convertible Notes at a cash repurchase price equal to 100% of the principal amount of the 2028 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. During the fourth quarter of 2022, the Company’s reported common stock prices prompted the conversion feature of the 2028 Convertible Notes. As a result, the 2028 Convertible Notes are convertible at the option of the holders during the first quarter of 2023. The Company cannot currently satisfy the conversion obligation in cash because the terms of the Credit Agreement generally prohibit the Company from retiring unsecured debt with cash. It is the Company’s current intent and policy to settle any conversions of 2028 Convertible Notes through shares of its common stock. As such, the 2028 Convertible Notes are not classified as a current obligation in the accompanying consolidated balance sheets. Through February 17, 2023, the Company has not received any conversion requests and does not anticipate receiving any conversion requests in the near term as the market value of the 2028 Convertible Notes exceeds their conversion value. As of December 31, 2022, the if-converted value of the 2028 Convertible Notes exceeded the principal amount by $105.8 million. Margin Financing Arrangement In March 2022, the Company entered into a discrete credit agreement which provided for a $150 million unsecured revolving credit facility. The revolving facility was scheduled to mature in April 2025 and bore interest at a rate of 10.0% per annum on drawn amounts. The revolving facility was intended to support the Company’s near-term liquidity requirements, particularly with respect to the cash margin requirements associated with the Company’s coal derivative contracts, which fluctuate depending upon underlying market coal prices. Concurrently with the Credit Agreement, the Company entered into a related agreement for an at-the-market equity offering program for up to $225.0 million of the Company’s common stock. During the three months ended March 31, 2022, the Company borrowed and repaid $225.0 million under the revolving facility using net proceeds of $222.0 million from at-the-market issuances of 10.1 million shares of common stock and available cash. The Company made no additional borrowings and terminated the facility in August 2022. Interest Charges The following table presents the components of the Company’s interest expense related to its indebtedness and financial assurance instruments such as surety bonds and letters of credit. Additionally, the table sets forth the amount of cash paid for interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs. Year Ended December 31, 2022 2021 2020 (Dollars in millions) Indebtedness $ 87.0 $ 132.3 $ 104.4 Financial assurance instruments 53.3 51.1 35.4 Interest expense $ 140.3 $ 183.4 $ 139.8 Cash paid for interest $ 118.5 $ 174.9 $ 126.9 Non-cash interest expense $ 17.7 $ 21.3 $ 16.2 Covenant Compliance The Company was compliant with all relevant covenants under its debt agreements at December 31, 2022, including the minimum aggregate liquidity requirement under the Company LC Agreement which requires the Company’s restricted subsidiaries to maintain minimum aggregate liquidity of $125.0 million at the end of each quarter through December 31, 2023. Finance Lease Obligations Refer to Note 11. “Leases” for additional information associated with the Company’s finance leases, which pertain to the financing of mining equipment used in operations. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has operating and finance leases for mining and non-mining equipment, office space and certain other facilities under various non-cancellable agreements. Historically, the majority of the Company’s leases have been accounted for as operating leases. Refer to Note 1. “Summary of Significant Accounting Policies” for the Company’s policies regarding “Leases.” The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Certain lease agreements are subject to the restrictive covenants of the Company’s credit facilities and include cross-acceleration provisions, under which the lessor could require remedies including, but not limited to, immediate recovery of the present value of any remaining lease payments. The Company typically agrees to indemnify lessors 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, may be covered by insurance (subject to deductibles). 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 components of lease expense for the periods presented below were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Operating lease cost: Operating leases $ 18.9 $ 19.8 $ 28.8 Short-term leases 30.6 15.5 39.1 Variable leases 7.6 2.7 4.6 Sublease income (1.3) (1.9) (2.3) Total operating lease cost $ 55.8 $ 36.1 $ 70.2 Finance lease cost: Amortization of right-of-use assets $ 6.3 $ 5.9 $ 3.5 Interest on lease liabilities 2.1 2.7 0.8 Total finance lease cost $ 8.4 $ 8.6 $ 4.3 Supplemental balance sheet information related to leases at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 (Dollars in millions) Operating leases: Operating lease right-of-use assets $ 26.9 $ 35.5 Accounts payable and accrued expenses $ 16.8 $ 16.4 Operating lease liabilities, less current portion 11.0 27.2 Total operating lease liabilities $ 27.8 $ 43.6 Finance leases: Property, plant, equipment and mine development $ 36.1 $ 32.2 Accumulated depreciation (12.6) (7.4) Property, plant, equipment and mine development, net $ 23.5 $ 24.8 Current portion of long-term debt $ 13.2 $ 15.3 Long-term debt, less current portion 10.4 14.0 Total finance lease liabilities $ 23.6 $ 29.3 Weighted average remaining lease term (years) Operating leases 2.0 Finance leases 6.7 Weighted average discount rate Operating leases 5.7 % Finance leases 7.2 % Supplemental cash flow information related to leases for the periods presented below was as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 20.5 $ 24.3 $ 35.1 Operating cash flows for finance leases 2.1 3.8 0.8 Financing cash flows for finance leases 9.3 8.2 8.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 13.5 7.1 16.5 Finance leases 6.4 24.4 1.6 The Company's leases have remaining lease terms ranging from 1 year to 8.3 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows: Period Ending December 31, Operating Leases Finance Leases (Dollars in millions) 2023 $ 18.6 $ 14.4 2024 7.4 5.7 2025 1.6 4.0 2026 1.4 2.2 2027 0.3 1.0 2028 and thereafter 0.4 — Total lease payments 29.7 27.3 Less imputed interest (1.9) (3.7) Total lease liabilities $ 27.8 $ 23.6 |
Leases | Leases The Company has operating and finance leases for mining and non-mining equipment, office space and certain other facilities under various non-cancellable agreements. Historically, the majority of the Company’s leases have been accounted for as operating leases. Refer to Note 1. “Summary of Significant Accounting Policies” for the Company’s policies regarding “Leases.” The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Certain lease agreements are subject to the restrictive covenants of the Company’s credit facilities and include cross-acceleration provisions, under which the lessor could require remedies including, but not limited to, immediate recovery of the present value of any remaining lease payments. The Company typically agrees to indemnify lessors 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, may be covered by insurance (subject to deductibles). 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 components of lease expense for the periods presented below were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Operating lease cost: Operating leases $ 18.9 $ 19.8 $ 28.8 Short-term leases 30.6 15.5 39.1 Variable leases 7.6 2.7 4.6 Sublease income (1.3) (1.9) (2.3) Total operating lease cost $ 55.8 $ 36.1 $ 70.2 Finance lease cost: Amortization of right-of-use assets $ 6.3 $ 5.9 $ 3.5 Interest on lease liabilities 2.1 2.7 0.8 Total finance lease cost $ 8.4 $ 8.6 $ 4.3 Supplemental balance sheet information related to leases at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 (Dollars in millions) Operating leases: Operating lease right-of-use assets $ 26.9 $ 35.5 Accounts payable and accrued expenses $ 16.8 $ 16.4 Operating lease liabilities, less current portion 11.0 27.2 Total operating lease liabilities $ 27.8 $ 43.6 Finance leases: Property, plant, equipment and mine development $ 36.1 $ 32.2 Accumulated depreciation (12.6) (7.4) Property, plant, equipment and mine development, net $ 23.5 $ 24.8 Current portion of long-term debt $ 13.2 $ 15.3 Long-term debt, less current portion 10.4 14.0 Total finance lease liabilities $ 23.6 $ 29.3 Weighted average remaining lease term (years) Operating leases 2.0 Finance leases 6.7 Weighted average discount rate Operating leases 5.7 % Finance leases 7.2 % Supplemental cash flow information related to leases for the periods presented below was as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 20.5 $ 24.3 $ 35.1 Operating cash flows for finance leases 2.1 3.8 0.8 Financing cash flows for finance leases 9.3 8.2 8.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 13.5 7.1 16.5 Finance leases 6.4 24.4 1.6 The Company's leases have remaining lease terms ranging from 1 year to 8.3 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows: Period Ending December 31, Operating Leases Finance Leases (Dollars in millions) 2023 $ 18.6 $ 14.4 2024 7.4 5.7 2025 1.6 4.0 2026 1.4 2.2 2027 0.3 1.0 2028 and thereafter 0.4 — Total lease payments 29.7 27.3 Less imputed interest (1.9) (3.7) Total lease liabilities $ 27.8 $ 23.6 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Reconciliations of the Company’s asset retirement obligations are as follows: December 31, 2022 2021 (Dollars in millions) Balance at beginning of period $ 719.8 $ 728.2 Liabilities settled or disposed (51.7) (72.4) Accretion expense 56.2 54.9 Revisions to estimates 25.7 9.1 Balance at end of period $ 750.0 $ 719.8 Less: Current portion (included in “Accounts payable and accrued expenses”) 84.2 65.0 Noncurrent obligation (included in “Asset retirement obligations”) $ 665.8 $ 654.8 Balance at end of period — active locations $ 557.9 $ 511.8 Balance at end of period — closed or inactive locations $ 192.1 $ 208.0 As of December 31, 2022 and 2021, the Company had $1,250.1 million and $1,294.7 million, respectively, in surety bonds outstanding to secure reclamation obligations. Additionally, the Company had $437.8 million and $323.0 million, respectively, of letters of credit in support of reclamation obligations as of December 31, 2022 and 2021. See Note 20. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees” for a discussion of cash collateral supporting these reclamation bonding requirements. |
Postretirement Health Care and
Postretirement Health Care and Life Insurance Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans | Postretirement Health Care and Life Insurance BenefitsThe Company currently provides health care and life insurance benefits to qualifying salaried and hourly retirees of its current and certain former subsidiaries and their dependents from benefit plans established by the Company. Plan coverage for health benefits is provided to future hourly and salaried retirees in accordance with the applicable plan document. Life insurance benefits are provided to future hourly retirees in accordance with the applicable labor agreement. Net periodic postretirement benefit (credit) cost included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.8 $ 1.0 $ 3.8 Interest cost on accumulated postretirement benefit obligation 7.0 10.5 20.2 Expected return on plan assets (0.8) (1.0) (1.5) Amortization of prior service credit (53.8) (46.4) (17.3) Net actuarial (gain) loss (51.2) (54.5) 16.5 Net periodic postretirement benefit (credit) cost $ (98.0) $ (90.4) $ 21.7 The actuarial gain for all benefit plans in 2022 was primarily due to the increase in the discount rate used to measure the benefit obligation and favorable impact of claims experience for the year offset by increase in medical trend rate due to inflation as well as expected impact of recently passed Inflation Reduction Act. The actuarial gain for all benefit plans in 2021 was primarily due to the increase in the discount rate used to measure the benefit obligation, favorable impact of claims experience for the year, and updating the mortality base table and improvement scale to those published by the Society of Actuaries considering the plan’s experience for participants receiving medical benefits under the United Mine Workers of America (UMWA) Coal Act design. The actuarial loss for all benefit plans in 2020 was primarily due to the decrease in the discount rate used to measure the benefit obligation offset by the favorable impact of claims experience for the year and updating the mortality base tables and improvement scales to those published by the Society of Actuaries for all participants except those receiving medical benefits under the UMWA Coal Act design. The following includes pretax amounts recorded in “Accumulated other comprehensive income”: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Prior service credit arising during year $ — $ (139.5) $ (185.4) Amortization: Prior service credit 53.8 46.4 17.3 Total recorded in “Accumulated other comprehensive income” $ 53.8 $ (93.1) $ (168.1) The Company amortizes prior service credit over an amortization period of the average remaining service period to full eligibility for participating employees at the time of the plan change or the expected lifetime of participants in the plan. Prior service credits established during 2021 and 2020 are described below. The estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic postretirement benefit cost during the year ending December 31, 2023 is $53.8 million. The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 258.7 $ 476.6 Service cost 0.8 1.0 Interest cost 7.0 10.5 Participant contributions — 0.1 Plan amendments — (139.5) Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Actuarial gain (55.4) (55.5) Accumulated postretirement benefit obligation at end of period 189.9 258.7 Change in plan assets: Fair value of plan assets at beginning of period 26.1 33.7 Actual return on plan assets (3.4) — Employer contributions 15.9 26.8 Participant contributions — 0.1 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Fair value of plan assets at end of period 17.4 26.1 Funded status at end of period (172.5) (232.6) Less: Current portion (included in “Accounts payable and accrued expenses”) 16.0 20.5 Noncurrent obligation (included in “Accrued postretirement benefit costs”) $ (156.5) $ (212.1) In October 2021, the Company announced changes to its postretirement health care benefit plan for certain represented retirees. Effective January 1, 2022, the Company no longer provides medical coverage to certain existing retirees but continues to offer a life insurance benefit to eligible retirees. The impact of the changes on future benefits reduced the Company’s accumulated postretirement benefit obligation by $139.5 million. The reduction was attributable to the elimination of health care benefits for certain represented retirees. The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income” and is being amortized to earnings based upon the estimated remaining life expectancies of certain plan participants (13.0 years and 14.0 years were the remaining amortization periods at January 1, 2023 and 2022, respectively). In September 2020, the Company announced changes to its postretirement health care benefit plans for non-represented employees and retirees. Effective January 1, 2021, the Company no longer subsidizes medical costs for Medicare eligible individuals or provides life insurance to salaried and hourly non-union retirees. The Company provides non-Medicare eligible salaried and hourly non-union retirees and eligible dependents a health reimbursement arrangement. There were no changes to benefits for represented participants. The impact of the changes on future benefits reduced the Company’s accumulated postretirement benefit obligation by $185.4 million. The reduction was attributable to the elimination of health care benefits upon covered individuals’ attainment of Medicare eligibility and the elimination of life insurance benefits for certain non-represented participants. The reduction in liability was recorded with an offsetting balance in “Accumulated other comprehensive income.” The $174.5 million reduction for elimination of health care benefits upon attainment of Medicare eligibility for salaried and non-union hourly retirees and eligible dependents is being amortized to earnings over an average remaining service period to full eligibility for participating employees (2.9 years and 3.9 years were the remaining amortization periods at January 1, 2023 and 2022, respectively). The remaining $10.9 million for the elimination of life insurance benefits and elimination of health care benefits upon attainment of Medicare eligibility for select non-union retirees is being amortized to earnings over the average remaining life expectancy of the affected plan (8.5 years and 9.5 years were the remaining amortization periods at January 1, 2023 and 2022, respectively). A prior service credit established in December 2018 is being amortized to earnings over an average remaining service period to full eligibility for participating employees (1.9 years and 2.9 years were the remaining amortization periods at January 1, 2023 and 2022, respectively). The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.70 % 2.84 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic postretirement benefit (credit) cost for the plans during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.84 % 2.55 % 3.40 % Expected long-term return on plan assets (pretax) 5.75 % 5.75 % 7.00 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 The expected rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. The asset allocation of plan assets and long-term capital market expectations remain unchanged from December 31, 2021, therefore the Company’s expected pretax rate of return on plan assets will remain at 5.75% for 2023. The accumulated postretirement benefit obligation exceeded plan assets for all plans as of December 31, 2022 and 2021. The accumulated postretirement benefit obligation for all plans was $189.9 million and $258.7 million as of December 31, 2022 and 2021, respectively. The following presents information about the assumed health care cost trend rate: Year Ended December 31, 2022 2021 Pre-Medicare: Health care cost trend rate assumed for next year 7.00 % 6.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2032 2027 Post-Medicare: Health care cost trend rate assumed for next year 6.75 % 5.75 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2032 2027 Plan Assets The Company maintains a Voluntary Employees’ Beneficiary Association (VEBA) trust to pre-fund a portion of benefits for non-represented retirees. Assets of the Peabody Investments Corp. Non-Represented Retiree VEBA Trust (the Non-Represented Trust) are invested in accordance with the investment policy established by the Peabody VEBA Retirement Committee after consultation with outside investment advisors and actuaries. As of December 31, 2022 and 2021, the asset allocation strategy for the Non-Represented Trust is 30% in equity and 70% in fixed income assets. The asset strategy may vary over time based on changes in the status of the Non-Represented Plan, the Company’s risk posture and other factors. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. U.S. equity securities. The Non-Represented Trust invests in U.S. equity securities for growth and diversification. Investment vehicles include various domestic large-cap publicly traded common stocks. All common stocks are traded on a national securities exchange and are valued at quoted market prices in active markets and accordingly classified within Level 1 of the valuation hierarchy. International equity securities. The Non-Represented Trust invests in international equity securities for growth and diversification. Investment vehicles include mutual funds. The mutual funds are traded on a national securities exchange in an active market, are valued using daily publicly quoted net asset value (NAV) prices and accordingly classified within Level 1 of the valuation hierarchy. Corporate bonds . The Non-Represented Trust invests in corporate bonds for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly investment-grade corporate bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. Corporate bonds are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. U.S. government securities . The Non-Represented Trust invests in U.S. government securities for diversification, volatility reduction of equity securities and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly U.S. government bonds, notes, agency securities and municipal bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. If fair value is based on quoted prices in active markets and traded on a national securities exchange, U.S. government securities are classified within the Level 1 valuation hierarchy; otherwise, U.S. government securities are classified within the Level 2 valuation hierarchy. Cash funds . The Non-Represented Trust invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees. The investment consists of non-interest bearing cash funds and U.S. government money market fund which are classified within the Level 1 valuation hierarchy. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy: December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 3.7 $ — $ — $ 3.7 International equity securities 1.1 — — 1.1 Corporate bonds — 7.1 — 7.1 U.S. government securities 2.0 3.0 — 5.0 Cash funds 0.5 — — 0.5 Total assets at fair value $ 7.3 $ 10.1 $ — $ 17.4 December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 5.7 $ — $ — $ 5.7 International equity securities 2.0 — — 2.0 Corporate bonds — 10.1 — 10.1 U.S. government securities 3.1 3.8 — 6.9 Cash funds 1.4 — — 1.4 Total assets at fair value $ 12.2 $ 13.9 $ — $ 26.1 Contributions Annual contributions to the Non-Represented Trust are discretionary. During the year ended December 31, 2022, the Company made no contributions to the trust. Estimated Future Benefit Payments The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets: Postretirement (Dollars in millions) 2023 $ 23.1 2024 22.3 2025 21.1 2026 20.1 2027 18.9 Years 2028-2032 75.7 |
Pension and Savings Plans
Pension and Savings Plans | 12 Months Ended |
Dec. 31, 2022 | |
Pension and Savings Plans [Abstract] | |
Pension and Savings Plans | Pension and Savings Plans One of the Company’s subsidiaries, Peabody Investments Corp. (PIC), sponsors a defined benefit pension plan covering certain U.S. salaried employees and eligible hourly employees at certain PIC subsidiaries (the Peabody Plan). A subsidiary of PIC also has a defined benefit pension plan covering eligible employees who are represented by the UMWA under the Western Surface Agreement (the Western Plan and together with the Peabody Plan, the Pension Plans). Effective May 31, 2008, the Peabody Plan was frozen in its entirety for both participation and benefit accrual purposes. In 2020, the Company announced a program to offer a voluntary lump-sum pension payout to eligible active salaried employees and former salaried employees in the Peabody Plan which would settle the Company’s obligation to them. The program provided participants with a limited time opportunity to elect to receive a lump-sum settlement of their pension benefit or begin to receive their benefit in the form of a monthly annuity in December 2020. As part of this voluntary lump-sum program, the Company settled $51.6 million of its pension obligations for active salaried employees and former salaried employees in the Peabody Plan with an equal amount paid from plan assets. As a result, the Company recorded a settlement gain of $2.7 million during the year ended December 31, 2020, which was reflected in “Net periodic benefit credit, excluding service cost” on the consolidated statement of operations. In March 2022, PIC entered into a commitment agreement relating to the Peabody Plan with The Prudential Insurance Company of America (Prudential) and Fiduciary Counselors Inc., as independent fiduciary to the Peabody Plan. Under the commitment agreement, the Peabody Plan purchased a buy-in group annuity contract (GAC) from Prudential for approximately $500 million and Prudential will reimburse the Peabody Plan for benefit payments to be made to the Peabody Plan’s participants. The benefit obligation was not transferred to Prudential and the Peabody Plan continues to administer and pay the retirement benefits of Peabody Plan participants and is reimbursed by Prudential for the payment of all benefits covered by the GAC. The purchase of the GAC was funded directly by the Peabody Plan’s assets. There was no impact on the monthly retirement benefits paid to Peabody Plan participants and no material impact on contributions for the Peabody Plan in 2022 as a result of this transaction. As of December 31, 2022 the benefit obligation attributed to the Peabody Plan’s participants covered by the GAC is equal to the GAC value. In May 2022, the Board of Directors of PIC approved the termination of the Peabody Plan effective July 31, 2022. In June 2022, the Peabody Plan’s participants were notified of the Peabody Plan termination and the Peabody Plan filed an application with the Internal Revenue Service to request a determination as to the qualified status under §401(a) of the Internal Revenue Code of 1986 with respect to the amendment and termination of the Peabody Plan. As part of the plan termination process, benefits will be distributed to participants or transferred to an insurance company. Anticipated asset distribution, via voluntary lump sum payouts for active and deferred participants, is expected in the first half of 2023, following which participants not electing a lump sum and all participants in payment status will be transferred to a highly qualified insurance company. Net periodic pension cost (credit) included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.1 $ 0.2 $ 0.3 Interest cost on projected benefit obligation 21.4 20.4 28.0 Expected return on plan assets (23.8) (22.9) (29.7) Settlement — — (2.7) Net actuarial loss (gain) 20.6 12.7 (25.6) Net periodic pension cost (credit) $ 18.3 $ 10.4 $ (29.7) The actuarial loss for all pension plans in 2022 was primarily due to actual returns on plan assets lower than expected returns for the year and the premium paid to Prudential to purchase the GAC, offset by the increase in the discount rate used to measure the benefit obligation. The actuarial loss for all pension plans in 2021 was primarily due to actual returns on plan assets lower than expected returns for the year, offset by the increase in the discount rate used to measure the benefit obligation. The actuarial gain for all pension plans in 2020 was primarily due to actual returns on plan assets exceeding the expected returns for the year and the favorable impact of updating the mortality base tables and improvement scales to those published by the Society of Actuaries, offset by the decline in the discount rate used to measure the benefit obligation. The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 751.7 $ 816.4 Service cost 0.1 0.2 Interest cost 21.4 20.4 Benefits paid (55.1) (55.9) Actuarial gain (137.2) (29.4) Projected benefit obligation at end of period 580.9 751.7 Change in plan assets: Fair value of plan assets at beginning of period 772.4 847.5 Actual return on plan assets (134.0) (19.2) Benefits paid (55.1) (55.9) Fair value of plan assets at end of period 583.3 772.4 Funded status at end of period $ 2.4 $ 20.7 Amounts recognized in the consolidated balance sheets: Noncurrent asset (included in “Investments and other assets”) $ 9.9 $ 28.5 Noncurrent obligation (included in “Other noncurrent liabilities”) (7.5) (7.8) Net amount recognized $ 2.4 $ 20.7 The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.44 % 2.95 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.95 % 2.60 % 3.40 % Expected long-term return on plan assets 3.20 % 2.80 % 3.60 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 The expected rate of return on plan assets is determined by taking into consideration expected long-term returns associated with each major asset class based on long-term historical ranges, inflation assumptions and the expected net value from active management of the assets based on actual results. Effective January 1, 2023, the Company raised its expected rate of return on plan assets from 3.20% to 4.90% and 4.65% for the Peabody Plan and Western Plan; respectively, reflecting the impact of the Plans’ asset allocations and capital market expectations. As of December 31, 2022 and 2021, the accumulated benefit obligation for all plans was $580.9 million and $751.7 million, respectively, which was equal to the projected benefit obligation for those periods. As of December 31, 2022 and 2021, the plan assets for the Peabody Plan of $464.7 million and $611.6 million, respectively, exceeded the projected benefit obligation and accumulated benefit obligation for those periods of $454.8 million and $583.1 million, respectively. The projected benefit obligation and accumulated benefit obligation for the Western Plan as of December 31, 2022 and 2021, was $126.1 million and $168.6 million, respectively, which exceeded the plan assets of $118.6 million and $160.8 million, respectively, for those periods. Assets of the Pension Plans Assets of the PIC Master Trust (the Master Trust) are invested in accordance with investment guidelines established by the Peabody Plan Retirement Committee and the Peabody Western Plan Retirement Committee (collectively, the Retirement Committees) after consultation with outside investment advisors and actuaries. The asset allocation targets have been set with the expectation that the assets of the Master Trust will be managed with an appropriate level of risk to fund each Pension Plan’s expected liabilities. To determine the appropriate target asset allocations, the Retirement Committees consider the demographics of each Pension Plan’s participants, the funded status of each Pension Plan, the business and financial profile of the Company and other associated risk preferences. These allocation targets are reviewed by the Retirement Committees on a regular basis and revised as necessary. As a result of discretionary contributions made in recent years, the Pension Plans have become nearly fully funded and therefore, as of December 31, 2022 and 2021, the Master Trust investment portfolio reflected the Company’s target asset mix of 100% fixed income investments. Master Trust assets also include investments in various real estate holdings through limited partnerships representing approximately less than 1% of total Master Trust assets as of both December 31, 2022 and 2021. The Retirement Committees’ intention is to liquidate these real estate holdings when allowable per the terms of the limited partnership agreements. Generally, dissolution and liquidation of the limited partnerships is required before the Master Trust’s real estate holdings can be liquidated. Assets of the Master Trust are under management by third-party investment managers, which are selected and monitored by the Retirement Committees. Specific investment guidelines have been established by the Retirement Committees for each major asset class including performance benchmarks, allowable and prohibited investment types and concentration limits. In general, investment guidelines do not permit leveraging the assets held in the Master Trust. However, investment managers may employ various strategies and derivative instruments in establishing overall portfolio characteristics consistent with the guidelines and investment objectives established by the Retirement Committees for their portfolios. Fixed income investment guidelines only allow for exchange-traded derivatives if the investment manager deems the derivative vehicle to be more attractive than a similar direct investment in an underlying cash market or to manage the duration of the fixed income portfolio. A financial instrument’s level within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation techniques and inputs used for investments measured at fair value, including the general classification of such investments pursuant to the valuation hierarchy. Corporate bonds . The Master Trust invests in corporate bonds for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly investment-grade corporate bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. Corporate bonds are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. U.S. government securities. The Master Trust invests in U.S. government securities for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly U.S. government bonds, agency securities and municipal bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. If fair value is based on quoted prices in active markets and traded on a national securities exchange, U.S. government securities are classified within the Level 1 valuation hierarchy; otherwise, U.S. government securities are classified within the Level 2 valuation hierarchy. International government securities. The Master Trust invests in international government securities for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominantly non-U.S. government bonds. Fair value for these securities is provided by a third-party pricing service that utilizes various inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads and benchmark securities as well as other relevant economic measures. International government securities are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the bonds are not traded on a national securities exchange. Asset-backed securities. The Master Trust invests in asset-backed securities for diversification and to provide a hedge to interest rate movements affecting liabilities. Investment types are predominately mortgage-backed securities. Asset-backed securities are classified within the Level 2 valuation hierarchy since fair value inputs are derived prices in active markets and the investments are not traded on a national securities exchange. Cash funds . The Master Trust invests in cash funds to manage liquidity resulting from payment of participant benefits and certain administrative fees. Investment vehicles primarily include a non-interest bearing cash fund with an earnings credit allowance feature, various exchange-traded derivative instruments consisting of futures and interest rate swap agreements used to manage the duration of certain liability-hedging investments. The non-interest bearing cash fund is classified within the Level 1 valuation hierarchy. Exchange traded derivatives, such as options and futures, for which market quotations are readily available, are valued at the last reported sale price or official closing price on the primary market or exchange on which they are traded and are classified within the Level 1 valuation hierarchy. Group annuity contract. The Master Trust invests in a buy-in GAC to provide a hedge to interest rate movements affecting liabilities. The GAC consists of a nonparticipating single premium group annuity contract. The initial value of the GAC was equal to the premium paid to secure the contract and is adjusted each reporting period to reflect the estimated fair value of the premium that would be paid for such a contract at that time. Since there are no observable inputs associated with the valuation, the GAC is classified within the Level 3 valuation hierarchy. Real estate interests . The Master Trust invests in real estate interests for diversification. Investments in real estate represent interests in several limited partnerships, which invest in various real estate properties. Interests in real estate are valued using various methodologies, including independent third party appraisals; fair value measurements are not developed by the Company. For some investments, little market activity may exist and determination of fair value is then based on the best information available in the circumstances. This involves a significant degree of judgment by taking into consideration a combination of internal and external factors. Accordingly, interests in real estate are classified within the Level 3 valuation hierarchy. Some limited partnerships issue dividends to their investors in the form of cash distributions that the Pension Plans invest elsewhere within the Master Trust. Private mutual funds . The Master Trust invests in mutual funds for growth and diversification. Investment vehicles include an institutional fund that holds a diversified portfolio of long-duration corporate fixed income investments (Corporate Bond Fund). The Corporate Bond Fund is not traded on a national securities exchange and is valued at NAV, the practical expedient to estimate fair value. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy: December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) Corporate bonds $ — $ 67.2 $ — $ 67.2 U.S. government securities 23.3 2.8 — 26.1 International government securities — 2.0 — 2.0 Asset-backed securities — 0.7 — 0.7 Cash funds 9.8 — — 9.8 Group annuity contract — — 430.1 430.1 Real estate interests — — 0.3 0.3 Total assets at fair value $ 33.1 $ 72.7 $ 430.4 536.2 Assets measured at net asset value practical expedient (1) Private mutual funds 47.1 Total plan assets $ 583.3 December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) Corporate bonds $ — $ 537.5 $ — $ 537.5 U.S. government securities 125.2 22.5 — 147.7 International government securities — 15.5 — 15.5 Asset-backed securities — 3.3 — 3.3 Cash funds 30.7 — — 30.7 Real estate interests — — 0.3 0.3 Total assets at fair value $ 155.9 $ 578.8 $ 0.3 735.0 Assets measured at net asset value practical expedient (1) Private mutual funds 37.4 Total plan assets $ 772.4 (1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans. The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Balance, beginning of period $ 0.3 $ 1.2 $ 4.1 Realized gains 0.1 0.9 1.6 Unrealized losses relating to investments still held at the reporting date (68.8) (0.6) (2.1) Purchases, sales and settlements, net 498.8 (1.2) (2.4) Balance, end of period $ 430.4 $ 0.3 $ 1.2 Contributions 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 December 31, 2022, the Company’s qualified plans are expected to be at or above the Pension Protection Act thresholds. The Company was not required to make any payments to its qualified pension plans in 2022 based on minimum funding requirements and did not make any discretionary contributions in 2022. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation: Pension Benefits (Dollars in millions) 2023 $ 76.1 2024* 11.1 2025* 11.0 2026* 10.8 2027* 10.6 Years 2028-2032* 49.6 *Estimated future benefit payments reflect Western Plan only as a result of Peabody Plan termination. Defined Contribution Plans The Company sponsors employee retirement accounts under three 401(k) plans for eligible U.S. employees. The Company matches voluntary contributions to each plan up to specified levels. In May 2020 the Company amended one of its plans to eliminate the formula for calculating matching contributions and provide the Company sole discretion in making any matching contributions. During the period May 2020 to December 2020 the Company suspended matching contributions due to challenging business conditions of COVID-19. In January 2021 the Company reinstated matching contributions. The expense for these plans was $20.1 million, $9.7 million and $9.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Discretionary contribution features in the plans allow for additional contributions from the Company. The Company granted discretionary contributions of $9.2 million during the year ended December 31, 2022. There were no discretionary contributions granted during the years ended December 31, 2021 and 2020. Discretionary contributions paid during the year ended December 31, 2022 were $4.0 million. There were no discretionary contributions paid during the years ended December 31, 2021 and 2020. Superannuation |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock In accordance with the Company’s Fourth Amended and Restated Certificate of Incorporation, the Company has 450.0 million authorized shares of Common Stock, par value $0.01 per share. Holders of Common Stock are entitled to one vote per share on all matters to be voted upon by the stockholders. The holders of Common Stock do not have cumulative voting rights in the election of directors. Holders of Common Stock are entitled to receive ratably dividends if, as and when dividends are declared from time to time by the Board of Directors (the Board) out of funds legally available for that purpose, after payment of dividends required to be paid on any outstanding preferred stock or series common stock. Upon dissolution, liquidation or winding up of the Company, the holders of Common Stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and subject to the right of holders of any outstanding preferred stock or series common stock. The Common Stock has no preemptive or conversion rights and is not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Common Stock. The following table summarizes Common Stock activity during the periods presented below: Year Ended December 31, 2022 2021 2020 (In millions) Shares outstanding at the beginning of the period 133.3 97.8 96.9 Shares issued for vested restricted stock units 0.7 1.0 1.3 Shares issued in exchange for debt retirement — 10.0 — Shares issued under at-the-market equity offering program 10.1 24.8 — Shares repurchased (0.2) (0.3) (0.4) Shares outstanding at the end of the period 143.9 133.3 97.8 Preferred Stock The Board is authorized to issue up to 100.0 million shares of preferred stock, par value $0.01 per share. The Board can determine the terms and rights of each series, including whether dividends (if any) will be cumulative or non-cumulative and the dividend rate of the series, redemption or sinking fund provisions, conversion terms, prices and rates and amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and whether the shares of the series will be convertible into shares of any other class or series, or any other security, of the Company or any other corporation. The Board may also determine restrictions on the issuance of shares of the same series or of any other class or series, and the voting rights (if any) of the holders of the series. There were no outstanding shares of preferred stock as of December 31, 2022. Series Common Stock The Board is authorized to issue up to 50.0 million shares of series common stock, par value $0.01 per share. The Board can determine the terms and rights of each series, whether dividends (if any) will be cumulative or non-cumulative and the dividend rate of the series, redemption or sinking fund provisions, conversion terms, prices and rates and amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company and whether the shares of the series will be convertible into shares of any other class or series, or any other security, of the Company or any other corporation. The Board may also determine restrictions on the issuance of shares of the same series or of any other class or series, and the voting rights (if any) of the holders of the series. There were no outstanding shares of series common stock as of December 31, 2022. Treasury Stock Share repurchases. On August 1, 2017, the Board authorized a $500.0 million share repurchase program of the outstanding shares of the Company’s common stock and/or preferred stock (Repurchase Program), which was eventually expanded to $1.5 billion during 2018. The Repurchase Program does not have an expiration date and may be discontinued at any time. Through December 31, 2022, the Company repurchased 41.5 million shares of its Common Stock for $1,340.3 million, which included commissions paid of $0.8 million. As of December 31, 2022, there was $160.5 million available for repurchase under the Repurchase Program. Share repurchases were suspended by the Company during 2019, and as further described in Note 20. “Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees,” during the fourth quarter of 2020, the Company entered into a transaction support agreement with its surety bond providers which prohibits the repurchase of shares through the earlier of December 31, 2025, or the maturity of the Credit Agreement (currently March 31, 2025), unless otherwise agreed to by the parties to the agreements. Additionally, restrictive covenants in the Company’s credit facility also limit the Company’s ability to repurchase shares. Prior to the suspension, repurchases were made at the Company’s discretion. The specific timing, price and size of purchases depended upon the share price, general market and economic conditions and other considerations, including compliance with various debt agreements in effect at the time repurchases were made. Shares relinquished. The Company routinely allows employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under its equity incentive plans. The number of shares of Common Stock relinquished was 0.2 million, 0.3 million and 0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The value of the Common Stock tendered by employees was based upon the closing price on the dates of the respective transactions. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based CompensationThe Company has established the Peabody Energy Corporation 2017 Incentive Plan (the 2017 Incentive Plan) for employees, non-employee directors and consultants that allows for the issuance of share-based compensation in various forms including options (including non-qualified stock options and incentive stock options), stock appreciation rights, restricted stock, restricted stock units, deferred stock, performance units, dividend equivalents and cash incentive awards. Under the 2017 Incentive Plan, approximately 14 million shares of the Company’s Common Stock were reserved for issuance. As of December 31, 2022, there are approximately 6.9 million shares of the Company’s Common Stock available for grant. Share-Based Compensation Expense and Cash Flows The Company’s share-based compensation expense is recorded in “Operating costs and expenses” and “Selling and administrative expenses” in the consolidated statements of operations. Cash received by the Company upon the exercise of stock options is reflected as a financing activity in the consolidated statements of cash flows. Share-based compensation expense and cash flow amounts were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Share-based compensation expense $ 8.4 $ 10.0 $ 13.5 Tax benefit — — — Share-based compensation expense, net of tax benefit $ 8.4 $ 10.0 $ 13.5 Cash received upon the exercise of stock options — — — Write-off tax benefits related to share-based compensation — — — As of December 31, 2022, the total unrecognized compensation cost related to nonvested awards was $4.2 million, net of taxes, which is expected to be recognized over 2.5 years with a weighted-average period of 0.5 years. Deferred Stock Units During the years ended December 31, 2022, 2021 and 2020, the Company granted deferred stock units to each of the non-employee members of the Board. The fair value of these units is equal to the market price of the Company’s Common Stock at the date of grant. These deferred stock units generally vest on a monthly basis over 12 months and are settled in Common Stock three years after the date of grant. Restricted Stock Units The Company grants restricted stock units to certain senior management and non-senior management employees. For units granted to both senior and non-senior management employees containing only service conditions, the fair value of the award is equal to the market price of the Company’s Common Stock at the date of grant. Units granted to senior and non-senior management employees vest at various times (none of which exceed three years) in accordance with the underlying award agreement. Compensation cost for both senior and non-senior management employees is recognized on a straight-line basis over the requisite service period. The payouts for active grants awarded during the years ended December 31, 2022, 2021 and 2020 will be settled in the Company’s Common Stock. Awards granted to certain senior management employees during the year ended December 31, 2022 contain a performance feature in which the award can be increased by up to 100% based on Adjusted EBITDA results over a two-year period. The incremental shares, which can be increased by up to 245,371 shares as of December 31, 2022 if the performance condition is satisfied, are not included in the table below. A summary of restricted stock unit activity is as follows: Year Ended December 31, 2022 Weighted Nonvested at December 31, 2021 1,103,828 $ 8.99 Granted 325,040 11.87 Vested (550,468) 10.60 Forfeited (100,087) 8.38 Nonvested at December 31, 2022 778,313 $ 9.13 The total fair value at grant date of restricted stock units granted during the years ended December 31, 2022, 2021 and 2020 was $3.9 million, $3.1 million and $16.6 million, respectively. The restricted stock units receive dividend equivalent units (DEUs) upon payment of cash dividends to holders of Common Stock. DEUs vest subject to the same vesting requirements as the underlying restricted stock unit award. As of December 31, 2022, there were no nonvested DEUs. The total fair value of restricted stock units and DEUs vested was $6.8 million, $3.3 million and $5.6 million during the years ended December 31, 2022, 2021 and 2020, respectively. In March 2021 the Company entered into a transition agreement with its former chief executive officer which resulted in a modification to restricted stock units granted. Under terms of the agreement, any restricted stock units held by the former chief executive officer that would have vested under their original terms during the twelve months following the specified termination vested upon such date. As a result of this modification, the Company avoided additional compensation expense of approximately $1.3 million for the year ended December 31, 2021. Performance Units Performance units are typically granted annually in January and vest over a three-year measurement period and are primarily limited to senior management personnel. The performance units are usually subject to the achievement of goals based on the following conditions: three-year return on invested capital and environmental reclamation (performance condition). In addition, the payout of the performance units can be increased or decreased by up to 25% of the award based on three-year stock price performance compared to a custom peer group (market condition). The performance units can be increased by up to a maximum of 100% of the award granted. There were no performance units granted during the years ended December 31, 2022 or 2021. Awards granted during the year ended December 31, 2020 will be settled in the Company's Common Stock. A summary of performance unit activity is as follows: Year Ended December 31, 2022 Weighted Nonvested at December 31, 2021 650,906 0.7 Granted — Vested (109,709) Forfeited (91,176) Nonvested at December 31, 2022 450,021 — As of December 31, 2022, there were 120,289 performance units and DEU’s vested that had an aggregate intrinsic value of $2.1 million and a conversion price per share of $17.43. The performance units receive DEUs upon payment of cash dividends to holders of Common Stock. DEUs vest subject to the same vesting requirements as the underlying performance unit award. As of December 31, 2022, there were no nonvested DEUs. In March 2021 the Company entered into a transition agreement with its former chief executive officer which resulted in a modification to performance units granted. Under terms of the agreement, a portion of the performance units held by the former chief executive officer as of the specified termination date remain eligible to vest based on actual performance through the original performance period. As a result of this modification, the Company avoided additional compensation expense of approximately $2.5 million for the year ended December 31, 2021. |
Other Events
Other Events | 12 Months Ended |
Dec. 31, 2022 | |
Other Events [Abstract] | |
Other Events | Other Events Divestitures and Other Transactions During July 2021, the Company executed transactions to sell its closed Millennium and Wilkie Creek Mines, which reduced its closed mine reclamation liabilities and associated costs. The Millennium Mine was sold for minimal cash consideration and the assumption of the majority of the mine’s reclamation liabilities. At December 31, 2022, the Company remains responsible for $5.7 million of reclamation liabilities. The Company recorded a gain of $26.1 million in connection with the sale, which is included within “Net gain on disposals” in the accompanying consolidated statements of operations for the year ended December 31, 2021. The Wilkie Creek Mine was sold for minimal cash consideration and full assumption of the mine’s reclamation liabilities. The Company recorded a gain of $24.6 million in connection with the sale, which is included within “Income (loss) from discontinued operations, net of income taxes” in the accompanying consolidated statements of operations for the year ended December 31, 2021. United Wambo Joint Venture with Glencore In December 2019 the Company formed an unincorporated joint venture with Glencore plc (Glencore), in which the Company holds a 50% interest, to combine the existing operations of the Company’s Wambo Open-Cut Mine in Australia with the adjacent coal reserves of Glencore’s United Mine. The Company proportionally consolidates the entity based upon its economic interest. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share (EPS) Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding. As such, the Company includes the 2028 Convertible Notes and share-based compensation awards in its potentially dilutive securities. Generally, 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 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 performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted. For further discussion of the Company’s share-based compensation awards, see Note 16. “Share-Based Compensation.” A conversion of the 2028 Convertible Notes may result in payment in the Company’s common stock. For diluted EPS purposes, the potentially dilutive common stock is assumed to have been converted at the beginning of the period (or at the time of issuance, if later). In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense related to the convertible debt. The computation of diluted EPS excluded aggregate share-based compensation awards of less than 0.1 million for both the years ended December 31, 2022 and 2021, and approximately 2.2 million for the year ended December 31, 2020, because to do so would have been anti-dilutive for those periods. Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period. Anti-dilution also occurs when a company reports a net loss from continuing operations, and the dilutive impact of all share-based compensation awards are excluded accordingly. The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS: Year Ended December 31, 2022 2021 2020 (In millions, except per share data) Basic EPS numerator: Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Less: Net income (loss) attributable to noncontrolling interests 22.0 11.3 (3.5) Income (loss) from continuing operations attributable to common stockholders 1,295.4 336.1 (1,856.3) Income (loss) from discontinued operations, net of income taxes 1.7 24.0 (14.0) Net income (loss) attributable to common stockholders $ 1,297.1 $ 360.1 $ (1,870.3) Diluted EPS numerator: Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Add: Tax adjusted interest expense related to 2028 Convertible Notes 8.7 — — Less: Net income (loss) attributable to noncontrolling interests 22.0 11.3 (3.5) Income (loss) from continuing operations attributable to common stockholders 1,304.1 336.1 (1,856.3) Income (loss) from discontinued operations, net of income taxes 1.7 24.0 (14.0) Net income (loss) attributable to common stockholders $ 1,305.8 $ 360.1 $ (1,870.3) EPS denominator: Weighted average shares outstanding — basic 142.1 111.1 97.7 Dilutive impact of share-based compensation awards 1.6 0.9 — Dilutive impact of 2028 Convertible Notes 13.5 — — Weighted average shares outstanding — diluted 157.2 112.0 97.7 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 9.12 $ 3.03 $ (18.99) Income (loss) from discontinued operations 0.01 0.21 (0.15) Net income (loss) attributable to common stockholders $ 9.13 $ 3.24 $ (19.14) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 8.29 $ 3.00 $ (18.99) Income (loss) from discontinued operations 0.02 0.22 (0.15) Net income (loss) attributable to common stockholders $ 8.31 $ 3.22 $ (19.14) |
Management - Labor Relations
Management - Labor Relations | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Management - Labor Relations | Management — Labor Relations On December 31, 2022, the Company had approximately 5,500 employees worldwide, including approximately 4,300 hourly employees; the employee amounts exclude employees that were employed at operations classified as discontinued operations. Approximately 34% of those hourly employees were represented by organized labor unions and were employed by mines that generated 16% of the Company’s 2022 coal production from continuing operations. In the U.S., the hourly employees of one active mine and one inactive mine are represented by an organized labor union. In Australia, the coal mining industry is unionized and the majority of hourly workers employed at the Company’s Australian mining operations are members of trade unions. The Construction, Forestry, Maritime, Mining and Energy Union (CFMMEU) generally represents the Company’s Australian subsidiaries’ hourly production and engineering employees, including those employed through contract mining relationships. The following table presents the Company’s active and inactive mining operations as of December 31, 2022 in which the employees are represented by organized labor unions: Mine Approximate Number of Active Employees Represented Union Current Agreement Expiration Date or Date Amendable U.S. Kayenta 20 UMWA November 2024 Shoal Creek 330 UMWA December 2024 Australia Wilpinjong 465 CFMMEU June 2024 Coppabella 330 CFMMEU February 2026 Moorvale (1) 225 N/A June 2023 Metropolitan Underground employees 150 CFMMEU May 2025 Handling and preparation plant employees (2) 20 CFMMEU May 2021 Wambo Underground Underground employees 120 CFMMEU November 2025 Handling and preparation plant employees 20 CFMMEU August 2025 (1) Employees of the Moorvale Mine operate on individual contracts under a direct engagement model. Such contracts are modeled after the Company’s former labor agreement with CFMMEU which ended in 2017. According to a memorandum of understanding between the Company and employees, individual contracts may be renegotiated in June 2023. (2) The Company, employees and the CFMMEU are currently negotiating a new labor agreement. |
Financial Instruments, Guarante
Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | |
Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees | Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees In the normal course of business, the Company is a party to various guarantees and financial instruments that carry off-balance-sheet risk and are not reflected in the accompanying consolidated balance sheets. At December 31, 2022, such instruments included $1,376.8 million of surety bonds and $569.6 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 consolidated balance sheets. In November 2020, the Company entered into an agreement with the providers of its surety bond portfolio to resolve previous collateral demands. In accordance with the agreement, the Company initially provided $75.0 million of collateral, in the form of letters of credit. Upon completion of the 2021 debt restructuring transactions described in Note 10. “Long-term Debt”, other provisions of the agreement became effective. In particular, the Company granted second liens on $200.0 million of certain mining equipment and is further required to post an additional $25.0 million of collateral per year from 2021 through 2024 for the benefit of the surety providers. The collateral postings further increase to the extent the Company generates more than $100.0 million of free cash flow (as defined in the surety agreement) in any twelve-month period or has cumulative asset sales in excess of $10.0 million, as of the last quarter end during the term of the agreement. Based upon the Company’s free cash flow since entering into the surety agreement, additional collateral of $102.4 million was posted during the year ended December 31, 2022 and $74.4 million was posted in January 2023, in the form of cash-collateralized letters of credit. Under the agreement, the relevant surety providers agreed to a standstill through December 31, 2025, during which time, the surety providers will not demand collateral incremental to that described above, draw on letters of credit posted for the benefit of themselves or cancel any existing surety bond. The Company will not pay dividends or make share repurchases during the standstill period, unless otherwise agreed between parties. Reclamation Bonding The Company is required to provide various forms of financial assurance in support of its mining reclamation obligations in the jurisdictions in which it operates. Such requirements are typically established by statute or under mining permits. At December 31, 2022, the Company’s asset retirement obligations of $750.0 million were supported by surety bonds of $1,250.1 million, as well as letters of credit issued under the Company’s receivables securitization program and Revolver. Letters of credit issued at December 31, 2022, which served as collateral for surety bonds in support of asset retirement obligations, amounted to $431.7 million. Accounts Receivable Securitization 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 receivables securitization program (Securitization Program) is subject to customary events of default set forth in the Receivables Purchase Agreement. The Receivables Purchase Agreement was amended in January 2022 to extend the Securitization Program to January 2025 and reduce the available funding capacity from $250.0 million to $175.0 million. Such funding is 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. Borrowings under the Securitization Program bear interest at BSBY plus 2.1% per annum and remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables. The Receivables Purchase Agreement was amended again in February 2023 to increase the available funding capacity to $225.0 million and adjust the relevant interest rate for borrowings to a secured overnight financing rate (SOFR). At December 31, 2022, the Company had no outstanding borrowings and $168.0 million of letters of credit issued under the Securitization Program. The letters of credit were primarily in support of reclamation obligations. Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $7.0 million at December 31, 2022. The Company was not required to post cash collateral under the Securitization Program at either December 31, 2022 or 2021. The Company incurred interest and fees associated with the Securitization Program of $3.8 million, $2.9 million and $2.6 million during the years ended December 31, 2022, 2021 and 2020, respectively, which have been recorded as “Interest expense” in the accompanying statements of operations. Collateralized Letter of Credit Agreement In February 2022, the Company entered into a new agreement, which provides up to $250.0 million of capacity for irrevocable standby letters of credit, expected to primarily support reclamation bonding requirements. The agreement requires the Company to provide cash collateral at a level of 103% of the aggregate amount of letters of credit outstanding under the arrangement (limited to $5.0 million total excess collateralization.) Outstanding letters of credit bear a fixed fee in the amount of 0.75% per annum. The Company receives a variable deposit rate on the amount of cash collateral posted in support of letters of credit. The agreement has an initial expiration date of December 31, 2025. At December 31, 2022, letters of credit of $103.3 million were outstanding under the agreement, which were collateralized by cash of $111.0 million, which includes interest earned on deposits. Cash Collateral Arrangements As of December 31, 2022, the Company had other collateral balances of $77.0 million posted, including $43.9 million related to reclamation, which are included with “Restricted cash and collateral arrangements” in the accompanying consolidated balance sheets. Such collateral balances amounted to $23.8 million at December 31, 2021, including $15.0 million related to reclamation. 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, may 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. Substantially all of the Company’s U.S. subsidiaries provide financial guarantees under long-term debt agreements entered into by the Company. The maximum amounts payable under the Company’s debt agreements are equal to the respective principal and interest payments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Unconditional Purchase Obligations As of December 31, 2022, purchase commitments for capital expenditures were $102.1 million, all of which is obligated within the next three years, with $94.1 million obligated within the next 12 months. In Australia, the Company has generally secured the ability to transport coal through rail contracts and ownership interests in five east coast coal export terminals that are primarily funded through take-or-pay arrangements with terms ranging up to 20 years. In the U.S., the Company has entered into certain long-term coal export terminal agreements to secure export capacity through the Gulf Coast. As of December 31, 2022, these Australian and U.S. commitments under take-or-pay arrangements totaled $1.4 billion, of which approximately $103 million is obligated within the next year. Contingencies From time to time, the Company or its subsidiaries are involved in legal proceedings arising in the ordinary course of business or related to indemnities or historical operations. The Company believes it has recorded adequate reserves for these liabilities. The Company discusses its significant legal proceedings below, including ongoing proceedings and those that impacted the Company’s results of operations for the periods presented. Litigation and Matters Relating to Continuing Operations Securities Class Action. On September 28, 2020, the Oklahoma Firefighters Pension and Retirement System brought a lawsuit, styled In Re Peabody Energy Corporation Securities Litigation No. 1:20-cv-08024 (PKC), against the Company and certain of its officers in the U.S. District Court for the Southern District of New York (the Court) on behalf of a putative class of shareholders (Plaintiffs) who held Company stock between April 3, 2017 and October 28, 2019, for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder (Securities Class Action). Plaintiffs alleged that the defendants made false or misleading statements and/or failed to disclose certain adverse facts pertaining to safety practices at the Company’s North Goonyella Mine and the events leading up to a fire at the mine, and that, after a September 28, 2018 fire at the mine, made false or misleading statements and/or failed to disclose certain adverse facts pertaining to the feasibility of the Company’s plan to restart the mine after the fire. On January 12, 2021, the Court appointed the Oregon Public Employees Retirement Fund as lead plaintiff. On January 25, 2021, the Court entered a scheduling order for this matter. Plaintiffs filed their amended complaint on March 19, 2021. The defendants filed a pre-motion letter on April 30, 2021, while the Plaintiffs’ response letter was filed on May 6, 2021. The defendants filed their motion to dismiss on June 7, 2021. The Plaintiffs’ opposition brief to the motion to dismiss was filed on July 22, 2021. The defendants filed their reply to Plaintiffs’ opposition on August 23, 2021, which completed briefing. On March 7, 2022, the Court granted in part and denied in part the defendants’ motion to dismiss. As a result of this decision, only Plaintiffs’ allegations relating to the Company’s September 25, 2018 statements remained in the case. On May 13, 2022, the Court entered a Case Management and Scheduling Order. On August 2, 2022, Peabody and Plaintiffs agreed to settle all claims brought on behalf of all persons who purchased or otherwise acquired the Company’s shares between April 3, 2017 and October 28, 2019 in exchange for $4.6 million, to be paid by Peabody’s insurers. The parties further negotiated a definitive stipulation of settlement and related documents which do not contain any admission of liability, wrongdoing or responsibility by any of the parties and provide that the case be dismissed with prejudice, with mutual releases by all parties. On October 13, 2022, the Court entered an Order of Preliminary Approval of the settlement agreement. On February 7, 2023, the Court entered an order of final approval of the settlement agreement thereby fully resolving the litigation. Derivative Actions. On December 22, 2020, a plaintiff (Phelps), putatively on behalf of the Company, brought a shareholder derivative lawsuit, styled Phelps v. Samantha Algaze, et al. , Case No. 1:20-cv-01747-UNA (D. Del. filed Dec. 22, 2020), in the U.S. District Court for the District of Delaware against certain directors and former officers of the Company, as defendants. The Company was also named as a nominal defendant. The plaintiff did not make a demand on the Company’s board before instituting the lawsuit and alleges such demand would have been futile. In the complaint, the plaintiff alleges that the defendants failed to disclose adverse facts relating to the safety practices at the Company’s North Goonyella Mine, thereby leading to a September 28, 2018 fire, and allegedly failed to disclose adverse facts pertaining to the feasibility of reopening the mine. The derivative complaint alleges (i) contribution against certain current and former officers for securities fraud based on the Securities Class Action, and against all defendants, (ii) breach of fiduciary duties, (iii) waste of corporate assets for causing the Company to incur legal liability and (iv) unjust enrichment. On February 10, 2021, a second plaintiff (Di Fusco), putatively on behalf of the Company, filed a similar shareholder derivative lawsuit, styled Di Fusco v. Glenn Kellow, et al. , Case No. 1:21-cv-00183-UNA (D. Del. filed Feb. 10, 2021), in the U.S. District Court for the District of Delaware against the directors and current and former officers of the Company, as defendants. The Company was named as a nominal defendant. This suit makes claims similar to those made in the Phelps matter, but asserts a claim for alleged misstatements in a proxy statement under Section 14(a) of the Securities and Exchange Act of 1934. In late March 2021, the parties filed a stipulation agreeing to consolidate and stay both derivative actions for judicial efficiency and cost until the Court ruled on the motion to dismiss in the Securities Class Action. In light of the settlement agreement in the Securities Class Action, on September 7, 2022, the Court entered Stipulation and Order of Voluntary Dismissal Without Prejudice Pursuant to Fed. R. Civ. P. 419a)(1)(A)(ii) for the Phelps and Di Fusco matters; effectively closing the shareholder derivative lawsuits. Metropolitan Mine Stormwater Discharge. Over the past two years, there has been significantly high rainfall in New South Wales, including unprecedented rain totals at the Metropolitan Mine site. While stormwater collected at the mine site is managed through two sedimentation dams, at times the heavy rainfall has presented challenges with managing the significant volumes of stormwater, as the surface water management infrastructure has not had sufficient capacity. As a result, on multiple occasions throughout 2021 and 2022 stormwater has been discharged from the mine site. Metropolitan Collieries Pty Ltd (MCPL), a wholly-owned subsidiary of PEC, removed accumulated material from the sedimentation dams to restore full site stormwater capacity by December 31, 2022 and has identified and is implementing additional controls for the management of sediment moving forward. Despite the measures undertaken by MCPL to manage and improve the situation, the Environment Protection Authority is currently undertaking an investigation in relation to the discharges of sediment laden water from the mine site and a review process of the Metropolitan Mine’s environmental protection license. The Environment Protection Authority is investigating potential offenses against the environmental protection legislation arising from the discharges. Puerto Rico Climate Change Lawsuit . On November 22, 2022, the Municipalities of Puerto Rico filed a class action complaint for damages against several major energy fuel producers, including Peabody Energy. This lawsuit represents the latest in a series of lawsuits that have been brought in both state and federal court around the United States, generally seeking to impose liability on the energy fuel producers for the effects allegedly caused by climate change. Many of these lawsuits have been brought on behalf of governmental entities (counties, cities, and towns) by plaintiff law firms on a contingent fee arrangement. The causes of action in the Puerto Rico lawsuit include public and private nuisance, liability for failure to warn, consumer fraud, antitrust and claims under the Racketeer Influenced and Corrupt Organizations Act. As of February 17, 2023, the Company has not been properly served with a complaint in the matter styled: The Municipalities of Puerto Rico v. Exxon Mobil et al., Case No. 3:22-cv-01550 (USDC D.P.R.). 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. The Company reassesses the probability and estimability of contingent losses as new information becomes available. Claims, Litigation and Settlements Relating to Indemnities or Historical Operations Patriot-Related Matters . In 2012, Patriot filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code). In 2013, the Company entered into a definitive settlement agreement (2013 Agreement) with Patriot and the United Mine Workers of America, 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 U.S. District Court for the Eastern District of Virginia and subsequently initiated a process to sell substantially 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. 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 has sought clarification from the DOL regarding these inconsistencies. The amount of these liabilities could be reduced in the future. 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, which was determined on an actuarial basis based on the best information available to the Company, was $82.3 million and $87.2 million at December 31, 2022 and 2021, respectively. The liability, which is classified as discontinued operations, is included in the Company’s consolidated balance sheets within “Accounts payable and accrued expenses” and “Other noncurrent liabilities.” In connection with the actuarial valuation, the Company recorded mark-to-market adjustments of $2.7 million to decrease the liability during the year ended December 31, 2022, $2.1 million to decrease the liability during the year ended December 31, 2021 and $4.2 million to increase the liability during the year ended December 31, 2020. 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. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal Mining, Seaborne Metallurgical Mining, Powder River Basin Mining, Other U.S. Thermal Mining and Corporate and Other. The business of the Company’s seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of its thermal and metallurgical coal sold within Australia. Generally, revenue from individual countries vary year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. The Company classifies its seaborne mines within the Seaborne Thermal Mining or Seaborne Metallurgical Mining segments based on the primary customer base and coal reserve type of each mining operation. A small portion of the coal mined by the Seaborne Thermal Mining segment is of a metallurgical grade. Similarly, a small portion of the coal mined by the Seaborne Metallurgical Mining segment is of a thermal grade. Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions. The Company’s Seaborne Thermal Mining operations consist of mines in New South Wales, Australia. The mines in that segment utilize both surface and underground extraction processes to mine low-sulfur, high Btu thermal coal. The Company’s Seaborne Metallurgical Mining operations consist of mines in Queensland, Australia, one in New South Wales, Australia and one in Alabama, USA. The mines in that segment utilize both surface and underground extraction processes to mine various qualities of metallurgical coal. The metallurgical coal qualities include hard coking coal, semi-hard coking coal, semi-soft coking coal and pulverized coal injection coal. The principal business of the Company’s thermal operating segments in the U.S. is the mining, preparation and sale of thermal coal, sold primarily to electric utilities in the U.S. under long-term contracts, with a relatively small portion sold as international exports as conditions warrant. The Company’s Powder River Basin Mining operations consist of its mines in Wyoming. The mines in that segment are characterized by surface mining extraction processes, coal with a lower sulfur content and Btu and higher customer transportation costs (due to longer shipping distances). The Company’s Other U.S. Thermal Mining operations reflect the aggregation of its Illinois, Indiana, New Mexico and Colorado mining operations. The mines in that segment are characterized by a mix of surface and underground mining extraction processes, coal with a higher sulfur content and Btu and lower customer transportation costs (due to shorter shipping distances). Geologically, the Company’s Powder River Basin Mining operations mine sub-bituminous coal deposits and its Other U.S. Thermal Mining operations mine both bituminous and sub-bituminous coal deposits. The Company’s Corporate and Other segment includes selling and administrative expenses, results from equity affiliates, corporate hedging activities, trading and brokerage activities, minimum charges on certain transportation-related contracts, the closure of inactive mining sites and certain commercial matters. The Company’s chief operating decision maker, defined as its Chief Executive Officer, uses Adjusted EBITDA as the primary metric to measure the segments’ operating performance and allocate resources. Adjusted EBITDA is a non-GAAP financial measure defined as income (loss) from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. 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. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Segment results for the year ended December 31, 2022 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 1,345.6 $ 1,616.9 $ 1,065.5 $ 952.2 $ 1.7 $ 4,981.9 Adjusted EBITDA 647.6 781.7 68.2 242.4 104.8 1,844.7 Additions to property, plant, equipment and mine development 38.8 84.8 59.1 35.3 3.5 221.5 Income from equity affiliates — — — — (131.2) (131.2) Segment results for the year ended December 31, 2021 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 934.0 $ 727.7 $ 971.2 $ 689.1 $ (3.7) $ 3,318.3 Adjusted EBITDA 353.1 178.2 134.9 164.2 86.3 916.7 Additions to property, plant, equipment and mine development 88.6 25.1 41.4 24.2 3.8 183.1 Income from equity affiliates — — — — (82.1) (82.1) Segment results for the year ended December 31, 2020 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 711.8 $ 486.5 $ 991.1 $ 707.3 $ (15.6) $ 2,881.1 Adjusted EBITDA 163.2 (130.2) 194.8 168.4 (137.4) 258.8 Additions to property, plant, equipment and mine development 100.7 50.8 13.2 23.3 3.4 191.4 Loss from equity affiliates — — — — 60.1 60.1 Asset details are reflected at the division level only for the Company’s operating segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM. Further, some assets service more than one segment within the division and an allocation of such assets would not be meaningful or representative on a segment by segment basis. Assets related to closed, suspended or otherwise inactive mines are included within the Corporate and Other category. Assets as of December 31, 2022 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,632.6 $ 1,359.4 $ 2,618.8 $ 5,610.8 Property, plant, equipment and mine development, net 1,220.7 1,217.5 426.8 2,865.0 Operating lease right-of-use assets 20.5 0.5 5.9 26.9 Assets as of December 31, 2021 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,669.6 $ 1,318.5 $ 1,961.7 $ 4,949.8 Property, plant, equipment and mine development, net 1,298.8 1,209.5 442.3 2,950.6 Operating lease right-of-use assets 19.2 3.3 13.0 35.5 Assets as of December 31, 2020 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,763.0 $ 1,345.3 $ 1,558.8 $ 4,667.1 Property, plant, equipment and mine development, net 1,347.3 1,258.8 445.0 3,051.1 Operating lease right-of-use assets 30.8 3.5 15.6 49.9 A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Depreciation, depletion and amortization 317.6 308.7 346.0 Asset retirement obligation expenses 49.4 44.7 45.7 Restructuring charges 2.9 8.3 37.9 Transaction costs related to joint ventures — — 23.1 Asset impairment 11.2 — 1,487.4 Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates (2.3) (33.8) 30.9 Interest expense 140.3 183.4 139.8 Net loss (gain) on early debt extinguishment 57.9 (33.2) — Interest income (18.4) (6.5) (9.4) Net mark-to-market adjustment on actuarially determined liabilities (27.8) (43.4) (5.1) Unrealized losses on derivative contracts related to forecasted sales 35.8 115.1 29.6 Unrealized losses (gains) on foreign currency option contracts 2.3 7.5 (7.1) Take-or-pay contract-based intangible recognition (2.8) (4.3) (8.2) Income tax (benefit) provision (38.8) 22.8 8.0 Total Adjusted EBITDA $ 1,844.7 $ 916.7 $ 258.8 The following table presents revenue as a percent of total revenue from external customers by geographic region: Year Ended December 31, 2022 2021 2020 U.S. 36.6 % 45.5 % 56.2 % Japan 19.4 % 14.2 % 13.3 % Taiwan 9.3 % 14.4 % 7.7 % Australia 8.5 % 7.7 % 6.9 % India 2.9 % 5.4 % 2.6 % Vietnam 2.8 % 2.0 % 2.4 % Brazil 2.8 % 0.9 % 0.1 % South Korea 2.1 % 1.4 % 0.8 % Indonesia 1.5 % 3.0 % 0.2 % Belgium 1.3 % — % 0.3 % Chile 1.1 % 0.3 % — % France 1.1 % — % — % China — % — % 3.8 % Other 10.6 % 5.2 % 5.7 % Total 100.0 % 100.0 % 100.0 % The Company attributes revenue to individual countries based on the location of the physical delivery of the coal. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | PEABODY ENERGY CORPORATION SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Deductions (1) Other (2) Balance (Dollars in millions) Year Ended December 31, 2022 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ (0.3) $ — $ — $ — Reserve for materials and supplies 9.0 1.4 (0.9) — 9.5 Tax valuation allowances 2,120.8 (583.8) — (86.0) 1,451.0 Year Ended December 31, 2021 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ — $ — $ — $ 0.3 Reserve for materials and supplies 10.4 0.6 (2.0) — 9.0 Tax valuation allowances 2,287.3 (121.7) — (44.8) 2,120.8 Year Ended December 31, 2020 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ — $ — $ — $ 0.3 Reserve for materials and supplies 7.9 3.5 (1.0) — 10.4 Tax valuation allowances 2,068.4 373.2 — (154.3) (3) 2,287.3 (1) Reserves utilized, unless otherwise indicated. (2) Includes the impact of changes in the Australian dollar exchange rates. (3) Includes the impact of a decrease in Australia NOLs due to a cancellation of intercompany debt. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its affiliates. The Company, or Peabody, are used interchangeably to refer to Peabody Energy Corporation, to Peabody Energy Corporation and its subsidiaries, or to such subsidiaries, as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in an unincorporated joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenue and expenses of the jointly controlled entities within each applicable line item of the consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain amounts from prior years have been reclassified to conform with the 2022 presentation. |
Major Customers, Policy | Description of Business The Company is engaged in the mining of thermal coal for sale primarily to electric utilities and metallurgical coal for sale to industrial customers. The Company’s mining operations are located in the United States (U.S.) and Australia, including an equity-affiliate mining operation in Australia. The Company also markets and brokers coal from other coal producers and trades coal and freight-related contracts. The Company’s other commercial activities include managing its coal reserves and resources and real estate holdings and supporting the development of clean coal technologies. |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | Newly Adopted Accounting Standards Convertible Debt. In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Among other changes, ASU 2020-06 removes from accounting principles generally accepted in the U.S. (U.S. GAAP) the liability and equity separation model for convertible instruments with a cash conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under Accounting Standards Codification Topic 815, Derivatives and Hedging or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted ASU 2020-06, effective January 1, 2022. In the Company’s accompanying consolidated balance sheets, the adoption of the new standard impacted the accounting for the Company’s $320.0 million of convertible debt issued in March 2022, as further described in Note 10. “Long-term Debt.” In particular, because the related senior notes have cash conversion features, bifurcation of the principal balance between debt and equity is no longer applicable. Additionally, this guidance requires the application of the “if-converted” method to calculate the impact of convertible instruments on diluted earnings per share, as reflected in the Company’s calculations within Note 18. “Earnings per Share (EPS).” Accounting Standards Not Yet Implemented The Company does not expect any accounting standards not yet implemented to have a material impact on its consolidated financial statements or disclosures. |
Revenues | Revenue 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 control 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 sources that serve 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 seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of the thermal and metallurgical coal sold within Australia. Generally, revenue 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 thermal coal contracts on an annual, spot or index basis and seaborne metallurgical coal contracts on a quarterly, spot or index basis. The portion of sales volume under contracts with a duration of less than one year 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. Variable consideration resulting from provisional pricing arrangements is recognized based on the Company’s best estimate of the amount expected to be received at the time control is transferred to the customer. The Company’s U.S. thermal 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. thermal operating segments is sold under existing long-term supply agreements. Certain customers of those segments utilize 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. 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. |
Discontinued Operations | Discontinued Operations The Company classifies items within discontinued operations in the consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and represents a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale The Company classifies assets and liabilities (disposal groups) to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company's control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The Company assesses the fair value of a disposal group, less any costs to sell, each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. Cash equivalents consist of highly liquid investments with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable The timing of revenue recognition, billings and cash collections results in accounts receivable from customers. Customers are invoiced as coal is shipped or at periodic intervals in accordance with contractual terms. 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. |
Inventories | Inventories Coal is reported as inventory at the point in time the coal is extracted from the mine. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Saleable coal represents coal stockpiles which require no further processing prior to shipment to a customer. Coal inventory is valued at the lower of average cost or net realizable value. Coal inventory costs include labor, supplies, equipment (including depreciation thereto) and operating overhead and other related costs incurred at or on behalf of the mining location. Net realizable value considers the projected future sales price of the particular coal product, less applicable selling costs and, in the case of raw coal, estimated remaining processing costs. The valuation of coal inventory is subject to several additional estimates, including those related to ground and aerial surveys used to measure quantities and processing recovery rates. |
Property, Plant, Equipment and Mine Development | Property, Plant, Equipment and Mine Development Property, plant, equipment and mine development are recorded at cost. Interest costs applicable to major asset additions are capitalized during the construction period. There was no capitalized interest in any of the periods presented. Expenditures which extend the useful lives of existing plant and equipment assets are capitalized. Maintenance and repairs are charged to operating costs as incurred. Costs incurred to develop coal mines or to expand the capacity of operating mines are capitalized. Maintenance and repair costs incurred to maintain current production capacity at a mine are charged to operating costs as incurred. Costs to acquire computer hardware and the development and/or purchase of software for internal use are capitalized and depreciated over the estimated useful lives. Coal reserves and resources are recorded at cost, or at fair value in the case of nonmonetary exchanges of reserves and resources or business acquisitions. Depletion of coal reserves and resources and amortization of advance royalties are computed using the units-of-production method utilizing expected recoverable tons (as adjusted for recoverability factors) in the depletion base. Mine development costs are principally amortized over the estimated lives of the mine using the straight-line method. Depreciation of plant and equipment is computed using the straight-line method over the shorter of the asset’s estimated useful life or the life of the mine. At December 31, 2022, the maximum estimated remaining life for any of the Company’s mines was 30 years. As such, the estimated useful lives of the building and improvements and machinery and equipment asset categories range from 1 to 30 years. The estimated life of leasehold improvements is the shorter of useful life or remaining life of the lease. The Company leases coal reserves under agreements that require royalties to be paid as the coal is mined. Certain agreements also require minimum annual royalties to be paid regardless of the amount of coal mined during the year. Total royalty expense was $450.0 million, $263.0 million and $214.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. A substantial amount of the coal mined by the Company is produced from mineral reserves leased from the owner. One of the major lessors is the U.S. government, from which the Company leases substantially all of the coal it mines in Wyoming under terms set by Congress and administered by the U.S. Bureau of Land Management. These leases are generally for an initial term of ten years but may be extended by diligent development and mining of the reserves until all economically recoverable reserves are depleted. The Company has met the diligent development requirements for substantially all of these federal leases either directly through production, by including the lease as a part of a logical mining unit with other leases upon which development has occurred or by paying an advance royalty in lieu of continued operations. Annual production on these federal leases must total at least 1.0% of the leased reserve or the original amount of coal in the entire logical mining unit in which the leased reserve resides. In addition, royalties are payable monthly at a rate of 12.5% of the gross realization from the sale of the coal mined using surface mining methods and at a rate of 8.0% of the gross realization for coal produced using underground mining methods. The remainder of the leased coal is generally leased from state governments, land holding companies and various individuals. The duration of these leases varies greatly. Typically, the lease terms are automatically extended as long as active mining continues. Royalty payments are generally based upon a specified rate per ton or a percentage of the gross realization from the sale of the coal. Mining and exploration in Australia is generally conducted under leases, licenses or permits granted by the relevant state government. Mining and exploration licenses and their associated environmental protection approvals (granted by the state government, and in some cases also the federal government) contain conditions relating to such matters as minimum annual expenditures, environmental compliance, protection of flora and fauna, restoration and rehabilitation. Royalties are paid to the state government as a percentage of the sales price (less certain allowable deductions in some cases). Generally, landowners do not own the mineral rights or have the ability to grant rights to mine those minerals. These rights are retained by the state government. Compensation is often payable to landowners, occupiers and Aboriginal traditional owners with residual native title rights and interests for the loss of access to the land from the proposed mining activities. The amount and type of compensation and the ability to proceed to grant of a mining tenement may be determined by agreement or court determination, as provided by law. |
Leases | LeasesThe Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. For the purpose of calculating such present values, lease payments include components that vary based upon an index or rate, using the prevailing index or rate at the commencement date, and exclude components that vary based upon other factors. As most of its leases do not contain a readily determinable implicit rate, the Company uses its incremental borrowing rate at commencement to determine the present value of lease payments. The Company does not separate lease components (i.e., fixed payments including rent, real estate taxes and insurance costs) from non-lease components (i.e., common-area maintenance) and recognizes them as a single lease component for the majority of asset classes. Variable lease payments not included within lease contracts are expensed as incurred. The Company's leases may include options to extend or terminate the lease, and such options are reflected in the term when their exercise is reasonably certain. Lease expense is recognized on a straight-line basis over the lease term. For certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. |
Equity Investments | Equity Investments The Company applies the equity method to investments in joint ventures when it has the ability to exercise significant influence over the operating and financial policies of the joint venture. Investments accounted for under the equity method are initially recorded at cost and any difference between the cost of the Company’s investment and the underlying equity in the net assets of the joint venture at the investment date is amortized over the lives of the related assets that gave rise to the difference. The Company’s pro-rata share of the operating results of joint ventures and basis difference amortization is reported in the consolidated statements of operations in “(Income) loss from equity affiliates.” Similarly, the Company’s pro-rata share of the cumulative foreign currency translation adjustment of its equity method investments whose functional currency is not the U.S. dollar is reported in the consolidated balance sheets as a component of “Accumulated other comprehensive income,” with periodic changes thereto reflected in the consolidated statements of comprehensive income. With respect to cash flows attributable to its equity investments, the Company applies the cumulative earnings approach, in which distributions received are considered returns on investment and are classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed the cumulative equity in earnings recognized by the Company (as adjusted for amortization of basis differences). When such an excess occurs, current-period distributions up to this excess are considered returns of investment and are classified as cash inflows from investing activities. The Company monitors its equity method investments for indicators that a decrease in investment value has occurred that is other than temporary. Examples of such indicators include a sustained history of operating losses and adverse changes in earnings and cash flow outlook. In the absence of quoted market prices for an investment, discounted cash flow projections are used to assess fair value, the underlying assumptions to which are generally considered unobservable Level 3 inputs under the fair value hierarchy. If the fair value of an investment is determined to be below its carrying value and that loss in fair value is deemed other than temporary, an impairment loss is recognized. No such impairment losses were recorded in any period presented. For the remaining investments, the Company will adjust the carrying value of its investments to fair value based on observable market transactions. The Company also monitors such investments for indicators of impairment should no observable market transactions exist. Refer to Note 3. “Asset Impairment” for details regarding an impairment loss of $1.7 million recorded during the year ended December 31, 2022 related to an investment in an equity security. No such impairment losses were recorded during the years ended December 31, 2021 or 2020. |
Asset Retirement Obligations | Asset Retirement Obligations The Company’s asset retirement obligation (ARO) liabilities primarily consist of spending estimates for surface land reclamation and support facilities at both surface and underground mines in accordance with applicable reclamation laws and regulations in the U.S. and Australia as defined by each mining permit. Asset retirement obligations are determined for each mine using various estimates and assumptions including, among other items, estimates of disturbed acreage as determined from engineering data and estimates of future costs to reclaim the disturbed acreage. |
Contingent Liabilities | Contingent Liabilities From time to time, the Company is subject to legal and environmental matters related to its continuing and discontinued operations and certain historical, non-coal producing operations. In connection with such matters, the Company is required to assess the likelihood of any adverse judgments or outcomes, as well as potential ranges of probable losses. A determination of the amount of reserves required for these matters is made after considerable analysis of each individual issue. The Company accrues for legal and environmental matters within “Operating costs and expenses” when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of possible loss exists and no anticipated loss within the range is more likely than any other anticipated loss, the Company records the accrual at the low end of the range, in accordance with Accounting Standards Codification 450, “Contingencies.” The Company provides disclosure surrounding loss contingencies when it believes that it is at least reasonably possible that a material loss may be incurred or an exposure to loss in excess of amounts already accrued may exist. Adjustments to contingent liabilities are made when additional information becomes available that affects the amount of estimated loss, which information may include changes in facts and circumstances, changes in interpretations of law in the relevant courts, the results of new or updated environmental remediation cost studies and the ongoing consideration of trends in environmental remediation costs. Accrued contingent liabilities exclude claims against third parties and are not discounted. The current portion of these accruals is included in “Accounts payable and accrued expenses” and the long-term portion is included in “Other noncurrent liabilities” in the consolidated balance sheets. In general, legal fees related to environmental remediation and litigation are charged to expense. The Company includes the interest component of any litigation-related penalties within “Interest expense” in the consolidated statements of operations. |
Income Taxes | Income Taxes Income taxes are accounted for using a balance sheet approach. The Company accounts for deferred income taxes by applying statutory tax rates in effect at the reporting date of the balance sheet to differences between the book and tax basis of assets and liabilities. A valuation allowance is established if it is “more likely than not” that the related tax benefits will not be realized. Significant weight is given to evidence that can be objectively verified including history of tax attribute expiration and cumulative income or loss. In determining the appropriate valuation allowance, the Company considers the projected realization of tax benefits based on expected levels of future taxable income, available tax planning strategies, reversals of existing taxable temporary differences and taxable income in carryback years. The Company recognizes the tax benefit from uncertain tax positions only if it is “more likely than not” the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. To the extent the Company’s assessment of such tax positions changes, the change in estimate will be recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of income tax expense. |
Postretirement Health Care and Life Insurance Benefits and Pension Plans | Postretirement Health Care and Life Insurance Benefits The Company accounts for postretirement benefits other than pensions by accruing the costs of benefits to be provided over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the accumulated postretirement benefit obligations of its postretirement benefit plans. The Company accounts for changes in its postretirement benefit obligations as a settlement when an irrevocable action has been effected that relieves the Company of its actuarially-determined liability to individual plan participants and removes substantial risk surrounding the nature, amount and timing of the obligation’s funding and the assets used to effect the settlement. The Company records amounts attributable to actuarial valuation changes currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. See Note 13. “Postretirement Health Care and Life Insurance Benefits” for information related to postretirement benefits. Pension Plans The Company sponsors non-contributory defined benefit pension plans accounted for by accruing the cost to provide the benefits over the employees’ period of active service. These costs are determined on an actuarial basis. The Company’s consolidated balance sheets reflect the funded status of the defined benefit pension plans. The Company records amounts attributable to actuarial valuation changes currently in earnings rather than recording such amounts within accumulated other comprehensive income and amortizing to expense over applicable time periods. See Note 14. “Pension and Savings Plans” for information related to pension plans. |
Restructuring Activities | Restructuring Activities From time to time, the Company initiates restructuring activities in connection with its repositioning efforts to appropriately align its cost structure or optimize its coal production relative to prevailing market conditions. Costs associated with restructuring actions can include the impact of early mine closures, voluntary and involuntary workforce reductions, office closures and other related activities. Costs associated with restructuring activities are recognized in the period incurred. Included as a component of “Restructuring charges” in the Company’s consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 were aggregate restructuring charges of $2.9 million, $8.3 million and $37.9 million, respectively, primarily associated with voluntary and involuntary workforce reductions. As of December 31, 2022, a $0.8 million accrual for restructuring charges remained in “Accounts payable and accrued expenses,” which is expected to be paid in the first quarter of 2023. |
Derivatives | Derivatives The Company recognizes at fair value all contracts meeting the definition of a derivative as assets or liabilities in the consolidated balance sheets, with the exception of certain sales contracts for which the Company has elected to apply a normal purchases and normal sales exception. With respect to derivatives used in hedging activities, the Company assesses at hedge inception whether such derivatives are highly effective at offsetting the changes in the anticipated exposure of the hedged item. The change in the fair value of derivatives designated as a cash flow hedge is recorded in “Accumulated other comprehensive income” in the consolidated balance sheets until the hedged transaction impacts reported earnings, at which time any gain or loss is reclassified to earnings. If the hedge ceases to qualify for hedge accounting, the Company prospectively recognizes changes in the fair value of the instrument in earnings in the period of the change. Gains or losses from derivative financial instruments designated as fair value hedges are recognized immediately in earnings, along with the offsetting gain or loss related to the underlying hedged item. The Company’s asset and liability derivative positions are offset on a counterparty-by-counterparty basis if the contractual agreement provides for the net settlement of contracts with the counterparty in the event of default or termination of any one contract. Non-derivative contracts and derivative contracts for which the Company has elected to apply the normal purchases and normal sales exception are accounted for on an accrual basis. |
Business Combinations | Business Combinations The Company accounts for business combinations using the purchase method of accounting. The purchase method requires the Company to determine the fair value of all acquired assets, including identifiable intangible assets and all assumed liabilities. The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and the utilization of independent valuation experts, and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates and asset lives, among other items. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets held and used in operations for impairment as events and changes in circumstances indicate that the carrying amount of such assets might not be recoverable. Factors that would indicate potential impairment to be present include, but are not limited to, a sustained history of operating or cash flow losses, an unfavorable change in earnings and cash flow outlook, prolonged adverse industry or economic trends and a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition. The Company generally does not view short-term declines in thermal and metallurgical coal prices as a triggering event for conducting impairment tests because of historic price volatility. However, the Company generally does view a sustained trend of depressed coal pricing (for example, over periods exceeding one year) as an indicator of potential impairment. Because of the volatile and cyclical nature of coal prices and demand, it is reasonably possible that coal prices may decrease and/or fail to improve in the near term, which, absent sufficient mitigation such as an offsetting reduction in the Company’s operating costs, may result in the need for future adjustments to the carrying value of the Company’s long-lived mining assets and mining-related investments. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. For its active mining operations, the Company generally groups such assets at the mine level, or the mining complex level for mines that share infrastructure, with the exception of impairment evaluations triggered by mine closures. In those cases involving mine closures, the related assets are evaluated at the individual asset level for remaining economic life based on transferability to ongoing operating sites or for expected salvage. For its development and exploration properties and portfolio of surface land and coal reserve and resource holdings, the Company considers several factors to determine whether to evaluate those assets individually or on a grouped basis for purposes of impairment testing. Such factors include geographic proximity to one another, the expectation of shared infrastructure upon development based on future mining plans and whether it would be most advantageous to bundle such assets in the event of sale to a third party. When indicators of impairment are present, the Company evaluates its long-lived assets for recoverability by comparing the estimated undiscounted cash flows expected to be generated by those assets under various assumptions to their carrying amounts. If such undiscounted cash flows indicate that the carrying value of the asset group is not recoverable, impairment losses are measured by comparing the estimated fair value of the asset group to its carrying amount. As quoted market prices are unavailable for the Company’s individual mining operations, fair value is determined through the use of an expected present value technique based on the income approach, except for non-strategic coal reserves, resources, surface lands and undeveloped coal properties excluded from the Company’s long-range mine planning. In those cases, a market approach is utilized based on the most comparable market multiples available. The estimated future cash flows and underlying assumptions used to assess recoverability and, if necessary, measure the fair value of the Company’s long-lived mining assets are derived from those developed in connection with the Company’s planning and budgeting process. The Company believes its assumptions to be consistent with those a market participant would use for valuation purposes. The most critical assumptions underlying the Company’s projections and fair value estimates include those surrounding future tons sold, coal prices for unpriced coal, production costs (including costs for labor, commodity supplies and contractors), transportation costs, foreign currency exchange rates and a risk-adjusted, cost of capital (all of which generally constitute unobservable Level 3 inputs under the fair value hierarchy), in addition to market multiples for non-strategic coal reserves, resources, surface lands and undeveloped coal properties excluded from the Company’s long-range mine planning (which generally constitute Level 2 inputs under the fair value hierarchy). Refer to Note 3. “Asset Impairment” for details regarding impairment charges related to long-lived assets of $9.5 million and $1,487.4 million recognized during the years ended December 31, 2022 and 2020. There were no impairment charges related to long-lived assets during the year ended December 31, 2021. |
Fair Value | Fair ValueFor assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. |
Foreign Currency | Foreign Currency Functional currency is determined by the primary economic environment in which an entity operates, which for the Company’s foreign operations is generally the U.S. dollar because sales prices in international coal markets and the Company’s sources of financing those operations are denominated in that currency. Accordingly, substantially all of the Company’s consolidated foreign subsidiaries utilize the U.S. dollar as their functional currency. Monetary assets and liabilities are remeasured at year-end exchange rates while non-monetary items are remeasured at historical rates. Income and expense accounts are remeasured at the average rates in effect during the year, except for those expenses related to balance sheet amounts that are remeasured at historical exchange rates. Gains and losses from foreign currency remeasurement related to tax balances are included as a component of “Income tax (benefit) provision,” while all other remeasurement gains and losses are included in “Operating costs and expenses” in the consolidated statements of operations. The total impact of foreign currency remeasurement on the consolidated statements of operations was a net gain of $2.7 million, $3.1 million, and $4.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company owns a 50% equity interest in Middlemount Coal Pty Ltd. (Middlemount), which owns the Middlemount Mine in Queensland, Australia. Middlemount utilizes the Australian dollar as its functional currency. Accordingly, the assets and liabilities of that equity investee are translated to U.S. dollars at the year-end exchange rate and income and expense accounts are translated at the average rate in effect during the year. The Company’s pro-rata share of the translation gains and losses of the equity investee are recorded as a component of “Accumulated other comprehensive income” in the consolidated balance sheets. Australian dollar denominated stockholder loans to the Middlemount Mine, which are long term in nature, are considered part of the Company’s net investment in that operation. Accordingly, foreign currency gains or losses on those loans are recorded as a component of foreign currency translation adjustment. The Company recorded foreign currency translation losses of $1.6 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively, and a net gain of $6.1 million for the year ended December 31, 2020. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based compensation at the grant date fair value of awards and recognizes the related expense over the service period of the awards. See Note 16. “Share-Based Compensation” for information related to share-based compensation. |
Exploration and Drilling Costs | Exploration and Drilling Costs Exploration expenditures are charged to operating costs as incurred, including costs related to drilling and study costs incurred to convert or upgrade mineral resources to reserves. |
Advance Stripping Costs | Advance Stripping Costs Pre-production. At existing surface operations, additional pits may be added to increase production capacity in order to meet customer requirements. These expansions may require significant capital to purchase additional equipment, expand the workforce, build or improve existing haul roads and create the initial pre-production box cut to remove overburden (that is, advance stripping costs) for new pits at existing operations. If these pits operate in a separate and distinct area of the mine, the costs associated with initially uncovering coal (that is, advance stripping costs incurred for the initial box cuts) for production are capitalized and amortized over the life of the developed pit consistent with coal industry practices. Post-production. Advance stripping costs related to post-production are expensed as incurred. Where new pits are routinely developed as part of a contiguous mining sequence, the Company expenses such costs as incurred. The development of a contiguous pit typically reflects the planned progression of an existing pit, thus maintaining production levels from the same mining area utilizing the same employee group and equipment. |
Use of Estimates in the Preparation of the Consolidated Financial Statements | Use of Estimates in the Preparation of the Consolidated Financial Statements These consolidated financial statements have been prepared in conformity with U.S. GAAP. In doing so, estimates and assumptions are made that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and on various other assumptions deemed reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Company’s actual results may differ materially from these estimates. Significant estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, asset retirement obligations, evaluation of long-lived assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies. |
Corporate Hedging - Coal Trading | The Company’s risk management function, which is independent of the Company’s coal trading function, is responsible for valuation policies and procedures, with oversight from executive management. 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. Generally, the Company’s Level 3 instruments or contracts are valued using bid/ask price quotations and other market assessments obtained from multiple, independent third-party brokers or other transactional data incorporated into internally-generated discounted cash flow models. Decreases in the number of third-party brokers or market liquidity could erode the quality of market information and therefore the valuation of the Company’s market positions. The Company’s valuation techniques include basis adjustments to the foregoing price inputs for quality, such as sulfur and ash content, location differentials, expressed as port and freight costs, and credit risk. The Company’s risk management function independently validates the Company’s valuation inputs, including unobservable inputs, with third-party information and settlement prices from other sources where available. A daily process is performed to analyze market price changes and changes to the portfolio. Further periodic validation occurs at the time contracts are settled with the counterparty. These valuation techniques have been consistently applied in all periods presented, and the Company believes it has obtained the most accurate information available for the types of derivative contracts held. |
Fair Value Transfer, Policy | The Company’s policy is to value all transfers between levels using the beginning of period valuation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | estimated useful lives of the building and improvements and machinery and equipment asset categories range from 1 to 30 years. The estimated life of leasehold improvements is the shorter of useful life or remaining life of the lease. Property, plant, equipment and mine development, net, as of December 31, 2022 and December 31, 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Land and coal interests $ 2,514.7 $ 2,494.1 Buildings and improvements 594.2 550.8 Machinery and equipment 1,543.1 1,386.2 Less: Accumulated depreciation, depletion and amortization (1,787.0) (1,480.5) Property, plant, equipment and mine development, net $ 2,865.0 $ 2,950.6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenues | Revenue by product type and market is set forth in the following tables. With respect to its seaborne reporting 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. Year Ended December 31, 2022 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 167.6 $ — $ 1,066.0 $ 943.9 $ — $ 2,177.5 Export 1,177.3 — — 3.5 — 1,180.8 Total thermal 1,344.9 — 1,066.0 947.4 — 3,358.3 Metallurgical coal Export — 1,610.8 — — — 1,610.8 Total metallurgical — 1,610.8 — — — 1,610.8 Other (2) 0.7 6.1 (0.5) 4.8 1.7 12.8 Revenue $ 1,345.6 $ 1,616.9 $ 1,065.5 $ 952.2 $ 1.7 $ 4,981.9 Year Ended December 31, 2021 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 173.5 $ — $ 970.7 $ 669.9 $ — $ 1,814.1 Export 759.0 — — 10.0 — 769.0 Total thermal 932.5 — 970.7 679.9 — 2,583.1 Metallurgical coal Export — 719.8 — — — 719.8 Total metallurgical — 719.8 — — — 719.8 Other (2) 1.5 7.9 0.5 9.2 (3.7) 15.4 Revenue $ 934.0 $ 727.7 $ 971.2 $ 689.1 $ (3.7) $ 3,318.3 Year Ended December 31, 2020 Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate and Other (1) Consolidated (Dollars in millions) Thermal coal Domestic $ 145.5 $ — $ 993.9 $ 675.2 $ — $ 1,814.6 Export 564.8 — — — — 564.8 Total thermal 710.3 — 993.9 675.2 — 2,379.4 Metallurgical coal Export — 484.3 — — — 484.3 Total metallurgical — 484.3 — — — 484.3 Other (2) 1.5 2.2 (2.8) 32.1 (15.6) 17.4 Revenue $ 711.8 $ 486.5 $ 991.1 $ 707.3 $ (15.6) $ 2,881.1 |
Disaggregation of Revenue by Contract | (1) Corporate and Other includes the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Unrealized losses on derivative contracts related to forecasted sales $ (35.8) $ (115.1) $ (29.6) Realized (losses) gains on derivative contracts related to forecasted sales (455.1) (45.6) 34.3 Revenue from physical sale of coal (3) 470.7 140.3 (28.6) Trading revenue 10.7 6.1 (0.7) Other (2) 11.2 10.6 9.0 Total Corporate and Other $ 1.7 $ (3.7) $ (15.6) (2) Includes revenue from arrangements such as customer contract-related payments associated with volume shortfalls, royalties related to coal lease agreements, sales agency commissions, farm income and property and facility rentals. (3) Includes revenue recognized upon the physical sale of coal purchased from the Company’s operating segments and sold to customers through the Company’s coal trading business as part of settling certain derivative contracts. Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment. |
Schedule of Accounts Receivable | “Accounts receivable, net” at December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Trade receivables, net $ 416.3 $ 307.0 Miscellaneous receivables, net 49.2 43.5 Accounts receivable, net $ 465.5 $ 350.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Materials and supplies, net $ 130.8 $ 102.1 Raw coal 98.3 54.6 Saleable coal 67.0 70.0 Inventories, net $ 296.1 $ 226.7 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the consolidated balance sheets, and the related “(Income) loss from equity affiliates”: Book Value at (Income) Loss from Equity Affiliates December 31, Year Ended December 31, 2022 2021 2022 2021 2020 (Dollars in millions) Equity method investment related to Middlemount $ 27.1 $ 62.2 $ (135.1) $ (82.1) $ 60.1 Other equity method investments 7.0 — 3.9 — — Total equity method investments $ 34.1 $ 62.2 $ (131.2) $ (82.1) $ 60.1 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The fair value of derivatives reflected in the accompanying consolidated balance sheets are set forth in the table below. December 31, 2022 December 31, 2021 Asset Derivative Liability Derivative Asset Derivative Liability Derivative (Dollars in millions) Foreign currency option contracts $ 3.0 $ — $ 1.4 $ — Derivative contracts related to forecasted sales 100.6 (310.3) 59.5 (184.2) Financial trading contracts 11.7 — 3.4 — Total derivatives 115.3 (310.3) 64.3 (184.2) Effect of counterparty netting (100.6) 100.6 (59.5) 59.5 Variation margin (received) posted (11.7) 209.7 (3.4) 95.2 Net derivatives and variation margin as classified in the balance sheets $ 3.0 $ — $ 1.4 $ (29.5) |
Derivative Instruments, Gain (Loss) | The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying consolidated statements of operations. Year Ended December 31, 2022 Total (loss) gain recognized in income (Loss) gain realized in income on derivatives Unrealized (loss) gain recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (8.4) $ (6.1) $ (2.3) Derivative contracts related to forecasted sales Revenue (490.9) (455.1) (35.8) Financial trading contracts Revenue 10.7 1.1 9.6 Total $ (488.6) $ (460.1) $ (28.5) Year Ended December 31, 2021 Total (loss) gain recognized in income Gain (loss) realized in income on derivatives Unrealized (loss) gain recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ (5.7) $ 1.8 $ (7.5) Derivative contracts related to forecasted sales Revenue (160.7) (45.6) (115.1) Financial trading contracts Revenue 6.1 4.6 1.5 Total $ (160.3) $ (39.2) $ (121.1) Year Ended December 31, 2020 Total gain (loss) recognized in income Gain realized in income on derivatives Unrealized gain (loss) recognized in income on derivatives Derivative Instrument Classification (Dollars in millions) Foreign currency option contracts Operating costs and expenses $ 12.9 $ 5.8 $ 7.1 Derivative contracts related to forecasted sales Revenue 4.7 34.3 (29.6) Financial trading contracts Revenue (0.7) 4.2 (4.9) Total $ 16.9 $ 44.3 $ (27.4) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis. Variation margin cash associated with the derivative balances is excluded from this table. December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 3.0 $ — $ 3.0 Derivative contracts related to forecasted sales — (209.7) — (209.7) Financial trading contracts — 11.7 — 11.7 Equity securities — — 2.5 2.5 Total net (liabilities) assets $ — $ (195.0) $ 2.5 $ (192.5) December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) Foreign currency option contracts $ — $ 1.4 $ — $ 1.4 Derivative contracts related to forecasted sales — (124.7) — (124.7) Financial trading contracts — 3.4 — 3.4 Equity securities — — 4.0 4.0 Total net (liabilities) assets $ — $ (119.9) $ 4.0 $ (115.9) |
Carrying Amounts And Estimated Fair Values Of Company's Debt | The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions. December 31, 2022 2021 (Dollars in millions) Total debt at par value $ 343.6 $ 1,173.2 Less: Unamortized debt issuance costs and original issue discount (9.8) (35.4) Net carrying amount $ 333.8 $ 1,137.8 Estimated fair value $ 560.0 $ 1,136.5 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Beginning of period $ 4.0 $ 4.0 $ 4.0 Impairment loss included in earnings (1.7) — — Purchases 0.2 — — End of period $ 2.5 $ 4.0 $ 4.0 |
Property, Plant, Equipment an_2
Property, Plant, Equipment and Mine Development (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | estimated useful lives of the building and improvements and machinery and equipment asset categories range from 1 to 30 years. The estimated life of leasehold improvements is the shorter of useful life or remaining life of the lease. Property, plant, equipment and mine development, net, as of December 31, 2022 and December 31, 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Land and coal interests $ 2,514.7 $ 2,494.1 Buildings and improvements 594.2 550.8 Machinery and equipment 1,543.1 1,386.2 Less: Accumulated depreciation, depletion and amortization (1,787.0) (1,480.5) Property, plant, equipment and mine development, net $ 2,865.0 $ 2,950.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes for the periods presented below consisted of the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. $ 59.7 $ (55.0) $ (1,771.5) Non-U.S. 1,218.9 425.2 (80.3) Total $ 1,278.6 $ 370.2 $ (1,851.8) |
Components of income tax provision (benefit) | Total income tax (benefit) provision for the periods presented below consisted of the following: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Current: U.S. federal $ (0.2) $ (0.5) $ (23.9) Non-U.S. 42.9 30.8 2.4 State 0.1 — 1.7 Total current 42.8 30.3 (19.8) Deferred: U.S. federal — — 23.4 Non-U.S. (81.6) (7.5) 4.4 Total deferred (81.6) (7.5) 27.8 Total income tax (benefit) provision $ (38.8) $ 22.8 $ 8.0 |
Reconciliation of the expected statutory federal income tax provision (benefit) to the Company's actual income tax provision | The following is a reconciliation of the expected statutory federal income tax expense (benefit) to the Company’s income tax (benefit) provision for the periods presented below: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Expected income tax expense (benefit) at U.S. federal statutory rate $ 268.5 $ 77.7 $ (388.9) Changes in valuation allowance, income tax (595.6) (101.3) 410.1 Changes in tax reserves (1.5) 1.9 (7.7) Excess depletion (17.2) (13.7) (14.5) Foreign earnings repatriation 42.3 — — Foreign earnings provision differential 80.7 17.3 16.4 Global intangible low-taxed income 197.2 67.0 — Tax credits — (26.5) — Remeasurement of foreign income tax accounts (2.6) (1.8) 2.9 State income taxes, net of federal tax benefit 1.1 (1.1) (6.8) Other, net (11.7) 3.3 (3.5) Total income tax (benefit) provision $ (38.8) $ 22.8 $ 8.0 |
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 (Dollars in millions) Deferred tax assets: Tax loss carryforwards and credits $ 740.1 $ 1,267.6 Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 550.8 571.9 Accrued postretirement benefit obligations 41.4 48.9 Asset retirement obligations 95.1 91.4 Employee benefits 22.1 19.9 Take-or-pay obligations 8.2 9.5 Hedge activities 49.1 36.8 Interest limitation — 7.9 Investments and other assets 37.0 81.8 Workers’ compensation obligations 7.1 7.2 Operating lease liabilities 7.8 11.3 Other 28.3 22.7 Total gross deferred tax assets 1,587.0 2,176.9 Valuation allowance, income tax (1,451.0) (2,120.8) Total deferred tax assets 136.0 56.1 Deferred tax liabilities: Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments 67.5 66.4 Operating lease right-of-use assets 7.6 9.4 Investments and other assets 6.6 7.6 Total deferred tax liabilities 81.7 83.4 Net deferred tax asset (liability) $ 54.3 $ (27.3) Deferred taxes are classified as follows: Noncurrent deferred income tax asset $ 74.7 $ — Noncurrent deferred income tax liability (20.4) (27.3) Net deferred tax asset (liability) $ 54.3 $ (27.3) |
Summary of Income Tax Contingencies | Net unrecognized tax benefits (excluding interest and penalties) were recorded as follows in the consolidated balance sheets as of December 31, 2022 and 2021: December 31, 2022 2021 (Dollars in millions) Deferred income taxes $ 8.2 $ 9.7 Other noncurrent liabilities 1.3 1.3 Net unrecognized tax benefits $ 9.5 $ 11.0 Gross unrecognized tax benefits $ 9.5 $ 11.0 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the periods presented below is as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Balance at beginning of period $ 11.0 $ 9.1 $ 16.5 Additions for current year tax positions 0.8 3.0 1.9 Reductions for prior year tax positions (2.3) (1.1) (9.3) Balance at end of period $ 9.5 $ 11.0 $ 9.1 |
Summary of Company tax (refunds) payments | The following table summarizes the Company’s income tax payments (refunds), net for the periods presented below: Year Ended December 31, 2022 2021 2020 (Dollars in millions) U.S. — federal $ (0.3) $ (1.3) $ (44.6) U.S. — state and local — — 1.6 Non-U.S. 36.9 12.9 3.1 Total income tax payments (refunds), net $ 36.6 $ 11.6 $ (39.9) |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses | Accounts payable and accrued expenses consisted of the following: December 31, 2022 2021 (Dollars in millions) Trade accounts payable $ 240.7 $ 201.7 Accrued payroll and related benefits 199.4 170.5 Other accrued expenses 148.0 161.3 Accrued royalties 88.4 51.4 Asset retirement obligations 84.2 65.0 Liabilities associated with discontinued operations 41.9 45.0 Income taxes payable 25.9 20.2 Accrued insurance 22.7 17.8 Accrued taxes other than income 20.0 78.8 Operating lease liabilities 16.8 16.4 Workers’ compensation obligations 9.3 8.5 Accrued interest 8.2 6.0 Liabilities from coal trading activities — 29.5 Accounts payable and accrued expenses $ 905.5 $ 872.1 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company’s total indebtedness as of December 31, 2022 and 2021 consisted of the following: December 31, Debt Instrument (defined below, as applicable) 2022 2021 (Dollars in millions) 6.000% Senior Secured Notes due March 2022 (2022 Notes) $ — $ 23.1 8.500% Senior Secured Notes due December 2024 (2024 Peabody Notes) — 62.6 10.000% Senior Secured Notes due December 2024 (2024 Co-Issuer Notes) — 193.9 Senior Secured Term Loan due 2024 (Co-Issuer Term Loans) — 206.0 6.375% Senior Secured Notes due March 2025 (2025 Notes) — 334.9 Senior Secured Term Loan due 2025, net of original issue discount (Senior Secured Term Loan) — 322.8 3.250% Convertible Senior Notes due March 2028 (2028 Convertible Notes) 320.0 — Finance lease obligations 23.6 29.3 Less: Debt issuance costs (9.8) (34.8) 333.8 1,137.8 Less: Current portion of long-term debt 13.2 59.6 Long-term debt $ 320.6 $ 1,078.2 |
Interest Income and Interest Expense Disclosure | Additionally, the table sets forth the amount of cash paid for interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs. Year Ended December 31, 2022 2021 2020 (Dollars in millions) Indebtedness $ 87.0 $ 132.3 $ 104.4 Financial assurance instruments 53.3 51.1 35.4 Interest expense $ 140.3 $ 183.4 $ 139.8 Cash paid for interest $ 118.5 $ 174.9 $ 126.9 Non-cash interest expense $ 17.7 $ 21.3 $ 16.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense for the periods presented below were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Operating lease cost: Operating leases $ 18.9 $ 19.8 $ 28.8 Short-term leases 30.6 15.5 39.1 Variable leases 7.6 2.7 4.6 Sublease income (1.3) (1.9) (2.3) Total operating lease cost $ 55.8 $ 36.1 $ 70.2 Finance lease cost: Amortization of right-of-use assets $ 6.3 $ 5.9 $ 3.5 Interest on lease liabilities 2.1 2.7 0.8 Total finance lease cost $ 8.4 $ 8.6 $ 4.3 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 (Dollars in millions) Operating leases: Operating lease right-of-use assets $ 26.9 $ 35.5 Accounts payable and accrued expenses $ 16.8 $ 16.4 Operating lease liabilities, less current portion 11.0 27.2 Total operating lease liabilities $ 27.8 $ 43.6 Finance leases: Property, plant, equipment and mine development $ 36.1 $ 32.2 Accumulated depreciation (12.6) (7.4) Property, plant, equipment and mine development, net $ 23.5 $ 24.8 Current portion of long-term debt $ 13.2 $ 15.3 Long-term debt, less current portion 10.4 14.0 Total finance lease liabilities $ 23.6 $ 29.3 Weighted average remaining lease term (years) Operating leases 2.0 Finance leases 6.7 Weighted average discount rate Operating leases 5.7 % Finance leases 7.2 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the periods presented below was as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 20.5 $ 24.3 $ 35.1 Operating cash flows for finance leases 2.1 3.8 0.8 Financing cash flows for finance leases 9.3 8.2 8.9 Right-of-use assets obtained in exchange for lease obligations: Operating leases 13.5 7.1 16.5 Finance leases 6.4 24.4 1.6 |
Lessee, Operating Lease, Liability, Maturity | The Company's leases have remaining lease terms ranging from 1 year to 8.3 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows: Period Ending December 31, Operating Leases Finance Leases (Dollars in millions) 2023 $ 18.6 $ 14.4 2024 7.4 5.7 2025 1.6 4.0 2026 1.4 2.2 2027 0.3 1.0 2028 and thereafter 0.4 — Total lease payments 29.7 27.3 Less imputed interest (1.9) (3.7) Total lease liabilities $ 27.8 $ 23.6 |
Finance Lease, Liability, Maturity | The Company's leases have remaining lease terms ranging from 1 year to 8.3 years, and may include options to extend the terms, as applicable. The contractual maturities of lease liabilities were as follows: Period Ending December 31, Operating Leases Finance Leases (Dollars in millions) 2023 $ 18.6 $ 14.4 2024 7.4 5.7 2025 1.6 4.0 2026 1.4 2.2 2027 0.3 1.0 2028 and thereafter 0.4 — Total lease payments 29.7 27.3 Less imputed interest (1.9) (3.7) Total lease liabilities $ 27.8 $ 23.6 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliations of the Company's ARO liability | Reconciliations of the Company’s asset retirement obligations are as follows: December 31, 2022 2021 (Dollars in millions) Balance at beginning of period $ 719.8 $ 728.2 Liabilities settled or disposed (51.7) (72.4) Accretion expense 56.2 54.9 Revisions to estimates 25.7 9.1 Balance at end of period $ 750.0 $ 719.8 Less: Current portion (included in “Accounts payable and accrued expenses”) 84.2 65.0 Noncurrent obligation (included in “Asset retirement obligations”) $ 665.8 $ 654.8 Balance at end of period — active locations $ 557.9 $ 511.8 Balance at end of period — closed or inactive locations $ 192.1 $ 208.0 |
Postretirement Health Care an_2
Postretirement Health Care and Life Insurance Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of net periodic postretirement cost | Net periodic postretirement benefit (credit) cost included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.8 $ 1.0 $ 3.8 Interest cost on accumulated postretirement benefit obligation 7.0 10.5 20.2 Expected return on plan assets (0.8) (1.0) (1.5) Amortization of prior service credit (53.8) (46.4) (17.3) Net actuarial (gain) loss (51.2) (54.5) 16.5 Net periodic postretirement benefit (credit) cost $ (98.0) $ (90.4) $ 21.7 Net periodic pension cost (credit) included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.1 $ 0.2 $ 0.3 Interest cost on projected benefit obligation 21.4 20.4 28.0 Expected return on plan assets (23.8) (22.9) (29.7) Settlement — — (2.7) Net actuarial loss (gain) 20.6 12.7 (25.6) Net periodic pension cost (credit) $ 18.3 $ 10.4 $ (29.7) |
Amounts recognized in accumulated other comprehensive loss | The following includes pretax amounts recorded in “Accumulated other comprehensive income”: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Prior service credit arising during year $ — $ (139.5) $ (185.4) Amortization: Prior service credit 53.8 46.4 17.3 Total recorded in “Accumulated other comprehensive income” $ 53.8 $ (93.1) $ (168.1) |
Reconciled amount of plan's funded status | The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 258.7 $ 476.6 Service cost 0.8 1.0 Interest cost 7.0 10.5 Participant contributions — 0.1 Plan amendments — (139.5) Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Actuarial gain (55.4) (55.5) Accumulated postretirement benefit obligation at end of period 189.9 258.7 Change in plan assets: Fair value of plan assets at beginning of period 26.1 33.7 Actual return on plan assets (3.4) — Employer contributions 15.9 26.8 Participant contributions — 0.1 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Fair value of plan assets at end of period 17.4 26.1 Funded status at end of period (172.5) (232.6) Less: Current portion (included in “Accounts payable and accrued expenses”) 16.0 20.5 Noncurrent obligation (included in “Accrued postretirement benefit costs”) $ (156.5) $ (212.1) The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 751.7 $ 816.4 Service cost 0.1 0.2 Interest cost 21.4 20.4 Benefits paid (55.1) (55.9) Actuarial gain (137.2) (29.4) Projected benefit obligation at end of period 580.9 751.7 Change in plan assets: Fair value of plan assets at beginning of period 772.4 847.5 Actual return on plan assets (134.0) (19.2) Benefits paid (55.1) (55.9) Fair value of plan assets at end of period 583.3 772.4 Funded status at end of period $ 2.4 $ 20.7 Amounts recognized in the consolidated balance sheets: Noncurrent asset (included in “Investments and other assets”) $ 9.9 $ 28.5 Noncurrent obligation (included in “Other noncurrent liabilities”) (7.5) (7.8) Net amount recognized $ 2.4 $ 20.7 |
Weighted-average assumptions used to determine the benefit obligations | The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.70 % 2.84 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic postretirement benefit (credit) cost for the plans during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.84 % 2.55 % 3.40 % Expected long-term return on plan assets (pretax) 5.75 % 5.75 % 7.00 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.44 % 2.95 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.95 % 2.60 % 3.40 % Expected long-term return on plan assets 3.20 % 2.80 % 3.60 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 |
Assumed health care cost trend rate | The following presents information about the assumed health care cost trend rate: Year Ended December 31, 2022 2021 Pre-Medicare: Health care cost trend rate assumed for next year 7.00 % 6.00 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2032 2027 Post-Medicare: Health care cost trend rate assumed for next year 6.75 % 5.75 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that the rate reaches the ultimate trend rate 2032 2027 |
Schedule of Changes in Fair Value of Plan Assets | The following tables present the fair value of assets in the Non-Represented Trust by asset category and by fair value hierarchy: December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 3.7 $ — $ — $ 3.7 International equity securities 1.1 — — 1.1 Corporate bonds — 7.1 — 7.1 U.S. government securities 2.0 3.0 — 5.0 Cash funds 0.5 — — 0.5 Total assets at fair value $ 7.3 $ 10.1 $ — $ 17.4 December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) U.S. equity securities $ 5.7 $ — $ — $ 5.7 International equity securities 2.0 — — 2.0 Corporate bonds — 10.1 — 10.1 U.S. government securities 3.1 3.8 — 6.9 Cash funds 1.4 — — 1.4 Total assets at fair value $ 12.2 $ 13.9 $ — $ 26.1 |
Summary of estimated future benefit payments | The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets: Postretirement (Dollars in millions) 2023 $ 23.1 2024 22.3 2025 21.1 2026 20.1 2027 18.9 Years 2028-2032 75.7 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation: Pension Benefits (Dollars in millions) 2023 $ 76.1 2024* 11.1 2025* 11.0 2026* 10.8 2027* 10.6 Years 2028-2032* 49.6 *Estimated future benefit payments reflect Western Plan only as a result of Peabody Plan termination. |
Pension and Savings Plans (Tabl
Pension and Savings Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Pension and Savings Plans [Abstract] | |
Components of net periodic pension cost | Net periodic postretirement benefit (credit) cost included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.8 $ 1.0 $ 3.8 Interest cost on accumulated postretirement benefit obligation 7.0 10.5 20.2 Expected return on plan assets (0.8) (1.0) (1.5) Amortization of prior service credit (53.8) (46.4) (17.3) Net actuarial (gain) loss (51.2) (54.5) 16.5 Net periodic postretirement benefit (credit) cost $ (98.0) $ (90.4) $ 21.7 Net periodic pension cost (credit) included the following components: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Service cost for benefits earned $ 0.1 $ 0.2 $ 0.3 Interest cost on projected benefit obligation 21.4 20.4 28.0 Expected return on plan assets (23.8) (22.9) (29.7) Settlement — — (2.7) Net actuarial loss (gain) 20.6 12.7 (25.6) Net periodic pension cost (credit) $ 18.3 $ 10.4 $ (29.7) |
Summary of change in benefit obligation, change in plan assets and funded status | The following table sets forth the plans’ funded status reconciled with the amounts shown in the consolidated balance sheets: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Accumulated postretirement benefit obligation at beginning of period $ 258.7 $ 476.6 Service cost 0.8 1.0 Interest cost 7.0 10.5 Participant contributions — 0.1 Plan amendments — (139.5) Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Actuarial gain (55.4) (55.5) Accumulated postretirement benefit obligation at end of period 189.9 258.7 Change in plan assets: Fair value of plan assets at beginning of period 26.1 33.7 Actual return on plan assets (3.4) — Employer contributions 15.9 26.8 Participant contributions — 0.1 Benefits paid and administrative fees (net of Medicare Part D reimbursements) (21.2) (34.5) Fair value of plan assets at end of period 17.4 26.1 Funded status at end of period (172.5) (232.6) Less: Current portion (included in “Accounts payable and accrued expenses”) 16.0 20.5 Noncurrent obligation (included in “Accrued postretirement benefit costs”) $ (156.5) $ (212.1) The following summarizes the change in benefit obligation, change in plan assets and funded status of the Pension Plans: December 31, 2022 2021 (Dollars in millions) Change in benefit obligation: Projected benefit obligation at beginning of period $ 751.7 $ 816.4 Service cost 0.1 0.2 Interest cost 21.4 20.4 Benefits paid (55.1) (55.9) Actuarial gain (137.2) (29.4) Projected benefit obligation at end of period 580.9 751.7 Change in plan assets: Fair value of plan assets at beginning of period 772.4 847.5 Actual return on plan assets (134.0) (19.2) Benefits paid (55.1) (55.9) Fair value of plan assets at end of period 583.3 772.4 Funded status at end of period $ 2.4 $ 20.7 Amounts recognized in the consolidated balance sheets: Noncurrent asset (included in “Investments and other assets”) $ 9.9 $ 28.5 Noncurrent obligation (included in “Other noncurrent liabilities”) (7.5) (7.8) Net amount recognized $ 2.4 $ 20.7 |
Defined benefit plan, assumptions | The weighted-average assumptions used to determine the benefit obligations for the plans as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.70 % 2.84 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic postretirement benefit (credit) cost for the plans during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.84 % 2.55 % 3.40 % Expected long-term return on plan assets (pretax) 5.75 % 5.75 % 7.00 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 The weighted-average assumptions used to determine the benefit obligations as of the end of each year were as follows: December 31, 2022 2021 Discount rate 5.44 % 2.95 % Measurement date December 31, 2022 December 31, 2021 The weighted-average assumptions used to determine net periodic pension cost (credit) during each period were as follows: Year Ended December 31, 2022 2021 2020 Discount rate 2.95 % 2.60 % 3.40 % Expected long-term return on plan assets 3.20 % 2.80 % 3.60 % Measurement date December 31, 2021 December 31, 2020 December 31, 2019 |
Fair value of assets in the Master Trust by category and by fair value valuation hierarchy | The following tables present the fair value of assets in the Master Trust by asset category and by fair value hierarchy: December 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in millions) Corporate bonds $ — $ 67.2 $ — $ 67.2 U.S. government securities 23.3 2.8 — 26.1 International government securities — 2.0 — 2.0 Asset-backed securities — 0.7 — 0.7 Cash funds 9.8 — — 9.8 Group annuity contract — — 430.1 430.1 Real estate interests — — 0.3 0.3 Total assets at fair value $ 33.1 $ 72.7 $ 430.4 536.2 Assets measured at net asset value practical expedient (1) Private mutual funds 47.1 Total plan assets $ 583.3 December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in millions) Corporate bonds $ — $ 537.5 $ — $ 537.5 U.S. government securities 125.2 22.5 — 147.7 International government securities — 15.5 — 15.5 Asset-backed securities — 3.3 — 3.3 Cash funds 30.7 — — 30.7 Real estate interests — — 0.3 0.3 Total assets at fair value $ 155.9 $ 578.8 $ 0.3 735.0 Assets measured at net asset value practical expedient (1) Private mutual funds 37.4 Total plan assets $ 772.4 (1) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the tables are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans. |
Summary of changes in the fair value of the Master Trust's Level 3 investments | The table below sets forth a summary of changes in the fair value of the Master Trust’s Level 3 investments: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Balance, beginning of period $ 0.3 $ 1.2 $ 4.1 Realized gains 0.1 0.9 1.6 Unrealized losses relating to investments still held at the reporting date (68.8) (0.6) (2.1) Purchases, sales and settlements, net 498.8 (1.2) (2.4) Balance, end of period $ 430.4 $ 0.3 $ 1.2 |
Summary of estimated future benefit payments | The following benefit payments (net of retiree contributions and Medicare Part D reimbursements), which reflect expected future service, as appropriate, are expected to be paid by the Company or satisfied from Non-Represented Trust assets: Postretirement (Dollars in millions) 2023 $ 23.1 2024 22.3 2025 21.1 2026 20.1 2027 18.9 Years 2028-2032 75.7 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in connection with the Company’s benefit obligation: Pension Benefits (Dollars in millions) 2023 $ 76.1 2024* 11.1 2025* 11.0 2026* 10.8 2027* 10.6 Years 2028-2032* 49.6 *Estimated future benefit payments reflect Western Plan only as a result of Peabody Plan termination. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Activity | The following table summarizes Common Stock activity during the periods presented below: Year Ended December 31, 2022 2021 2020 (In millions) Shares outstanding at the beginning of the period 133.3 97.8 96.9 Shares issued for vested restricted stock units 0.7 1.0 1.3 Shares issued in exchange for debt retirement — 10.0 — Shares issued under at-the-market equity offering program 10.1 24.8 — Shares repurchased (0.2) (0.3) (0.4) Shares outstanding at the end of the period 143.9 133.3 97.8 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation expense | Share-based compensation expense and cash flow amounts were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Share-based compensation expense $ 8.4 $ 10.0 $ 13.5 Tax benefit — — — Share-based compensation expense, net of tax benefit $ 8.4 $ 10.0 $ 13.5 Cash received upon the exercise of stock options — — — Write-off tax benefits related to share-based compensation — — — |
Schedule of Share-based Compensation, Restricted Stock Units Activity | A summary of restricted stock unit activity is as follows: Year Ended December 31, 2022 Weighted Nonvested at December 31, 2021 1,103,828 $ 8.99 Granted 325,040 11.87 Vested (550,468) 10.60 Forfeited (100,087) 8.38 Nonvested at December 31, 2022 778,313 $ 9.13 |
Schedule of Performance Units Activity | A summary of performance unit activity is as follows: Year Ended December 31, 2022 Weighted Nonvested at December 31, 2021 650,906 0.7 Granted — Vested (109,709) Forfeited (91,176) Nonvested at December 31, 2022 450,021 — |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: Year Ended December 31, 2022 2021 2020 (In millions, except per share data) Basic EPS numerator: Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Less: Net income (loss) attributable to noncontrolling interests 22.0 11.3 (3.5) Income (loss) from continuing operations attributable to common stockholders 1,295.4 336.1 (1,856.3) Income (loss) from discontinued operations, net of income taxes 1.7 24.0 (14.0) Net income (loss) attributable to common stockholders $ 1,297.1 $ 360.1 $ (1,870.3) Diluted EPS numerator: Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Add: Tax adjusted interest expense related to 2028 Convertible Notes 8.7 — — Less: Net income (loss) attributable to noncontrolling interests 22.0 11.3 (3.5) Income (loss) from continuing operations attributable to common stockholders 1,304.1 336.1 (1,856.3) Income (loss) from discontinued operations, net of income taxes 1.7 24.0 (14.0) Net income (loss) attributable to common stockholders $ 1,305.8 $ 360.1 $ (1,870.3) EPS denominator: Weighted average shares outstanding — basic 142.1 111.1 97.7 Dilutive impact of share-based compensation awards 1.6 0.9 — Dilutive impact of 2028 Convertible Notes 13.5 — — Weighted average shares outstanding — diluted 157.2 112.0 97.7 Basic EPS attributable to common stockholders: Income (loss) from continuing operations $ 9.12 $ 3.03 $ (18.99) Income (loss) from discontinued operations 0.01 0.21 (0.15) Net income (loss) attributable to common stockholders $ 9.13 $ 3.24 $ (19.14) Diluted EPS attributable to common stockholders: Income (loss) from continuing operations $ 8.29 $ 3.00 $ (18.99) Income (loss) from discontinued operations 0.02 0.22 (0.15) Net income (loss) attributable to common stockholders $ 8.31 $ 3.22 $ (19.14) |
Management - Labor Relations (T
Management - Labor Relations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of operations with employees represented by labor unions | The following table presents the Company’s active and inactive mining operations as of December 31, 2022 in which the employees are represented by organized labor unions: Mine Approximate Number of Active Employees Represented Union Current Agreement Expiration Date or Date Amendable U.S. Kayenta 20 UMWA November 2024 Shoal Creek 330 UMWA December 2024 Australia Wilpinjong 465 CFMMEU June 2024 Coppabella 330 CFMMEU February 2026 Moorvale (1) 225 N/A June 2023 Metropolitan Underground employees 150 CFMMEU May 2025 Handling and preparation plant employees (2) 20 CFMMEU May 2021 Wambo Underground Underground employees 120 CFMMEU November 2025 Handling and preparation plant employees 20 CFMMEU August 2025 (1) Employees of the Moorvale Mine operate on individual contracts under a direct engagement model. Such contracts are modeled after the Company’s former labor agreement with CFMMEU which ended in 2017. According to a memorandum of understanding between the Company and employees, individual contracts may be renegotiated in June 2023. (2) The Company, employees and the CFMMEU are currently negotiating a new labor agreement. |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating segment results | Segment results for the year ended December 31, 2022 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 1,345.6 $ 1,616.9 $ 1,065.5 $ 952.2 $ 1.7 $ 4,981.9 Adjusted EBITDA 647.6 781.7 68.2 242.4 104.8 1,844.7 Additions to property, plant, equipment and mine development 38.8 84.8 59.1 35.3 3.5 221.5 Income from equity affiliates — — — — (131.2) (131.2) Segment results for the year ended December 31, 2021 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 934.0 $ 727.7 $ 971.2 $ 689.1 $ (3.7) $ 3,318.3 Adjusted EBITDA 353.1 178.2 134.9 164.2 86.3 916.7 Additions to property, plant, equipment and mine development 88.6 25.1 41.4 24.2 3.8 183.1 Income from equity affiliates — — — — (82.1) (82.1) Segment results for the year ended December 31, 2020 were as follows: Seaborne Thermal Mining Seaborne Metallurgical Mining Powder River Basin Mining Other U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Revenue $ 711.8 $ 486.5 $ 991.1 $ 707.3 $ (15.6) $ 2,881.1 Adjusted EBITDA 163.2 (130.2) 194.8 168.4 (137.4) 258.8 Additions to property, plant, equipment and mine development 100.7 50.8 13.2 23.3 3.4 191.4 Loss from equity affiliates — — — — 60.1 60.1 |
Reconciliation of Assets from Segment to Consolidated | Assets as of December 31, 2022 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,632.6 $ 1,359.4 $ 2,618.8 $ 5,610.8 Property, plant, equipment and mine development, net 1,220.7 1,217.5 426.8 2,865.0 Operating lease right-of-use assets 20.5 0.5 5.9 26.9 Assets as of December 31, 2021 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,669.6 $ 1,318.5 $ 1,961.7 $ 4,949.8 Property, plant, equipment and mine development, net 1,298.8 1,209.5 442.3 2,950.6 Operating lease right-of-use assets 19.2 3.3 13.0 35.5 Assets as of December 31, 2020 were as follows: Seaborne Mining U.S. Thermal Mining Corporate Consolidated (Dollars in millions) Total assets $ 1,763.0 $ 1,345.3 $ 1,558.8 $ 4,667.1 Property, plant, equipment and mine development, net 1,347.3 1,258.8 445.0 3,051.1 Operating lease right-of-use assets 30.8 3.5 15.6 49.9 |
Reconciliation of Adjusted EBITDA to consolidated loss from continuing operations | A reconciliation of consolidated income (loss) from continuing operations, net of income taxes to Adjusted EBITDA follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Income (loss) from continuing operations, net of income taxes $ 1,317.4 $ 347.4 $ (1,859.8) Depreciation, depletion and amortization 317.6 308.7 346.0 Asset retirement obligation expenses 49.4 44.7 45.7 Restructuring charges 2.9 8.3 37.9 Transaction costs related to joint ventures — — 23.1 Asset impairment 11.2 — 1,487.4 Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates (2.3) (33.8) 30.9 Interest expense 140.3 183.4 139.8 Net loss (gain) on early debt extinguishment 57.9 (33.2) — Interest income (18.4) (6.5) (9.4) Net mark-to-market adjustment on actuarially determined liabilities (27.8) (43.4) (5.1) Unrealized losses on derivative contracts related to forecasted sales 35.8 115.1 29.6 Unrealized losses (gains) on foreign currency option contracts 2.3 7.5 (7.1) Take-or-pay contract-based intangible recognition (2.8) (4.3) (8.2) Income tax (benefit) provision (38.8) 22.8 8.0 Total Adjusted EBITDA $ 1,844.7 $ 916.7 $ 258.8 |
Revenues as a percent of total revenue from external customers by geographic region | The following table presents revenue as a percent of total revenue from external customers by geographic region: Year Ended December 31, 2022 2021 2020 U.S. 36.6 % 45.5 % 56.2 % Japan 19.4 % 14.2 % 13.3 % Taiwan 9.3 % 14.4 % 7.7 % Australia 8.5 % 7.7 % 6.9 % India 2.9 % 5.4 % 2.6 % Vietnam 2.8 % 2.0 % 2.4 % Brazil 2.8 % 0.9 % 0.1 % South Korea 2.1 % 1.4 % 0.8 % Indonesia 1.5 % 3.0 % 0.2 % Belgium 1.3 % — % 0.3 % Chile 1.1 % 0.3 % — % France 1.1 % — % — % China — % — % 3.8 % Other 10.6 % 5.2 % 5.7 % Total 100.0 % 100.0 % 100.0 % |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts Schedule II (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Valuation Allowance | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Description Balance at Charged to Deductions (1) Other (2) Balance (Dollars in millions) Year Ended December 31, 2022 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ (0.3) $ — $ — $ — Reserve for materials and supplies 9.0 1.4 (0.9) — 9.5 Tax valuation allowances 2,120.8 (583.8) — (86.0) 1,451.0 Year Ended December 31, 2021 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ — $ — $ — $ 0.3 Reserve for materials and supplies 10.4 0.6 (2.0) — 9.0 Tax valuation allowances 2,287.3 (121.7) — (44.8) 2,120.8 Year Ended December 31, 2020 Reserves deducted from asset accounts: Advance royalty recoupment reserve $ 0.3 $ — $ — $ — $ 0.3 Reserve for materials and supplies 7.9 3.5 (1.0) — 10.4 Tax valuation allowances 2,068.4 373.2 — (154.3) (3) 2,287.3 (1) Reserves utilized, unless otherwise indicated. (2) Includes the impact of changes in the Australian dollar exchange rates. (3) Includes the impact of a decrease in Australia NOLs due to a cancellation of intercompany debt. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||
Jan. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 01, 2022 | |
Summary of Significant Accounting Policies Textuals | ||||||
Corporate Hedging | From time to time, the Company may utilize various types of derivative instruments to manage its exposure to risks in the normal course of business, including (1) foreign currency exchange rate risk and the variability of cash flows associated with forecasted Australian dollar expenditures made in its Australian mining platform, (2) price risk of fluctuating coal prices related to forecasted sales or purchases of coal, or changes in the fair value of a fixed price physical sales contract, (3) price risk and the variability of cash flows related to forecasted diesel fuel purchased for use in its operations and (4) interest rate risk on long-term debt. These risk management activities are actively monitored for compliance with the Company’s risk management policies. On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts. Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value. The Company had no diesel fuel or interest rate derivatives in place as of December 31, 2022. | |||||
Income tax (benefit) provision | $ (38,800,000) | $ 22,800,000 | $ 8,000,000 | |||
Accounts receivable, payment term | 30 days | |||||
Interest costs capitalized | $ 0 | 0 | 0 | |||
Royalty Expense | $ 450,000,000 | 263,000,000 | 214,700,000 | |||
Lease term | 10 years | |||||
Minimum annual production of federal coal mining leases on original amount | 1% | |||||
Monthly federal royalties payable from sale using surface mining methods | 12.50% | |||||
Monthly federal royalties payable of production using underground mining methods | 8% | |||||
Equity method investment | $ 0 | 0 | 0 | |||
Impairment of investment in equity security | 0 | 0 | 1,700,000 | |||
Restructuring charges for voluntary and involuntary workforce reductions | 2,900,000 | 8,300,000 | 37,900,000 | |||
Restructuring charges | 800,000 | |||||
Foreign currency remeasurement gain (loss) | (2,700,000) | (3,100,000) | (4,000,000) | |||
Foreign currency translation adjustment | 1,600,000 | 1,000,000 | (6,100,000) | |||
Asset impairment | 11,200,000 | 0 | 1,487,400,000 | |||
Asset impairment charges related to long-lived assets | $ 9,500,000 | $ 0 | $ 1,487,400,000 | |||
Letter of Credit | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Stated interest rate | 0.75% | |||||
Line of Credit | Letter of Credit | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Debt amount incurred | $ 324,000,000 | |||||
Revolving credit facility, fee on unused borrowings | 6% | |||||
Commitment fee percentage | 0.50% | |||||
Debt covenant, aggregate liquidity at the end of each quarter | $ 125,000,000 | $ 125,000,000 | ||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Stated interest rate | 3.25% | |||||
Debt principal amount | $ 320,000,000 | $ 320,000,000 | ||||
Middlemount | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Ownership percentage of equity method investment | 50% | |||||
Minimum | Machinery and equipment | Buildings and improvements | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Useful life | 1 year | |||||
Maximum | Land and coal interests | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Useful life | 30 years | |||||
Maximum | Machinery and equipment | Buildings and improvements | ||||||
Summary of Significant Accounting Policies Textuals | ||||||
Useful life | 30 years |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Product Type and Market (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 4,981.9 | $ 3,318.3 | $ 2,881.1 |
Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,345.6 | 934 | 711.8 |
Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,616.9 | 727.7 | 486.5 |
Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,065.5 | 971.2 | 991.1 |
Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 952.2 | 689.1 | 707.3 |
Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1.7 | (3.7) | (15.6) |
Thermal coal | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3,358.3 | 2,583.1 | 2,379.4 |
Thermal coal | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,344.9 | 932.5 | 710.3 |
Thermal coal | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,066 | 970.7 | 993.9 |
Thermal coal | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 947.4 | 679.9 | 675.2 |
Thermal coal | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Domestic | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,177.5 | 1,814.1 | 1,814.6 |
Thermal coal | Domestic | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 167.6 | 173.5 | 145.5 |
Thermal coal | Domestic | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Domestic | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,066 | 970.7 | 993.9 |
Thermal coal | Domestic | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 943.9 | 669.9 | 675.2 |
Thermal coal | Domestic | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Export | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,180.8 | 769 | 564.8 |
Thermal coal | Export | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,177.3 | 759 | 564.8 |
Thermal coal | Export | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Export | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Thermal coal | Export | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 3.5 | 10 | 0 |
Thermal coal | Export | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,610.8 | 719.8 | 484.3 |
Metallurgical coal | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,610.8 | 719.8 | 484.3 |
Metallurgical coal | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Export | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,610.8 | 719.8 | 484.3 |
Metallurgical coal | Export | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Export | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,610.8 | 719.8 | 484.3 |
Metallurgical coal | Export | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Export | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Metallurgical coal | Export | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Other (2) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12.8 | 15.4 | 17.4 |
Other (2) | Seaborne Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0.7 | 1.5 | 1.5 |
Other (2) | Seaborne Metallurgical Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6.1 | 7.9 | 2.2 |
Other (2) | Powder River Basin Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (0.5) | 0.5 | (2.8) |
Other (2) | Other U.S. Thermal Mining | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4.8 | 9.2 | 32.1 |
Other (2) | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1.7 | (3.7) | (15.6) |
Trading and Brokerage Coal Deliveries | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 470.7 | $ 140.3 | $ (28.6) |
Revenue Recognition - Receivabl
Revenue Recognition - Receivables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |||
Trade receivables, net | $ 416,300,000 | $ 307,000,000 | |
Miscellaneous receivables, net | 49,200,000 | 43,500,000 | |
Accounts receivable, net | 465,500,000 | 350,500,000 | |
Accounts receivable, credit loss expense (reversal) | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Contract with customer, liability | $ 6,300,000,000 | ||
Accounts receivable, credit loss expense (reversal) | 0 | $ 0 | $ 0 |
Revenues | 4,981,900,000 | 3,318,300,000 | 2,881,100,000 |
Other Income | 11,200,000 | 10,600,000 | 9,000,000 |
Designated as Hedging Instrument | |||
Disaggregation of Revenue [Line Items] | |||
Total (loss) gain recognized in income | (488,600,000) | (160,300,000) | 16,900,000 |
(Loss) gain realized in income on derivatives | (460,100,000) | (39,200,000) | 44,300,000 |
Unrealized (loss) gain recognized in income on derivatives | (28,500,000) | (121,100,000) | (27,400,000) |
Derivative contracts related to forecasted sales | Designated as Hedging Instrument | |||
Disaggregation of Revenue [Line Items] | |||
Total (loss) gain recognized in income | (490,900,000) | (160,700,000) | 4,700,000 |
(Loss) gain realized in income on derivatives | (455,100,000) | (45,600,000) | 34,300,000 |
Unrealized (loss) gain recognized in income on derivatives | (35,800,000) | (115,100,000) | (29,600,000) |
Financial trading contracts | Designated as Hedging Instrument | |||
Disaggregation of Revenue [Line Items] | |||
Total (loss) gain recognized in income | 10,700,000 | 6,100,000 | (700,000) |
(Loss) gain realized in income on derivatives | 1,100,000 | 4,600,000 | 4,200,000 |
Unrealized (loss) gain recognized in income on derivatives | 9,600,000 | 1,500,000 | (4,900,000) |
Coal Contract and Physical commodity purchase / sale contracts | Designated as Hedging Instrument | |||
Disaggregation of Revenue [Line Items] | |||
Unrealized (loss) gain recognized in income on derivatives | (35,800,000) | (115,100,000) | (29,600,000) |
Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,700,000 | (3,700,000) | (15,600,000) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, percentage | 40% | ||
Revenue, remaining performance obligation, period | 12 months | ||
Other (2) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 12,800,000 | 15,400,000 | 17,400,000 |
Other (2) | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,700,000 | (3,700,000) | (15,600,000) |
Trading and Brokerage Coal Deliveries | Corporate and Other (1) | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 470,700,000 | 140,300,000 | $ (28,600,000) |
Miscellaneous Receivables | |||
Disaggregation of Revenue [Line Items] | |||
Accounts receivable, allowance for credit losses | 700,000,000 | 700,000,000 | |
Trade Accounts Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Accounts receivable, allowance for credit losses | $ 0 | $ 0 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | $ 11.2 | $ 0 | $ 1,487.4 |
Asset impairment of property, plant and equipment and mine development assets | 9.5 | $ 0 | 1,487.4 |
Impairment to unallocated coal reserves | 69.3 | ||
Equity Securities | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | 1.7 | ||
Land | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | $ 9.5 | ||
Powder River Basin Mining | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Asset impairment charges | 1,418.1 | ||
Asset impairment of property, plant and equipment and mine development assets | 1,393.7 | ||
Operating lease right-of-use assets impairment | 19.9 | ||
Impairment of contract-based intangible assets | $ 4.5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Materials and supplies, net | $ 130.8 | $ 102.1 |
Raw coal | 98.3 | 54.6 |
Saleable coal | 67 | 70 |
Inventories, net | 296.1 | 226.7 |
Material And Supplies | ||
Inventory [Line Items] | ||
Inventory reserves | $ 9.5 | $ 9 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 AUD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 34,100,000 | $ 62,200,000 | ||
(Income) loss from equity affiliates | (131,200,000) | (82,100,000) | $ 60,100,000 | |
Advances to related parties | (1,500,000) | (500,000) | (23,200,000) | |
Equity method investment related to Middlemount | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Advances to related parties | 168,400,000 | 43,500,000 | 0 | |
Revolving loan limit | $ 50 | |||
Equity method investment related to Middlemount | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | 27,100,000 | 62,200,000 | ||
(Income) loss from equity affiliates | (135,100,000) | (82,100,000) | 60,100,000 | |
Other equity method investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | 7,000,000 | 0 | ||
(Income) loss from equity affiliates | $ 3,900,000 | $ 0 | $ 0 |
Equity Method Investments - Tex
Equity Method Investments - Textual (Details) $ in Millions | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Cash receipts from Middlemount | $ (1,500,000) | $ (500,000) | $ (23,200,000) | ||
Net income (loss) | 1,319,100,000 | 371,400,000 | (1,873,800,000) | ||
Changes in tax reserves | (1,500,000) | 1,900,000 | (7,700,000) | ||
Valuation allowance | 74,700,000 | ||||
Revenues | 4,981,900,000 | 3,318,300,000 | 2,881,100,000 | ||
Equity method investment, current assets | 2,372,500,000 | 1,801,700,000 | $ 2,372,500,000 | ||
Equity method investment, current liabilities | 918,700,000 | 931,700,000 | 918,700,000 | ||
Revolving Loans | 0 | 0 | |||
Equity method investment related to Middlemount | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenues | 441,000,000 | 265,000,000 | 123,000,000 | ||
Equity method investment, current assets | 75,200,000 | 83,100,000 | 75,200,000 | ||
Equity method investment ,noncurrent assets | 256,300,000 | 269,900,000 | 256,300,000 | ||
Equity method investment, current liabilities | 135,700,000 | 254,900,000 | 135,700,000 | ||
Equity method investment, noncurrent liabilities | $ 97,700,000 | 79,500,000 | $ 97,700,000 | ||
Equity method investment related to Middlemount | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Insurance recovery | 12,500,000 | ||||
Performance Units | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Stock price measurement period | 3 years | ||||
Return on invested capital period | 3 years | ||||
Equity method investment related to Middlemount | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash receipts from Middlemount | $ 168,400,000 | $ 43,500,000 | 0 | ||
Equity interest percentage of revolving loans limit | 50% | 50% | 50% | ||
Revolving loan limit | $ 50 | ||||
Financing receivable, stated interest rate (in percent) | 10% | ||||
Equity method investment related to Middlemount | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Valuation allowance | $ 33,000,000 | $ 33,000,000 | |||
Ownership percentage of equity method investment | 50% | 50% | 50% |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Derivatives by Balance Sheet Classification (Details) $ in Millions | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Designated as Hedging Instrument | |||
Asset Derivative | |||
Asset derivatives, gross | $ 115.3 | $ 64.3 | |
Effect of counterparty netting, derivative assets | (100.6) | (59.5) | |
Variation margin (held) posted on derivative assets | (11.7) | (3.4) | |
Net derivative assets and margin as classified in the balance sheets | 3 | 1.4 | |
Liability Derivative | |||
Liability derivatives, gross | (310.3) | (184.2) | |
Effect of counterparty netting, derivative liabilities | 100.6 | 59.5 | |
Variation margin (held) posted on derivative liabilities | 209.7 | 95.2 | |
Net derivative liabilities and margin as classified in the balance sheets | 0 | (29.5) | |
Foreign currency option contracts | |||
Liability Derivative | |||
Derivative, Notional Amount | $ 745,000,000 | ||
Foreign currency option contracts | Designated as Hedging Instrument | |||
Asset Derivative | |||
Asset derivatives, gross | 3 | 1.4 | |
Liability Derivative | |||
Liability derivatives, gross | 0 | 0 | |
Derivative contracts related to forecasted sales | Designated as Hedging Instrument | |||
Asset Derivative | |||
Asset derivatives, gross | 100.6 | 59.5 | |
Liability Derivative | |||
Liability derivatives, gross | (310.3) | (184.2) | |
Financial trading contracts | Designated as Hedging Instrument | |||
Asset Derivative | |||
Asset derivatives, gross | 11.7 | 3.4 | |
Liability Derivative | |||
Liability derivatives, gross | $ 0 | $ 0 |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Pre-Tax Gains and Losses on Hedging Derivatives (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain recognized in income | $ (488.6) | $ (160.3) | $ 16.9 |
(Loss) gain realized in income on derivatives | (460.1) | (39.2) | 44.3 |
Unrealized (loss) gain recognized in income on derivatives | (28.5) | (121.1) | (27.4) |
Foreign currency option contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain recognized in income | (8.4) | (5.7) | 12.9 |
(Loss) gain realized in income on derivatives | (6.1) | 1.8 | 5.8 |
Unrealized (loss) gain recognized in income on derivatives | (2.3) | (7.5) | 7.1 |
Derivative contracts related to forecasted sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain recognized in income | (490.9) | (160.7) | 4.7 |
(Loss) gain realized in income on derivatives | (455.1) | (45.6) | 34.3 |
Unrealized (loss) gain recognized in income on derivatives | (35.8) | (115.1) | (29.6) |
Financial trading contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total (loss) gain recognized in income | 10.7 | 6.1 | (0.7) |
(Loss) gain realized in income on derivatives | 1.1 | 4.6 | 4.2 |
Unrealized (loss) gain recognized in income on derivatives | $ 9.6 | $ 1.5 | $ (4.9) |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements - Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | $ (192.5) | $ (115.9) |
Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | (195) | (119.9) |
Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 2.5 | 4 |
Fair Value, Inputs, Level 1, 2 and 3 | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | |
Foreign currency option contracts | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 3 | 1.4 |
Foreign currency option contracts | Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Foreign currency option contracts | Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 3 | 1.4 |
Foreign currency option contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Derivative contracts related to forecasted sales | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | (209.7) | (124.7) |
Derivative contracts related to forecasted sales | Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Derivative contracts related to forecasted sales | Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | (209.7) | (124.7) |
Derivative contracts related to forecasted sales | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Financial trading contracts | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 11.7 | 3.4 |
Financial trading contracts | Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Financial trading contracts | Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 11.7 | 3.4 |
Financial trading contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Equity Securities | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 2.5 | 4 |
Equity Securities | Level 1 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Equity Securities | Level 2 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | 0 | 0 |
Equity Securities | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Net financial asset (liability) | $ 2.5 | $ 4 |
Derivatives and Fair Value Me_6
Derivatives and Fair Value Measurements - Fair Value of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value of Debt [Line Items] | ||
Total debt at par value | $ 333.8 | $ 1,137.8 |
Carrying Amount | ||
Fair Value of Debt [Line Items] | ||
Total debt at par value | 343.6 | 1,173.2 |
Less: Unamortized debt issuance costs and original issue discount | (9.8) | (35.4) |
Net carrying amount | 333.8 | 1,137.8 |
Estimated Fair Value | ||
Fair Value of Debt [Line Items] | ||
Estimated fair value | $ 560 | $ 1,136.5 |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurements- Changes in Recurring Level 3 Net Financial Assets (Details) - Coal Trading - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning of period | $ 4 | $ 4 | $ 4 |
Impairment loss included in earnings | (1.7) | 0 | 0 |
Purchases | 0.2 | 0 | 0 |
End of period | $ 2.5 | $ 4 | $ 4 |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurements - Textual (Details) t in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) t | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 AUD ($) | Sep. 30, 2023 AUD ($) $ / $ | Jan. 01, 2023 AUD ($) | Dec. 31, 2022 AUD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Collateral, Right to Reclaim Cash | $ 255.5 | $ 130.1 | $ 255.5 | $ 130.1 | ||||||
Revenues | $ 4,981.9 | 3,318.3 | $ 2,881.1 | |||||||
Unobservable Measurement Input, Uncertainty, Description | 10 | |||||||||
Coal Trading | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Collateral, Right to Reclaim Cash | 57.5 | 38.3 | $ 57.5 | 38.3 | ||||||
Purchases | 0.2 | 0 | 0 | |||||||
Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | (28.5) | (121.1) | (27.4) | |||||||
Designated as Hedging Instrument | Net Amount | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 198 | 91.8 | 198 | 91.8 | ||||||
Foreign currency option contracts | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Notional Amount | $ 745,000,000 | |||||||||
Foreign currency option contracts | Subsequent Event | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Notional Amount | $ 150,000,000 | $ 135,000,000 | ||||||||
Derivative, Average Foreign Currency Option Strike Price | 0.75 | |||||||||
Foreign currency option contracts | Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | $ (2.3) | (7.5) | 7.1 | |||||||
Diesel Fuel Hedge Contracts | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Notional Amount | $ 0 | |||||||||
Financial trading contracts | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Nonmonetary Notional Amount, Mass | t | 0.6 | |||||||||
Financial trading contracts | Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | $ 9.6 | 1.5 | (4.9) | |||||||
Coal Contract and Physical commodity purchase / sale contracts | Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | $ (35.8) | $ (115.1) | (29.6) | |||||||
Gain (Loss) on Derivative Instruments | Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | (65) | (86) | $ (28) | |||||||
Forward Contracts | Designated as Hedging Instrument | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Unrealized (loss) gain recognized in income on derivatives | $ 29 | $ (29) | $ (1) | |||||||
Scenario, Forecast | Foreign currency option contracts | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Floor Price | 0.63 | |||||||||
Derivative, Cap Price | 0.75 | |||||||||
Scenario, Forecast | Foreign currency option contracts | Minimum | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Exchange Rate Cap | $ / $ | 0.70 | |||||||||
Scenario, Forecast | Foreign currency option contracts | Maximum | ||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Derivative, Exchange Rate Cap | $ / $ | 0.77 |
Property, Plant, Equipment an_3
Property, Plant, Equipment and Mine Development - (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant, Equipment and Mine Development[Line Items] | ||
Less: Accumulated depreciation, depletion and amortization | $ (1,787,000,000) | $ (1,480,500,000) |
Property, plant, equipment and mine development, net | 2,865,000,000 | 2,950,600,000 |
Coal reserves | 1,300,000,000 | 1,400,000,000 |
Coal reserves not subject to depletion | 100,000,000 | 100,000,000 |
Miscellaneous Receivables | ||
Property, Plant, Equipment and Mine Development[Line Items] | ||
Accounts receivable, allowance for credit losses | 700,000,000 | 700,000,000 |
Land and coal interests | ||
Property, Plant, Equipment and Mine Development[Line Items] | ||
Property, plant equipment and mine development, gross | 2,514,700,000 | 2,494,100,000 |
Buildings and improvements | ||
Property, Plant, Equipment and Mine Development[Line Items] | ||
Property, plant equipment and mine development, gross | 594,200,000 | 550,800,000 |
Machinery and equipment | ||
Property, Plant, Equipment and Mine Development[Line Items] | ||
Property, plant equipment and mine development, gross | $ 1,543,100,000 | 1,386,200,000 |
Coal Reserves Held by Fee Ownership | ||
Property, Plant, Equipment and Mine Development[Line Items] | ||
Coal reserves | $ 600,000,000 |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 59.7 | $ (55) | $ (1,771.5) |
Non-U.S. | 1,218.9 | 425.2 | (80.3) |
Income (loss) from continuing operations before income taxes | $ 1,278.6 | $ 370.2 | $ (1,851.8) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
U.S. federal | $ (0.2) | $ (0.5) | $ (23.9) |
Non-U.S. | 42.9 | 30.8 | 2.4 |
State | 0.1 | 0 | 1.7 |
Total current | 42.8 | 30.3 | (19.8) |
Deferred: | |||
U.S. federal | 0 | 0 | 23.4 |
Non-U.S. | (81.6) | (7.5) | 4.4 |
Total deferred | (81.6) | (7.5) | 27.8 |
Total income tax (benefit) provision | $ (38.8) | $ 22.8 | $ 8 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Federal Income Tax Benefit to Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax expense (benefit) at U.S. federal statutory rate | $ 268.5 | $ 77.7 | $ (388.9) |
Changes in valuation allowance, income tax | (595.6) | (101.3) | 410.1 |
Changes in tax reserves | (1.5) | 1.9 | (7.7) |
Excess depletion | (17.2) | (13.7) | (14.5) |
Foreign earnings repatriation | 42.3 | 0 | 0 |
Foreign earnings provision differential | 80.7 | 17.3 | 16.4 |
Global intangible low-taxed income | 197.2 | 67 | 0 |
Tax credits | 0 | (26.5) | 0 |
Remeasurement of foreign income tax accounts | (2.6) | (1.8) | 2.9 |
State income taxes, net of federal tax benefit | 1.1 | (1.1) | (6.8) |
Other, net | (11.7) | 3.3 | (3.5) |
Total income tax (benefit) provision | $ (38.8) | $ 22.8 | $ 8 |
Income Taxes - Textual (Details
Income Taxes - Textual (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 AUD ($) | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||||
Global intangible low-taxed income | $ 197,200 | $ 67,000 | $ 0 | |
AMT tax credit received | 1,200 | 46,900 | ||
Deferred tax assets, operating loss carryforwards, foreign | 18,400 | $ 53 | ||
Deferred tax assets, operating loss carryforwards, domestic | 1,700,000 | |||
Tax credit carryforward, amount | 740,100 | |||
Deferred tax assets, operating loss carryforwards, foreign, net | 153,400 | |||
Deferred tax assets, operating loss carryforwards, domestic, net | 345,300 | |||
Deferred tax assets, operating loss carryforwards, state and local | 82,300 | |||
Deferred tax assets, tax credit carryforwards, general business | 139,100 | |||
Valuation allowance, income tax | (1,451,000) | (2,120,800) | ||
Unrecognized tax benefits, period increase (decrease) | (1,500) | |||
Net unrecognized tax benefits | 9,500 | 11,000 | ||
Unrecognized tax benefits, gross interest and penalties (reversal) | 200 | 200 | (400) | |
Unrecognized tax benefits, accrued gross interest and penalties | 5,900 | $ 5,700 | $ 5,400 | |
Valuation allowance | $ 74,700 | |||
Book income tax, minimum percent | 15% | |||
Excise tax on net stock repurchases | 1% | |||
U.S. — federal | ||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||
Valuation allowance, income tax | $ (976,800) | |||
Non-U.S. | ||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||
Valuation allowance, income tax | $ (474,200) |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences on Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Tax loss carryforwards and credits | $ 740.1 | $ 1,267.6 |
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 550.8 | 571.9 |
Accrued postretirement benefit obligations | 41.4 | 48.9 |
Asset retirement obligations | 95.1 | 91.4 |
Employee benefits | 22.1 | 19.9 |
Take-or-pay obligations | 8.2 | 9.5 |
Hedge activities | 49.1 | 36.8 |
Interest limitation | 0 | 7.9 |
Investments and other assets | 37 | 81.8 |
Workers’ compensation obligations | 7.1 | 7.2 |
Operating lease liabilities | 7.8 | 11.3 |
Other | 28.3 | 22.7 |
Total gross deferred tax assets | 1,587 | 2,176.9 |
Valuation allowance, income tax | (1,451) | (2,120.8) |
Total deferred tax assets | 136 | 56.1 |
Deferred tax liabilities: | ||
Property, plant, equipment and mine development, principally due to differences in depreciation, depletion and asset impairments | 67.5 | 66.4 |
Operating lease right-of-use assets | 7.6 | 9.4 |
Investments and other assets | 6.6 | 7.6 |
Total deferred tax liabilities | 81.7 | 83.4 |
Deferred Tax Assets, Net | 54.3 | |
Net deferred tax asset (liability) | (27.3) | |
Deferred taxes are classified as follows: | ||
Noncurrent deferred income tax asset | 74.7 | 0 |
Noncurrent deferred income tax liability | $ (20.4) | $ (27.3) |
Income Taxes - Net Unrecognized
Income Taxes - Net Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||||
Deferred income taxes | $ 8.2 | $ 9.7 | ||
Other noncurrent liabilities | 1.3 | 1.3 | ||
Net unrecognized tax benefits | 9.5 | 11 | ||
Gross unrecognized tax benefits | $ 9.5 | $ 11 | $ 9.1 | $ 16.5 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 11 | $ 9.1 | $ 16.5 |
Additions for current year tax positions | 0.8 | 3 | 1.9 |
Reductions for prior year tax positions | (2.3) | (1.1) | (9.3) |
Balance at end of period | $ 9.5 | $ 11 | $ 9.1 |
Income Taxes - Tax Payments and
Income Taxes - Tax Payments and Refunds (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total income tax (refunds) payments, net [Line Items] | |||
Total income tax payments (refunds), net | $ 36.6 | $ 11.6 | $ (39.9) |
U.S. — federal | |||
Total income tax (refunds) payments, net [Line Items] | |||
Total income tax payments (refunds), net | (0.3) | (1.3) | (44.6) |
U.S. — state and local | |||
Total income tax (refunds) payments, net [Line Items] | |||
Total income tax payments (refunds), net | 0 | 0 | 1.6 |
Non-U.S. | |||
Total income tax (refunds) payments, net [Line Items] | |||
Total income tax payments (refunds), net | $ 36.9 | $ 12.9 | $ 3.1 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related benefits | $ 199.4 | $ 170.5 |
Trade accounts payable | 240.7 | 201.7 |
Other accrued expenses | 148 | 161.3 |
Accrued taxes other than income | 20 | 78.8 |
Asset retirement obligations | 84.2 | 65 |
Accrued royalties | 88.4 | 51.4 |
Liabilities associated with discontinued operations | 41.9 | 45 |
Operating lease liabilities | 16.8 | 16.4 |
Accrued insurance | 22.7 | 17.8 |
Accrued interest | 8.2 | 6 |
Workers’ compensation obligations | 9.3 | 8.5 |
Income taxes payable | 25.9 | 20.2 |
Liabilities from coal trading activities | 0 | 29.5 |
Accounts payable and accrued expenses | $ 905.5 | $ 872.1 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) buyer $ / shares shares | Dec. 31, 2022 USD ($) buyer $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Mar. 01, 2025 USD ($) | Mar. 31, 2022 USD ($) | Mar. 07, 2022 USD ($) | Mar. 01, 2022 USD ($) | Feb. 24, 2022 $ / shares | Mar. 31, 2021 | Jan. 29, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Finance Lease, Liability | $ 23,600,000 | $ 23,600,000 | $ 29,300,000 | ||||||||
Less: Debt issuance costs | (9,800,000) | (9,800,000) | (34,800,000) | ||||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 333,800,000 | 333,800,000 | 1,137,800,000 | ||||||||
Less: Current portion of long-term debt | 13,200,000 | 13,200,000 | 59,600,000 | ||||||||
Long-term debt | $ 320,600,000 | 320,600,000 | 1,078,200,000 | ||||||||
Interest expense | 140,300,000 | 183,400,000 | $ 139,800,000 | ||||||||
Financial Assurance Instruments | 53,300,000 | 51,100,000 | 35,400,000 | ||||||||
Interest Paid, Capitalized, Investing Activities | 118,500,000 | 174,900,000 | 126,900,000 | ||||||||
Noncash interest expense, net | $ 17,700,000 | $ 21,300,000 | 16,200,000 | ||||||||
Common Stock, shares authorized (in shares) | shares | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||
Proceeds from common stock issuances, net of costs | $ 222,000,000 | $ 269,800,000 | 0 | ||||||||
Common Stock, shares issued (in shares) | shares | 187,100,000 | 187,100,000 | 176,300,000 | ||||||||
Net loss (gain) on early debt extinguishment | $ (57,900,000) | $ 33,200,000 | $ 0 | ||||||||
Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.75% | 0.75% | |||||||||
Exit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | |||||||||
Convertible Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Shares Issued, Price Per Share | $ / shares | $ 14.98 | ||||||||||
Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common Stock, shares authorized (in shares) | shares | 450,000,000 | 450,000,000 | |||||||||
At Market Issuance | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common Stock, shares authorized (in shares) | shares | 32,500,000 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 24,800,000 | ||||||||||
Common Stock, shares issued (in shares) | shares | 10,100,000 | 10,100,000 | 24,800,000 | 0 | |||||||
At Market Issuance | Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from common stock issuances, net of costs | $ 269,800,000 | ||||||||||
Open Market Purchase | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 232,400,000 | ||||||||||
Debt for Equity Exchange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common Stock, shares issued (in shares) | shares | 0 | 0 | 10,000,000 | 0 | |||||||
3.250% Convertible Senior Notes due March 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Convertible, Threshold Trading Days | buyer | 20 | ||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | buyer | 30 | ||||||||||
Indebtedness | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 87,000,000 | $ 132,300,000 | $ 104,400,000 | ||||||||
10.000% Senior Secured Notes due December 2024 and Senior Secured Term Loan due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment for debt extinguishment or debt prepayment cost | 18,500,000 | ||||||||||
Debt covenant, liquidity attributable to co-issuers limit (minimum) | $ 60,000,000 | 60,000,000 | |||||||||
8.500% Senior Secured Notes due December 2024 and 6.375% Senior Secured Notes due March 2025 [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net loss (gain) on early debt extinguishment | 23,000,000 | ||||||||||
10.00% Revolving Credit Facility maturing 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exit facility, maximum borrowing capacity | $ 225,000,000 | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 222,000,000 | ||||||||||
10.00% Revolving Credit Facility maturing 2025 | At Market Issuance | Common Stock | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 10,100,000 | ||||||||||
Senior Notes | 6.000% Senior Secured Notes due March 2022 (2022 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 0 | $ 0 | 23,100,000 | ||||||||
Stated interest rate | 6% | 6% | |||||||||
Debt repurchase, amount | $ 23,100,000 | ||||||||||
Senior Notes | 6.000% Senior Secured Notes due March 2022 (2022 Notes) | Debt for Equity Exchange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from common stock issuances, net of costs | 37,300,000 | ||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 0 | $ 0 | 334,900,000 | ||||||||
Stated interest rate | 6.375% | 6.375% | |||||||||
Payment for debt extinguishment or debt prepayment cost | $ 66,100,000 | ||||||||||
Debt repurchase, amount | $ 257,400,000 | ||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | Open Market Purchase | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Retirement of Debt | 117,800,000 | ||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | Debt for Equity Exchange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from common stock issuances, net of costs | 47,200,000 | ||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 8.50% | 8.50% | |||||||||
Long-term debt | $ 0 | $ 0 | 62,600,000 | ||||||||
Debt exchange offer, required purchase, percentage of accreted value | 25% | 80% | |||||||||
Debt repurchase, amount | $ 62,500,000 | ||||||||||
Debt principal amount | $ 195,100,000 | ||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | Open Market Purchase | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Retirement of Debt | 91,400,000 | ||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | Debt for Equity Exchange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from common stock issuances, net of costs | 21,600,000 | ||||||||||
Senior Notes | 10.00% Senior Secured Notes Due 2024 (New Co-Issuer Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 10% | 10% | |||||||||
Long-term debt | $ 0 | $ 0 | 193,900,000 | ||||||||
Debt principal amount | 193,900,000 | ||||||||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.25% | 3.25% | |||||||||
Long-term debt | $ 320,000,000 | $ 320,000,000 | 0 | ||||||||
Debt principal amount | $ 320,000,000 | $ 320,000,000 | |||||||||
Debt Issuance Costs, Gross | $ 11,200,000 | $ 11,200,000 | |||||||||
Common Stock, Excess of the Conversion Price, Percentage | 130% | 130% | |||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | buyer | 30 | ||||||||||
Debt Instrument, Principle Amount | $ 1,000 | $ 1,000 | |||||||||
Principle Amount, Percentage | 98% | 98% | |||||||||
Debt Instrument, Convertible, Conversion Ratio | shares | 50.3816 | 50.3816 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 19.85 | $ 19.85 | |||||||||
Conversion Price Premium, Percent | 32.50% | ||||||||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | buyer | 20 | ||||||||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principle Amount, Percentage | 100% | ||||||||||
Aggregate Principle Amount, Notes Outstanding | $ 75,000,000 | ||||||||||
Senior Notes | 10.000% Senior Secured Notes due December 2024 and Senior Secured Term Loan due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 28,100,000 | ||||||||||
Senior Notes | 10.00% Revolving Credit Facility maturing 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 10% | 10% | |||||||||
Exit facility, maximum borrowing capacity | $ 150,000,000 | ||||||||||
Term Loan | Senior Secured Term Loan due 2025, net of original issue discount | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 0 | $ 0 | 322,800,000 | ||||||||
Term Loan | Senior Secured Term Loan Due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 0 | 0 | 206,000,000 | ||||||||
Payment for debt extinguishment or debt prepayment cost | 2,900,000 | ||||||||||
Term Loan | Senior Secured Term Loan Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payment for debt extinguishment or debt prepayment cost | 276,200,000 | ||||||||||
Debt repurchase, amount | 44,100,000 | ||||||||||
Term Loan | Senior Secured Term Loan Due 2025 | Open Market Purchase | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Retirement of Debt | $ 61,700,000 | ||||||||||
Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt secured liens term, percentage of capital stock | 100% | ||||||||||
Line of Credit | Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt covenant, aggregate liquidity at the end of each quarter | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 |
Long-term Debt - Textual (Detai
Long-term Debt - Textual (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||||
Feb. 01, 2023 | Mar. 07, 2022 | Jan. 29, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Mar. 01, 2025 | Mar. 31, 2022 | Mar. 01, 2022 | Feb. 24, 2022 | Jan. 31, 2022 | Mar. 31, 2021 | Apr. 03, 2017 | |
Debt Instrument [Line Items] | ||||||||||||||||
Debt issuance cost | $ 9,800,000 | $ 9,800,000 | $ 34,800,000 | $ 9,800,000 | ||||||||||||
Interest expense | 140,300,000 | 183,400,000 | $ 139,800,000 | |||||||||||||
Financial Assurance Instruments | 53,300,000 | 51,100,000 | 35,400,000 | |||||||||||||
Net loss (gain) on early debt extinguishment | $ (57,900,000) | $ 33,200,000 | 0 | |||||||||||||
Common Stock, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||||
Common Stock, shares issued (in shares) | 187,100,000 | 187,100,000 | 176,300,000 | 187,100,000 | ||||||||||||
Payment for debt exchange | $ 9,400,000 | |||||||||||||||
Proceeds from common stock issuances, net of costs | $ 222,000,000 | $ 269,800,000 | $ 0 | |||||||||||||
Revolving Loans | $ 0 | $ 0 | ||||||||||||||
Common Stock | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Common Stock, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | |||||||||||||
Convertible Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Shares Issued, Price Per Share | $ 14.98 | |||||||||||||||
At Market Issuance | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Common Stock, shares authorized (in shares) | 32,500,000 | |||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 24,800,000 | |||||||||||||||
Common Stock, shares issued (in shares) | 10,100,000 | 10,100,000 | 24,800,000 | 0 | 10,100,000 | |||||||||||
At Market Issuance | Common Stock | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 225,000,000 | |||||||||||||||
At Market Issuance | Common Stock | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from common stock issuances, net of costs | $ 269,800,000 | |||||||||||||||
Open Market Purchase | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 232,400,000 | |||||||||||||||
Debt for Equity Exchange | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Common Stock, shares issued (in shares) | 0 | 0 | 10,000,000 | 0 | 0 | |||||||||||
6.375% Senior Secured Notes due March 2025 (2025 Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Exchange Offer, Percent of Accreted Value | 98% | 101.59% | ||||||||||||||
Accounts Receivable Securitization Program, April 3, 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 7,000,000 | $ 7,000,000 | $ 7,000,000 | |||||||||||||
Exit facility, maximum borrowing capacity | $ 175,000,000 | $ 250,000,000 | ||||||||||||||
Accounts Receivable Securitization Program, April 3, 2020 | Scenario, Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Exit facility, maximum borrowing capacity | $ 225,000,000 | |||||||||||||||
10.00% Revolving Credit Facility maturing 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Exit facility, maximum borrowing capacity | $ 225,000,000 | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 222,000,000 | |||||||||||||||
10.00% Revolving Credit Facility maturing 2025 | At Market Issuance | Common Stock | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 10,100,000 | |||||||||||||||
LC Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Exchange Offer, Percent of Accreted Value | 95% | |||||||||||||||
Cash Collateral Posted | $ 40,100,000 | |||||||||||||||
10.000% Senior Secured Notes due December 2024 and Senior Secured Term Loan due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Payment for debt extinguishment or debt prepayment cost | 18,500,000 | |||||||||||||||
Debt covenant, liquidity attributable to co-issuers limit (minimum) | 60,000,000 | 60,000,000 | 60,000,000 | |||||||||||||
Debt Repurchase, Aggregate Cost | 32,800,000 | |||||||||||||||
3.250% Convertible Senior Notes due March 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | 105,800,000 | |||||||||||||||
Senior Notes and Term Loans | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net loss (gain) on early debt extinguishment | 34,900,000 | |||||||||||||||
8.500% Senior Secured Notes due December 2024 and 6.375% Senior Secured Notes due March 2025 [Domain] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Net loss (gain) on early debt extinguishment | 23,000,000 | |||||||||||||||
Senior Notes | 6.000% Senior Secured Notes due March 2022 (2022 Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 0 | $ 0 | $ 23,100,000 | $ 0 | ||||||||||||
Stated interest rate | 6% | 6% | 6% | |||||||||||||
Aggregate principal amount of debt exchanged | 398,700,000 | |||||||||||||||
Debt repurchase, amount | $ 23,100,000 | |||||||||||||||
Senior Notes | 6.000% Senior Secured Notes due March 2022 (2022 Notes) | Debt for Equity Exchange | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from common stock issuances, net of costs | 37,300,000 | |||||||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 0 | $ 0 | 334,900,000 | $ 0 | ||||||||||||
Stated interest rate | 6.375% | 6.375% | 6.375% | |||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 66,100,000 | |||||||||||||||
Debt repurchase, amount | 257,400,000 | |||||||||||||||
Extinguishment of Debt, Amount | $ 11,400,000 | |||||||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | Open Market Purchase | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Retirement of Debt | 117,800,000 | |||||||||||||||
Senior Notes | 6.375% Senior Secured Notes due March 2025 (2025 Notes) | Debt for Equity Exchange | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from common stock issuances, net of costs | 47,200,000 | |||||||||||||||
Senior Notes | 10.00% Senior Secured Notes Due 2024 (New Co-Issuer Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt principal amount | 193,900,000 | |||||||||||||||
Stated interest rate | 10% | 10% | 10% | |||||||||||||
Long-term debt | $ 0 | $ 0 | 193,900,000 | $ 0 | ||||||||||||
Debt exchange offer, required purchase amount (up to) | $ 147,300,000 | 147,300,000 | $ 147,300,000 | |||||||||||||
Debt Repurchase, Aggregate Cost | 154,100,000 | |||||||||||||||
Debt Repurchase, mandatory prepayment, aggregate cost | $ 19,200,000 | |||||||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt principal amount | 195,100,000 | |||||||||||||||
Stated interest rate | 8.50% | 8.50% | 8.50% | |||||||||||||
Long-term debt | $ 0 | $ 0 | 62,600,000 | $ 0 | ||||||||||||
Debt exchange offer, required purchase amount (up to) | $ 100,000 | $ 22,400,000 | ||||||||||||||
Debt exchange offer, required purchase, percentage of accreted value | 25% | 80% | ||||||||||||||
Debt repurchase, amount | $ 62,500,000 | |||||||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | Open Market Purchase | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Retirement of Debt | 91,400,000 | |||||||||||||||
Senior Notes | 8.500% Senior Secured Notes due 2024 (New Peabody Notes) | Debt for Equity Exchange | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from common stock issuances, net of costs | 21,600,000 | |||||||||||||||
Senior Notes | 10.00% Revolving Credit Facility maturing 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated interest rate | 10% | 10% | 10% | |||||||||||||
Exit facility, maximum borrowing capacity | $ 150,000,000 | |||||||||||||||
Senior Notes | LC Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repurchase, amount | $ 42,200,000 | |||||||||||||||
Senior Notes | 10.000% Senior Secured Notes due December 2024 and Senior Secured Term Loan due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 28,100,000 | |||||||||||||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt principal amount | $ 320,000,000 | $ 320,000,000 | ||||||||||||||
Stated interest rate | 3.25% | 3.25% | 3.25% | |||||||||||||
Long-term debt | $ 320,000,000 | $ 320,000,000 | 0 | $ 320,000,000 | ||||||||||||
Debt Issuance Costs, Gross | $ 11,200,000 | $ 11,200,000 | $ 11,200,000 | |||||||||||||
Common Stock, Excess of the Conversion Price, Percentage | 130% | 130% | 130% | |||||||||||||
Principle Amount, Percentage | 98% | 98% | 98% | |||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 50.3816 | 50.3816 | 50.3816 | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 19.85 | $ 19.85 | $ 19.85 | |||||||||||||
Conversion Price Premium, Percent | 32.50% | |||||||||||||||
Senior Notes | 3.250% Convertible Senior Notes due March 2028 | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principle Amount, Percentage | 100% | |||||||||||||||
Aggregate Principle Amount, Notes Outstanding | $ 75,000,000 | |||||||||||||||
Term Loan | Senior Secured Term Loan Due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt amount incurred | 206,000,000 | |||||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 2,900,000 | |||||||||||||||
Long-term debt | $ 0 | 0 | 206,000,000 | $ 0 | ||||||||||||
Debt exchange offer, required purchase amount (up to) | $ 185,900,000 | 185,900,000 | $ 185,900,000 | |||||||||||||
Debt Repurchase, Aggregate Cost | 195,800,000 | |||||||||||||||
Debt Repurchase, mandatory prepayment, aggregate cost | 17,200,000 | |||||||||||||||
Term Loan | Senior Secured Term Loan Due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Payment for debt extinguishment or debt prepayment cost | 276,200,000 | |||||||||||||||
Debt repurchase, amount | 44,100,000 | |||||||||||||||
Debt Instrument, Periodic Payment, Principal | 3,000,000 | |||||||||||||||
Debt Repurchase, Aggregate Cost | $ 42,100,000 | |||||||||||||||
Term Loan | Senior Secured Term Loan Due 2025 | Open Market Purchase | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Retirement of Debt | 61,700,000 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Restructuring Of Debt | $ 216,000,000 | |||||||||||||||
Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt secured liens term, percentage of capital stock | 100% | |||||||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of lines of credit | 10,000,000 | |||||||||||||||
Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Stated interest rate | 0.75% | 0.75% | 0.75% | |||||||||||||
Exit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||
Letter of Credit | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt amount incurred | 324,000,000 | |||||||||||||||
Revolving credit facility, fee on unused borrowings | 6% | |||||||||||||||
Commitment fee percentage | 0.50% | |||||||||||||||
Debt covenant, aggregate liquidity at the end of each quarter | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | $ 125,000,000 | ||||||||||||
Line of Credit Facility, Increase (Decrease), Net | (22,000,000) | |||||||||||||||
Payments to Acquire Restricted Investments | 30,000,000 | |||||||||||||||
Letter of Credit | Line of Credit | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ (65,000,000) | |||||||||||||||
Letter of Credit | Minimum | Line of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ (10,000,000) |
Leases - Textual (Details)
Leases - Textual (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Lease obligation, assumed amount recoverable from third parties | $ 0 | ||
Operating cash flows for operating leases | 20.5 | $ 24.3 | $ 35.1 |
Operating cash flows for finance leases | 2.1 | 3.8 | 0.8 |
Financing cash flows for finance leases | 9.3 | 8.2 | 8.9 |
Operating leases | 13.5 | 7.1 | 16.5 |
Finance leases | $ 6.4 | $ 24.4 | $ 1.6 |
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating and finance leases remaining lease term | 8 years 3 months 18 days | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating and finance leases remaining lease term | 1 year |
Leases - Supplemental Income St
Leases - Supplemental Income Statement Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost: | |||
Operating leases | $ 18.9 | $ 19.8 | $ 28.8 |
Short-term leases | 30.6 | 15.5 | 39.1 |
Variable leases | 7.6 | 2.7 | 4.6 |
Sublease income | (1.3) | (1.9) | (2.3) |
Total operating lease cost | 55.8 | 36.1 | 70.2 |
Finance leases: | |||
Amortization of right-of-use assets | 6.3 | 5.9 | 3.5 |
Interest on lease liabilities | 2.1 | 2.7 | 0.8 |
Total finance lease cost | $ 8.4 | $ 8.6 | $ 4.3 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating leases: | |||
Operating lease right-of-use assets | $ 26.9 | $ 35.5 | $ 49.9 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | |
Accounts payable and accrued expenses | $ 16.8 | $ 16.4 | |
Operating lease liabilities, less current portion | 11 | 27.2 | |
Total operating lease liabilities | 27.8 | 43.6 | |
Finance leases: | |||
Property, plant, equipment and mine development | 36.1 | 32.2 | |
Accumulated depreciation | (12.6) | (7.4) | |
Property, plant, equipment and mine development, net | $ 23.5 | $ 24.8 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt | |
Total finance lease liabilities | $ 23.6 | $ 29.3 | |
Weighted average remaining lease term (years) | |||
Operating leases | 2 years | ||
Finance leases | 6 years 8 months 12 days | ||
Weighted average discount rate | |||
Operating leases | 5.70% | ||
Finance leases | 7.20% | ||
Operating Leased Assets [Line Items] | |||
Operating lease liabilities | $ 16.8 | 16.4 | |
Long-term Debt | |||
Finance leases: | |||
Current portion of long-term debt | 13.2 | 15.3 | |
Long-term debt, less current portion | 10.4 | 14 | |
Operating Leased Assets [Line Items] | |||
Long-term debt, less current portion | 10.4 | 14 | |
Current portion of long-term debt | $ 13.2 | $ 15.3 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | $ 20.5 | $ 24.3 | $ 35.1 |
Operating cash flows for finance leases | 2.1 | 3.8 | 0.8 |
Financing cash flows for finance leases | 9.3 | 8.2 | 8.9 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 13.5 | 7.1 | 16.5 |
Finance leases | $ 6.4 | $ 24.4 | $ 1.6 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 18.6 | |
2024 | 7.4 | |
2025 | 1.6 | |
2026 | 1.4 | |
2027 | 0.3 | |
2028 and thereafter | 0.4 | |
Total lease payments | 29.7 | |
Less imputed interest | (1.9) | |
Total lease liabilities | 27.8 | $ 43.6 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2023 | 14.4 | |
2024 | 5.7 | |
2025 | 4 | |
2026 | 2.2 | |
2027 | 1 | |
2028 and thereafter | 0 | |
Total lease payments | 27.3 | |
Less imputed interest | (3.7) | |
Finance Lease, Liability | $ 23.6 | $ 29.3 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of period | $ 719.8 | $ 728.2 |
Liabilities settled or disposed | (51.7) | (72.4) |
Accretion expense | 56.2 | 54.9 |
Revisions to estimates | 25.7 | 9.1 |
Balance at end of period | 750 | 719.8 |
Less: Current portion (included in “Accounts payable and accrued expenses”) | 84.2 | 65 |
Asset retirement obligations | 665.8 | 654.8 |
Balance at end of period — active locations | 557.9 | 511.8 |
Balance at end of period — closed or inactive locations | 192.1 | 208 |
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | 1,250.1 | 1,294.7 |
Letters of credit in support of reclamation obligations or activities | $ 437.8 | $ 323 |
Postretirement Health Care an_3
Postretirement Health Care and Life Insurance Benefits - Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2023 | Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |||||
Average remaining service period (in years) | 1 year 10 months 24 days | 2 years 10 months 24 days | |||
Postretirement Health Care and Life Insurance Benefits | |||||
Retirement Benefits [Abstract] | |||||
Average remaining service period (in years) | 13 years | 14 years | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost for benefits earned | $ 0.8 | $ 1 | $ 3.8 | ||
Interest cost on accumulated postretirement benefit obligation | 7 | 10.5 | 20.2 | ||
Expected return on plan assets | (0.8) | (1) | (1.5) | ||
Amortization of prior service credit | (53.8) | (46.4) | (17.3) | ||
Net actuarial (gain) loss | (51.2) | (54.5) | 16.5 | ||
Net periodic postretirement benefit (credit) cost | $ (98) | $ (90.4) | $ 21.7 |
Postretirement Health Care an_4
Postretirement Health Care and Life Insurance Benefits - Pre-Tax Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - Postretirement Health Care and Life Insurance Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service credit arising during year | $ 0 | $ (139.5) | $ (185.4) |
Amortization: | |||
Prior service credit | 53.8 | 46.4 | 17.3 |
Total recorded in “Accumulated other comprehensive income” | 53.8 | $ (93.1) | $ (168.1) |
Defined benefit plan, expected amortization of prior service cost (credit), next fiscal year | $ 53.8 |
Postretirement Health Care an_5
Postretirement Health Care and Life Insurance Benefits - Reconciliation of Postretirement Plans' Funded Status to the Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2023 | Jan. 01, 2022 | |
Change in plan assets: | |||||
Average remaining service period (in years) | 1 year 10 months 24 days | 2 years 10 months 24 days | |||
Postretirement Health Care and Life Insurance Benefits | |||||
Change in benefit obligation: | |||||
Accumulated postretirement benefit obligation at beginning of period | $ 258.7 | $ 476.6 | |||
Service cost | 0.8 | 1 | $ 3.8 | ||
Interest cost | 7 | 10.5 | 20.2 | ||
Participant contributions | 0 | 0.1 | |||
Plan amendments | 0 | 139.5 | 185.4 | ||
Benefits paid | (21.2) | (34.5) | |||
Actuarial gain | (55.4) | (55.5) | |||
Accumulated postretirement benefit obligation at end of period | 189.9 | 258.7 | 476.6 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of period | 26.1 | 33.7 | |||
Actual return on plan assets | (3.4) | 0 | |||
Employer contributions | 15.9 | 26.8 | |||
Participant contributions | 0 | 0.1 | |||
Benefits paid and administrative fees (net of Medicare Part D reimbursements) | (21.2) | (34.5) | |||
Fair value of plan assets at end of period | 17.4 | 26.1 | 33.7 | ||
Funded status at end of period | (172.5) | (232.6) | |||
Less: Current portion (included in “Accounts payable and accrued expenses”) | 16 | 20.5 | |||
Noncurrent obligation (included in “Accrued postretirement benefit costs”) | $ (156.5) | (212.1) | |||
Average remaining service period (in years) | 13 years | 14 years | |||
Postretirement Health Care and Life Insurance Benefits | Retirement Plan Amendment One | |||||
Change in benefit obligation: | |||||
Plan amendments | $ 174.5 | ||||
Change in plan assets: | |||||
Average remaining service period (in years) | 2 years 10 months 24 days | 3 years 10 months 24 days | |||
Postretirement Health Care and Life Insurance Benefits | Retirement Plan Amendment Two | |||||
Change in benefit obligation: | |||||
Plan amendments | $ 10.9 | ||||
Change in plan assets: | |||||
Average remaining service period (in years) | 8 years 6 months | 9 years 6 months |
Postretirement Health Care an_6
Postretirement Health Care and Life Insurance Benefits - Assumptions Used to Determine the Benefit Obligations and Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Increase (Decrease) in Obligation, Other Postretirement Benefits | $ (109.3) | $ (108.2) | $ (12.1) |
Postretirement Health Care and Life Insurance Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 5.70% | 2.84% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 2.84% | 2.55% | 3.40% |
Expected long-term return on plan assets (pretax) | 5.75% | 5.75% | 7% |
Postretirement Health Care and Life Insurance Benefits | Maximum | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Expected long-term return on plan assets (pretax) | 5.75% | ||
Pre-Medicare | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 7% | 6% | |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75% | 4.75% | |
Post-Medicare | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 6.75% | 5.75% | |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75% | 4.75% |
Postretirement Health Care an_7
Postretirement Health Care and Life Insurance Benefits - Fair Value of Plan Assets in Non-Represented Trust by Asset (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | $ 430.4 | $ 0.3 | $ 1.2 | $ 4.1 |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 17.4 | 26.1 | $ 33.7 | |
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 7.3 | 12.2 | ||
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 10.1 | 13.9 | ||
Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | $ 0 | 0 | ||
Defined Benefit Plan, Equity Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Asset allocation strategy for the Non-Represented trust | 30% | |||
Fixed Income Securities | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Asset allocation strategy for the Non-Represented trust | 70% | |||
U.S. equity securities | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | $ 3.7 | 5.7 | ||
U.S. equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 3.7 | 5.7 | ||
U.S. equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
U.S. equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
International equity securities | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 1.1 | 2 | ||
International equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 1.1 | 2 | ||
International equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
International equity securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Corporate bonds | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 7.1 | 10.1 | ||
Corporate bonds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Corporate bonds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 7.1 | 10.1 | ||
Corporate bonds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
U.S. government securities | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 5 | 6.9 | ||
U.S. government securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 2 | 3.1 | ||
U.S. government securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 3 | 3.8 | ||
U.S. government securities | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Cash funds | Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0.5 | 1.4 | ||
Cash funds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 1 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0.5 | 1.4 | ||
Cash funds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 2 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Cash funds | Other Postretirement Benefits Plan | Fair Value, Inputs, Level 3 | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, assets | $ 0 | $ 0 |
Postretirement Health Care an_8
Postretirement Health Care and Life Insurance Benefits - Estimated Future Benefit Payments (Details) - USD ($) $ in Millions | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |||
Average remaining service period (in years) | 1 year 10 months 24 days | 2 years 10 months 24 days | |
Postretirement Health Care and Life Insurance Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
2023 | $ 23.1 | ||
2024 | 22.3 | ||
2025 | 21.1 | ||
2026 | 20.1 | ||
2027 | 18.9 | ||
Years 2028-2032 | $ 75.7 | ||
Average remaining service period (in years) | 13 years | 14 years | |
Postretirement Health Care and Life Insurance Benefits | Retirement Plan Amendment One | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average remaining service period (in years) | 2 years 10 months 24 days | 3 years 10 months 24 days | |
Postretirement Health Care and Life Insurance Benefits | Retirement Plan Amendment Two | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average remaining service period (in years) | 8 years 6 months | 9 years 6 months |
Pension and Savings Plans - Tex
Pension and Savings Plans - Textual (Details) | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2017 numberOfPlan | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of 401(k) plans | numberOfPlan | 3 | ||||
Paid discretionary contributions to defined contribution pension plans, company match | $ 20,100,000 | $ 9,700,000 | $ 9,600,000 | ||
Discretionary contributions to defined contribution pension plans, granted | 9,200,000 | 0 | 0 | ||
Payment of prior performance contributions | 4,000,000 | 0 | 0 | ||
Liability for Future Policy Benefits, Individual and Group Annuities and Supplementary Contracts | 500,000,000 | ||||
Australia | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Paid discretionary contributions to defined contribution pension plans, company match | 18,800,000 | 17,400,000 | 20,500,000 | ||
Discretionary contributions to defined contribution pension plans, granted | 1,600,000 | 0 | 0 | ||
Payment of prior performance contributions | 0 | 0 | 0 | ||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Payment for settlement | 51,600,000 | ||||
Settlement gain | 0 | 0 | 2,700,000 | ||
Net actuarial (gain) loss | $ 20,600,000 | $ 12,700,000 | $ (25,600,000) | ||
Expected long-term return on plan assets | 3.20% | 2.80% | 3.60% | ||
Accumulated benefit obligation | $ 580,900,000 | $ 751,700,000 | |||
Defined benefit plan, assets | $ 583,300,000 | 772,400,000 | $ 847,500,000 | ||
Percentage of company's qualified pension plans on a GAAP accounting basis | 80% | ||||
Peabody Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, assets | $ 464,700,000 | 611,600,000 | |||
Plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation | 454,800,000 | 583,100,000 | |||
Western Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, assets | 118,600,000 | 160,800,000 | |||
Plan with accumulated benefit obligation in excess of plan assets, accumulated benefit obligation | $ 126,100,000 | $ 168,600,000 | |||
Fixed Income Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Plan assets, target allocation, percentage | 100% | 100% | |||
Real Estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Plan assets, target allocation, percentage | 1% | 1% | |||
Scenario, Forecast | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 4.90% | ||||
Scenario, Forecast | Western Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected long-term return on plan assets | 4.65% |
Pension and Savings Plans - Com
Pension and Savings Plans - Components of Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | $ 0.1 | $ 0.2 | $ 0.3 |
Interest cost on projected benefit obligation | 21.4 | 20.4 | 28 |
Expected return on plan assets | (23.8) | (22.9) | (29.7) |
Settlement | 0 | 0 | (2.7) |
Net actuarial (gain) loss | 20.6 | 12.7 | (25.6) |
Net periodic pension cost (credit) | $ 18.3 | $ 10.4 | $ (29.7) |
Pension and Savings Plans - Cha
Pension and Savings Plans - Change in Benefit Obligation, Plan Assets and Funded Status of Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent asset (included in “Investments and other assets”) | $ 9.9 | $ 28.5 | |
Pension Plan | |||
Change in benefit obligation: | |||
Accumulated postretirement benefit obligation at beginning of period | 751.7 | 816.4 | |
Service cost | 0.1 | 0.2 | $ 0.3 |
Interest cost | 21.4 | 20.4 | 28 |
Benefits paid | (55.1) | (55.9) | |
Actuarial gain | (137.2) | (29.4) | |
Accumulated postretirement benefit obligation at end of period | 580.9 | 751.7 | 816.4 |
Funded status at end of period | 2.4 | 20.7 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 772.4 | 847.5 | |
Actual return on plan assets | (134) | (19.2) | |
Benefits paid | (55.1) | (55.9) | |
Fair value of plan assets at end of period | 583.3 | 772.4 | $ 847.5 |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent obligation (included in Other noncurrent liabilities) | (7.5) | (7.8) | |
Net amount recognized | $ 2.4 | $ 20.7 |
Pension and Savings Plans - Wei
Pension and Savings Plans - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 5.44% | 2.95% | |
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 2.95% | 2.60% | 3.40% |
Expected long-term return on plan assets | 3.20% | 2.80% | 3.60% |
Pension and Savings Plans - Fai
Pension and Savings Plans - Fair Value of Assets in the Master Trust by Asset (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | $ 430.4 | $ 0.3 | $ 1.2 | $ 4.1 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 583.3 | 772.4 | $ 847.5 | |
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 536.2 | 735 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 67.2 | 537.5 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 26.1 | 147.7 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 2 | 15.5 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0.7 | 3.3 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 9.8 | 30.7 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | Real estate interests | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0.3 | 0.3 | ||
Pension Plan | Fair Value, Inputs, Level 1, 2 and 3 | Group annuity contract | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 430.1 | |||
Pension Plan | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 33.1 | 155.9 | ||
Pension Plan | Level 1 | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 1 | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 23.3 | 125.2 | ||
Pension Plan | Level 1 | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 1 | Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 1 | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 9.8 | 30.7 | ||
Pension Plan | Level 1 | Real estate interests | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 1 | Group annuity contract | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | |||
Pension Plan | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 72.7 | 578.8 | ||
Pension Plan | Level 2 | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 67.2 | 537.5 | ||
Pension Plan | Level 2 | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 2.8 | 22.5 | ||
Pension Plan | Level 2 | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 2 | 15.5 | ||
Pension Plan | Level 2 | Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0.7 | 3.3 | ||
Pension Plan | Level 2 | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 2 | Real estate interests | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 2 | Group annuity contract | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | |||
Pension Plan | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 430.4 | 0.3 | ||
Pension Plan | Level 3 | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 3 | U.S. government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 3 | International government securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 3 | Asset-backed securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 3 | Cash funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0 | 0 | ||
Pension Plan | Level 3 | Real estate interests | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 0.3 | 0.3 | ||
Pension Plan | Level 3 | Group annuity contract | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | 430.1 | |||
Pension Plan | Fair Value Measured at Net Asset Value Per Share | Private mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, assets | $ 47.1 | $ 37.4 |
Pension and Savings Plans - C_2
Pension and Savings Plans - Changes in the Fair Value of Master Trust's Level 3 Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Level 3 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of period | $ 0.3 | $ 1.2 | $ 4.1 |
Realized gains | 0.1 | 0.9 | 1.6 |
Unrealized losses relating to investments still held at the reporting date | (68.8) | (0.6) | (2.1) |
Purchases, sales and settlements, net | 498.8 | (1.2) | (2.4) |
Fair value of plan assets at end of period | 430.4 | 0.3 | 1.2 |
Pension Plan | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of period | 772.4 | 847.5 | |
Fair value of plan assets at end of period | 583.3 | 772.4 | $ 847.5 |
Pension Plan | Level 3 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of period | 0.3 | ||
Fair value of plan assets at end of period | 430.4 | 0.3 | |
Pension Plan | Level 3 | Real estate interests | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of period | 0.3 | ||
Fair value of plan assets at end of period | $ 0.3 | $ 0.3 |
Pension and Savings Plans - Est
Pension and Savings Plans - Estimated Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Payment of prior performance contributions | $ 4 | $ 0 | $ 0 |
Pension Plan | |||
Estimated Future Benefit Payments | |||
2023 | 76.1 | ||
2024 | 11.1 | ||
2025 | 11 | ||
2026 | 10.8 | ||
2027 | 10.6 | ||
Years 2028-2032 | $ 49.6 |
Stockholders' Equity - Textual
Stockholders' Equity - Textual (Details) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | 45 Months Ended | |||||
Dec. 31, 2017 USD ($) | Dec. 31, 2022 USD ($) numberOfVote $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 shares | Oct. 30, 2018 USD ($) | Aug. 01, 2017 USD ($) | |
Class of Stock [Line Items] | ||||||||
Common Stock, shares authorized (in shares) | 450,000,000 | 450,000,000 | ||||||
Common Stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Number of vote per common stock | numberOfVote | 1 | |||||||
Preferred Stock, shares authorized (in shares) | 100,000,000 | |||||||
Preferred Stock, shares outstanding (in shares) | 0 | |||||||
Common Stock, shares outstanding (in shares) | 143,900,000 | 133,300,000 | 97,800,000 | 97,800,000 | 96,900,000 | |||
Stock repurchase program, authorized amount | $ | $ 1,500 | $ 500 | ||||||
Treasury stock, shares, acquired (in shares) | 41,500,000 | |||||||
Payments for repurchase of common stock | $ | $ 1,340.3 | |||||||
Payments for commissions | $ | $ 0.8 | |||||||
Stock repurchase program, remaining authorized repurchase amount | $ | $ 160.5 | |||||||
Stock repurchased during period, shares | 200,000 | 300,000 | 400,000 | |||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, shares authorized (in shares) | 450,000,000 | |||||||
Common Stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | |||||||
Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||||
Preferred Stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, shares outstanding (in shares) | 0 | 0 | ||||||
Series Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||||||
Common Stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Common Stock, shares outstanding (in shares) | 0 | 0 | ||||||
Treasury Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares relinquished, shares | 200,000 | 300,000 | 400,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding at the beginning of the period | 133,300,000 | 97,800,000 | 96,900,000 |
Shares issued for vested restricted stock units | 700,000 | 1,000,000 | 1,300,000 |
Common Stock, shares issued (in shares) | 187,100,000 | 176,300,000 | |
Shares repurchased | (200,000) | (300,000) | (400,000) |
Shares outstanding at the end of the period | 143,900,000 | 133,300,000 | 97,800,000 |
Class of Stock [Line Items] | |||
Common Stock, shares issued (in shares) | 187,100,000 | 176,300,000 | |
Debt for Equity Exchange | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, shares issued (in shares) | 0 | 10,000,000 | 0 |
Class of Stock [Line Items] | |||
Common Stock, shares issued (in shares) | 0 | 10,000,000 | 0 |
At Market Issuance | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common Stock, shares issued (in shares) | 10,100,000 | 24,800,000 | 0 |
Class of Stock [Line Items] | |||
Common Stock, shares issued (in shares) | 10,100,000 | 24,800,000 | 0 |
Share-Based Compensation - Text
Share-Based Compensation - Textual (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Unrecognized compensation cost related to nonvested awards net of tax Total | $ 4.2 | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 6 months | |||
Unrecognized compensation cost period for recognition, weighted-average, years | 6 months | |||
Employee Benefits and Share-based Compensation | $ 1.3 | |||
transition agreement | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Employee Benefits and Share-based Compensation | 2.5 | |||
2017 Incentive Plan | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Common stock reserved for future issuance | 14,000,000 | |||
Common Stock | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 6,900,000 | |||
Deferred Stock Units | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Award vesting period | 12 months | |||
Award settlement period after grant date | 3 years | |||
Restricted Stock Units (RSUs) | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Award vesting period | 3 years | |||
Total fair value of restricted stock units granted | $ 3.9 | $ 3.1 | $ 16.6 | |
Nonvested shares outstanding (in shares) | 778,313 | 1,103,828 | ||
Total fair value of restricted stock units vested | $ 6.8 | $ 3.3 | $ 5.6 | |
Share-based Compensation, Performance Feature | 100% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 245,371 | |||
Performance Units | ||||
Share-Based Compensation Expense and Cash Flows (Line Items) | ||||
Award vesting period | 3 years | |||
Return on invested capital period | 3 years | |||
Stock price measurement period | 3 years | |||
Payout term, percentage of change | 25% | |||
Nonvested shares outstanding (in shares) | 450,021 | 650,906 | ||
Vested performance units | 120,289 | |||
Shares Issued, Price Per Share | $ 17.43 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2.1 | |||
Share-based Compensation, Performance Feature | 100% |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 8.4 | $ 10 | $ 13.5 |
Tax benefit | 0 | 0 | 0 |
Share-based compensation expense, net of tax benefit | 8.4 | 10 | 13.5 |
Cash received upon the exercise of stock options | 0 | 0 | 0 |
Write-off tax benefits related to share-based compensation | $ 0 | $ 0 | $ 0 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Award Activity (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock Units | |
Nonvested at December 31, 2021 | shares | 1,103,828 |
Granted | shares | 325,040 |
Vested | shares | (550,468) |
Forfeited | shares | (100,087) |
Nonvested at December 31, 2022 | shares | 778,313 |
Weighted Average Grant-Date Fair Value | |
Nonvested at December 31, 2021 | $ / shares | $ 8.99 |
Granted | $ / shares | 11.87 |
Vested | $ / shares | 10.60 |
Forfeited | $ / shares | 8.38 |
Nonvested at December 31, 2022 | $ / shares | $ 9.13 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Units (Details) - Performance Units | 12 Months Ended |
Dec. 31, 2022 shares | |
Performance Units [Abstract] | |
Nonvested at December 31, 2021 | 650,906 |
Granted | 0 |
Vested | (109,709) |
Forfeited | (91,176) |
Nonvested at December 31, 2022 | 450,021 |
Weighted Average Remaining Contractual Life | |
Nonvested at December 31, 2021 | 0.7 |
Nonvested at December 31, 2022 | 0 |
Other Events (Details)
Other Events (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Commercial Events [Line Items] | |||
Interest in unincorporated joint venture project | 50% | ||
Contribution to construction and development of joint venture | $ 17 | $ 59 | $ 72 |
Mine Reclamation and Closing Liability, Noncurrent | 5.7 | ||
Millennium Mine | |||
Other Commercial Events [Line Items] | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 26.1 | ||
Wilkie Creek Mine | |||
Other Commercial Events [Line Items] | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 24.6 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic EPS numerator: | |||
Income (loss) from continuing operations, net of income taxes | $ 1,317.4 | $ 347.4 | $ (1,859.8) |
Less: Net income (loss) attributable to noncontrolling interests | 22 | 11.3 | (3.5) |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | 1,304.1 | ||
Income (loss) from continuing operations attributable to common stockholders | 1,295.4 | 336.1 | (1,856.3) |
Income (loss) from discontinued operations, net of income taxes | 1.7 | 24 | (14) |
Net Income (Loss) Available to Common Stockholders, Diluted | 1,305.8 | 360.1 | (1,870.3) |
Net (loss) income attributable to common stockholders, after allocation of earnings to participating securities | $ 1,297.1 | $ 360.1 | $ (1,870.3) |
EPS denominator: | |||
Weighted average shares outstanding — basic (in shares) | 142,100 | 111,100 | 97,700 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,600 | 900 | 0 |
Impact of dilutive securities (in shares) | 13,500 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 157,200 | 112,000 | 97,700 |
Basic EPS attributable to common stockholders: | |||
(Loss) income from continuing operations (in dollars per share) | $ 9.12 | $ 3.03 | $ (18.99) |
(Loss) income from discontinued operations (in dollars per share) | 0.01 | 0.21 | (0.15) |
Basic (loss) income per share (in dollars per share) | 9.13 | 3.24 | (19.14) |
Diluted EPS attributable to common stockholders: | |||
(Loss) income from continuing operations (in dollars per share) | 8.29 | 3 | (18.99) |
(Loss) income from discontinued operations (in dollars per share) | 0.02 | 0.22 | (0.15) |
Diluted (loss) income per share (in dollars per share) | $ 8.31 | $ 3.22 | $ (19.14) |
Earnings per Share (EPS) (Textuals) [Abstract] | |||
Antidilutive shares excluded from EPS calculation | 100 | 100 | 2,200 |
3.250% Convertible Senior Notes due March 2028 | Senior Notes | |||
Basic EPS numerator: | |||
Interest on Convertible Debt, Net of Tax | $ 8.7 | $ 0 | $ 0 |
Management - Labor Relations (D
Management - Labor Relations (Details) | 12 Months Ended |
Dec. 31, 2022 numberOfEmployee numberOfMine | |
Concentration Risk [Line Items] | |
Number of employees | 5,500 |
Number of hourly employees | 4,300 |
Hourly employees represented by organized labor unions (in percent) | 34% |
Coal production generated by hourly employees represented by organized labor unions (in percent) | 16% |
Number of us mines represented by unions | numberOfMine | 1 |
Represented by Organized Labor Union | Kayenta Mine | |
Concentration Risk [Line Items] | |
Number of employees | 20 |
Represented by Organized Labor Union | Shoal Creek | |
Concentration Risk [Line Items] | |
Number of employees | 330 |
Represented by Organized Labor Union | Wilpinjong Mine | |
Concentration Risk [Line Items] | |
Number of employees | 465 |
Represented by Organized Labor Union | Coppabella Mine | |
Concentration Risk [Line Items] | |
Number of employees | 330 |
Represented by Organized Labor Union | Moorvale Mine | |
Concentration Risk [Line Items] | |
Number of employees | 225 |
Represented by Organized Labor Union | Metropolitan Underground Mine | |
Concentration Risk [Line Items] | |
Number of employees | 150 |
Represented by Organized Labor Union | Metropolitan Prep Plant | |
Concentration Risk [Line Items] | |
Number of employees | 20 |
Represented by Organized Labor Union | Wambo Underground Mine | |
Concentration Risk [Line Items] | |
Number of employees | 120 |
Represented by Organized Labor Union | Wambo Prep Plant | |
Concentration Risk [Line Items] | |
Number of employees | 20 |
Financial Instruments, Guaran_2
Financial Instruments, Guarantees With Off-Balance-Sheet Risk and Other Guarantees (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 01, 2023 | Jan. 31, 2022 | Nov. 06, 2020 | Apr. 03, 2017 | |
Guarantee Obligations [Line Items] | |||||||||
Letters of credit outstanding, amount | $ 569,600,000 | $ 569,600,000 | |||||||
Asset retirement obligations | 750,000,000 | 750,000,000 | $ 719,800,000 | $ 728,200,000 | |||||
Surety bonds and bank guarantees outstanding to secure reclamation obligations or activities | 1,250,100,000 | 1,250,100,000 | 1,294,700,000 | ||||||
Letters of credit outstanding for reclamation | 431,700,000 | 431,700,000 | |||||||
Interest expense | 140,300,000 | 183,400,000 | 139,800,000 | ||||||
Restricted cash included in “Restricted cash and collateral arrangements” | 110,300,000 | 110,300,000 | |||||||
Collateralized Agreements | 77,000,000 | 77,000,000 | 23,800,000 | ||||||
Accrued Reclamation Costs, Current | 43,900,000 | 43,900,000 | 15,000,000 | ||||||
Financial Instrument, Surety Bonds Amount | $ 1,376,800,000 | 1,376,800,000 | |||||||
Line of Credit Facility, Collateral | 111.0 million | ||||||||
Surety Bond | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Transaction support agreements, additional collateral to be posted | $ 75,000,000 | ||||||||
Debt instrument, transaction support agreements, fair value of second liens on mining equipment | 200,000,000 | ||||||||
Transaction support agreements, additional collateral to be posted per year through 2024 | 25,000,000 | ||||||||
Transaction support agreements, additional collateral term, free cash flow in any twelve-month period | 100,000,000 | ||||||||
Transaction support agreements, additional collateral term, sale of assets benchmark (in excess of) | $ 10,000,000 | ||||||||
Debt Instrument, Transaction Support Agreements, Additional Collateral Posted | 102,400,000 | ||||||||
Surety Bond | Subsequent Event | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Debt Instrument, Transaction Support Agreements, Additional Collateral Posted | $ 74,400,000 | ||||||||
Accounts Receivable Securitization Program, April 3, 2020 | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Exit facility, maximum borrowing capacity | $ 175,000,000 | $ 250,000,000 | |||||||
Line of credit facility, remaining borrowing capacity | $ 7,000,000 | 7,000,000 | |||||||
Accounts Receivable Securitization Program, April 3, 2020 | Scenario, Forecast | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Exit facility, maximum borrowing capacity | $ 225,000,000 | ||||||||
Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Letters of credit outstanding, amount | 168,000,000 | 168,000,000 | |||||||
Long-term debt | 0 | 0 | |||||||
Interest expense | $ 3,800,000 | $ 2,900,000 | $ 2,600,000 | ||||||
Secured Debt | Accounts Receivable Securitization Program, April 3, 2020 | LIBOR | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Basis spread on variable rate | 2.10% | ||||||||
Letter of Credit | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Letters of credit outstanding, amount | 103,300,000 | $ 103,300,000 | |||||||
Exit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | |||||||
Cash Collateral, Percentage of the aggregate amount of letters of credit outstanding | 103% | 103% | |||||||
Stated interest rate | 0.75% | 0.75% | |||||||
Letter of Credit | Maximum | |||||||||
Guarantee Obligations [Line Items] | |||||||||
Transaction support agreements, additional collateral demands | $ 5,000,000 | $ 5,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 29, 2022 USD ($) | Oct. 09, 2015 buyer | Dec. 31, 2007 USD ($) | |
Long-term Purchase Commitment [Line Items] | ||||||
Take-or-pay arrangement term (up to) | 20 years | |||||
Take-or-pay obligations | $ 1,400 | |||||
Take or pay obligations due in one year | 103 | |||||
Securities class action settlement | $ 4.6 | |||||
Patriot Coal Corporation | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Number of buyers | buyer | 2 | |||||
Patriot Coal Corporation | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | Black Lung Occupational Disease Liability | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Loss contingency accrual | 82.3 | $ 87.2 | $ 150 | |||
Loss contingency accrual, mark-to-market adjustment | 2.7 | $ 2.1 | $ 4.2 | |||
Capital Additions | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Unrecorded unconditional purchase obligation (within next five years) | 102.1 | |||||
Unrecorded unconditional purchase obligation (within next 12 months) | $ 94.1 |
Segment and Geographic Inform_3
Segment and Geographic Information - Segment Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 4,981.9 | $ 3,318.3 | $ 2,881.1 |
Adjusted EBITDA | 1,844.7 | 916.7 | 258.8 |
Additions to property, plant, equipment and mine development | 221.5 | 183.1 | 191.4 |
(Income) loss from equity affiliates | (131.2) | (82.1) | 60.1 |
Seaborne Thermal Mining | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,345.6 | 934 | 711.8 |
Adjusted EBITDA | 647.6 | 353.1 | 163.2 |
Additions to property, plant, equipment and mine development | 38.8 | 88.6 | 100.7 |
(Income) loss from equity affiliates | 0 | 0 | 0 |
Seaborne Metallurgical Mining | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,616.9 | 727.7 | 486.5 |
Adjusted EBITDA | 781.7 | 178.2 | (130.2) |
Additions to property, plant, equipment and mine development | 84.8 | 25.1 | 50.8 |
(Income) loss from equity affiliates | 0 | 0 | 0 |
Powder River Basin Mining | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,065.5 | 971.2 | 991.1 |
Adjusted EBITDA | 68.2 | 134.9 | 194.8 |
Additions to property, plant, equipment and mine development | 59.1 | 41.4 | 13.2 |
(Income) loss from equity affiliates | 0 | 0 | 0 |
Other U.S. Thermal Mining | |||
Segment Reporting Information [Line Items] | |||
Revenues | 952.2 | 689.1 | 707.3 |
Adjusted EBITDA | 242.4 | 164.2 | 168.4 |
Additions to property, plant, equipment and mine development | 35.3 | 24.2 | 23.3 |
(Income) loss from equity affiliates | 0 | 0 | 0 |
Corporate and Other (1) | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1.7 | (3.7) | (15.6) |
Adjusted EBITDA | 104.8 | 86.3 | (137.4) |
Additions to property, plant, equipment and mine development | 3.5 | 3.8 | 3.4 |
(Income) loss from equity affiliates | $ (131.2) | $ (82.1) | $ 60.1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reconciliation of Assets by Segment to Consolidated Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 5,610.8 | $ 4,949.8 | $ 4,667.1 |
Property, plant, equipment and mine development, net | 2,865 | 2,950.6 | 3,051.1 |
Operating lease right-of-use assets | 26.9 | 35.5 | 49.9 |
Seaborne Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,632.6 | 1,669.6 | 1,763 |
Property, plant, equipment and mine development, net | 1,220.7 | 1,298.8 | 1,347.3 |
Operating lease right-of-use assets | 20.5 | 19.2 | 30.8 |
U.S. Thermal Mining | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,359.4 | 1,318.5 | 1,345.3 |
Property, plant, equipment and mine development, net | 1,217.5 | 1,209.5 | 1,258.8 |
Operating lease right-of-use assets | 0.5 | 3.3 | 3.5 |
Corporate and Other (1) | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 2,618.8 | 1,961.7 | 1,558.8 |
Property, plant, equipment and mine development, net | 426.8 | 442.3 | 445 |
Operating lease right-of-use assets | $ 5.9 | $ 13 | $ 15.6 |
Segment and Geographic Inform_5
Segment and Geographic Information - Reconciliation of Consolidated Income (Loss), Net of Income Taxes to Adjusted EBITDA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (loss) from continuing operations, net of income taxes | $ 1,317.4 | $ 347.4 | $ (1,859.8) |
Depreciation, depletion and amortization | 317.6 | 308.7 | 346 |
Asset retirement obligation expenses | 49.4 | 44.7 | 45.7 |
Restructuring charges | 2.9 | 8.3 | 37.9 |
Transaction costs related to joint ventures | 0 | 0 | 23.1 |
Asset impairment | 11.2 | 0 | 1,487.4 |
Changes in deferred tax asset valuation allowance and reserves and amortization of basis difference related to equity affiliates | (2.3) | (33.8) | 30.9 |
Interest expense | 140.3 | 183.4 | 139.8 |
Net loss (gain) on early debt extinguishment | 57.9 | (33.2) | 0 |
Interest income | (18.4) | (6.5) | (9.4) |
Net mark-to-market adjustment on actuarially determined liabilities | (27.8) | (43.4) | (5.1) |
Unrealized losses on derivative contracts related to forecasted sales | 35.8 | 115.1 | 29.6 |
Unrealized losses (gains) on foreign currency option contracts | 2.3 | 7.5 | (7.1) |
Take-or-pay contract-based intangible recognition | (2.8) | (4.3) | (8.2) |
Income tax (benefit) provision | (38.8) | 22.8 | 8 |
Total Adjusted EBITDA | $ 1,844.7 | $ 916.7 | $ 258.8 |
Segment and Geographic Inform_6
Segment and Geographic Information - Revenues as a Percent of Total Revenues by Geographic Region (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 100% | 100% | 100% |
U.S. | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 36.60% | 45.50% | 56.20% |
Japan | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 19.40% | 14.20% | 13.30% |
Taiwan | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 9.30% | 14.40% | 7.70% |
Australia | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 8.50% | 7.70% | 6.90% |
China | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 0% | 0% | 3.80% |
India | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 2.90% | 5.40% | 2.60% |
Vietnam | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 2.80% | 2% | 2.40% |
South Korea | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 2.10% | 1.40% | 0.80% |
Other | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 10.60% | 5.20% | 5.70% |
INDONESIA | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 1.50% | 3% | 0.20% |
BRAZIL | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 2.80% | 0.90% | 0.10% |
BELGIUM | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 1.30% | 0% | 0.30% |
CHILE | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 1.10% | 0.30% | 0% |
FRANCE | |||
Revenues as a Percent of Total Revenues by Geographic Region [Line Items] | |||
Segment Reporting, Revenue Percentage | 1.10% | 0% | 0% |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Advance royalty recoupment reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 0.3 | $ 0.3 | $ 0.3 |
Charged to Costs and Expenses | (0.3) | 0 | 0 |
Deductions | 0 | 0 | 0 |
Other(2) | 0 | 0 | 0 |
Balance at End of Period | 0 | 0.3 | 0.3 |
Reserve for materials and supplies | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 9 | 10.4 | 7.9 |
Charged to Costs and Expenses | 1.4 | 0.6 | 3.5 |
Deductions | (0.9) | (2) | (1) |
Other(2) | 0 | 0 | 0 |
Balance at End of Period | 9.5 | 9 | 10.4 |
Tax valuation allowances | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 2,120.8 | 2,287.3 | 2,068.4 |
Charged to Costs and Expenses | (583.8) | (121.7) | 373.2 |
Deductions | 0 | 0 | 0 |
Other(2) | (86) | (44.8) | (154.3) |
Balance at End of Period | $ 1,451 | $ 2,120.8 | $ 2,287.3 |