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Coal Trading (Tables)

6 Months Ended

Jun. 30, 2011


	Three Months Ended June 30,					Six Months Ended June 30,
Trading Revenues by Type of Instrument	2011		2010			2011			2010
	(Dollars in millions)
Commodity swaps and options	$	5.8	$	(36.8	)	$	(26.0	)	$	(9.4	)

Physical commodity purchase/sale contracts		9.4		89.7			31.3			118.3


Total trading revenues	$	15.2	$	52.9		$	5.3		$	108.9

Fair value of assets and liabilities from coal trading activities


	June 30, 2011						December 31, 2010
	(Dollars in millions)
	Gross Basis			Net Basis			Gross Basis			Net Basis
Assets from coal trading activities	$	1,095.5		$	109.2		$	1,706.2		$	192.5
Liabilities from coal trading activities		(1,248.5	)		(106.1	)		(1,843.5	)		(181.7	)

Subtotal		(153.0	)		3.1			(137.3	)		10.8
Net margin posted ⁽¹⁾		156.1			—			148.1			—

Net value of coal trading positions	$	3.1		$	3.1		$	10.8		$	10.8


⁽¹⁾		Represents margin posted with counterparties and exchanges of $156.1 million at June 30, 2011; and margin posted with counterparties and exchanges of $148.2 million, net of margin held of $0.1 million at December 31, 2010. In addition, at December 31, 2010, the Company held letters of credit of $5.0 million from counterparties in lieu of margin posted. Of the margin posted at June 30, 2011, approximately 88% related to cash flow hedges.

Fair value coal trading net assets (liabilities) measured on recurring basis


	June 30, 2011
	Level 1		Level 2			Level 3		Total
	(Dollars in millions)
Commodity swaps and options	$	7.3	$	(19.7	)	$	—	$	(12.4	)
Physical commodity purchase/sale contracts		—		5.5			10.0		15.5

Total net financial assets (liabilities)	$	7.3	$	(14.2	)	$	10.0	$	3.1


	December 31, 2010
	Level 1		Level 2			Level 3		Total
	(Dollars in millions)
Commodity swaps and options	$	10.7	$	(76.2	)	$	—	$	(65.5	)
Physical commodity purchase/sale contracts		—		57.7			18.6		76.3

Total net financial assets (liabilities)	$	10.7	$	(18.5	)	$	18.6	$	10.8

Change in the Company's recurring Level 3 net financial assets


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
	(Dollars in millions)
Beginning of period	$	12.5		$	12.5		$	18.6		$	17.0
Total gains or losses (realized/unrealized):
Included in earnings		(1.9	)		3.3			9.5			(0.4	)
Included in other comprehensive income		—			0.5			—			—
Settlements		(0.7	)		(2.5	)		1.0			(2.8	)
Transfers out		0.1			—			(19.1	)		—

End of period	$	10.0		$	13.8		$	10.0		$	13.8

Changes in unrealized gains (losses) relating to Level 3 net financial assets


	Three Months Ended June 30,					Six Months Ended June 30,
	2011			2010		2011		2010
	(Dollars in millions)
Changes in unrealized gains (losses) ⁽¹⁾	$	(0.6	)	$	2.2	$	9.9	$	1.3


(1)		Within the unaudited condensed consolidated statements of operations for the periods presented, unrealized gains and losses from Level 3 items are combined with unrealized gains and losses on positions classified in Level 1 or 2, as well as other positions that have been realized during the applicable periods.

Schedule of future realization of the Company's trading portfolio


Year of		Percentage of
Expiration		Portfolio Total
	2011		54	%
	2012		32	%
	2013		4	%
	2014		7	%
	2015		3	%

			100	%

- Definition

This element represents the disclosure related to assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details