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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
For the quarterly period ended
March 31, 2020
 

or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
For the transition period from ____________ to ____________
 
 
Commission File Number: 1-16463
____________________________________________
peabodylogoa36.jpg
PEABODY ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
13-4004153
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
701 Market Street,
St. Louis,
Missouri
 
 
63101-1826
(Address of principal executive offices)
 
(Zip Code)
(314342-3400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BTU
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☑                         Accelerated filer
Non-accelerated filer ☐                         Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No
There were 97.7 million shares of the registrant’s common stock (par value of $0.01 per share) outstanding at May 1, 2020.




TABLE OF CONTENTS
 
Page
 
 



Table of Contents



PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions, except per share data)
Revenues
$
846.2

 
$
1,250.6

Costs and expenses
 
 
 
Operating costs and expenses (exclusive of items shown separately below)
779.5

 
948.2

Depreciation, depletion and amortization
106.0

 
172.5

Asset retirement obligation expenses
17.6

 
13.8

Selling and administrative expenses
24.9

 
36.7

Restructuring charges
6.5

 
0.2

Transaction costs related to joint ventures
4.2

 

Other operating (income) loss:
 
 

Net gain on disposals
(8.1
)
 
(1.5
)
Provision for North Goonyella equipment loss

 
24.7

North Goonyella insurance recovery

 
(125.0
)
Loss (income) from equity affiliates
9.1

 
(3.5
)
Operating (loss) profit
(93.5
)
 
184.5

Interest expense
33.1

 
35.8

Interest income
(3.1
)
 
(8.3
)
Net periodic benefit costs, excluding service cost
2.8

 
4.9

(Loss) income from continuing operations before income taxes
(126.3
)
 
152.1

Income tax provision
3.0

 
18.8

(Loss) income from continuing operations, net of income taxes
(129.3
)
 
133.3

Loss from discontinued operations, net of income taxes
(2.2
)
 
(3.4
)
Net (loss) income
(131.5
)
 
129.9

Less: Net (loss) income attributable to noncontrolling interests
(1.8
)
 
5.7

Net (loss) income attributable to common stockholders
$
(129.7
)
 
$
124.2

 
 
 
 
(Loss) income from continuing operations:
 
 
 
Basic (loss) income per share
$
(1.31
)
 
$
1.18

Diluted (loss) income per share
$
(1.31
)
 
$
1.15

Net (loss) income attributable to common stockholders:
 
 
 
Basic (loss) income per share
$
(1.33
)
 
$
1.14

Diluted (loss) income per share
$
(1.33
)
 
$
1.12



See accompanying notes to unaudited condensed consolidated financial statements.


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PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions)
Net (loss) income
$
(131.5
)
 
$
129.9

Postretirement plans and workers’ compensation obligations (net of $0.0 tax provisions in each period)
(2.2
)
 
(2.2
)
Foreign currency translation adjustment
(6.8
)
 
0.1

Other comprehensive loss, net of income taxes
(9.0
)
 
(2.1
)
Comprehensive (loss) income
(140.5
)
 
127.8

Less: Net (loss) income attributable to noncontrolling interests
(1.8
)
 
5.7

Comprehensive (loss) income attributable to common stockholders
$
(138.7
)
 
$
122.1



See accompanying notes to unaudited condensed consolidated financial statements.


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PEABODY ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(Unaudited)
 
 
 
March 31, 2020
 
December 31, 2019
 
(Amounts in millions, except per share data)
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
682.5

 
$
732.2

Accounts receivable, net of allowance for credit losses of $0.0 at March 31, 2020 and December 31, 2019
265.2

 
329.5

Inventories
269.2

 
331.5

Other current assets
202.3

 
220.7

Total current assets
1,419.2

 
1,613.9

Property, plant, equipment and mine development, net
4,607.8

 
4,679.1

Operating lease right-of-use assets
78.0

 
82.4

Investments and other assets
120.5

 
139.1

Deferred income taxes
4.9

 
28.3

Total assets
$
6,230.4

 
$
6,542.8

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Current portion of long-term debt
$
12.6

 
$
18.3

Accounts payable and accrued expenses
793.4

 
957.0

Total current liabilities
806.0

 
975.3

Long-term debt, less current portion
1,294.3

 
1,292.5

Deferred income taxes
25.5

 
28.8

Asset retirement obligations
666.6

 
654.1

Accrued postretirement benefit costs
587.7

 
593.4

Operating lease liabilities, less current portion
44.5

 
52.8

Other noncurrent liabilities
272.5

 
273.4

Total liabilities
3,697.1

 
3,870.3

Stockholders’ equity
 
 
 
Preferred Stock — $0.01 per share par value; 100.0 shares authorized, no shares issued or outstanding as of March 31, 2020 and December 31, 2019

 

Series Common Stock — $0.01 per share par value; 50.0 shares authorized, no shares issued or outstanding as of March 31, 2020 and December 31, 2019

 

Common Stock — $0.01 per share par value; 450.0 shares authorized, 139.6 shares issued and 97.2 shares outstanding as of March 31, 2020 and 139.2 shares issued and 96.9 shares outstanding as of December 31, 2019
1.4

 
1.4

Additional paid-in capital
3,353.3

 
3,351.1

Treasury stock, at cost — 42.4 and 42.3 common shares as of March 31, 2020 and December 31, 2019
(1,368.1
)
 
(1,367.3
)
Retained earnings
467.3

 
597.0

Accumulated other comprehensive income
22.6

 
31.6

Peabody Energy Corporation stockholders’ equity
2,476.5

 
2,613.8

Noncontrolling interests
56.8

 
58.7

Total stockholders’ equity
2,533.3

 
2,672.5

Total liabilities and stockholders’ equity
$
6,230.4

 
$
6,542.8


See accompanying notes to unaudited condensed consolidated financial statements.


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PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions)
Cash Flows From Operating Activities
 
 
 
Net (loss) income
$
(131.5
)
 
$
129.9

Loss from discontinued operations, net of income taxes
2.2

 
3.4

(Loss) income from continuing operations, net of income taxes
(129.3
)
 
133.3

Adjustments to reconcile (loss) income from continuing operations, net of income taxes to net cash (used in) provided by operating activities:
 
 
 
Depreciation, depletion and amortization
106.0

 
172.5

Noncash interest expense, net
4.0

 
5.5

Deferred income taxes
(3.4
)
 

Noncash share-based compensation
2.2

 
11.6

Net gain on disposals
(8.1
)
 
(1.5
)
Loss (income) from equity affiliates
9.1

 
(3.5
)
Provision for North Goonyella equipment loss

 
24.7

North Goonyella insurance recovery

 
(116.9
)
Foreign currency option contracts
0.9

 
1.1

Changes in current assets and liabilities:
 
 
 
Accounts receivable
64.2

 
5.5

Inventories
62.4

 
11.1

Other current assets
17.5

 
(3.1
)
Accounts payable and accrued expenses
(125.1
)
 
(30.6
)
Asset retirement obligations
6.4

 
5.5

Workers’ compensation obligations
(0.8
)
 
0.8

Postretirement benefit obligations
(7.9
)
 
(6.2
)
Pension obligations
0.1

 
1.0

Other, net
0.2

 
(10.0
)
Net cash (used in) provided by continuing operations
(1.6
)
 
200.8

Net cash used in discontinued operations
(3.1
)
 
(3.2
)
Net cash (used in) provided by operating activities
(4.7
)
 
197.6

Cash Flows From Investing Activities
 
 
 
Additions to property, plant, equipment and mine development
(31.3
)
 
(35.8
)
Changes in accrued expenses related to capital expenditures
(11.4
)
 
(3.8
)
Proceeds from disposal of assets, net of receivables
10.5

 
11.0

Amount attributable to acquisition of Shoal Creek Mine

 
(2.4
)
Contributions to joint ventures
(96.3
)
 
(118.4
)
Distributions from joint ventures
98.4

 
110.9

Advances to related parties
(6.9
)
 
(1.5
)
Cash receipts from Middlemount Coal Pty Ltd

 
1.1

Other, net
(0.1
)
 
0.8

Net cash used in investing activities
(37.1
)
 
(38.1
)
See accompanying notes to unaudited condensed consolidated financial statements.


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PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions)
Cash Flows From Financing Activities
 
 
 
Repayments of long-term debt
(7.2
)
 
(8.3
)
Common stock repurchases

 
(98.8
)
Repurchase of employee common stock relinquished for tax withholding
(0.8
)
 
(1.4
)
Dividends paid

 
(214.4
)
Distributions to noncontrolling interests
(0.1
)
 
(14.3
)
Other, net
0.2

 
(0.1
)
Net cash used in financing activities
(7.9
)
 
(337.3
)
Net change in cash, cash equivalents and restricted cash
(49.7
)
 
(177.8
)
Cash, cash equivalents and restricted cash at beginning of period
732.2

 
1,017.4

Cash, cash equivalents and restricted cash at end of period
$
682.5

 
$
839.6

 
 
 
 
See accompanying notes to unaudited condensed consolidated financial statements.



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Table of Contents



PEABODY ENERGY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions, except per share data)
Common Stock
 
 
 
Balance, beginning of period
$
1.4

 
$
1.4

Balance, end of period
1.4

 
1.4

Additional paid-in capital
 
 
 
Balance, beginning of period
3,351.1

 
3,304.7

Dividend equivalent units on dividends declared

 
6.0

Share-based compensation for equity-classified awards
2.2

 
11.6

Balance, end of period
3,353.3

 
3,322.3

Treasury stock
 
 
 
Balance, beginning of period
(1,367.3
)
 
(1,025.1
)
Common stock repurchases

 
(98.8
)
Repurchase of employee common stock relinquished for tax withholding
(0.8
)
 
(1.4
)
Balance, end of period
(1,368.1
)
 
(1,125.3
)
Retained earnings
 
 
 
Balance, beginning of period
597.0

 
1,074.5

Net (loss) income
(129.7
)
 
124.2

Dividends declared ($0.000 per share, $1.980 per share)

 
(220.4
)
Balance, end of period
467.3

 
978.3

Accumulated other comprehensive income
 
 
 
Balance, beginning of period
31.6

 
40.1

Postretirement plans and workers' compensation obligations (net of $0.0 tax provisions in each period)
(2.2
)
 
(2.2
)
Foreign currency translation adjustment
(6.8
)
 
0.1

Balance, end of period
22.6

 
38.0

Noncontrolling interests
 
 
 
Balance, beginning of period
58.7

 
56.0

Net (loss) income
(1.8
)
 
5.7

Distributions to noncontrolling interests
(0.1
)
 
(14.3
)
Balance, end of period
56.8

 
47.4

Total stockholders’ equity
$
2,533.3

 
$
3,262.1


See accompanying notes to unaudited condensed consolidated financial statements.


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Table of Contents



PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1)    Basis of Presentation
The condensed consolidated financial statements include the accounts of Peabody Energy Corporation (PEC) and its consolidated subsidiaries and affiliates (along with PEC, the Company or Peabody). Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in a joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenues and expenses of the jointly controlled entities within each applicable line item of the unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation. Balance sheet information presented herein as of December 31, 2019 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2020.
Coronavirus Disease 2019 (COVID-19) Pandemic
On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The global impact on economic activity has severely curtailed demand for numerous commodities. Within the global coal industry, supply and demand disruptions have been widespread as the COVID-19 pandemic has forced country-wide lockdowns and regional restrictions. In the seaborne markets, thermal demand from non-power sectors remains weak and steel production has been curtailed. Thermal coal demand in the U.S. has been pressured by low natural gas prices, subsidized renewable energy and weak electric power sector consumption due to reduced industrial activity. Supply risks have also emerged at a number of global and domestic producers.
While the ultimate impacts of the COVID-19 pandemic are unknown, the Company expects continued interference with general commercial activity, which may further negatively affect both demand and prices for the Company’s products. The Company also faces potential disruption to supply chain and distribution channels, potentially increasing its costs of production, storage and distribution, and potential adverse effects to the Company’s workforce, each of which could have a material adverse effect on the Company’s business, financial condition or results of operations. In addition, the COVID-19 pandemic could have an adverse impact on the timing of key events, including the timing of the Company’s litigation in the U.S. federal court system as it pursues the completion of the proposed joint venture with Arch Coal, Inc. (Arch), as further described in Note 15. “Other Events.”
In response to the COVID-19 pandemic, on March 27, 2020, the President of the United States signed and enacted into law the Coronavirus Aid, Relief and Economic Security Act (the CARES Act). The Company has requested accelerated refunds of previously generated alternative minimum tax (AMT) credits from the Internal Revenue Service (IRS) as further described in Note 11. “Income Taxes” and expects to defer 2020 employer payroll taxes incurred after the date of enactment to future years. As further described in Note 12. “Long-term Debt,” subsequent to March 31, 2020, the Company borrowed funds under its revolving credit facility as part of its ongoing efforts to preserve financial flexibility in light of the current uncertainty in the global markets caused by the COVID-19 pandemic. Given the uncertainties with respect to future COVID-19 developments, including the duration, severity and scope, as well as the necessary government actions to limit the spread, the Company is unable to estimate the full impact of the pandemic on its business, financial condition or results of operations at this time.


7


Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(2)    Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented
Newly Adopted Accounting Standards
Financial Instruments - Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 (Topic 326) related to the measurement of credit losses on financial instruments. The new standard replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted the standard on January 1, 2020 using the modified retrospective approach. The Company will be required to use a forward-looking expected loss model for accounts receivables, loans and other financial instruments to record an allowance for the estimated contractual cash flows not expected to be collected. The Company has not restated comparative information for 2019 and no adjustments to retained earnings were necessary as a result of adopting Topic 326.
Effective January 1, 2020, the Company recognizes an allowance for credit losses for financial assets carried at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term) which includes consideration of prepayments and is based on the Company’s expectations as of the balance sheet date.
Assets are written off when the Company determines that such financial assets are deemed uncollectible. Write-offs are recognized as deductions from the allowance for credit losses. Expected recoveries of amounts previously written off, not to exceed the aggregate of the amount previously written off, are included in determining the necessary reserve at the balance sheet date.
The Company pools its accounts receivable based on similar risk characteristics in estimating its expected credit losses. The Company also continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change.
Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13, which amended the fair value measurement guidance by removing and modifying certain disclosure requirements, while also adding new disclosure requirements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the disclosure requirements effective January 1, 2020.
Compensation- Retirement Benefits. In August 2018, the FASB issued ASU 2018-14 to add, remove and clarify disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The Company adopted the disclosure requirements effective January 1, 2020.
Accounting Standards Not Yet Implemented
Income Taxes. In December 2019, the FASB issued ASU 2019-12 as part of its effort to reduce the complexity of accounting standards. The ASU enhances and simplifies various aspects of the income tax accounting guidance in Accounting Standards Codification (ASC) 740, including requirements related to (1) hybrid tax regimes, (2) the tax basis step-up in goodwill obtained in a transaction that is not a business combination, (3) separate financial statements of entities not subject to tax, (4) the intraperiod tax allocation exception to the incremental approach, (5) recognition of a deferred tax liability after an investor in a foreign entity transitions to or from the equity method of accounting, (6) interim-period accounting for enacted changes in tax law and (7) the year-to-date loss limitation in interim-period tax accounting. ASU 2019-12 is effective on January 1, 2021 for calendar year-end public companies and early adoption is permitted. The Company plans to adopt the requirements effective January 1, 2021.
Equity Method Investments. In January 2020, the FASB issued ASU 2020-01, which clarifies the interactions between ASC 321, ASC 323 and ASC 815. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. ASU 2020-01 is effective on January 1, 2021 for calendar year-end public companies and early adoption is permitted. The Company plans to adopt the requirements effective January 1, 2021.


8


Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(3)    Revenue Recognition
The Company accounts for revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers.” Refer to Note 1. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, for the Company’s policies regarding “Revenues” and “Accounts receivable, net.” On January 1, 2020, the Company adopted Topic 326 using the modified retrospective approach. See Note 2. “Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented” for further discussion of the adoption, including the impact on the Company’s opening balance sheet.
Disaggregation of Revenues
Revenue by product type and market is set forth in the following tables. With respect to its seaborne mining segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.
 
Three Months Ended March 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
$
36.5

 
$

 
$
266.6

 
$
184.6

 
$

 
$
487.7

Export
163.7

 

 

 

 

 
163.7

Total thermal
200.2

 

 
266.6

 
184.6

 

 
651.4

Metallurgical coal
 
 
 
 
 
 
 
 
 
 
 
Export

 
192.5

 

 

 

 
192.5

Total metallurgical

 
192.5

 

 

 

 
192.5

Other
0.9

 
0.7

 

 
7.7

 
(7.0
)
 
2.3

Revenues
$
201.1

 
$
193.2

 
$
266.6

 
$
192.3

 
$
(7.0
)
 
$
846.2

 
Three Months Ended March 31, 2019
 
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
$
38.4

 
$

 
$
287.3

 
$
321.7

 
$

 
$
647.4

Export
211.9

 

 

 
7.0

 

 
218.9

Total thermal
250.3

 

 
287.3

 
328.7

 

 
866.3

Metallurgical coal
 
 
 
 
 
 
 
 
 
 
 
Export

 
323.7

 

 

 

 
323.7

Total metallurgical

 
323.7

 

 

 

 
323.7

Other
0.7

 
0.8

 

 
6.1

 
53.0

 
60.6

Revenues
$
251.0

 
$
324.5

 
$
287.3

 
$
334.8

 
$
53.0

 
$
1,250.6



9


Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Revenue by initial contract duration was as follows:
 
Three Months Ended March 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)
One year or longer
$
99.3

 
$
140.1

 
$
243.4

 
$
184.6

 
$

 
$
667.4

Less than one year
100.9

 
52.4

 
23.2

 

 

 
176.5

Other (2)
0.9

 
0.7

 

 
7.7

 
(7.0
)
 
2.3

Revenues
$
201.1

 
$
193.2

 
$
266.6

 
$
192.3

 
$
(7.0
)
 
$
846.2

 
Three Months Ended March 31, 2019
 
Seaborne Thermal Mining
 
Seaborne Metallurgical Mining
 
Powder River Basin Mining
 
Other U.S. Thermal Mining
 
Corporate and Other (1)
 
Consolidated
 
(Dollars in millions)
One year or longer
$
171.1

 
$
232.8

 
$
280.1

 
$
313.8

 
$

 
$
997.8

Less than one year
79.2

 
90.9

 
7.2

 
14.9

 

 
192.2

Other (2)
0.7

 
0.8

 

 
6.1

 
53.0

 
60.6

Revenues
$
251.0

 
$
324.5

 
$
287.3

 
$
334.8

 
$
53.0

 
$
1,250.6

(1) 
Corporate and Other revenue includes gains and losses related to mark-to-market adjustments from economic hedge activities intended to hedge future coal sales. Refer to Note 7. “Derivatives and Fair Value Measurements” for additional information regarding the economic hedge activities.
(2) 
Other includes revenues from arrangements such as customer contract-related payments, royalties related to coal lease agreements, sales agency commissions, farm income and property and facility rentals, for which contract duration is not meaningful.
Committed Revenue from Contracts with Customers
The Company expects to recognize revenue subsequent to March 31, 2020 of approximately $4.0 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at March 31, 2020. Approximately 46% 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 March 31, 2020 and December 31, 2019 consisted of the following:
 
March 31, 2020
 
December 31, 2019
 
(Dollars in millions)
Trade receivables, net
$
230.0

 
$
283.1

Miscellaneous receivables, net
35.2

 
46.4

Accounts receivable, net
$
265.2

 
$
329.5


Trade receivables, net included no allowance for credit losses as of both March 31, 2020 and December 31, 2019. Miscellaneous receivables, net included no allowance for credit losses as of both March 31, 2020 and December 31, 2019. No charges for credit losses were recognized during the three months ended March 31, 2020 or 2019.
(4)    Discontinued Operations
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).


10


Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Summarized Results of Discontinued Operations
Results from discontinued operations were as follows during the periods presented below:
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in millions)
Loss from discontinued operations, net of income taxes
$
(2.2
)
 
$
(3.4
)

Liabilities of Discontinued Operations
Liabilities classified as discontinued operations included in the Company’s condensed consolidated balance sheets were as follows:
 
March 31, 2020
 
December 31, 2019
 
(Dollars in millions)
Liabilities:
 
 
 
Accounts payable and accrued expenses
$
58.4

 
$
58.8

Other noncurrent liabilities
105.1

 
105.5

Total liabilities classified as discontinued operations
$
163.5

 
$
164.3


Patriot-Related Matters
A significant portion of the liabilities in the table above relate to Patriot. 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 (UMWA), on behalf of itself, its represented Patriot employees and its represented Patriot retirees, to resolve all then-disputed issues related to Patriot’s bankruptcy. In May 2015, Patriot again filed voluntary petitions for relief under the Bankruptcy Code in the U.S. District Court for the Eastern District of Virginia and subsequently initiated a process to sell some or all of its assets to qualified bidders. On October 9, 2015, Patriot’s bankruptcy court entered an order confirming Patriot’s plan of reorganization, which provided, among other things, for the sale of substantially all of Patriot’s assets to two different buyers.
Black Lung Occupational Disease Liabilities. Patriot had federal and state black lung occupational disease liabilities related to workers employed in periods prior to Patriot’s spin-off from the Company in 2007. Upon spin-off, Patriot indemnified the Company against any claim relating to these liabilities, which amounted to approximately $150 million at that time. The indemnification included any claim made by the U.S. Department of Labor (DOL) against the Company with respect to these obligations as a potentially liable operator under the Federal Coal Mine Health and Safety Act of 1969. The 2013 Agreement included Patriot’s affirmance of indemnities provided in the spin-off agreements, including the indemnity relating to such black lung liabilities; however, Patriot rejected this indemnity in its May 2015 bankruptcy.
By statute, the Company had secondary liability for the black lung liabilities related to Patriot’s workers employed by former subsidiaries of the Company. The Company’s accounting for the black lung liabilities related to Patriot is based on an interpretation of applicable statutes. Management believes that inconsistencies exist among the applicable statutes, regulations promulgated under those statutes and the DOL’s interpretative guidance. The Company 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 $85.7 million at both March 31, 2020 and December 31, 2019. 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.
Combined Benefit Fund (Combined Fund). The Combined Fund was created by the Coal Act in 1992 as a multi-employer plan to provide health care benefits to a closed group of retirees who last worked prior to 1976, as well as orphaned beneficiaries of bankrupt companies who were receiving benefits as orphans prior to the passage of the Coal Act. No new retirees will be added to this group, which includes retirees formerly employed by certain Patriot subsidiaries and their predecessors. Former employers are required to contribute to the Combined Fund according to a formula.


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Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Under the terms of the Patriot spin-off, Patriot was primarily liable to the Combined Fund for the approximately $40 million of its subsidiaries’ obligations at that time. Once Patriot ceased meeting its obligations, the Company was held responsible for these costs and, as a result, recorded “Loss from discontinued operations, net of income taxes” charges of $0.1 million and $0.2 million during the three months ended March 31, 2020 and 2019, respectively. The Company made payments into the fund of $0.4 million and $0.5 million during the three months ended March 31, 2020 and 2019, respectively, and estimates that the annual cash cost to fund these potential Combined Fund liabilities will range between $1 million and $2 million in the near-term, with those premiums expected to decline over time because the fund is closed to new participants. The liability related to the fund was $14.9 million and $15.2 million at March 31, 2020 and December 31, 2019, respectively.
UMWA 1974 Pension Plan (UMWA Plan) Litigation. On July 16, 2015, a lawsuit was filed by the UMWA Plan, the UMWA 1974 Pension Trust (Trust) and the Trustees of the UMWA Plan and Trust (Trustees) in the United States District Court for the District of Columbia, against the Company, Peabody Holding Company, LLC, a subsidiary of the Company, and Arch. The plaintiffs sought, pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Multiemployer Pension Plan Amendments Act of 1980, a declaratory judgment that the defendants were obligated to arbitrate any opposition to the Trustees’ determination that the defendants had statutory withdrawal liability as a result of the 2015 Patriot bankruptcy. After a legal and arbitration process and with the approval of the U.S. Bankruptcy Court for the Eastern District of Missouri (Bankruptcy Court), on January 25, 2017, the UMWA Plan and the Company agreed to a settlement of the claim which entitled the UMWA Plan to $75 million to be paid by the Company in increments through 2021. The balance of the liability, on a discounted basis, was $26.7 million and $26.0 million at March 31, 2020 and December 31, 2019, respectively.
(5)     Inventories
Inventories as of March 31, 2020 and December 31, 2019 consisted of the following:
 
March 31, 2020
 
December 31, 2019
 
(Dollars in millions)
Materials and supplies
$
113.7

 
$
116.3

Raw coal
59.1

 
85.1

Saleable coal
96.4

 
130.1

Total
$
269.2

 
$
331.5

Materials and supplies inventories presented above have been shown net of reserves of $8.2 million and $7.9 million as of March 31, 2020 and December 31, 2019, respectively.
(6) Equity Method Investments
The Company had total equity method investments of $47.1 million and $56.9 million reflected in “Investments and other assets” in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively, related to Middlemount Coal Pty Ltd (Middlemount). Included in “Loss (income) from equity affiliates” in the unaudited condensed consolidated statements of operations was a loss of $9.1 million related to Middlemount during the three months ended March 31, 2020 and income of $3.8 million during the three months ended March 31, 2019.
The Company received cash payments from Middlemount of $1.1 million during the three months ended March 31, 2019, related to financing receivables accounted for as in-substance common stock due to the limited fair value attributed to Middlemount’s equity. No payments were received from Middlemount during the three months ended March 31, 2020.
One of the Company’s Australian subsidiaries and the other shareholder of Middlemount are parties to an agreement, as amended from time to time, to provide a revolving loan (Revolving Loans) to Middlemount. The Company’s participation in the Revolving Loans will not, at any time, exceed its 50% equity interest of the revolving loan limit. At March 31, 2020, the revolving loan limit was $70 million Australian dollars and the Revolving Loans were fully drawn upon by Middlemount. Per the terms of the current agreement, the revolving loan limit will be reduced to $50 million Australian dollars in August 2020. The Revolving Loans bear interest at 15% per annum and expire on December 31, 2020. The carrying value of the portion of the Revolving Loans due to the Company’s Australian subsidiary was $23.6 million and $17.1 million as of March 31, 2020 and December 31, 2019, respectively.


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Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(7) Derivatives and Fair Value Measurements
Derivatives
Corporate Risk Management Activities
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.
As of March 31, 2020, the Company had currency options outstanding with an aggregate notional amount of $550.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar expenditures over the six-month period ending September 30, 2020. 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 $0.73 to $0.75 over the six-month period ending September 30, 2020.
As of March 31, 2020, the Company held coal-related financial contracts related to a portion of its forecasted sales for an aggregate notional volume of 1.6 million tonnes. Such financial contracts include futures, forwards and options. Of the aggregate notional volume, 1.3 million tonnes will settle in 2020 and the remainder will settle in 2021.
The Company had no diesel fuel or interest rate derivatives in place as of March 31, 2020.
Coal Trading Activities
On a limited basis, the Company engages in the direct and brokered trading of coal and freight-related contracts (coal trading). Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value. Coal brokering is conducted both as principal and agent in support of various coal production-related activities that may involve coal produced from the Company’s mines, coal sourcing arrangements with third-party mining companies or offtake agreements with other coal producers. The Company also provides transportation-related services, which involve both financial derivative contracts and physical contracts. Collectively, coal and freight-related hedging activities include both economic hedging and, from time to time, cash flow hedging in support of the Company’s coal trading strategy. Revenues from such transactions include realized and unrealized gains and losses on derivative instruments, including those that arise from coal deliveries related to contracts accounted for on an accrual basis under the normal purchases and normal sales exception.
Offsetting and Balance Sheet Presentation
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 condensed consolidated balance sheets.
The Company’s coal trading assets and liabilities include financial instruments cleared through various exchanges, which involve the daily net settlement of open positions. The Company must post cash collateral in the form of initial margin, in addition to variation margin, on exchange-cleared positions that are in a net liability position and receives variation margin when in a net asset position. The Company also transacts in coal trading financial swaps and options through over-the-counter (OTC) markets with financial institutions and other non-financial trading entities under International Swaps and Derivatives Association (ISDA) Master Agreements, which contain symmetrical default provisions. Certain of the Company’s coal trading agreements with OTC counterparties also contain credit support provisions that may periodically require the Company to post, or entitle the Company to receive, variation margin. Physical coal and freight-related purchase and sale contracts included in the Company’s coal trading assets and liabilities are executed pursuant to master purchase and sale agreements that also contain symmetrical default provisions and allow for the netting and setoff of receivables and payables that arise during the same time period. The Company offsets its coal trading asset and liability derivative positions, and variation margin related to those positions, on a counterparty-by-counterparty basis in the condensed consolidated balance sheets.


13


Table of Contents
PEABODY ENERGY CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The fair value of derivatives reflected in the accompanying condensed consolidated balance sheets are set forth in the table below.
 
March 31, 2020
 
December 31, 2019
 
Asset Derivative
 
Liability Derivative
 
Asset Derivative
 
Liability Derivative
 
(Dollars in millions)
Foreign currency option contracts
$
0.2

 
$

 
$
1.1

 
$

Coal contracts related to forecasted sales
18.9

 
(0.8
)
 
20.1

 
(0.1
)
Coal trading contracts
71.8

 
(69.6
)
 
81.1

 
(74.2
)
Total derivatives
90.9

 
(70.4
)
 
102.3

 
(74.3
)
Effect of counterparty netting
(69.6
)
 
69.6

 
(74.3
)
 
74.3

Variation margin (held) posted
(16.8
)
 

 
(22.1
)
 

Net derivatives and margin as classified in the balance sheets
$
4.5

 
$
(0.8
)
 
$
5.9

 
$


The net amount of asset derivatives, net of margin, are included in “Other current assets” and the net amount of liability derivatives, net of margin, are included in “Accounts payable and accrued expenses” in the accompanying condensed consolidated balance sheets.
Effects of Derivatives on Measures of Financial Performance
Currently, the Company does not seek cash flow hedge accounting treatment for its currency- or coal-related derivative financial instruments and thus changes in fair value are reflected in current earnings.
The tables below show the amounts of pre-tax gains and losses related to the Company’s derivatives.
 
Three Months Ended March 31, 2020
 
Total loss recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized gain (loss) recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(0.9
)
 
$
(1.0
)
 
$
0.1

Coal contracts related to forecasted sales
(8.6
)
 
(6.4
)
 
(2.2
)
Coal trading contracts
(0.1
)
 
4.1

 
(4.2
)
Total
$
(9.6
)
 
$
(3.3
)
 
$
(6.3
)
 
 
Three Months Ended March 31, 2019
 
Total (loss) gain recognized in income
 
(Loss) gain realized in income on derivatives
 
Unrealized gain recognized in income on derivatives
Financial Instrument
 
 
 
(Dollars in millions)
Foreign currency option contracts
$
(1.1
)
 
$
(1.3
)
 
$
0.2

Coal contracts related to forecasted sales
50.7

 
10.9

 
39.8

Coal trading contracts
(1.1
)
 
(4.8
)
 
3.7

Total
$