XML 52 R28.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Stockholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2018
Stockholders' Equity Attributable to Parent [Abstract] |
Stockholders' Equity | Stockholders’ Equity Successor Company 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 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, 2018 |  | April 2 through December 31, 2017
| (In millions)
Shares outstanding at the beginning of the period | 105.2 |  |  | 70.9 |
Shares issued for preferred share conversions | 25.5 |  |  | 33.8 |
Shares issued for warrant conversions | — |  |  | 6.2 |
Shares issued for vested restricted stock units | 0.7 |  |  | 0.1 |
Shares issued for disputed claims | 0.1 |  |  | — |
Shares repurchased | (21.1 | ) |  | (5.8 | )
Shares outstanding at the end of the period | 110.4 |  |  | 105.2 |
See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information. Preferred Stock The Board is authorized to issue up to 100.0 million shares of preferred stock, par value $0.01 per share. On the Effective Date, 50.0 million shares of the preferred stock were designated as Series A Convertible Preferred Stock. On January 31, 2018, the remaining outstanding shares of Series A Convertible Preferred Stock were converted into shares of Common Stock. See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information regarding the Series A Convertible Preferred Stock. The following table summarizes the Series A Convertible Preferred Stock activity during the periods presented below:
| Year Ended December 31, 2018 |  | April 2 through December 31, 2017
| (In millions)
Shares outstanding at the beginning of the period | 13.5 |  |  | 30.0 |
Shares converted to Common Stock | (13.5 | ) |  | (17.2 | )
Shares issued for payable in-kind preferred stock dividends | — |  |  | 0.7 |
Shares outstanding at the end of the period | — |  |  | 13.5 |
The shares of Series A Convertible Preferred Stock retained the status of authorized but unissued shares of preferred stock following the Mandatory Conversion and accordingly, the Company has 100.0 million authorized shares of preferred stock. The Board can determine the terms and rights of each series, including 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, 2018. 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, 2018. Treasury Stock Share repurchases. On August 1, 2017, the Board authorized a $500.0 million share repurchase program. Repurchases may be made from time to time at the Company’s discretion. On April 25, 2018, the Company announced that the Board authorized the expansion of the Repurchase Program to $1.0 billion. On October 30, 2018, the Company announced that the Board authorized an additional expansion of the Repurchase Program to $1.5 billion. Repurchases may be made from time to time at the Company’s discretion. The specific timing, price and size of purchases will depend on the share price, general market and economic conditions and other considerations, including compliance with various debt agreements as they may be amended from time to time. The Repurchase Program does not have an expiration date and may be discontinued at any time. Through December 31, 2018, the Company repurchased 26.9 million shares of its Common Stock for $1,010.4 million (21.1 million shares at a cost of $834.7 million during the year ended December 31, 2018 and 5.8 million shares at a cost of $175.7 million during the period April 2 through December 31, 2017), which included commissions paid of $0.5 million. As of December 31, 2018, there was $490.1 million available for repurchase under the Repurchase Program. Subsequent to December 31, 2018 and through February 20, 2019, the Company purchased 2.3 million additional shares of Common Stock for approximately $75.0 million. On August 14, 2018, Peabody Energy Corporation entered into a share repurchase agreement (the Share Repurchase Agreement) by and among the Company and its related parties, Elliott Associates, LP, Liverpool Limited Partnership and Sprayberry Investments Inc. to repurchase 7.2 million shares of the Company’s common stock for an aggregate purchase price of approximately $300 million, which is included in the total amount of repurchases through December 31, 2018 noted above. Pursuant to the Share Repurchase Agreement, the purchase price per share of $41.82 represented a 1.7% discount from the closing sale price of the common stock on the New York Stock Exchange on August 13, 2018. The repurchase transaction was made in conjunction with the Company’s existing share repurchase program and closed on August 21, 2018. 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 0.4 million for the period ended December 31, 2018. The value of the Common Stock tendered by employees was based upon the closing price on the dates of the respective transactions. Predecessor Company As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” in accordance with the Plan and as previously disclosed, each share of the Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, was extinguished, canceled and discharged, and each such share, option or warrant had no further force or effect as of the Effective Date. Furthermore, all of the Company’s equity award agreements under prior incentive plans, and the awards granted pursuant thereto, were extinguished, canceled and discharged and had no further force or effect as of the Effective Date.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration