XML 32 R37.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Summary Quarterly Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2019
Quarterly Financial Data [Abstract] |
Summary Quarterly Financial Information (Unaudited) | Summary of Quarterly Financial Information (Unaudited) A summary of the unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 is presented below.
| Successor
| Year Ended December 31, 2019
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| (In millions, except per share data)
Revenues | $ | 1,250.6 |  |  | $ | 1,149.0 |  |  | $ | 1,106.4 |  |  | $ | 1,117.4 |
Operating profit (loss) | 184.5 |  |  | 79.5 |  |  | (36.8 | ) |  | (165.5 | )
Income (loss) from continuing operations, net of income taxes | 133.3 |  |  | 42.9 |  |  | (74.3 | ) |  | (290.2 | )
Net income (loss) | 129.9 |  |  | 39.5 |  |  | (78.1 | ) |  | (276.4 | )
Net income (loss) attributable to common stockholders | 124.2 |  |  | 37.1 |  |  | (82.8 | ) |  | (289.8 | )
Basic EPS — continuing operations (1) | $ | 1.18 |  |  | $ | 0.38 |  |  | $ | (0.77 | ) |  | $ | (3.12 | )
Diluted EPS — continuing operations (1) | $ | 1.15 |  |  | $ | 0.37 |  |  | $ | (0.77 | ) |  | $ | (3.12 | )
Weighted average shares used in calculating basic EPS | 108.5 |  |  | 107.0 |  |  | 102.2 |  |  | 97.3 |
Weighted average shares used in calculating diluted EPS | 110.5 |  |  | 108.1 |  |  | 102.2 |  |  | 97.3 |
(1) | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis.
Operating profit for the first quarter of 2019 reflected $125.0 million related to insurance recoveries for property settlements resulting from the North Goonyella fire in September 2018. Operating loss for the fourth quarter 2019 reflected a $48.1 million gain on formation of the United Wambo Joint Venture as it relates to the difference between the fair value of Peabody’s interest and the carrying value of the mining tenements and other assets contributed. Operating loss for the third and fourth quarter of 2019 reflected the favorable net impact associated with the final commercial negotiations for the Kayenta Mine of $14.0 million and $69.3 million, respectively. Operating loss for the third and fourth quarter of 2019 reflected $8.2 million and $11.8 million, respectively, in transactions costs related to the joint venture with Arch. Operating loss for the third and fourth quarter of 2019 reflected asset impairment charges of $20.0 million and $250.2 million, respectively, related to mines within the Midwestern U.S. Mining and Western U.S. mining segments, certain unallocated U.S. coal reserves and an investment in equity securities. Operating results for the first and fourth quarter reflected $24.7 million and $58.5 million related to the provision for North Goonyella equipment loss, respectively. Operating loss for the fourth quarter 2019 reflects $23.0 million in restructuring charges for workforce reductions. Operating results for the second and fourth quarters included income from equity affiliates of $9.7 million and $10.9 million, respectively, while third quarter results reflected a loss of $20.7 million resulting from suspended operations and change in mine plan. Results from continuing operations, net of income taxes for the first, second, third and fourth quarters of 2019 included steady interest expense of $35.8 million, $36.0 million, $35.4 million and $36.8 million, respectively, partially offset by interest income of $8.3 million, $7.2 million, $7.0 million and $4.5 million in the first, second, third and fourth quarters of 2019, respectively. Loss from continuing operations, net of income taxes for the fourth quarter of 2019 included an adjustment of $67.4 million related to net mark-to-market losses on actuarially determined liabilities.
| Successor
| Year Ended December 31, 2018
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
| (In millions, except per share data)
Revenues | $ | 1,462.7 |  |  | $ | 1,309.4 |  |  | $ | 1,412.6 |  |  | $ | 1,397.1 |
Operating profit | 239.2 |  |  | 165.3 |  |  | 130.3 |  |  | 126.8 |
Income from continuing operations, net of income taxes | 208.3 |  |  | 120.0 |  |  | 83.9 |  |  | 233.5 |
Net income | 207.0 |  |  | 116.4 |  |  | 79.8 |  |  | 260.6 |
Net income attributable to common stockholders | 106.6 |  |  | 113.7 |  |  | 71.5 |  |  | 252.6 |
Basic EPS — continuing operations (1) | $ | 0.84 |  |  | $ | 0.94 |  |  | $ | 0.64 |  |  | $ | 1.99 |
Diluted EPS — continuing operations (1) | $ | 0.83 |  |  | $ | 0.93 |  |  | $ | 0.63 |  |  | $ | 1.97 |
Weighted average shares used in calculating basic EPS | 120.9 |  |  | 124.5 |  |  | 118.6 |  |  | 113.1 |
Weighted average shares used in calculating diluted EPS | 123.2 |  |  | 126.0 |  |  | 120.3 |  |  | 114.7 |
(1) | EPS for the quarters may not sum to the amounts for the year as each period is computed on a discrete basis.
Operating profit for the first and third quarter of 2018 reflected $30.6 million and $20.7 million of gains on disposal of assets, respectively, primarily driven by net gains on the sale of certain surplus land assets in Queensland’s Bowen Basin and the sale of surplus coal resources associated with the Company’s Millennium Mine of $20.6 million and $20.5 million, respectively. Operating profit for the third and fourth quarter of 2018 reflected $49.3 million and $17.1 million related to the provision for North Goonyella equipment loss, respectively. Operating profit for the first, second and third quarter of 2018 included steady income from equity affiliates of $22.0 million, $25.2 million and $17.2 million, respectively, due to favorable coal pricing at Middlemount. Operating profit for the fourth quarter of 2018 included acquisition costs related to the Shoal Creek Mine of $4.9 million. Income from continuing operations, net of income taxes for the first, second, third and fourth quarters of 2018 included steady interest expense of $36.3 million, $38.3 million, $38.2 million and $36.5 million respectively, partially offset by interest income of $7.2 million, $7.0 million, $10.1 million and $9.3 million in the first, second, third and fourth quarters of 2018, respectively. Income from continuing operations, net of income taxes for the first quarter of 2018 included a credit of $12.8 million for reorganization items, net due to a bankruptcy claims accrual adjustment in relation to the Company’s emergence from the Chapter 11 Cases. Income from continuing operations, net of income taxes for the fourth quarter of 2018 reflected $125.5 million of net mark-to-market gains on actuarially determined liabilities.

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

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration