XML 91 R33.htm IDEA: XBRL DOCUMENT v3.20.1
Derivatives and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
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

 
$
—
Derivative Instruments, Gain (Loss) [Table Text Block]
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
$
48.5

 
$
4.8

 
$
43.7
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables set forth the hierarchy of the Company’s net financial asset positions for which fair value is measured on a recurring basis:
 
March 31, 2020
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Foreign currency option contracts
$
—

 
$
0.2

 
$
—

 
$
0.2

Coal contracts related to forecasted sales
—

 
20.0

 
—

 
20.0

Coal trading contracts
—

 
(16.5
)
 
—

 
(16.5
)
Equity securities
—

 
—

 
4.0

 
4.0

Total net financial assets
$
—

 
$
3.7

 
$
4.0

 
$
7.7

 
 
 
 
 
 
 
 
 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(Dollars in millions)
Foreign currency option contracts
$
—

 
$
1.1

 
$
—

 
$
1.1

Coal contracts related to forecasted sales
—

 
21.2

 
—

 
21.2

Coal trading contracts
—

 
(16.4
)
 
—

 
(16.4
)
Equity securities
—

 
—

 
4.0

 
4.0

Total net financial assets
$
—

 
$
5.9

 
$
4.0

 
$
9.9
Carrying Amounts And Estimated Fair Values Of Companys Debt [Table Text Block] 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, which have been limited in recent history.
 
March 31, 2020
December 31, 2019
 
(Dollars in millions)
Total debt at par value
$
1,360.1

 
$
1,367.2

Less: Unamortized debt issuance costs and original issue discount
(53.2
)
 
(56.4
)
Net carrying amount
$
1,306.9

 
$
1,310.8

 
 
 
 
Estimated fair value
$
793.5

 
$
1,271.1