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Equity Method Investments | 6 Months Ended
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Jun. 30, 2020
Equity Method Investment, Summarized Financial Information [Abstract] |
Equity Method Investments | Equity Method Investments The Company had total equity method investments of $63.1 million and $56.9 million reflected in “Investments and other assets” in the condensed consolidated balance sheets as of June 30, 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 were losses of $6.0 million and $15.1 million related to Middlemount during the three and six months ended June 30, 2020, respectively, and income of $9.7 million and $13.5 million during the three and six months ended June 30, 2019, respectively. The Company received cash payments from Middlemount of $14.7 million during the six months ended June 30, 2019, related to financing receivables. No paym ents were received from Middlemount during the six months ended June 30, 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 June 30, 2020, the revolving loan limit was $120 million Australian dollars and the Revolving Loans were fully drawn upon by Middlemount. The Revolving Loans bear interest at 10% 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, which is included in the total investment balance, was $41.2 million and $17.5 million as of June 30, 2020 and December 31, 2019, respectively. As of both June 30, 2020 and December 31, 2019, the financing receivables and Revolving Loans are accounted for as in-substance common stock due to the limited fair value attributed to Middlemount’s equity.

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