XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenue Recognition | 6 Months Ended
--- | ---
Jun. 30, 2020
Revenue Recognition [Abstract] |
Revenues [Text Block] | 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 June 30, 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 | $ | 38.3 |  |  | $ | — |  |  | $ | 205.8 |  |  | $ | 144.1 |  |  | $ | — |  |  | $ | 388.2 |
Export | 123.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 123.5 |
Total thermal | 161.8 |  |  | — |  |  | 205.8 |  |  | 144.1 |  |  | — |  |  | 511.7 |
Metallurgical coal |  |  |  |  |  |  |  |  |  |  |
Export | — |  |  | 91.4 |  |  | — |  |  | — |  |  | — |  |  | 91.4 |
Total metallurgical | — |  |  | 91.4 |  |  | — |  |  | — |  |  | — |  |  | 91.4 |
Other | 0.2 |  |  | 0.2 |  |  | — |  |  | 7.9 |  |  | 15.3 |  |  | 23.6 |
Revenues | $ | 162.0 |  |  | $ | 91.6 |  |  | $ | 205.8 |  |  | $ | 152.0 |  |  | $ | 15.3 |  |  | $ | 626.7 |
| Three Months Ended June 30, 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 | $ | 37.7 |  |  | $ | — |  |  | $ | 282.5 |  |  | $ | 298.2 |  |  | $ | — |  |  | $ | 618.4 |
Export | 182.2 |  |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 186.5 |
Total thermal | 219.9 |  |  | — |  |  | 282.5 |  |  | 302.5 |  |  | — |  |  | 804.9 |
Metallurgical coal |  |  |  |  |  |  |  |  |  |  |
Export | — |  |  | 290.3 |  |  | — |  |  | — |  |  | — |  |  | 290.3 |
Total metallurgical | — |  |  | 290.3 |  |  | — |  |  | — |  |  | — |  |  | 290.3 |
Other | 0.3 |  |  | 0.6 |  |  | 0.1 |  |  | 7.1 |  |  | 45.7 |  |  | 53.8 |
Revenues | $ | 220.2 |  |  | $ | 290.9 |  |  | $ | 282.6 |  |  | $ | 309.6 |  |  | $ | 45.7 |  |  | $ | 1,149.0 |
| Six Months Ended June 30, 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 | $ | 74.8 |  |  | $ | — |  |  | $ | 472.4 |  |  | $ | 328.7 |  |  | $ | — |  |  | $ | 875.9 |
Export | 287.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287.2 |
Total thermal | 362.0 |  |  | — |  |  | 472.4 |  |  | 328.7 |  |  | — |  |  | 1,163.1 |
Metallurgical coal |  |  |  |  |  |  |  |  |  |  |
Export | — |  |  | 283.9 |  |  | — |  |  | — |  |  | — |  |  | 283.9 |
Total metallurgical | — |  |  | 283.9 |  |  | — |  |  | — |  |  | — |  |  | 283.9 |
Other | 1.1 |  |  | 0.9 |  |  | — |  |  | 15.6 |  |  | 8.3 |  |  | 25.9 |
Revenues | $ | 363.1 |  |  | $ | 284.8 |  |  | $ | 472.4 |  |  | $ | 344.3 |  |  | $ | 8.3 |  |  | $ | 1,472.9 |
| Six Months Ended June 30, 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 | $ | 76.1 |  |  | $ | — |  |  | $ | 569.8 |  |  | $ | 619.9 |  |  | $ | — |  |  | $ | 1,265.8 |
Export | 394.1 |  |  | — |  |  | — |  |  | 11.3 |  |  | — |  |  | 405.4 |
Total thermal | 470.2 |  |  | — |  |  | 569.8 |  |  | 631.2 |  |  | — |  |  | 1,671.2 |
Metallurgical coal |  |  |  |  |  |  |  |  |  |  |
Export | — |  |  | 614.0 |  |  | — |  |  | — |  |  | — |  |  | 614.0 |
Total metallurgical | — |  |  | 614.0 |  |  | — |  |  | — |  |  | — |  |  | 614.0 |
Other | 1.0 |  |  | 1.4 |  |  | 0.1 |  |  | 13.2 |  |  | 98.7 |  |  | 114.4 |
Revenues | $ | 471.2 |  |  | $ | 615.4 |  |  | $ | 569.9 |  |  | $ | 644.4 |  |  | $ | 98.7 |  |  | $ | 2,399.6 |
Revenue by initial contract duration was as follows:
| Three Months Ended June 30, 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 | $ | 79.5 |  |  | $ | 64.1 |  |  | $ | 195.7 |  |  | $ | 142.1 |  |  | $ | — |  |  | $ | 481.4 |
Less than one year | 82.3 |  |  | 27.3 |  |  | 10.1 |  |  | 2.0 |  |  | — |  |  | 121.7 |
Other (2) | 0.2 |  |  | 0.2 |  |  | — |  |  | 7.9 |  |  | 15.3 |  |  | 23.6 |
Revenues | $ | 162.0 |  |  | $ | 91.6 |  |  | $ | 205.8 |  |  | $ | 152.0 |  |  | $ | 15.3 |  |  | $ | 626.7 |
| Three Months Ended June 30, 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 | $ | 150.6 |  |  | $ | 242.7 |  |  | $ | 269.7 |  |  | $ | 290.8 |  |  | $ | — |  |  | $ | 953.8 |
Less than one year | 69.3 |  |  | 47.6 |  |  | 12.8 |  |  | 11.7 |  |  | — |  |  | 141.4 |
Other (2) | 0.3 |  |  | 0.6 |  |  | 0.1 |  |  | 7.1 |  |  | 45.7 |  |  | 53.8 |
Revenues | $ | 220.2 |  |  | $ | 290.9 |  |  | $ | 282.6 |  |  | $ | 309.6 |  |  | $ | 45.7 |  |  | $ | 1,149.0 |
| Six Months Ended June 30, 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 | $ | 178.8 |  |  | $ | 204.2 |  |  | $ | 439.1 |  |  | $ | 326.7 |  |  | $ | — |  |  | $ | 1,148.8 |
Less than one year | 183.2 |  |  | 79.7 |  |  | 33.3 |  |  | 2.0 |  |  | — |  |  | 298.2 |
Other (2) | 1.1 |  |  | 0.9 |  |  | — |  |  | 15.6 |  |  | 8.3 |  |  | 25.9 |
Revenues | $ | 363.1 |  |  | $ | 284.8 |  |  | $ | 472.4 |  |  | $ | 344.3 |  |  | $ | 8.3 |  |  | $ | 1,472.9 |
| Six Months Ended June 30, 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 | $ | 321.7 |  |  | $ | 475.5 |  |  | $ | 549.8 |  |  | $ | 604.6 |  |  | $ | — |  |  | $ | 1,951.6 |
Less than one year | 148.5 |  |  | 138.5 |  |  | 20.0 |  |  | 26.6 |  |  | — |  |  | 333.6 |
Other (2) | 1.0 |  |  | 1.4 |  |  | 0.1 |  |  | 13.2 |  |  | 98.7 |  |  | 114.4 |
Revenues | $ | 471.2 |  |  | $ | 615.4 |  |  | $ | 569.9 |  |  | $ | 644.4 |  |  | $ | 98.7 |  |  | $ | 2,399.6 |
(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 associated with volume shortfalls, 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 June 30, 2020 of approximately $4.1 billion related to contracts with customers in which volumes and prices per ton were fixed or reasonably estimable at June 30, 2020. Approximately 43% 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 June 30, 2020 and December 31, 2019 consisted of the following:
| June 30, 2020 |  | December 31, 2019
| (Dollars in millions) |  |
Trade receivables, net | $ | 146.3 |  |  | $ | 283.1 |
Miscellaneous receivables, net | 45.1 |  |  | 46.4 |
Accounts receivable, net | $ | 191.4 |  |  | $ | 329.5 |
Trade receivables, net included no allowance for credit losses as of both June 30, 2020 and December 31, 2019. Miscellaneous receivables, net included no allowance for credit losses as of both June 30, 2020 and December 31, 2019. No charges for credit losses were recognized during the three and six months ended June 30, 2020. A reduction of previously recorded credit losses of $0.1 million for both the three and six months ended June 30, 2019 was included in “Operating costs and expenses” in the unaudited condensed consolidated statements of operations.

X
- Definition Revenues [Text Block] + References No definition available. + Details
Name: | btu_RevenuesTextBlock
Namespace Prefix: | btu_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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